As economic storm clouds gather and consumers’ moods darken, The Estée Lauder Cos. Inc. is drafting cost cuts of $150 million to $200 million, slated to be unveiled early next year.
The luxury beauty firm began its fiscal 2009 year on sure footing, reporting a 30.7 percent surge in first-quarter profits. Net income for the quarter was $51.1 million, or 26 cents a diluted share, compared with $39.1 million, or 20 cents a share, a year earlier. Sales for the three months ended Sept. 30, gained 11.3 percent to $1.9 billion from $1.71 billion. Sales rose 9.8 percent when measured in local currencies.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)