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Chairman, along with CEO Fabrizio Freda, shoots down rumors.
August 29, 2017
By: TOM BRANNA
Editor
Like the Loch Ness Monster, Big Foot and even those creepy clown sightings that pop up every October, Estée Lauder leadership spends a couple of days every year shooting down reports that the company is up for sale. It happened again last week and once again, in a letter to employees, Chief Executive Fabrizio Freda and Executive Chairman William P. Lauder addressed news reports that the beauty giant hired advisers to get the sale process going. “There is no truth to these rumors. The Estée Lauder Companies is not for sale,” the executives said. “The Lauder Family and our board place great value in remaining independent. Our company is strong and we have excellent momentum going forward.” The rumors had Unilever and L'Oréal interested in acquiring the prestige brand for as much as $40 billion—not bad for a company with sales of $11.8 billion (an increase of 5%) in FY2017.
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