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Estée Lauder Co. reportedly is looking to expand its business in China. Earlier in the month, the companies president and CEO, William P. Lauder, told shareholders he is planning on expanding global reach.
China is the company's fifth largest Asian market, and Lauder expects the country's position to move up. The company entered China 20 years ago, and has since introduced eight brands into the country. MAC was introduced into the country just last year. In addition, the company's Origins brand is set to launch in China in 2008. Lauder also told shareholders that he plans to expand the company's business in travel retail in Asia and Europe.
The company saw a 3% growth in fiscal 2006 sales despite losing numerous doors because of the Federated Department Store-May Co. merger. If the company continues to open new stores, as Lauder assured stockholders that it would, sales may possibly improve in 2007.