Estée Lauder Needs a Makeover, Not a Touch-Up: Andrea Felsted

Estée Lauder Companies Inc. on Wednesday named longtime executive Stephane de La Faverie as its new chief executive officer.

Given the scale of Estée Lauder’s problems, an outside candidate would have been better. He or she would have brought a fresh perspective to the company, which owns namesake brand Estée Lauder as well as Tom Ford Beauty, Too Faced and perfumier Kilian.

The company’s biggest challenge is a sales downturn in China, where young women are increasingly turning to local brands, which are cheaper and more attuned to their tastes.

Meanwhile, the broader beauty market is cooling after five years of blockbuster growth, ...