The 49-year-old this week sold 2.8 million shares in Estée Lauder Cos. Inc., the beauty giant set up by her grandmother in the Forties, at an average price of $166.21.
Her surprise financial move was revealed in a corporate filing to the Securities and Exchange Commission.
While not much is known about what led to her decision to significantly divest in the beauty giant, the filing states that the transactions are being done for “asset diversification, tax and estate planning and charitable giving purposes”.
She’s not completely out of the company, though, holding onto roughly 6 percent of her stock.
Lauder founded her eponymous lifestyle brand in 2012. It’s fully owned by Estée Lauder Cos. Originally focused on just beauty, it has since expanded to include accessories and home decor among others items.
She is not the only one selling Lauder stock this week. On Wednesday, Fabrizio Freda, president and chief executive officer of Estée Lauder, sold $6.7 million in stock.
This comes after Estée Lauder reported another quarter of strong sales growth. For the fiscal third quarter, the beauty company posted an 11 percent gain in net sales, to $3.37 billion. Net earnings were up 49 percent to $555 million. Diluted net earnings per common share were up to $1.51 from 99 cents in the prior-year period.