By and  on September 30, 2011

CANNES, France — Thank goodness for Asia.

That was the collective sigh of relief heard throughout the packed aisles of the Palais des Festivals here last week during one of the busiest and most upbeat Tax Free World Association annual meetings in recent years. There may be storm clouds over the worldwide economy, but beauty’s $12 billion global travel retail business continues to grow in the high-single or low-double digits — and it’s Asian consumers who are fueling the industry’s optimism.

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