Estée Lauder forecasted lower-than-expected annual profit and sales due to slowing demand in the global beauty market, particularly in China, and announced the retirement of CEO Fabrizio Freda after nearly 16 years. Freda, who expanded the company’s skincare portfolio and navigated pandemic-related challenges, will retire towards the end of next year, following the recent departure announcement of CFO Tracey Travis. Estee Lauder’s shares have plummeted nearly 75% since January 2022, and the company now expects annual sales to either fall by 1% or rise by 2%, significantly below analyst expectations. The prestige beauty segment continues to face challenges, with no rebound in China, affecting even typically resilient products like lipsticks and perfumes.