In his current role, La Faverie oversees brands such as Estée Lauder, Aerin Beauty, Jo Malone London, Le Labo, Kilian Paris, Editions de Parfums Frederic Malle, Darphin Paris, Lab Series, Deciem’s fleet of brands, Too Faced, Smashbox and GlamGlow.The Estée Lauder Companies (Photo: Business Wire)
UPDATE (October 30, 2024): The Estée Lauder Companies Inc. has officially named Stéphane de La Faverie as its new president and CEO, as well as member of the board, effective January 1, 2025. The move had been widely reported in the media leading up to the announcement.
La Faverie succeeds Fabrizio Freda, who will support the incoming executive during a transition period.
Simultaneously, William P. Lauder will be stepping down from his current role as executive chairman of the company and will remain chair of the board of directors.
Of the move, Lauder said, “Stéphane’s deep-rooted industry and operational expertise, and his collaborative and dynamic approach, make him the ideal CEO to move us forward with speed, and urgency. Having worked closely with him for many years, I can attest to Stéphane’s ability to nurture and build powerful prestige brands, while his thorough understanding of and respect for our Company’s heritage and culture positions him well for success in this role. His strategic vision will position the Company to drive long-term growth in the face of its current challenges, as he deploys transformational new approaches for the future. This appointment marks an exciting new chapter in our Company’s story, and I look forward to supporting Stéphane as he leads the many talented employees of The Estée Lauder Companies and accelerates us along our path to a promising future.”
Lauder added, “As I reflect on sixteen years of working alongside Fabrizio and so many talented leaders and employees, I am immensely proud of what we have accomplished. My decision to focus solely on my role as chair of the board represents an important evolution for the Lauder family. Our family’s long-standing day-to-day management of the company is evolving and reflects my desire to focus more on the overall strategic direction of the company. As a family, we remain committed to this incredible Company and continue to view our investment through the lens of long-term patient capital. I am confident that Stéphane will be an effective, impactful CEO, able to take the decisive actions needed in the face of our current challenges, and that he and the next generation of the company’s leadership will steer us towards even greater success.”
“Stéphane is the ideal transformational leader needed to drive this extraordinary Company through its current challenges and into its next chapter of growth,” said Charlene Barshefsky, presiding director of the board of directors. “Following a comprehensive CEO succession planning process, and a thorough review of external and internal candidates, Stéphane was the clear choice of the Board for his mix of strategic vision, global industry knowledge and experience, profound ambition for the company and its remarkable brands, and unique ability to address the challenges facing the company to revitalize growth. His deep knowledge of our company will enable Stéphane to quickly assess opportunities and implement strategic plans. His inclusive leadership style will enable him to inspire and mobilize the company with speed and agility and set us on a path to long-term, sustainable growth and drive shareholder value.”
La Faverie said, “I am deeply humbled and excited to lead The Estée Lauder Companies, a company founded by a visionary entrepreneur whose legacy continues to inspire us today. As we work together to return to our pre-eminent position as the leader in global prestige beauty, we will draw on our family heritage, extraordinary brands, exceptional talent, consumer-centric approach and creativity–core elements that reflect our very DNA. We are extremely focused on revitalizing our growth via groundbreaking innovation, unforgettable experiences, and cutting-edge marketing to inspire our consumers worldwide. I am grateful to Fabrizio for his strategic guidance, and I look forward to working with him on a seamless transition. It is an honor to advance this legacy of excellence, and I am excited to lead our incredible teams as we work together to shape the beauty landscape of tomorrow while representing the interests of all shareholders.”
Freda added, “Having worked alongside Stéphane for many years, I am thrilled to welcome him as the next president and CEO of The Estée Lauder Companies and look forward to supporting a seamless transition. His visionary leadership is defined by his unwavering commitment to excellence and forward-thinking approach to enhancing our brands and shaping the consumer experience. In an industry as dynamic as prestige beauty, Stéphane’s deep knowledge, exceptional strength as a leader, and unique ability to combine inspiration, authenticity, and strategic insights to drive profitable growth will enable him to guide the future success of the Company’s portfolio.”
Previously (October 8, 2024): Reuters, citing The Wall Street Journal, claims that The Estée Lauder Companies is set to name Stéphane de La Faverie as CEO, succeeding outgoing president and CEO Fabrizio Freda, who previously announced his intent to retire by the end of fiscal 2025 and remain as an adviser for fiscal 2026.
In his current role, La Faverie oversees brands such as Estée Lauder, Aerin Beauty, Jo Malone London, Le Labo, Kilian Paris, Editions de Parfums Frederic Malle, Darphin Paris, Lab Series, Deciem’s fleet of brands, Too Faced, Smashbox and GlamGlow.
The news comes as Jane Lauder, “who was among the potential CEO candidates,” per Reuters, is apparently stepping down from the company.
In August, The Estée Lauder Companies Inc. announced net sales of $15.61 billion for fiscal 2024, reflecting a year-over-year decrease of 2%. Q1 fiscal 2025 sales will be announced on October 1, 2024.