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Monday, Feb 11
Competitive online retailers take a toll on cosmetics industry heavyweights in China as lower...
Competitive online retailers take a toll on cosmetics industry heavyweights in China as lower Internet prices on items draws in consumers. Avon (AVP +2.8%) saw sales sink 31% in the nation during the last quarter, while Sephora (LVMHF.PK) had to close stores due to losses. Though it's a bitter disappointment for many companies hoping to see the $24B Chinese cosmetics market be a driver for growth, a few firms such as Estee Lauder (EL -1.7%) and Procter & Gamble (PG +0.1%) have made smart online plays in China.