Estee Lauder to cut 7,000 jobs as trade war looms amid Donald Trump tariffs
Estee Lauder to cut 7,000 jobs as trade war looms amid Donald Trump tariffs
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Beauty firm Estee Lauder has announced an increase in planned job cuts, reaching up to 7,000 positions globally as it gears up for potential trade war fallouts, prompted by tariff hikes from US President Donald Trump. The company that owns brands Estee Lauder, Clinique, and Jo Malone is set to intensify reductions previously set at 3,000 jobs, aiming for a cost-saving target of up to $1bn (£805m). The revised job loss figures come amid plans to retrain some employees for different roles within the firm. The layoffs are scheduled by the end of June next year, as the beauty titan confronts concerns over looming tariff increases as a result of Trump's threats to impose penalties on imports from countries including Mexico, Canada, and China.
"The expanded plan is designed to further transform the company’s operating model to fund a return to sales growth and restore a solid double-digit adjusted operating margin over the next few years, and continue to manage external volatility, such as potential tariff increases globally," explained a spokesperson for Estee Lauder. Currently employing about 62,000 individuals worldwide, Estee Lauder has left unspoken the specific impacts of the job cuts within the UK or the breakdown of job losses by country.
