Data provider Syntun: total GMV during China's 618 online shopping event fell 7% YoY to $102B, in first-ever drop; Alibaba, JD, and PDD didn't release GMV data
“China's 618 online shopping event marks first-ever sales drop (-7%)” (FT) Bad news for Estée Lauder $EL, currently guiding to a +6-10% organic sales growth for their Apr-Jun (FY24Q4; PY: +4%), even after some Asia Travel Retail order pull-forward into Q3 https://www.ft.com/... […