Estee Lauder plans to lay off as many as 7,000 jobs by 2026, representing over 11% of its workforce, following a 6% sales decline in its latest quarter. The beauty giant cites slowing economies in China and Korea, along with global geopolitical uncertainty, as reasons for the job cuts and tempered profit outlook. The company expects restructuring and related charges to be between $1.2 billion and $1.6 billion.
NEW YORK — Estee Lauder may trim as many as 7,000 jobs by fiscal 2026, more than 11 percent of its workforce, after the global beauty cosmetics maker lost money in its most recent quarter as it reported a 6-percent 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.
Estee Lauder products are displayed at a store in Boston on Aug. 25, 2017. The cosmetics giant announced it will be cutting up to 7,000 jobs by fiscal year 2026 after a dismal previous quarter. AP PHOTOEstee 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.
LAYOFFS ECONOMY CHINA KOREA PROFIT
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