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☆ This first-time mom landed her dream C-suite job while pregnant—and almost said no. What changed her mind
▼ + stars: | 2024-04-18 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Nada Noaman became a C-Suite leader at The Estée Lauder Companies just weeks after learning she was pregnant with her first child. When Nada Noaman landed her dream C-suite job at The Estée Lauder Cos. just hours after finding out she was pregnant, she felt unbridled joy — and panic. Nada Noaman at a baby shower her co-workers threw for her right before she went on maternity leave in December 2022. Estée Lauder offers full-time corporate employees in the U.S. up to 20 weeks of paid parental leave at their normal pay. "Having a solid support system at work and having a clear game plan months ahead of time made all the difference."

Persons: Nada Noaman, Lauder, Lauder Cos, …, Noaman, Estée, didn't, —, Michael Smith, Estèe, Estée Lauder, Smith, Noaman's, Estèe Lauder, Nada Organizations: Lauder Companies, U.S Locations: New York, Los Angeles, U.S

☆ Estee Lauder, Canada Goose slash annual targets as China recovery falters
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. The company also estimated annual sales to decrease 2% to an increase of 1%, compared with the previous forecast of an increase between 5% and 7%. Canada Goose expects full-year revenue to be between C$1.20 billion ($864.49 million) and C$1.40 billion, compared with its previous forecast of C$1.40 billion to C$1.50 billion. Canada Goose also saw revenues in the United States region decline nearly 11% as demand for high-end goods by affluent shoppers sag. Shares of Estee fell about 13% in premarket trading while U.S.-listed shares of Canada Goose were down 11%.

Persons: Lauder, Lucy Nicholson, Estee Lauder, Estee, Goose, Tom Ford's, Ananya Mariam Rajesh, Aatrayee Chatterjee, Shounak Dasgupta, Maju Samuel, Sriraj Organizations: REUTERS, Canada Goose Holdings, L'Oreal, Canada, U.S, Thomson Locations: Los Angeles , California, U.S, China, Canada, Asia, Korea, Hainan, Estee, United States, Bengaluru

☆ Ed Rendell: UPenn president Liz Magill made a 'mistake' but shouldn't be forced out
▼ + stars: | 2023-10-23 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

“I don’t think she is going to step down.”Magill did condemn antisemitism broadly before the Palestine Writes festival and noted that some speakers had a history of making antisemitic remarks. Indeed, some members of the UPenn faculty and even the UPenn Jewish community criticized Magill prior to the Sept. 22 Palestine Writes festival for being too critical of the event. Still, Magill’s handling of the Palestine Writes festival triggered a backlash from powerful donors in a campaign led by private-equity billionaire Marc Rowan. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. Given the controversy over the Palestine Writes festival, Rendell is calling for the creation of an independent commission that would approve whether outside groups can access the UPenn campus.

Persons: Ed Rendell doesn’t, Rendell, Liz Magill, ”, Magill, ” Rendell, “, ” Magill, Marc Rowan, Dick Wolf, Jon Huntsman, David Magerman, Cliff Asness, ” Wolf, Ronald Lauder, Lauder, UPenn, Huntsman Organizations: New York CNN Business — Former, University of Pennsylvania, Ivy League, UPenn, CNN, Israel, “, Wolf Humanities Center, Daily, University Locations: Palestine, UPenn, Israel, Utah, Pennsylvania

☆ Law & Order creator Dick Wolf implores UPenn president to quit
▼ + stars: | 2023-10-20 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Dick Wolf, the creator of “Law & Order,” wrote a letter to Liz Magill pleading with her to step down as president of the University of Pennsylvania. “President Magill, I implore you and [chair of the board of trustees] Scott Bok to step down from your UPenn positions before any more unnecessary damage to UPenn,” Wolf wrote in the letter, obtained by CNN on Friday. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian. In the days before the Palestine Writes festival, Magill was not just facing pressure from Lauder, Wolf and others who wanted the event scrapped. Three dozen members of the UPenn faculty also wrote to The Daily Pennsylvanian in support of the Palestine Writes festival.

Persons: New York CNN Business — Dick Wolf, ”, Liz Magill, Wolf, UPenn’s, Magill, Scott Bok, ” Wolf, UPenn, Bok, Israel, Marc Rowan, Jon Huntsman, David Magerman, Cliff Asness, Ronald Lauder, Lauder, ” “, ” Magill, ” Bok Organizations: New York CNN Business, “, University of Pennsylvania, UPenn’s Wolf Humanities, Ivy League, CNN, Wolf Humanities Center, Daily, University, Penn, Greenhill & Co Locations: Palestine, UPenn, Israel, Irish

☆ Billionaire Ronald Lauder threatens to pull funding if UPenn doesn’t do more to fight antisemitism
▼ + stars: | 2023-10-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Even before the Palestine Writes Literature Festival started, UPenn leaders acknowledged it would include speakers with a history of making antisemitic remarks. “You are forcing me to reexamine my financial support absent satisfactory measures to address antisemitism at the university,” Lauder wrote. The Palestine Writes festival has created a backlash that prominent donors, including billionaire Marc Rowan and former US Ambassador Jon Huntsman, who have vowed to cut off funding. “We know who they are and what they did.”Magill, UPenn’s president, conceded over the weekend that the response to the Palestine Writes Literature Festival was inadequate. Talk about resistance, talk about politics and power and culture and song and books and food and all of these things,” Susan Abulhawa, executive director of the Palestine Writes Literature Festival, told CNN.

Persons: Ronald Lauder, Lauder, UPenn, “, ” Lauder, Liz Magill, Marc Rowan, Jon Huntsman, Rowan, Magill, Vahan Gureghian, ”, ” Magill, Susan Abulhawa Organizations: New, New York CNN, University of Pennsylvania, CNN, Daily, Forbes, World Jewish Congress, UPenn, Lauder Institute, Wharton, Department of Arts and Sciences, The Lauder Institute, UPenn’s, Penn, “, University Locations: New York, Palestinian, Israel, Palestine, Austria, Philadelphia, American

☆ Billionaire Ronald Lauder, others to return art to heirs of collector killed by Nazis
▼ + stars: | 2023-09-20 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Ronald Lauder, heir to the Estee Lauder cosmetics fortune and president of the World Jewish Congress, is seen on Sept. 21, 2022. The billionaire Ronald Lauder has agreed to return a piece of art looted by Nazis from a collector who was later killed in a concentration camp. Lauder, the heir to the Estee Lauder cosmetics fortune and a Republican megadonor, also is the president of the World Jewish Congress. Grunbaum acquired a collection of 81 Schiele works before he was arrested in Austria in 1938 by the Nazis. Lauder acquired the artwork "through an art dealer decades after it was misappropriated" by the Nazis, his spokesperson said.

Persons: Ronald Lauder, Lauder, Egon Schiele's, Fritz Grunbaum, Grunbaum, Fritz Grünbaum's Organizations: World Jewish, Manhattan District, Republican, Nazis Locations: Austria, Dachau, Germany

☆ OpenAI launches ChatGPT Enterprise, the company's biggest announcement since ChatGPT's debut
▼ + stars: | 2023-08-28 | by ( Hayden Field | ) www.cnbc.com time to read: +5 min

OpenAI on Monday announced its biggest news since ChatGPT's debut: It's launching ChatGPT Enterprise, the AI chatbot's business tier, available starting Monday. ChatGPT Enterprise includes access to GPT-4 with no usage caps, performance that's up to two times faster than previous versions, and API credits. One key differentiator between ChatGPT Enterprise and the consumer-facing version: ChatGPT Enterprise will allow clients to input company data to train and customize ChatGPT for their own industries and use cases, although some of those features aren't yet available in Monday's debut. When asked how ChatGPT Enterprise compares with Bing Chat Enterprise, Microsoft's enterprise AI chatbot, an OpenAI representative told CNBC, "This is an OpenAI product independent of Microsoft. The biggest obstacle to ChatGPT Enterprise's development was figuring out how to prioritize features, Lightcap told CNBC.

Persons: OpenAI, Brad Lightcap, Lightcap, Estée Lauder Cos, Andreessen Horowitz, Brian Burke, ChatGPT, Bard chatbot, Bing, Claude 2, Sam Altman, — Organizations: Monday, ChatGPT, CNBC, ChatGPT Enterprise, Beta, Microsoft, Sequoia Capital, Gartner, Fortune, Google

☆ Big U.S. firms adopt cautious tone on China recovery
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +3 min

In April, China's imports contracted sharply, underscoring signs of weak domestic demand as a battered property market, worries over job stability and global economic uncertainty kept shoppers wary. "We grew mid-single digits in China, which had previously been a double-digit growth market for us pre-pandemic. "Consumer confidence remains weak and shaken because many Chinese faced job and salary cuts in 2022 and Chinese New Year bonuses in 2023 were low," said Shaun Rein, managing director at China Market Research Group. Still, a rapid recovery in domestic travel demand propped up sales at hotels. "China will be a growth driver for many multi-national companies but will not be at the high growth rates many analysts predict," China Market Research's Rein said.

SummarySummary Companies Co expects annual net sales to fall 10% to 12%Expects annual adj. Barclays analyst Lauren Lieberman said in a note Estee's profit forecast was the "last thing" expected even by the Street. Even though China relaxed pandemic-related restrictions, the company saw January 2023 pressured by retailers destocking due to an increase in COVID-19 cases. Estee expects full-year 2023 net sales to fall between 10% and 12%, compared with its prior forecast of a 5% and 7% decrease. It also forecast adjusted profit per share to fall between 50% and 51%, compared with a 27% to 29% decrease it expected earlier.

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2023. Major U.S. stock indexes dropped over 1% on Tuesday as regional bank shares tumbled on renewed fears over the financial system and as investors tried to gauge how much longer the Fed may need to hike interest rates. Estee Lauder Cos Inc (EL.N) slid 21.3% as the MAC lipstick maker forecast a bigger drop in full-year sales and profit. Advancing issues outnumbered decliners for a 2.11-to-1 ratio on the NYSE and a 2.25-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and two new lows, while the Nasdaq recorded 30 new highs and 76 new lows.

Shares of the company hit a six-month low of $190.30 during trading hours after Estee Lauder slashed its fiscal-year forecasts for a third time. Estee expects full-year 2023 net sales to fall between 10% and 12%, compared with its prior forecast of a 5% to 7% decrease. Even though China relaxed pandemic-related restrictions, the company saw January 2023 pressured by retailers destocking due to an increase in COVID-19 cases. Estee has also been challenged by the growth of smaller competitors in the beauty space, according to Travis. Estee forecast adjusted per-share profit to fall by 50% to 51%, compared with a 27% to 29% decrease it expected earlier.

☆ Why economists study hemline lengths and men's underwear sales for clues we could be headed for a recession
▼ + stars: | 2023-04-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +1 min

The creation of the lipstick index is widely attributed to Leonard Lauder, one of the billionaire heirs to the Estée Lauder cosmetics fortune. Back in 2001, when the US economy was in the throes of a recession, Lauder noticed that lipstick sales were actually rising, not falling. Lauder's theory was that lipstick sales and the health of the economy were in inverse proportion to one another — essentially, as the economy got worse, lipstick sales got better. The lipstick index has borne out several times throughout history. Still, lipstick probably isn't a reliable recession indicator — there are plenty of times when cosmetics sales have boomed during times of relative economic prosperity and dipped during downturns.

☆ The 'lipstick index' strikes again: Beauty shoppers are still spending big, even as US consumers dial back on everything else
▼ + stars: | 2023-03-13 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

Beauty sales are bucking a trend of declining consumer spending in other categories. The strength in beauty is reflecting a long-held retail indicator called the "lipstick index." Consumers are spending more on beauty in general, with over a third of survey respondents saying they spent over $500 on beauty products in the past year, up from a quarter the year prior, according to Inmar Intelligence. Other beauty retail partnerships, like Sephora and Kohl's, are getting a boost from the lipstick indexUlta and Target aren't the only retailers seeing beauty products fly off the shelves. In fact, the allure of Sephora is so strong that it's helped buoy same-store sales for Kohl's and draw younger consumers.

☆ LVMH rejigs beauty division, names Stephane Rinderknech CEO
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

PARIS, March 6 (Reuters) - LVMH (LVMH.PA), the world's largest luxury company, on Monday named Stephane Rinderknech as chairman and CEO of its beauty division, rounding out a series of broader management changes at the owner of Guerlain and Parfums Christian Dior. Rinderknech will take up global responsibility for the group's beauty business, while Guerlain head Veronique Courtois becomes president and CEO of Parfums Christian Dior. Make Up For Ever head Gabrielle Saint-Genis Rodriguez will be president and CEO of Guerlain. The changes come as luxury groups, which have been riding a strong wave of post-pandemic demand for designer labels, look to expand in their beauty activities. As part of that process, the group in January folded Tiffany into the watches and jewellery division, under the management of Stephane Bianchi.

☆ Gucci Parent Kering Taps Estée Lauder Executive for Beauty Push
▼ + stars: | 2023-02-03 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

PARIS—Gucci-owner Kering SA has tapped a senior Estée Lauder Cos. executive to lead a new beauty division, as the luxury giant looks to expand in cosmetics and perfumes. Raffaella Cornaggia will help develop beauty offerings for brands including Bottega Veneta, Balenciaga and Alexander McQueen. Kering said the Italian national would bring strong experience to a strategically important area.

☆ Estée Lauder Sales Hit Again by China’s Covid Lockdowns
▼ + stars: | 2023-02-02 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Estée Lauder tempered its outlook for the second half of its fiscal year. Estée Lauder Cos. reported declining sales for a third consecutive quarter as Covid-19 lockdowns in China and retailers tightening their inventories continued to weigh on its business. The New York-based cosmetics company, with brands from Clinique to M.A.C., on Thursday also tempered its outlook for the second half of its fiscal year amid a slower-than-expected rebound in travel-related retail sales.

☆ Estée Lauder to Buy Tom Ford in $2.8 Billion Deal
▼ + stars: | 2022-11-16 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder plans to fund its acquisition of Tom Ford through a combination of cash, debt and $300 million in deferred payments. Estée Lauder Cos. will acquire Tom Ford in a deal valued at roughly $2.8 billion, building on a longstanding licensing agreement and marking the cosmetics giant’s largest-ever acquisition, executives said Tuesday. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Estee Lauder to buy fashion label Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it agreed to buy U.S. fashion label Tom Ford for $2.8 billion, its biggest deal yet, adding a line of beauty products and apparel to the Clinique brand owner's portfolio. While Estee Lauder already sells Tom Ford beauty products and fragrances, the deal has raised some eyebrows on Wall Street. (https://reut.rs/3tqhWrK)As of Tuesday's close, Estee's stock fell 17% since the deal talks with Tom Ford were reported by the media in August. Tom Ford had entered into exclusive negotiations with Estee Lauder last week, beating competing bids from companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Chief Executive Officer Tom Ford will continue to serve as the brand's creative visionary.

☆ Estee Lauder to buy Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it clinched a deal to buy U.S. fashion label Tom Ford for $2.8 billion in what would be its biggest acquisition. Shares of Estee Lauder, which already licenses Tom Ford fragrances and cosmetics, fell marginally in extended trading. Tom Ford entered into exclusive negotiations with Estee Lauder last week, beating competing bids from a number of other companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Reporting by Manya Saini and Granth Vanaik in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Consumers are looking to chocolate, Oreos, and Twinkies to 'not feel terrible all the time' — Hershey, Hostess, and Mondelez are cashing in
▼ + stars: | 2022-11-15 | by ( Alex Bitter | ) www.businessinsider.com time to read: +6 min

Consumers are buying more chocolate and cookies as recession fears hang over the economy. But they are still buying smaller pleasures, including sweet treats like cookies and chocolate. Now, many of the same companies are seeing sales of chocolate, cookies, and other sweet snacks rise. "Our products remain an affordable treat for families and consumers," Michele Buck, the CEO of Hershey, told analysts on a call. While consumers cut back spending in many areas, such as travel, sales of lipstick actually grew.

☆ Estée Lauder Nears Deal to Buy Tom Ford, Edging Out Kering
▼ + stars: | 2022-11-14 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder warded off competition from Kering in its pursuit of the deal. Estée Lauder Cos. is nearing a deal to buy Tom Ford for roughly $2.8 billion, building on a longstanding licensing deal and marking the cosmetics giant’s largest-ever acquisition, according to people familiar with the matter. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Estée Lauder Nears Deal to Buy Tom Ford, Edging Out Kering SA
▼ + stars: | 2022-11-14 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Estée Lauder warded off competition from Kering SA in its pursuit of the deal. Estée Lauder Cos. is nearing a deal to buy Tom Ford for roughly $2.8 billion, building on a longstanding licensing deal and marking the cosmetics giant’s largest-ever acquisition, according to people familiar with the matter. Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA. The French company was poised to win the auction earlier this month, The Wall Street Journal reported.

☆ Estee Lauder nears $2.8 billion deal to buy Tom Ford - FT
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

The luxury brand, founded by fashion designer Tom Ford, entered into exclusive negotiations with Estee Lauder this week and a deal could be announced as early as Monday, the FT reported. Estee Lauder and Tom Ford did not immediately respond to Reuters requests for comment. Earlier in August, the Wall Street Journal reported that Estee was in talks to acquire the luxury brand in what could be a $3 billion deal. The Journal later reported that French luxury group Kering(PRTP.PA) was also in advanced discussions to buy the fashion brand, competing with Estee. Tom Ford is known for its menswear, but also counts women's apparel, handbags, cosmetics and perfumes as part of its product line.

☆ Gucci Owner Kering in Advanced Talks to Acquire Tom Ford, Sources Say
▼ + stars: | 2022-11-03 | by ( Lauren Thomas | Dana Cimilluca | ) www.wsj.com time to read: 1 min

Fashion from the Tom Ford collection was modeled during Fashion Week in New York. French luxury giant Kering SA is in advanced discussions to buy fashion brand Tom Ford, according to people familiar with the matter. Kering has been competing for closely held Tom Ford with rivals including Estée Lauder Cos., but the French company appears to be the front-runner now and a deal could be reached soon, according to the people.

☆ China vows commitment to growth as investors bet on easier COVID policy
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +6 min

Even though case numbers are rising and disruptive lockdowns continue with no clear exit strategy in sight, investors latched on to hope that China may ease its strict COVID policy in the coming months. Renewed COVID lockdowns are weighing heavily on China's business activity and consumer confidence. read moreOPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. While other countries have been tightening policy to battle rising prices, China has implemented an accommodative monetary policy to shore up sputtering growth, raising concerns about capital flight. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak.

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