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MAC cosmetics owner Estee Lauder to cut 3
Estee Lauder Cos. is set to cut up to 3,000 more jobs, increasing its total planned layoffs to 10,000. This move aims to generate an additional $200 million in savings. The beauty giant is shifting focus to online sales, including platforms like TikTok Shop. These restructuring efforts are showing positive signs for the company's future.
Estee Lauder Cos. plans to cut as many as 3,000 more jobs and generate a further $200 million of savings to help boost its turnaround plan.
The owner of the La Mer and the Ordinary brands said Friday as many as 10,000 roles will now go, up from its previous target of 7,000 announced a year ago. Estee Lauder has a global workforce of about 57,000, according to its website.
Estee Lauder's shares rose as much as 13%. The stock had fallen 27% this year, compared with a gain of about 5% for the S&P 500 Index.
Also Read: Estee Lauder in talks to acquire Puig to create beauty giant
The results confirm that "the worst is in the rear view mirror as restructuring activities are bearing fruit, and the business is steadily moving in the right direction," RBC Capital Markets analyst Nik Modi wrote in a research report.
Some of the job cuts reflect Estee Lauder's push to reduce staff at US department stores, as Chief Executive Officer Stephane de La Faverie aims to shift more sales online to faster-growth channels such as Amazon.com and TikTok Shop.
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Source: EconomicTimes
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