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Estee Lauder’s Long-Time CEO Fabrizio Freda to Retire 

The Estee Lauder section of the Nordstrom flagship store is seen during a media preview in New York, US, October 21, 2019. (Reuters)
The Estee Lauder section of the Nordstrom flagship store is seen during a media preview in New York, US, October 21, 2019. (Reuters)
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Estee Lauder’s Long-Time CEO Fabrizio Freda to Retire 

The Estee Lauder section of the Nordstrom flagship store is seen during a media preview in New York, US, October 21, 2019. (Reuters)
The Estee Lauder section of the Nordstrom flagship store is seen during a media preview in New York, US, October 21, 2019. (Reuters)

Estee Lauder said on Monday its long-time CEO Fabrizio Freda had decided to retire from the company at the end of fiscal 2025.

Freda joined Estee in 2008 as president and chief operating officer and was later named the MAC lipstick maker's CEO.

Estee said the board was considering internal and external candidates as part of its CEO succession planning.

Until a successor is appointed, Freda will continue to lead and oversee the company's strategic, financial and investment priorities, Estee said.

Estee has trimmed its global workforce and is trying to shore up its margins as part of a turnaround plan.

The company's results are due later on Monday.

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Fashion

Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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Shein Reportedly Files for Hong Kong IPO to Save London Listing

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

China-founded fast-fashion retailer Shein has filed for an IPO in Hong Kong to accelerate the listing process and pressure Britain's regulators to approve its planned London debut, the Financial Times reported on Tuesday.

The company privately filed a draft prospectus last week with Hong Kong's exchange and sought a regulatory nod from the China Securities Regulatory Commission, the report said, citing people familiar with the matter.

Reuters could not immediately verify the report. Shein did not immediately respond to a Reuters request for comment.

The company filed for a Hong Kong listing partly to pressure the UK regulator into easing its risk disclosure rules and to keep alive for what could be London's biggest IPO in years, the FT report added.

Reuters first reported in June that Shein was planning to file a draft prospectus confidentially for its Hong Kong listing, citing three sources with knowledge of the matter.

Reuters also reported in May, citing sources, that Shein was working towards a listing in Hong Kong after its proposed London IPO failed to secure the green light from Chinese regulators.

If UK's Financial Conduct Authority is willing to accept a CSRC-approved prospectus, London would still be Shein’s preferred exchange, the FT report said, adding that chances were still slim, given that the regulators’ requirements were still wide apart.