Estée Lauder to lay off up to 7,000
By Jake Perez, Editor at LinkedIn News
Cosmetics giant Estée Lauder, which owns brands such as Clinique, MAC and La Mer, is cutting as many as 7,000 jobs and restructuring in efforts to stem a sales slowdown, particularly in Asia. The move comes after the company said it expects net sales to tumble 10% to 12% through the first three months of the year, steeper than the 6.8% analysts were expecting, per Bloomberg. The company also advised that geopolitical instability, including potential tariffs, would drag on business.
Estée Lauder has lost $100 billion in value in the past three years. How a big bet on China dragged down a luxury legend
Estée Lauder faces its next fraught rendezvous with Wall Street on Tuesday, when the struggling Fortune 500 beauty giant reports its latest quarterly earnings. But if its executives, including its brand-new CEO, are nervous, they can take solace in one thing: This week’s report almost certainly can’t be as bad as their last one.