NEW YORK, Feb 5 (Bernama-Xinhua) -- Estee Lauder, the US multinational cosmetics company manufacturing and marketing makeup, skincare, perfume and hair care products, may trim as many as 7,000 jobs by fiscal 2026, more than 11 per cent of its workforce. This decision comes after the company reported a 6 per cent decline in sales and losses in its most recent quarter, according to Xinhua.
"The New York-based 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," reported The Associated Press on Tuesday.
Estee Lauder expects to book restructuring and other charges related to the job cuts of between US$1.2 billion and US$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.
-- BERNAMA-XINHUA
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