
US gigant cosmetic – Estee Lauder – may reduce even 7 thousand jobs. Representatives of the company confess, that their sales are not satisfactory.
Cosmetics giant is eliminating jobs
The company estimates, that it will reduce from 5800 to 7000 jobs by end of fiscal year 2025.
This is part of an expanded plan, to help the company return to grow sales and return a solid double-digit adjusted operating margin over the next few years – reports Reuters.
As of June 30 2024 the New York-based company employed about 62 000 employees
across the world.
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The furniture giant is exiting production and closing the factory. 421 people to release
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Estee Lauder is shutting down. Speaks about the impact of increases of
Reuters, reports, that the market is nervously reacting to these surprising reports. Shares of companies have dropped by about 6 percent in trading pre-session.
Representatives of Estee Lauder confess, that the plan has the purpose of “managing external variability, such as potential increases in the wide world.”
“We expect that in the third quarter the general weak trends in retail trade in Asia, which will significantly affect our organic sales,” said the new director general Stephane de La Faverie, who took the position early year.
In the quarter ended 31 December 2024
year, sales of Estee Lauder dropped by 6 proc. to 4 billion dollars.
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