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 Lauder say that it’s for sale, but this a move that should be repealed rather quickly,” Cramer said.The Lauder family has around 84 percent of voting control and four of 17 board seats.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.”
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