Estée Lauder’s new chief executive said he was “doubling down” on China as part of a new approach to doing business in the country that was the principal cause of the beauty group’s weak post-pandemic performance.
Stéphane de La Faverie told the Financial Times he planned to shift away from China’s travel retail hubs, which have performed particularly poorly in recent years, and that the country “remains strategic” for Estée Lauder.
“There’s an enormous amount of new consumers that are coming into the middle class . . . the next China is China,” he said.
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