It's a sad day in the cosmetics world as Estee Lauder just announced that it will be closing the worldwide distribution of its Prescriptives brand by early next year:
From Reuters:
Sept 17 (Reuters) - U.S. cosmetic and fragrance seller Estee Lauder Cos Inc (EL.N) said it would close the global wholesale distribution of its 30-year-old Prescriptives skin-care products brand by Jan. 31, 2010, as the brand's value was no longer viable in the current market environment.
The owner of the Clinique, Bobbi Brown and M.A.C brands said it expects to take restructuring charges of $35 million to $40 million in connection with the action.
These charges are within the range of overall charges the company previously estimated it would take in fiscal 2010, Estee Lauder said in a statement.
The company said its earlier outlook for net sales and earnings per share, before restructuring charges, remained unchanged.
Prescriptives brand, introduced in 1979, is sold in five countries, according to the company's website.
Shares of the company, which competes with Elizabeth Arden Inc (RDEN.O), closed at $35.42 Thursday on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore; Editing by Vinu Pilakkott)
I have to admit that I haven't purchased a Prescriptives product in quite some time, but I know that they were regaining popularity recently with their partnership with QVC. But alas, I guess that wasn't enough to save them.
The good news for us beauty recessionistas? We'll probably start to see TONS of Prescriptives products at our local Ross, Marshalls, TJ Maxx, Nordstrom Rack and CCO locations and they'll be at prices we can afford!
I actually have been wanting to revisit their Calyx perfume, which was a staple for me back in the early 1990's. I tried looking for it online a while ago but it was just a bit too expensive for a walk down memory lane. If any of you girls see it at one of the stores I listed above, pleeeeease let me know?
Are there any Prescriptives products that you'll be stocking up on before they call it quits in January?
This is really sad to me - I didn't use a lot of their products, but I was totally in love with the tint balm. Sheer, with a hint of color, moisturizing and they looked good on everyone. The good news is, like you said, the products should be popping up in stores like Nordstrom Rack and TJ Maxx soon.
ReplyDeletehm, I am due to hit up TJ any day now (since i finally pared down my wardrobe and got rid of 2/3 of my clothes- i can see more clearly the few pieces i need to add) so will keep my eyes peeled!
ReplyDeleteHey Laurie! Wow, I guess the only good thing to come of this is that you'll probably be able to get some extra tubes of that balm for a really good price. :(
ReplyDeleteHi beautifulmonday! I'm sure we'll start to see their products pop up at discount stores in the next few months...keep me posted if/when you see them hit your area? :)
Hey, I just heard that the fragrance will still be sold at department stores and such. :)
ReplyDeleteOMG, Jenn are you serious? That's great news!! I will still be able to get my fix (when I can afford it!). Thanks so much! xo
ReplyDeletei've not bought this brand in a looong time coz it was just too expensive for me. i did try their stick foundation and it was wonderful. they matched my skin color closest to any brand i've tried (MAC, Clinique, Lancome, and other i can't recall). I wonder if they'll start unloading cosmetics in the outlet centers?--w/ better prices. i'd make a special trip for that for sure.
ReplyDeleteWHAT? I can't believe this happened while I was away. Looks like I have some catching up to do. How sad!
ReplyDeleteHi Anon! You know, I think I used to use their stick foundation for a while in the late 90s and you're totally right--it's wonderful. I can almost promise you we'll see tons of their products in the outlet centers...very soon. :)
ReplyDeleteHey Amber--I know, it's crazy, right? If wild stuff like this happens when you leave, then I guess that means you can't leave us again! lol! xo