Estée Lauder is setting a new course with fresh leadership aimed at reinvigorating the brand and addressing its current challenges. Executive Chairman William Lauder expressed confidence in the new CEO, Stéphane, highlighting his skill in developing prestige brands and understanding the company’s heritage, as well as his strategic approach to foster long-term growth.

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Estée Lauder recently initiated a restructuring plan due to a 7% decline in second-quarter sales. As part of this, the company reduced its workforce by up to 5% and made executive changes, including a new CFO appointment and the retirement of North America Group President Mark Loomis. In January, Tara Simon will assume the role of North America President, while Amber English will lead digital and online operations.

The company faced other challenges, such as a mini-tender offer from TRC Capital Investment Corporation, which it declined. In the recent quarter, Estée Lauder reported a 4% drop in net sales, totaling $3.36 billion, and a net loss of $156 million. Due to the uncertainty in the market, particularly in Asia and China’s travel retail sector, the company withdrew its full-year forecast, citing the need to navigate industry complexities alongside leadership transitions.