We round up the most recent developments in the exciting Chinese beauty market, featuring news from Estée Lauder, Florasis, and more.
The CEO of the Estée Lauder Companies has underlined his strong conviction in China’s beauty market despite a recent dip in performance and fears related to an economic recession.
This quarter, net sales declined for Asia Pacific, due primarily to the resurgence of COVID-19 in China, which resulted in reduced retail traffic, travel restrictions, and stresses on its logistics facilities in Shanghai.
Fabrizio Freda, president, CEO and director of The Estée Lauder Companies, said there was “no doubt” that the current limitations in China were temporary.
“Looking ahead, we are confident in the resilience of the Chinese consumers and the untapped opportunity driving our investments in the market.”
By Amanda Lim – 26-May-2022