عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

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)
TT
TT

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.

Most Viewed

 
 
Fashion

Zara Owner Inditex Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
TT
TT

Zara Owner Inditex Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo

Zara owner Inditex said the start of the holiday season had got off to a good start after it reported weaker than expected quarterly results as rainy weather hit some key European markets.
The company behind Zara and other brands said its sales rose a slower than expected 7% to 27.4 billion euros ($28.84 billion) during the period, below the 8% expected by analysts.
Its net profit of 4.44 billion euros for the first nine months of 2024, up 8.5% from a year earlier, was below analysts' average expectation of 4.52 billion euros.
The company however reported a better start of the holiday season, with revenues rising 9% during the six weeks to Dec. 9 as the world's biggest fast-fashion retailer kept drawing in shoppers even as rivals struggled.
Revenue growth in the period, which includes the key Black Friday sales, was slower than the 14% increase reported a year ago, though.
"We had a strong start to the last quarter against a demanding comparable in the same period of 2023," Inditex's capital market director, Marcos Lopez, told Reuters.
He stressed that in constant currency sales growth was 10.5% in the first nine months of the fiscal year and the growth in constant currency during the third quarter was the faster of the year.