Chinese consumers, who have for years driven the growth of global cosmetics makers, have tightened their purse strings as the country’s economy slows. For the fiscal year ended June, Estée Lauder’s organic net sales dropped 2% year on year, driven by a 3% decrease in the Asia-Pacific region, which includes China. Shiseido’s organic net sales in China fell 7% from …
HONG KONG—The retail world used to cater to Chinese tourists. That is affecting companies that have made big bets on “travel retail," or operating stores in tourists’ favorite destinations. “Chinese tourists coming to Hong Kong are no longer focused on shopping as they used to be before the pandemic," Dickson Concepts, the operating company for Harvey Nichols, said in a …
