How luxury brands can navigate daigous and dwindling demand in China

By Alessandro Carrara | Published: 5-Mar-2024
Finance

Lagging demand for prestige beauty has hit luxury beauty companies hard in 2024. But why is this the case, and what more needs to be done by brands?

You need to be a subscriber to read this article.
Click here to find out more.

The Chinese market has proven to be a sticking point for a number of luxury beauty businesses in 2024.

Brands like Estée Lauder, Kao and Shiseido have cited a reduced demand for prestige beauty in mainland China as the reason for their recent lagging quarterly sales.

But why have shopping habits changed in the country?

Davy Huang, Director of New Business at e-commerce accelerator Azoya Group, offers an insight into why beauty brands have been struggling in China, and what they need to consider for the next quarter.

Not yet a Subscriber?

This is a small extract of the full article which is available ONLY to premium content subscribers. Click below to get premium content on Cosmetics Business.

Subscribe now Already a subscriber? Sign in here.
  • Companies:
  • Estée Lauder Companies
  • Kao Group
  • Azoya
See more

You may also like

Skin Care

Neiman Marcus honours Estée Lauder Companies’ Leonard Lauder

Read more
ELC’s Chairman Emeritus has received the retailer’s award for Distinguished Service in the Field of Fashion for his impact on the luxury industry

Trending Articles

  1. Nykaa snaps up personal care brand Earth Rhythm Earth Rhythm was founded by Harini Sivakumar and sells hair and skin care, bath and sun protection products, and make-up
  2. Saks owner buys Neiman Marcus for $2.65 billion Amazon is a surprise investor in HBC’s new group of luxury retailers including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks off 5th
  3. The Body Shop appoints CMO and CFO to drive growth post-acquisition Penny Brook and Sally Dowling have joined the British beauty retailer’s executive leadership team, with the aim to bring the company back to its former glory
  4. THG revenues improve as beauty bolsters Q3 sales The improved constant currency earnings has resulted in THG’s full-year outlook for 2023 remaining unchanged at 0% to -5%
  5. Natura & Co mulls separation of Avon business The potential separation of the two business would form part of Natura’s & Co’s plans to simplify its overall corporate structure

Upcoming event

Cosmoprof India 2024

5-7 December 2024 | Mumbai, India See all

You may also like

Skin Care

Neiman Marcus honours Estée Lauder Companies’ Leonard Lauder

ELC’s Chairman Emeritus has received the retailer’s award for Distinguished Service in the Field of Fashion for his impact on the luxury industry
Skin Care

The Ordinary co-founder Nicola Kilner to cede Deciem CEO role

Kilner will step down as CEO at the end of the year, but will remain as co-founder and continue to be involved
You need to be a subscriber to read this article.
Click here to find out more.
Finance

Exclusive: Estée Lauder Companies names UK & Ireland President successor

The appointment follows UK & Ireland President Sue Fox announcing her retirement after 30 years with the US beauty giant
You need to be a subscriber to read this article.
Click here to find out more.
Finance

Can Estée Lauder Companies’ new boss reverse its fortunes?

With Stéphane de La Faverie confirmed to take the reins from Fabrizio Freda at Estée Lauder Companies, Cosmetics Business explores how the new regime might shape the luxury giant
Finance

Talc litigation hits Estée Lauder Companies earnings as net sales dip 4%

Charges of US$159 million meant the company reported a net loss of $156 million for Q1 of fiscal 2025
Skin Care

Estée Lauder Companies names Stéphane de La Faverie President and CEO

The company veteran has been chosen to take the reins at the US beauty giant, effective 1 January 2025, succeeding long-term ELC President and CEO Fabrizio Freda
Finance

Jane Lauder to step down from Estée Lauder Companies role

Lauder’s career at ELC, which most recently saw her take on Chief Data Officer and Executive VP Enterprise Marketing roles, spanned 28 years
Subscribe now