Multinational companies (MNCs) are losing ground in China as their “halo effect” fades amid rising competition and a consumer spending slump, while analysts warn that a trade war with the US could make it even harder for foreign brands to turn things around. American cosmetics giant Estee Lauder posted an 11 per cent net sales decline in Asia-Pacific for 2024 in its latest financial report published on February 4. The owner of Bobbi Brown and La Mer attributed the setback to “subdued consumer seRead More
Estee Lauder, L’Oreal suffer as global brands’ lustre fades in China
