Optimistic Outlook for Estée Lauder Amid Market Recovery Signs and Strategic Growth in AsiaWe track revenue trends of 25 listed beauty companies which generate €140bn in annual revenues. All companies have now reported their June quarter revenues, see Exhibit 1, which shows weighted average sector revenue growth of +0.5% organic. This compares to Estee Lauder Group revenues -9% in the same quarter, which ranks it 22 out of 25. Estee Lauder was dragged down by the timing of its travel retail shipments, which were resumed in the prior year period. Excluding travel retail, we estimate Estee Lauder revenues were -4/5%. We maintain PO, see report A World reimagined. Europe slowed down, North America accelerated European revenues of the global listed beauty companies grew by +2% in the June qtr, down from +5% in March qtr. All companies we track apart from Shiseido decelerated in the region.