Estee Lauder to Close Prescriptives
OH MY GOODNESS! I can’t believe it!
In a long-anticipated move, the Estée Lauder Cos. Inc. said Thursday it will shut down wholesale distribution of its 30-year-old Prescriptives brand by Jan. 31. Products will continue to be available through the brand’s Web site for consumers needing replenishment, until supplies run out.
“A core component of the Estée Lauder Companies’ corporate strategy is to evaluate, and where possible, turn around underperforming brands with the goal of improving return on investment. After a thorough analysis of the Prescriptives brand, management concluded that the brand’s long-term business model is no longer viable given the current market environment. We believe that the difficult decision relating to Prescriptives will allow us to redirect our resources to key strategic imperatives where we see the highest growth potential,” said Freda.
— Read entire article at WWD