Estee Lauder Thanks Millennial Consumers For Gains In Makeup Sales In March Quarter 2016

Estee Lauder said sales of its makeup products grew 7 percent to $1.16 billion in the quarter ending March 2016, compared with the same quarter in 2015. According to company CEO Fabrizio Freda, sales growth is driven by growing demand from millennials. Freda also said consumer access to tips on how to use various makeup products has increased due to how-to videos. For the quarter, Estee Lauder’s profits declined to $265.6 million from $272.1 million in the previous year, with sales of skincare products dropping 3 percent to $1.07 billion.