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Estée Lauder refutes China duty-free rumors

Estée Lauder has denied recent online rumors of a significant overhaul in July regarding the management of its duty-free channel in China, which speculated a transfer of management rights from the group’s headquarters to a Chinese company. Responding to reporters from the Guangzhou Daily yesterday, Estée Lauder’s headquarters stated that “the online rumors are not true,” without providing further details. The potential adjustment in ownership of the duty-free channel operation in China is closely monitored due to its potential impact on Estée Lauder’s performance in the Chinese market. The company’s revenue from duty-free channels dropped from 32.97 billion RMB ($5.15 billion) to 23.11 billion RMB ($3.61 billion) in the 2023 fiscal year, presenting a significant challenge to its skincare products and overall performance over the past two years.

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