President of The Estée Lauder Companies UK & Ireland, Chris Good has ruled out a blanket price increase in view of the devaluation of the pound, according to a report published by Wales Online.
During a visit to Cardiff, Good claimed that the US prestige cosmetics giant will ‘put the consumer first’ in any pricing decisions and, although the company has already suffered from sterling’s decline in value, ‘the intention is not to pass that onto the consumer. The consumer is first and we will always price to the market’.
The company had also benefited from the greater tourist numbers visiting London due to the falling pound, said Good. “Where we have significant numbers of tourists visiting our counters the business has been quite frankly excellent, because obviously they’re coming here to take advantage of the cheaper pound,” he told Wales Online.