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Falling sales: Estee Lauder counts actress Ana de Armas (pictured) among its ambassadors
Estee Lauder has suffered another drop in sales due to the slowdown in China. The American beauty giant, whose brands include Clinique and MAC Cosmetics, is the latest to be hit by declining demand.
The firm, which counts actress Ana de Armas as an ambassador, achieved sales of £2.6bn in the three months to September, 4 per cent less than the same period last year.
Trade plunged by “double digits” in China, where a housing crisis has hit demand for products ranging from cosmetics to fashion, despite a recent stimulus package to revive the world’s second-largest economy.
The outgoing boss, Fabrizio Freda, stated yesterday that “we foresee strong falls in the short term for the industry” in the country.
Shares traded in New York plunged 25 percent before recovering slightly.
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