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Estée Lauder sales see slight decline in APAC amidst regional challenges

Sales in Hong Kong and South Korea declined.

Estée Lauder Companies Inc. reported a 1% decline in net sales in the Asia-Pacific (APAC) region, mainly due to double-digit drops in Hong Kong SAR and South Korea.

These losses were partially offset by mid-single-digit growth in mainland China.

The decline in Hong Kong was linked to the company’s strategy to reduce exposure to reseller activities, while the drop in South Korea was caused by political and social unrest that reduced retail traffic, along with the exit of Dr. Jart+ from the travel retail channel in November 2024.

Growth in mainland China was driven by the timing of the Lunar New Year, which created an additional shopping moment compared to the previous year’s overlap with Valentine’s Day. The company also saw increased market share in the region, boosted by demand recapture from Asia travel retail, online growth, and successful product launches like La Mer’s Night Recovery Concentrate.

However, lower shipments to some retailers, due to weak consumer sentiment and efforts to manage working capital, partially offset this growth.

Operating income fell, primarily due to the drop in net sales, increased consumer-facing investments, and the unfavorable impact of a change in local government subsidy policies in China during the second quarter of fiscal 2025.

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