Price cuts on 7 Estee Lauder brands
Print Edition
THE Estee Lauder Companies announced price reductions for all seven of its brands from July 1 after the Chinese government said it will cut tariffs on imported skincare products and cosmetics from June 1.
The US skincare and cosmetics company is cutting suggested prices on some of its best-selling skincare products, such as Estee Lauder, Clinique, Origins, La Mer, Lab Series, BOBBI BROWN and MAC.
The Ministry of Finance said last month that tariffs for imported skincare products will be slashed from 5 percent to 2 percent. Tariffs for several other consumer product categories will also be cut.
“We believe this move will further strengthen the appeal of our best-selling products and deepening our commitment to China, and Chinese consumers continue to be a top priority for us,” Lillian Liu, senior public affairs & corporate communications director at Estee Lauder (Shanghai) Commercial Co, said in an interview with Shanghai Daily yesterday.
“By reducing suggested retail prices, we hope that more consumers in China will now experience the quality and efficacy of our most iconic products, as well as the quality and efficacy of some of our best-selling products,” she said.
Popular products that will have their prices reduced this time include Origins Mega-Mushroom Skin Relief advanced face serum, La Mer Moisturizing Cream, Estee Lauder Advanced Night Repair Eye Serum, Estee Lauder Advanced Night Repair Synchronized Recovery Complex and Clinique 3-Step Virtual Set.
He Mu, founder of local marketing consultancy Wisdom Aid and vice director of the Institute of Corporate Management at Fudan University, said Estee Lauder Companies’ move is a long-term strategy to maintain consumer relations instead of just responding to the cut in tariffs.
“The forward-looking strategy will allow Estee Lauder Companies’ brands to better maintain its value, and other foreign skincare and cosmetics brands may also follow suit,” He told Shanghai Daily.
Foreign personal care brands still enjoy a higher preference among domestic consumers, said a recent study of 3,000 consumers aged between 20 and 49 years in 10 cities by consumer research firm Mintel.
As many as 50 percent of the respondents said they favor foreign personal care brands.
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