The News In Brief
The RealReal Names Rati Sahi Levesque as New CEO
The long-time company executive will replace John Koryl in the top role.
Conservation Experts Sound the Alarm Over Australian Sandalwood
Used in countless luxury fragrances, sandalwood is a coveted ingredient for beauty companies, but researchers worry the native tree population in Australia is on the brink of extinction.
Jane Lauder to Step Down at Estée Lauder Companies
Lauder, who currently serves as chief digital officer and executive vice president of enterprise marketing, will leave the company at the end of this year.
Western Brands Are Losing More Ground to Cheaper Chinese Rivals
China’s consumer frugality is fuelling sluggish earnings for global brands like L’Oréal and LVMH, while local rivals such as Proya Cosmetics thrive, capitalising on affordable products and strong online marketing.
Luxury Fortunes Lose $58 Billion as Pandemic Era Splurge Ends
The fortunes of France’s luxury billionaires — Bernard Arnault, Francoise Bettencourt Meyers, and Francois Pinault — have plummeted by a combined $58 billion this year as consumer demand for high-end goods declines, particularly in China.
Boohoo Rejects Criticism From Frasers Group as ‘Inaccurate and Unfair’
Boohoo has criticised Frasers Group’s attempt to install founder Mike Ashley as CEO, defending its debt refinancing strategy and emphasising the need for careful governance in leadership decisions.
Cetaphil Owner Galderma Sales Lift 9.2% on Strong Skincare and Injectable Demand
In the first nine months of the year, the Swiss beauty firm saw its sales rise to $3.26 billion thanks to robust performance in Europe and gains in China and Latin America.
Lacoste to Sponsor Rolex Paris Masters Tennis Tournament
The heritage French label is increasingly asserting its sporting credentials amid luxury brands’ growing interest in tennis over the past year.
Mike Ashley Wants Boohoo to Make Him Its New CEO
Ashley's Frasers Group is the struggling fast fashion e-tailer's largest shareholder and is pushing for more control.
Unilever Sales Rise 4.5%, Narrowly Beating Expectations
The consumer goods giant reported sales slightly ahead of expectations, with some growth in prestige beauty, but maintained its modest full-year guidance.
Beiersdorf Sales Rise 6.5%; China Still Drags
The German beauty conglomerate saw its sales lift ahead of analyst expectations, led by a north American rebound and skincare, but continued pressure in China weighed on overall growth.
Mike Ashley’s Frasers Pulls Bid for Handbag Maker Mulberry
The decision comes after Mulberry turned down Frasers’ latest bid of 150 pence per share Tuesday.