- Advertisement -
China’s growing consumer frugality has led to yet another quarter of sluggish earnings for some global brands, but turbocharged growth for their local rivals.
A day after L’Oréal SA posted disappointing quarterly sales that suggested China was a major drag on earnings, Hangzhou-based Proya Cosmetics Co. Thursday reported a 21 percent jump in sales and profit during the three months ended September.
The Chinese company’s performance shows that its relatively affordable products and…
