LONDON/MILAN/FRANKFURT : The world's top consumer and luxury goods companies have seen sales of everything from cosmetics to condoms grow in China since Beijing ended strict COVID-19 curbs, another sign that the world's No. 2 economy is reviving after the pandemic.Upbeat comments on Wednesday from Reckitt
LONDON/MILAN/FRANKFURT : The world's top consumer and luxury goods companies have seen sales of everything from cosmetics to condoms grow in China since Beijing ended strict COVID-19 curbs, another sign that the world's No. 2 economy is reviving after the pandemic.
"After a very volatile January, with traffic still heavily impacted by the release of COVID restrictions in December, we see a clear turnaround in retail sales starting in February," he said in a briefing for analysts.Speaking on the sidelines of the briefing, Warnery said growth in Beiersdorf's premium La Prairie and cheaper Eucerin and Nivea skincare ranges was likely to be driven by Chinese demand.
The upbeat comments echo those of many executives during the fourth-quarter earnings season, particularly from luxury labels which are banking on a strong rebound fuelled by Chinese shoppers drawing on savings built up during pandemic lockdowns. Shares in Moncler rose more than 5 per cent, putting it among the best performers on the index, after the Italian luxury group, known for its warm puffer jackets, said it had seen a strong start to the year.
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