Estee Lauder loses its shine in China: What went wrong?

Beauty conglomerate Estee Lauder reported a net sales drop to $3.36 billion for its first quarter, withdrawing its outlook for the rest of the year and lowering its dividend to a “more appropriate” level. The company’s shares plummeted by as much as 27 per cent following the announcement. Estee Lauder is one of many Western brands affected by China’s sluggish economic recovery. Net sales in the Asia Pacific region decreased by 11 per cent, primarily due to declines in Mai

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