Lipstick on display at the MAC store in central Paris, France. Picture: REUTERS/Philippe Wojazer
Cosmetic companies such as Estee Lauder and L’Oreal are seeing a boom in their business in the Asia-Pacific region, mainly in China, as affluent millennials spend more at beauty retailers and duty-free stores at airports. The company has been selling 10 of its brands’ products including MAC and Tom Ford on Alibaba’s online marketplace Tmall, in a bid to boost its presence in the Asian market.
Estee Lauder expects full-year sales to grow between 7% to 8% and adjusted profit between $5.90 and $5.98 a share in fiscal 2020.Estee Lauder, which also forecast first-quarter sales growth and profit above expectations, said the outlook took into account the potential impact of the Hong Kong protests and the protracted US-China trade dispute, as well as costs related to Britain’s impending exit from the European Union.
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