Virus will change beauty in eyes of beholders: A sharp drop in Chinese tourists caused by Covid-19 exposes companies' dependence on so-called travel retail, says KarenKKwok
Estée Lauder on Feb. 6 trimmed its profit forecast for 2020, citing the impact of the coronavirus in China.
The New York-listed cosmetics company said “global travel retail” was among the divisions expected to feel the greatest negative impact in the coming months, followed by a gradual recovery later in the fiscal year. L’Oréal on Feb. 7 said that the epidemic “will have a temporary impact” on its business in China and Travel Retail Asia unit, “even if it is too early to assess it”.
“The experiences we have had with similar situations in the past show that, after a period of disturbance, consumption resumes stronger than before,” it added.
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