US based Estee Lauder says it plans to cut up to 7000 positions as it battles tough trading conditions and geopolitical uncertainty.
US cosmetics and fragrance giant Estee Lauder may slash as many as 7000 jobs by next year, more than 11 per cent of its workforce, after the company lost money in its most recent quarter.
The New York company behind such brands as MAC, La Mer and Aveda reported a 6 per cent sales slump, and tempered its profit outlook as the economies of China and Korea slow, in addition to global geopolitical uncertainty.China hits back at Trump with tariffs of its own Estee Lauder expects to book restructuring and other charges related to the job cuts of between $US1.2 billion and $US1.6 billion, before taxes.
As of June 30, 2024, Estee Lauder had roughly 62,000 employees worldwide, according to the company's latest annual report. "We are significantly transforming our operating model to be leaner, faster, and more agile," said chief executive Stephane de La Faverie, who became the company's top executive last month.The company posted sales of $US4 billion in the latest quarter, down from $US4.28 billion in the same period last year.
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