Estée Lauder Appoints New Global Brand President
- Chaileedo Press
- Sep 27, 2022
- 2 min read
Estée Lauder recently announced the appointment of Justin Boxford as president of Estée Lauder Global Brands, effective Sept. 1, 2022.
It is reported that Estée Lauder's former Global Brand President, Stephane de La Faverie, has been promoted to Executive Group President. Going forward, Justin, as the new Estée Lauder Global Brand President, will report to Stephane and will continue to serve on the company's Executive Leadership Team (ELT).
In his new role, Justin will be responsible for driving Estée Lauder's short- and long-term strategies, including innovation, product development, North American and international growth, consumer marketing and distribution evolution.
Stephane said Justin Boxford can bring a good reputation and expertise in luxury brand building to Estée Lauder. In addition, he has a deep understanding of the global business landscape and an extensive background in transforming online and omnichannel experiences.
Justin has led La Mer for nearly six years. During his tenure, he boosted La Mer's net sales, making it the Group's best performing brand and consolidating its leadership position in the global luxury skincare space. Justin also helped La Mer expand and diversify its portfolio and build multiple growth engines.
In addition, Justin led La Mer's strategic expansion across omnichannel platforms to reach new consumers through digital technology. La Mer raised the bar for the luxury experience on key platforms such as TMALL, as well as new platforms in innovative markets.
Since joining the Estée Lauder Group in 2004, Justin has held several leadership roles across multiple brands, regions and channels worldwide. Prior to La Mer, Justin served as Senior Vice President of International for Estée Lauder and Tom Ford Beauty. Prior to that, Justin resided in Hong Kong and led the same brands in the Asia Pacific (APAC) region. Justin was instrumental in driving the Estée Lauder brand internationally with digital, omnichannel and locally relevant strategies, and the successful international launch of Tom Ford Beauty, which includes in China and APAC.
It is understood that within the fourth fiscal quarter ended June 30, Estée Lauder Group sales declined 10% year-over-year to $3.56 billion, gross margin slipped to 71% and net profit plunged 95% to $50 million.
By category, fragrance sales soared 30 percent year-over-year and posted strong growth of 16 percent in the fourth quarter, while operating profit jumped more than 100 percent to $456 million, with Tom Ford Beauty the strongest performer.
By region, the Asia-Pacific market covering China performed the worst, with full-year sales down 1% to $5.437 billion and a 23% plunge in the fourth quarter, with operating profit also falling 20% to $993 million, said Estée Lauder Group CEO Fabrizio Freda, adding that repeated outbreaks in core markets such as China in the fourth quarter put huge pressure on the group's growth.
In terms of earnings, Tom Ford Beauty and the China market are crucial to Estée Lauder. Justin Boxford, on the other hand, has not only successfully launched Tom Ford Beauty internationally, but also has extensive experience in the Chinese market. He may bring new possibilities for Estée Lauder in the future.
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