Beauty giant Estee Lauder have announced their sales have increased in every country except Hong Kong in the last quarter. Luxury brands have been experiencing a decline in sales in Hong Kong, however the beauty market has remained relatively strong compared until now. The reduction in tourism from China to Hong Kong has been negatively impacting businesses there, particularly Estee Lauder, Clinique and La Mer brands. The currency exchange has also badly affected sales there.
Net sales for Estee Lauder globally totaled $2.66 billion, a 3% increase compared to the prior-year quarter. The beauty company have also revealed plans to save between $200-300 million a year through job cuts, retraining and restructuring initiatives.