Beijing Business Daily News (Reporter Lin Yuwei) On the evening of November 1st, Est é e Lauder Group released its financial report for the first quarter of the 2024 fiscal year. In the first fiscal quarter up to September 30, its perfume category had a strong growth driven by the launch of Le Labo, with sales increasing by nearly 5% to $637 million. The group said that perfume category business has achieved organic growth in sales for the 11th consecutive quarter, especially in the Asia Pacific region. "perfume category is in a long-term growth period with broad prospects in the Asia Pacific region. In the Asia Pacific region, perfume category only accounts for 8% of the overall high-end beauty industry, while in Western Europe, the proportion is 40%. In this wave of growth, we have taken the lead."
The overall sales of Estee Lauder Group decreased by 10% year-on-year to $3.52 billion. The group said that the decline in performance was mainly affected by the slow recovery of Asia Pacific tourism retail and the weaker than expected recovery of the Chinese market. The organic sales growth of perfume and cosmetics offset the decline of some skin care products.
In addition, Est é e Lauder's direct business has shown strong performance globally. Each region has contributed, with the Asia Pacific region performing particularly well, achieving double-digit organic growth in sales.