Estee Lauder to close Prescriptives
Estee Lauder has announced it is discontinuing its Prescriptives cosmetics brand.
The company will close the wholesale distribution of the brand by January 2010 as part of an ongoing review of its performance.
Estee Lauder says part of its corporate strategy is to evaluate and turnaround underperforming brands but took the decision to close Prescriptives after concluding “the brand’s long term business model is no longer viable in the current market environment.”
Fabrizio Freda, Estee Lauder chief executive officer says the move will allow the company to redirect resources to other areas of the business with greater growth potential.
“Ultimately this action allows us to focus on those areas which we expect to benefit the Company, our shareholders and business partners. We intend to work closely with our retail partners and continue to communicate with our consumers to ensure a seamless transition,” he says.
The cosmetic brand has been produced for 30 years. Products will still be available online to ship to the US until stock runs out.
