Part 6/9:
However, starting in 2023, the Chinese government began cracking down on the Dao practice, leading to tighter customs enforcement and a decline in duty-free sales. The number of tourists hadn’t declined, but a 29% drop in sales pointed to the effectiveness of these measures. Estee Lauder struggled under the pressure, as its European revenue fell by 23% and Asia-Pacific revenue saw a 20% decline.