عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

Estee Lauder Cuts Annual Sales Forecast on China COVID Curbs, Ukraine Crisis

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
TT
20
TT

Estee Lauder Cuts Annual Sales Forecast on China COVID Curbs, Ukraine Crisis

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Estee Lauder Cos Inc cut its full-year sales forecast on Tuesday, as fresh COVID-19 restrictions in China and Russia's invasion of Ukraine dampen demand for the cosmetics maker's luxury products.

The company's shares were down 9% in pre-market trading on low volumes.

The maker of MAC lipsticks and Bobbi Brown foundations remained under pressure from product shortages and higher costs as the Ukraine war has worsened supply chain disruptions caused by the pandemic.

The company expects net sales for the full year to rise between 7% and 9%, down from its prior forecast of an increase in the range of 13% to 16%.

Estee said net sales in Russia and Ukraine declined following the suspension of all commercial activities in Russia, including closing all stores in the country following the invasion.

The company estimates adjusted annual profit of between $7.05 and $7.15 per share for the full year, compared with its prior outlook of between $7.43 and $7.58 per share.

Most Viewed

 
Fashion

Hong Kong Investigates Louis Vuitton Data Leak that Affected 419,000

People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)
People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)
TT
20
TT

Hong Kong Investigates Louis Vuitton Data Leak that Affected 419,000

People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)
People pose for pictures next to "The Louis", a large ship-shaped structure of the Louis Vuitton brand, in Shanghai on July 15, 2025. (Photo by Hector RETAMAL / AFP)

Hong Kong's privacy watchdog said on Monday that it was investigating a data leak at Louis Vuitton affecting about 419,000 customers, just after a cyberattack on the luxury brand in South Korea in June.

Leaked data included names, passport details, addresses and email addresses as well as phone numbers, shopping history and product preferences, Hong Kong's Office of the Privacy Commissioner for Personal Data said in an emailed statement.

Louis Vuitton submitted the data breach incident to the office on July 17. Its French head office found suspicious activities on its computer system on June 13 and then discovered on July 2 that it affected Hong Kong customers, Reuters quoted the statement as saying.

The office said it had launched an investigation into Louis Vuitton Hong Kong, including whether the incident involved delayed notification. No relevant complaints or inquiries have been received so far, it said.

The incident comes after a systems breach at Louis Vuitton in Korea in June led to the leak of some customer data, including contact information, but it did not involve customers' financial information, the company said.

Louis Vuitton did not immediately respond to requests for comment.