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Stock impact report

Britain's ‘Warren Buffett' dumps his shares in beauty brand Estée Lauder for its biggest rival after bungled China reopening [Yahoo! Finance]

Estee Lauder Companies, Inc. (The) (EL) 
Last estee lauder companies, inc. (the) earnings: 5/1 06:45 am Check Earnings Report
US:NYSE Investor Relations: elcompanies.com/investors
Company Research Source: Yahoo! Finance
In his annual letter to investors , Fundsmith manager Terry Smith said his £23.7 billion ($30 billion) fund had dropped Estée Lauder while calling its French competitor L'Oréal a “long-term favorite” of the group. “We sold our stake in Estée Lauder whose mishandling of the demand/supply situation in China following reopening post-Covid and in the travel retail market revealed serious inadequacies in its supply chain,” Smith—who is estimated to be worth more than $1 billion by Bloomberg's Billionaire Index —said in his letter. Estée Lauder was the biggest detractor from Fundmsith's performance last year, after its stock dropped more than 47% in 2023, continuing its fall from the year before. Shares in the Fortune 500 beauty company plunged in November after the group slashed its full-year profit outlook on the back of stuttered store reopenings in Asia. The group said “slower growth in overall prestige beauty in Asia travel retail and in mainland China” would force it to cut p Show less Read more
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