Beauty powerhouse Estée Lauder has joined a handful of companies that are said to be benefitting from Brexit Britain, with the weakening pound said to be boosting tourism in London.
Estée Lauder CEO Fabrizio Freda has spoken of the company’s resilience in uncertain times, telling investors, “We operate in an unpredictable global environment and carefully monitor ongoing issues such as the ramification of Brexit on our business. We are aware that unforeseen challenges will arise.
“However, we have comfort in knowing that we have many strengths that underpin our financial performance.”
Indeed, according to Standard & Poor’s 500, 14 companies, including Lauder, were talking about Brexit, with there being minimal concern. In fact, it is thought that some are benefitting from the decision.
Autodesk, a design software maker, thought to profit on the move, said CEO Carl Bass, “We also increased our stock buyback in Q2 to $170 million in light of the dip in the stock caused by the temporary panic around the Brexit vote.”