Estee Lauder pushing into smaller cities, says CEO

Cosmetics giant Estee Lauder Inc is pushing into smaller cities in China, as it continues to invest heavily in the Chinese market despite a softening economy, the company's CEO said.

Its China sales grew 8 percent in the last quarter, down from the company's historic highs of 20 percent, led primarily by gains in e-commerce and mobile commerce.

"We are not going to combat the market in China - meaning (even) if China is slowing down, we will stay there, stay focused and continue to invest in China," said Fabrizio Freda, president and CEO of Estee Lauder.