Consumer Biz Roundup: Luxury Sales UP In China, Proctor & Gamble’s New Strategy
Auto sales might be down at the moment in China, but a new report on luxury sales there could lend a large note of optimism to investors in stocks such as Estee Lauder Companies Inc. (NYSE:EL), Coach, Inc. (NYSE:COH), Tiffany & Co. (NYSE:TIF), and Nike Inc. (NYSE:NKE). The retail analyst Rahul Sharma says that big ticket item sales in August gained from furniture to jewelery (or at least held steady).
Procter & Gamble Co. (NYSE:PG) executives say that their company intends to concentrate upon the reformulation of its current stable of consumer products, rather than developing new products, which is a conservative stance that worries some Wall Street analysts with the possibility of pioneering another blockbuster brand reduced.
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