Estee Lauder to cut prices of products in July

Beauty products giant Estee Lauder Companies Inc is lowering the retail prices of its skin care and cosmetics brands in China from July 1 in the wake of the government's decision to reduce import taxes to boost domestic spending.

The New York-based company is the first international brand to announce a price adjustment since the Ministry of Finance announced plans to lower import taxes on products such as Western-style suits and fur garments, boots, disposable diapers and skin care products, starting on June 1. The measure is intended to boost imports, promote domestic consumption and satisfy strong consumer demand for certain imported products.

The move is expected to trigger a series of price reductions by medium-and high-end skin care and cosmetic companies.