0937 GMT - Shares in European beauty companies drop after U.S. cosmetics company Coty warned of a sales slowdown in the second quarter. The group--which houses brands including Max Factor and Lancaster--said retailers are tightening their inventories due to slower growth trends and softer demand, particularly in the U.S. Coty's statement is the latest sign of slowing growth in the beauty market, which experienced a boom during the height of the pandemic. French rival L'Oreal and Clinique owner Estee Lauder have recently flagged softening trends in the beauty market, especially in China--which for years has been one of the growth engines for global cosmetics makers--and in the U.S. Shares in L'Oreal are down 2.5%. Puig and Douglas also trade 1.9% and 1.8% lower, respectively. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
October 15, 2024 05:38 ET (09:38 GMT)
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