Estée Lauder, L’Oreal suffer as global brands’ lustre fades in China

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Estée Lauder, L’Oreal suffer as global brands’ lustre fades in China - SCMP

Quick Summary:

Tit-for-tat tariffs add to peril for global brands as consumers favour high-quality domestic rivals amid a spending slump, analysts say.

China’s retaliatory tariffs of 10 to 15 per cent on select US imports, including crude oil and liquefied natural gas, took effect on February 10, just days after the US imposed an additional 10 per cent blanket tariff on all Chinese imports.“Although China has not currently imposed tariffs on American cosmetic imports, it cannot be ruled out that if the trade war escalates, China may impose tariffs on more American consumer products,” said Richard Lin, chief consumer analyst at SPDB International, an investment bank.

American cosmetics giant Estée Lauder posted an 11 per cent net sales decline in Asia-Pacific for 2024 in its latest financial report published on February 4.