In October, key cosmetics companies warned about ongoing weakness in China amid research suggesting consumers spend less on “affordable luxuries.” Coty predicted “slightly lower” growth in the short term, while Estée Lauder Companies already felt the impact in its latest quarter, vowing to turn the tide with a new CEO. After months of intense pressure from campaigners and the Ukrainian government, Unilever offloaded its Russian business. Meanwhile, the UK promised to lower business rates for brick-and-mortar stores to “level the playing field” with online retailers.
