What’s going to happen to the Estée Lauder Companies? The U.S. beauty group this week cut its dividend and scrapped its full-year outlook, blaming the uncertainty around the recovery of China’s luxury market and of the company’s travel retail business. It also named Stéphane de La Faverie as CEO to replace outgoing Fabrizio Freda, who had been at the helm since 2009 and amassed hundreds of millions of dollars in the process.
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