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(Reuters) – Estee Lauder (NYSE:) withdrew its 2025 gross sales and revenue forecasts on Thursday resulting from a slowdown in demand for luxurious magnificence merchandise in main markets reminiscent of China.
The corporate had on Wednesday named insider Stephane de La Faverie as its new CEO to revamp its enterprise.
Shares of the New York-based firm fell 9% in premarket buying and selling. Estee mentioned it was decreasing dividend to a extra acceptable payout ratio.
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