The American cosmetics giant was weighed down by the Asian market, particularly China, in the first quarter 2024-2025, which ended in September. Dropping its full-year forecasts, the group, which will welcome a new CEO in early 2025, continues its restructuring efforts.
Halloween was enough to make Estée Lauder sweat this year.
With brands such as Estée Lauder, Clinique, M.A.C and Jo Malone in its portfolio, the American beauty leader announced lower-than-expected results for the first quarter of 2024-25, ended in September, on Thursday October 31 , weighed down by the Asian and Chinese markets.
As a result, the Group cancelled its forecasts for the full fiscal year 2024-2025, settling for targets for the current second quarter.
This underperformance led to a spectacular fall (-20.9% at the close) in Estée Lauder shares on the New York Stock Exchange on the same day.
CEO on the move
“We had anticipated a difficult start to fiscal year 2025. Our results are very much in line with what we envisaged in August”, admitted Fabrizio Freda at a conference with analysts. The retirement of the 67-year-old CEO, who has been at the helm for 16 years, has just been announced for early 2025, when he will be replaced by Stéphane de la Faverie.
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Read also > Estée Lauder : Stéphane de la Faverie, new CEO and member of the Board of Directors
Featured Photo: © Estée Lauder
