Several beauty companies are speaking out about how the coronavirus outbreak will affect their business.
P&G says 17,600 products could be affected by the coronavirus in China -- Forbes reports on its supply chain risk.
Jon Moeller, Procter & Gamble’s chief operating officer and chief financial officer, said at a conference in New York, writes Forbes: “We access 387 suppliers in China that ship to us globally more than 9,000 different materials, impacting approximately 17,600 different finished product items. Each of these suppliers faces their own challenges in resuming operations.”
The Estée Lauder Companies said the third quarter will be most impacted by the sales decline of luxury beauty products in China, MarketWatch reports. "The company updated its sales outlook for the second half of the year, saying it now predicts an increase of up to 1%, compared with the same period a year ago," Marketwatch writes.
Major beauty industry tradeshows are being postponed, including Cosmoprof Worldwide Bologna.
Some suppliers, such as the Italy-based iTiT Cosmetics, have factories that are nearby but not within affected areas -- and they are getting the word out to customers that its production lines are up and running.
In any case, the outbreak is affecting consumers' shopping habits. Take a look at Coresight's survey.
A Tool To Track the Coronavirus Outbreak in Real Time
The photo above is a screenshot from this tool.
Hosted by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University, the website tool lets users visualize and track reported cases of the coronavirus outbreak in real-time.