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Estee Lauder Names Stephane de La Faverie as CEO

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
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Estee Lauder Names Stephane de La Faverie as CEO

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Cosmetics giant Estee Lauder on Wednesday named Stephane de La Faverie as its new president and CEO, effective Jan. 1, 2025.

La Faverie is currently the executive group president at the company and oversees high-end fragrance brands such as Jo Malone London, Frederic Malle, Le Labo and Kilian Paris.

In August, the company said CEO Fabrizio Freda was retiring next year and would remain as an adviser to his successor in fiscal year 2026.

Estee Lauder is set to report its quarterly earnings on Thursday.

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Fashion

Italian Shoemaker Geox to Invest $125 Million in 5-year Plan

FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
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Italian Shoemaker Geox to Invest $125 Million in 5-year Plan

FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo
FILE PHOTO: Geox shoes are seen in a shop in Rome, Italy, April 10, 2016. REUTERS/Max Rossi/File Photo

Italian shoemaker Geox plans to invest about 120 million euros ($125 million) as part of an industrial plan to 2029 and has signed a five-year deal with a leading Chinese operator to expand its presence in the country.

The maker of breathable, waterproof footwear said in November it would end direct operations in the unprofitable Chinese and US markets after posting a 9.7% yearly drop in nine-month revenue globally, Reuters reported. It said it would continue its business in the two countries through local partnerships.

In addition to the investments, announced in a statement late on Monday, the group said it would extend by 24 months the medium- to long-term debt repayment plans as part of a debt refinancing agreement with creditor banks including Monte dei Paschi and the Italian units of BNP Paribas and Credit Agricole.
Geox controlling shareholder LIR, the family holding of its chairman and founder Mario Moretti Polegato, will contribute up to 60 million euros to the industrial plan, the statement said.
The shoemaker expects yearly revenues above 850 million euros by 2029, compared with 720 million in 2023, with compound annual growth rate (CAGR) of 5% in the next five years, and an EBIT (earnings before interest and taxes) margin over 7% by 2029.