Estee Lauder Cuts 2,000 Jobs On Worldwide
(New York, 21st) Unable to withstand the impact of the epidemic, cosmetics group Estee Lauder (Estee Lauder) announced that it will carry out a two-year restructuring plan, including closing 10 to 15% of independent stores and counters, and laying off 1,500 to 2,000 employees worldwide. Accounted for 3% of the total number of employees, mainly concentrated in store staff and support staff, the company will turn to expand online business.
Estee Lauder said that the epidemic has accelerated changes in consumers’ shopping patterns, their values, the reasons for buying goods, and the way they interact with brands.
The company estimates that this will save it up to $400 million annually.
Estee Lauder’s fourth-quarter revenue fell 32% to $2.43 billion, mainly due to the forced closure of stores during the epidemic and the reduction in demand for cosmetics due to home office.
Estee Lauder has multiple brands, including Bobbi Brown, Clinique, Dr.Jart+, Glam Glow, Jo Malone, La Mer, Mac, Michael Kors, Origins, Smashbox, Tom Ford Beauty, etc. (Hong Kong Ming Pao Comprehensive)
