An NIV Instagram post declared: We’re excited to announce our first fragrance investment in China, Melt Season. Estee Lauder has been a leader in luxury fragrances since our first fragrance in 1953. We’re excited Melt Season is now part of building on this rich history as we focus on extending our category leadership in the space by expanding our unrivaled portfolio of differentiated, artisanal fragrance brands.
The move follows NIV's September 2023 investment in Code Mint and follows weakness in China's beauty and travel retail sectors.
It also comes as the Estée Lauder Companies Inc. reported Q1 fiscal 2024 organic net sales declined 11% due to weakness in the Asia travel and mainland China markets.
These latest investments are widely seen as a strategy to regain traction in the market, which is critical for the multinational beauty giant.