Beauty may be only skin deep, as the murdered British poet Sir Thomas Overbury wrote in the early 1600s, but the desire for it is far more pervasive.

That, combined with the relative affordability of luxury cosmetics, should insulate Estee Lauder from economic challenges like those faced by consumers in China, a significant source of the New York-based company’s growth, Chief Executive Officer Fabrizio Freda told investors Wednesday.