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Fabrizio Freda (pictured with actress Liz Hurley) will step down in June 2025, but will continue to lead the company until a replacement is found.
Estée Lauder’s chief executive has announced he will step down after nearly 15 years at the top as the beauty giant continues to suffer from declining sales.
Fabrizio Freda will step down in June 2025, but will continue to lead the company until a replacement is found.
Freda, 66, made the announcement as the US beauty giant forecast lower-than-expected sales as the Chinese market continues to slow.
The company, whose brands include Mac and Clinique, expects revenue to fall between 1% and rise 2%. That is much lower than the 6% growth forecast by City analysts.
The makeup group attributed the forecast to “persistently weak sentiment among Chinese consumers.”
Like its luxury rivals, Estee Lauder has suffered as shoppers cut back on spending.
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