Estee Lauder said it will take a £74m annual hit from tariffs as sales plunged amid a slowdown in the US.
Shares in the cosmetics giant fell almost 5 per cent yesterday on the New York Stock Exchange as chief executive Stephane de La Faverie warned of ‘continued volatility’.
Sales fell 8 per cent to £10.6billion in the year to June 30 as subdued demand among American and
Chinese consumers took its toll. And it recorded an annual loss of £584million, having made a £721million profit the year before. Earlier this year,
the company said it was cutting 7,000 jobs as part of a cost-saving drive as it braced for the impact of Donald Trump’s tariffs.
The industry has been rocked by the trade war, with many firms making their goods in countries subject to heavy US tariffs.
In May, Estee Lauder – where Hollywood actress Ana de Armas (pictured centre) is a global ambassador – said it was planning to source more products in China to avoid importing from the US.
Estee Lauder – where Hollywood actress Ana de Armas (pictured centre) is a global ambassador – said it will take a £74m annual hit from tariffs
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