Despite storm clouds over parts of Europe, luxury consumers seem largely unfazed: Their unrestrained spending helped drive a 6.9 percent sales gain at the Estée Lauder Cos. Inc. in the second quarter.
“The affluent customer is spending freely for products she desires,” Lauder president and chief executive officer Fabrizio Freda told Wall Street analysts during the company’s second-quarter earnings call on Tuesday. He emphasized that Lauder has managed to grow despite softening across certain southern European countries, such as France, Italy and Spain. For instance, Freda noted that in France the company is growing at a rate of more than 8 percent.
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