French luxury goods group Kering said on Friday it was entering the cosmetics business, with the announcement that it has recruited seasoned Estee Lauder executive Raffaella Cornaggia to head the push into the new segment. "We are building this new area of expertise within our Group to ensure that our brands can fulfill their potential in this category," group Managing Director Jean-Francois Palus said in a statement. Cornaggia has been appointed chief executive officer of Kering Beaute, the statement said.
The Estee Lauder Companies' (EL) second-quarter fiscal 2023 performance reflects reduced earnings and sales, with results affected by pandemic-led curbs in China and inflationary pressure.
While the top- and bottom-line numbers for Estee Lauder (EL) give a sense of how the business performed in the quarter ended December 2022, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.