The Estée Lauder Companies is sailing through choppy waters. The new CEO of the U.S. beauty giant Stéphane de La Faverie is not bringing in a fresh perspective as he was the group’s No. 2 for many years. Neither are most of the company’s highly paid executives who have been in their jobs for many years and just been given more responsibilities.
Together with La Faverie, they are responsible for the mess in which the group finds itself today, industry sources and investors say. Since the controlling Lauder family did not have the courage to change the Estée group’s leadership, it had no choice but to slim down. Cutting up to 7,000 jobs is a start, but it may not be enough. It may have to sell some brands as well. Miss Tweed explains why.
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