Estee Lauder was downgraded from overweight to neutral by Piper Jaffray, who says teenagers are wearing less makeup and changing their shopping habits as the 'VSCO girl' trend continues.
Analysts cited that teenagers are wearing less or no makeup, and choosing single-item, multi-use products.
Cosmetic sales are soft due to a combination of beauty categories like skincare and hair care competing for customers, a shift to single-item, multi-use products and younger shoppers choosing minimal or no make up, analysts said. . VSCO girls care about lip glosses from companies like Glossier, Burt's Bees and Carmax and facial sprays from Mario Badescu and Too Faced, the analysts at Piper said. Independent brands continue to pop up and take a share of the market.
The prestige cosmetics market, which includes brands like Estee Lauder's MAC and Bobbi Brown, has been soft since the end of 2017 and into 2018, according to data from the NPD Group. In the first half of 2019, prestige makeup was down 4%. The analysts said they believe trends have decelerated further through September.
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