(Reuters) – Estee Lauder (NYSE:) withdrew its 2025 sales and profit forecasts on Thursday due to a slowdown in demand for luxury beauty products in major markets such as China.
The company had on Wednesday named insider Stephane de La Faverie as its new CEO to revamp its business.
Shares of the New York-based company fell 9% in premarket trading. Estee said it was reducing dividend to a more appropriate payout ratio.
