The Estee Lauder Companies announced price reductions for all seven of its brands from 1 July after the Chinese government said it will cut tariffs on imported skincare products and cosmetics from ` 1 June.
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.
(Source: Shanghai Daily)