Estee Lauder (EL) forecast annual profit and sales below estimates as the global beauty market struggles with slowing demand mainly in the China market and said CEO Fabrizio Freda was retiring after nearly 16 years at the helm.
“It’s not a surprise that Fabrizio is stepping down. It was a long-anticipated change of the guard, given the results over the past few years and the need certainly for newness,” said Dana Telsey of Telsey Advisory Group.
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