Estee Lauder Uncloaks Four-Year Plan For Slashing Costs, Growing Core Biz
This article was originally published in The Rose Sheet
Executive SummaryThe Estee Lauder Companies is implementing a four-year strategy to optimize its core strengths and cut costs by up to $550 million, the firm announced Feb. 5 in tandem with second-quarter sales, which declined 6 percent compared with the prior year, excluding the impact of foreign exchange
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Estee Lauder passes numerous milestones for its fiscal 2013 – including record sales, earnings and operating margins. Execs say they expect the firm’s sales to grow faster than the market in the coming year.
The Estee Lauder Companies will continue to increase advertising, which along with winning innovations helped grow skin-care sales 9% to roughly $1.02 billion in the company’s fiscal 2012 third quarter. Lauder’s performance in the U.S. skin-care market was particularly strong, the firm notes.
The Estee Lauder Companies is well on its way to fulfilling goals of a four-year strategy unveiled in 2009, crediting strong performances in emerging markets and growth of its prestige beauty brands.