Estee Lauder shares crash 25% as US magnificence large sees gross sales droop amid slowdown in China
Sales slump: Estee Lauder counts actress Ana de Armas (pictured) among its ambassadors
Estee Lauder has suffered another slump in sales due to a slowdown in China. The US beauty giant, whose brands include Clinique and MAC Cosmetics, is the latest to be hit by waning demand.
The firm, which counts actress Ana de Armas as an ambassador, brought in sales of £2.6billion in the three months to September – down 4 per cent on the same period last year.
Trading plunged by ‘double digits’ in China, where a property crisis has hit demand for goods from cosmetics to fashion, despite a recent stimulus package to revive the second largest global economy.
Outgoing boss Fabrizio Freda said yesterday ‘we anticipate still strong declines near term for the industry’ in the country.
Shares trading in New York crashed by 25 per cent before recovering slightly.
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