The business of selling lipstick and skin creams has turned ugly. Working from home has prompted many people to abandon their usual beauty routines. The collapse in air travel has resulted in far fewer sales at duty-free airport shops.
Not all beauty groups are equally exposed. The latest quarterly results from Estée Lauder and Coty highlight the former’s resilience and the latter’s continued befuddlement.
Estée Lauder, whose brands include MAC and La Mer, delivered a nearly blemish-free quarter. Revenue rose 5 per cent to $4.8bn during the past three months of 2020 amid a rebound in demand for premium skincare products from China.
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