Estee Lauder Companies Fueling Skin Care, Online In Pursuit Of Renewed Growth In 2021
The Estee Lauder Companies says mature consumers represent a population of growing interest to its online business, and while its makeup sales remain sluggish as mask use continues around the world, fragrance sales are bouncing back surprisingly fast. First-quarter results.
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Before COVID-19, Lauder projected that a third of prestige beauty sales industry-wide would be generated online by 2033. The pandemic has sped up that process, starting in China, and Lauder is making strategic moves accordingly.
Lauder’s online business grew at a near triple-digit organic rate in the fiscal 2020 fourth quarter, and the firm intends to go on investing resources accordingly. The firm’s fiscal 2020 net sales slipped 4% to roughly $14.3bn, reported, due to COVID-19 effects.
Gabriel Letizia Jr. potentially faces up to seven years in prison after admitting to defrauding AMA Laboratories customers of more than $46m by sending them bogus testing reports. The US FDA, which participated in the investigation, has not commented publicly on the implications for improperly tested sunscreens and other products.