The Estée Lauder Companies (ELC) reported net sales of 15.61 billion US dollars in the 2024 financial year. According to the company, this represents a decline of 2 percent compared to the previous year. According to ELC, this is due to the ongoing weakness of the prestige beauty market in mainland China and a decline in the Asian travel retail sector. In the new fiscal year, the company expects further declines in the prestige beauty segment in China due to the reluctance of Chinese consumers to spend. ELC plans to gain market share in a market that continues to offer strong long-term prospects. Further information …