Beauty brand Lancome to raise prices on top-shelf products
Lancome has raised the price of its top-selling beauty products by $6.99 on Wednesday, marking the first time the company has offered prices lower than what it typically charges for the same product.
The brand’s most popular makeup, its Lip Liner, rose by $2.19 to $39.99.
The foundation brand Clarins rose by 1.7 percent to $28.99, while the eye and mascara brands were up 1.9 percent and 1.3 percent, respectively.
L’Oreal rose by 2.3 percentage points to $43.99 and Mizon rose 1.6 percent to 69.99 a piece.
Lancome shares closed up 1 percent at $49.79.
The stock rose by 3.9 percentage points on Wednesday after hitting a low of $36.20 a share on Tuesday.
L’Olivet rose by 0.7 percentage points, while Clinique rose 1 percent.
The new pricing marks the latest in a string of price hikes across the cosmetics industry.
Last week, the company cut prices on a handful of products that are considered essential, such as its Eye Liner and Hair Treatment, while it boosted the prices of its popular Eye Cream and Lip Treatment.
Last month, L’Oréal, the French cosmetics giant, also raised its prices on many of its products by a few dollars.
Lillard’s also raised prices on some of its most popular products.
The company announced in August that it would raise prices for a number of its cosmetics by a quarter or more in some cases.