Estee Lauder expects to complete its destocking efforts in its key Travel Retail business in Asia by the end of March 2024. The beauty giant is seeing travel come back slowly, “more slowly than we had anticipated,” CFO Tracey Travis says on a call with analysts. “We are seeing lighter levels of conversion relative to what we saw certainly pre-pandemic or even pre the significant changes in policy across the Asia region,” Travis says on tighter policies affecting daigous, or personal shoppers.