Foreign cosmetics cut price in Mainland

Two foreign cosmetics companies, US-based Estee Lauder and South Korean based-AmorePacific, have both reduced their product selling prices in Mainland China by up to 30 per cent, according to South China Morning Post yesterday.
The price reduction by the two companies is in response to the Chinese government’s new tariffs on imported products to the Mainland, which have been reduced to 29 per cent from the previous 84 per cent since 2016.
Starting from January 15, AmorePacific will cut prices of 327 product lines by about 3 to 30 per cent in the Mainland, including Laneige, Innisfree, Etude House and Sulwhasoo, the company said in a press release on Wednesday.
Meanwhile, Estee Lauder has also cut product prices by about 18 per cent on more than 300 product lines in the Mainland, including Clinique, Bobby Brown, MAC and Jo Malone, effective from yesterday.
“These global cosmetics names are now narrowing the price gap between China and overseas, and we believe more are probably about to follow suit,” Ben Cavender, Director of the China Market Research Group, said, as quoted by the publisher.