Beauty group’s stock drops 25% after guidance withdrawn for rest of year
Estée Lauder, the beauty company that owns Clinique and MAC Cosmetics, has cut its dividend and ditched its profit forecast as a sales slump in China deepens, prompting a 25 per cent plunge in its shares as trading opened in New York.
The dour outlook will be another challenge incoming chief executive Stéphane de La Faverie will have to contend with when he takes the reins at a time when the Lauder family that controls the beauty group is stepping back from day-to-day management. The company is implementing a turnaround programme designed to cut costs and overheads while reinvesting in its brands and innovation. Freda said the reset had “delivered promising initial results”.
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