Virus will change beauty in eyes of beholders: A sharp drop in Chinese tourists caused by Covid-19 exposes companies' dependence on so-called travel retail, says KarenKKwok
Estée Lauder on Feb. 6 trimmed its profit forecast for 2020, citing the impact of the coronavirus in China.
The New York-listed cosmetics company said “global travel retail” was among the divisions expected to feel the greatest negative impact in the coming months, followed by a gradual recovery later in the fiscal year. L’Oréal on Feb. 7 said that the epidemic “will have a temporary impact” on its business in China and Travel Retail Asia unit, “even if it is too early to assess it”.
“The experiences we have had with similar situations in the past show that, after a period of disturbance, consumption resumes stronger than before,” it added.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virus to dent Foxconn's consumer electronics revenue in first-quarterApple supplier Foxconn warned revenue would drop 15% in businesses inc...
Read more »
Virus kills member of council advising Iran's supreme leaderTEHRAN, Iran (AP) — A member of a council that advises Iran's supreme leader died Monday after falling sick from the new coronavirus, state radio reported, becoming the first top official to...
Read more »
Patients fill hospitals in more places as new virus expandsNew battle fronts against the coronavirus have opened with surprising speed around the globe, as South Korea’s viral outbreak surges, millions of children in Japan stay home from school and officials wrestle with the epidemic in more than 60 countries.
Read more »
Italy's hospitals reach breaking point as Rome boosts funding to help virus-hit economyItaly is throwing cash at its coronavirus-hit economy this week as hospitals are forced to turn to the private sector for help.
Read more »
Virus alarms sound worldwide, but China sees crisis ebbingChina is reporting another encouraging number in the virus epidemic, with a daily tally of 125 new cases. But there are mushrooming outbreaks in Iran, South Korea and Italy. In the U.S., there are also more infected people with over 100 in 11 states.
Read more »