Estee Lauder Eliminating Up To 2,000 Heads As It Rationalizes Brick-And-Mortar, Reinvests Online
Lauder’s online business grew at a near triple-digit organic rate in the fiscal 2020 fourth quarter, and the firm intends to go on investing resources accordingly. The firm’s fiscal 2020 net sales slipped 4% to roughly $14.3bn, reported, due to COVID-19 effects.
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The Estee Lauder Companies says mature consumers represent a population of growing interest to its online business, and while its makeup sales remain sluggish as mask use continues around the world, fragrance sales are bouncing back surprisingly fast. First-quarter results.
Deputy CEO Nicolas Hieronimus will take L’Oreal’s helm beginning in May 2021, with Jean-Paul Agon continuing as chairman, the firm announced on 14 October. The Estee Lauder Companies hires PepsiCo’s Gibu Thomas to lead its online business, and Coty appoints its first chief digital officer.
Before COVID-19, Lauder projected that a third of prestige beauty sales industry-wide would be generated online by 2033. The pandemic has sped up that process, starting in China, and Lauder is making strategic moves accordingly.