Estee Lauder to cut up to 7,000 jobs as sales slide
Estee Lauder to cut up to 7,000 jobs as sales slide
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Estee Lauder may trim as many as 7,000 jobs by fiscal 2026, more than 11% of its workforce, after the global beauty cosmetics maker lost money in its most recent quarter as reported a 6% sales slump. The New York company behind such brands as MAC, La Mer and Aveda tempered its profit outlook as the economies of China and Korea slow, in addition to global geopolitical uncertainty. China announced retaliatory tariffs on some American imports and an antitrust investigation into Google on Tuesday, just minutes after a sweeping levy on Chinese products imposed by U.S. President Donald Trump took effect.
Estee Lauder expects to book restructuring and other charges related to the job cuts of between $1.2 billion and $1.6 billion, before taxes. As of June 30, 2024, Estee Lauder had roughly 62,000 employees worldwide, according to the company's latest annual filing. “We are significantly transforming our operating model to be leaner, faster, and more agile,” said CEO Stéphane de La Faverie, who became the company's top executive last month.
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