Estee Lauder is reviewing its portfolio of beauty brands, which could potentially lead to the sale of some of the labels, as the cosmetics company attempts to turn around under a new leadership, Bloomberg News reported on Monday.

The company is working with Evercore Inc on the review of its brands, the report said, citing people with knowledge of the matter. The deliberations were ongoing and there was no certainty they will result in any disposals by the company, it said.

Estee Lauder and Evercore did not immediately respond to Reuters’ requests for comment.

The Clinique and MAC lipstick parent withdrew its annual sales and profit forecasts and cut its dividend in October, just a day after naming insider Stephane de La Faverie its new CEO. He took over the top job on Jan. 1.

A slump in demand in China as well as stiff competition from newer beauty and skincare brands have hurt demand for Estee. The company had said in October it anticipates strong declines for the industry in the near term.

William Lauder, the grandson of the company founders and former CEO, was also set to step down from his role as executive chairman last year.

The company’s shares fell 48.7% in 2024, following a 41% and 33% drop in 2023 and 2022, respectively. They closed up about 1% on Monday.