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Turnaround plan involves fewer stores and employees and more digital investment.
August 20, 2020
By: Happi Staff
The economic fallout from coronavirus hit The Estée Lauder Companies hard. Sales fell 4% to $14.86 billion for the fiscal year ended June 30, 2020. The company blamed the decline was driven by retail store closures as a result of the global spread of COVID-19 that was partially offset by the tremendous acceleration online. Net sales from the company’s acquisition of Have&Be Co. Ltd. (“Dr. Jart+”) contributed approximately one percentage point of growth to reported net sales. Net earnings de...
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