Estee Lauder (EL) falls 12% after lowering full-year outlook on Asia headwinds
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Estee Lauder, Canada Goose slash annual targets as China recovery drags
November 1, 2023 6:54 AM EDTBy Ananya Mariam Rajesh and Aatrayee Chatterjee
(Reuters) -Estee Lauder and Canada Goose Holdings on Wednesday cut their annual forecasts as the luxury goods companies grapple with weak demand in high-growth market China.
Estee's shares tumbled as much as 21% to hit an over six-year low of $102.22 while Canada Goose's stock shed 10%.
Global companies ranging from L'Oreal to LVMH have indicated that inflation and economic turmoil are curbing a post-pandemic spending spree, mainly in the world's second-largest economy China.
Luxury companies have also flagged a hit from Beijing's tighter controls of "daigou" resellers -... More
