Part 5/9:
A significant factor in Estee Lauder's revenue growth was the practice known as "Dao," where Chinese tourists purchased luxury goods abroad, taking advantage of lower prices outside of their home country. This business model thrived as Chinese tourists visited Europe, buying cosmetics to resell at a profit back home. Even within China, the island of Hainan became a hub for purchasing foreign products duty-free, allowing consumers to take advantage of significantly lower prices.