In China, after a first half-year of growth of 4.8%, cosmetics sales fell by 4.1% in July, rose by 9.7% in August, by 1.6% in September and by 1.1% in October (National Bureau of Statistics). Stagnation is affecting cosmetics brands that are highly dependent on China, such as L’Oréal, Estée Lauder (whose stock price on December 7th reported a 43%-fall year-on-year) and Shisheido, whose share price fell by 38% in 12 months.
Meanwhile, Chinese housing sales remain at record lows, down by 28% fo
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