Estée Lauder Companies raises year forecast thanks to China demand

Estée Lauder Companies raises year forecast thanks to China demand

Estée Lauder Companies (ELC) has increased its full year forecast for profit and sales to between 7 and 8 percent as opposed to the previous predication of between 5 and 6 percent, thanks to an increase in demand from Chinese consumers, according to a report by Reuters.

The company saw growth in the APAC region of 25 percent to $966 million, which was widely put down to greater desire for luxury products within China from affluent consumers.

Speaking in a statement Chief Executive Fabrizio Freda said, “We had anticipated a gradual moderation of growth in China and travel retail starting in the quarter, which didn’t happen and that contributed to our over achievement.”

E-commerce giant Alibaba’s Tmall was said to have been the largest sales contributor to online sales in China, while pop-up airport stores in the country also helped attract travel retail sales.

Leave a reply

Your email address will not be published. Required fields are marked *

TOP 50 BRANDS