A company spokesman said: “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.”.
Estee Lauder has revealed it will cut as many as 7,000 jobs worldwide as part of a cost-saving overhaul as it braces for a tariff war triggered by Donald Trump.
The job losses, which are expected to go by the end of June next year, come amid a new global trade war, with US tariffs against China coming into effect today.
The group behind well-known beauty brands Estee Lauder, Clinique and Jo Malone said it plans to ramp up job losses from 3,000 to between 5,800 and 7,000 as it seeks to drive savings of up to $1bn (£805m).
China hit back against Mr Trump with counter tariffs targeting the United States’ energy sector, intensifying the trade war that has global markets on edge.
