The Estée Lauder Cos.’ share price closed up just a touch above 1 percent following a day of confusion over whether it could soon face pressure from a billionaire activist investor.
“It’s a controlled stock. You’d have to have 90-year-old Mr. Lauder say that it’s for sale, but this a move that should be repealed rather quickly,” Cramer said.The Lauder family has around 84 percent of voting control and four of 17 board seats. No filings have been made through the SEC to show Peltz has bought stock, meaning that if he holds any, it would be less than 5 percent.
It also noted that Lauder’s sales growth has modestly underperformed large prestige beauty peers since 2018, with more significant underperformance since early 2022.for both the top and bottom lines due to a slower-than-expected recovery in travel retail in Asia, causing the company’s share price to tumble around 18 percent to $202.70 that day.
“As the shape of recovery from the pandemic for Asia travel retail comes into better focus, it is proving to be both far more volatile than we expected and more gradual relative to what we experienced in other regions,” Freda said Wednesday. While there had been speculation that Freda, who has been in the top job for close to 14 years, might retire, he stressed atthat he is “completely committed to continue leading this company for the foreseeable future.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Billionaire Nelson Peltz exploring a possible shakeup of Estée Lauder: sourcesBillionaire Nelson Peltz is exploring a possible shakeup at Estée Lauder that could include ousting the longtime CEO of the cosmetics giant — and possibly pushing for a turnaround and eventua…
Read more »
Families split by US-Mexico wall reunite for few minutesRelatives living on both sides of US-Mexico broder rush to embrace each other in tearful hugs and exciting face-to-face conversations, marking 10th anniversary of 'Hugs, Not Walls' event
Read more »
Wall Street Week Ahead: U.S. consumer price data to test feared stagflation scenario By Reuters*WALL ST. WEEK AHEAD: U.S. CONSUMER PRICE INFLATION DATA TO TEST FED PAUSE BETS $DIA $SPY $QQQ 🇺🇸🇺🇸
Read more »
Wall Street's still worried despite Friday's fakeout | CNN BusinessStocks saw a comeback on Friday after four consecutive days of declines. But there are several key signs that show the market is far from shedding its worries.
Read more »
Asia markets set for mixed open after Wall Street rebound on FridayAsian markets trade mixed after Wall Street snapped a four day losing streak on Friday
Read more »