02 Sep 2024 --- In August, Avon Products filed for bankruptcy, while cosmetic powerhouses such as Beiersdorf, Estée Lauder and LVMH-owned Sephora warned of weaker demand in China’s premium beauty market. However, ELF Beauty continued to push ahead with soaring sales in its latest quarter and Ulta Beauty missed estimates but attracted legendary investor Warren Buffett. Evonik told Personal Care Insights it welcomed German Chancellor Olag Sholz’s promise to take a “pragmatic approach” to the EU’s restriction proposal. At the same time, the UK said it would soon ban the supply and sale of wet wipes containing plastic amid concerns that the product will break down into microplastics over time. Another report from the UK also showed that the beauty sector is dominating growth in the region.
