Estée Lauder has announced an expansion of its planned job reductions, increasing the total possible layoffs to 7,000, which equals 11% of its workforce. The cosmetic company aims to save around $1 billion amid economic uncertainty linked to rising tariffs and escalating trade tensions. The impact of increased duties, particularly on imports from China, has already been felt, resulting in a significant pre-tax loss of $650 million for the last quarter. The restructuring hints at a broader trend affecting many global businesses.
Estée Lauder is adjusting its restructuring plan to potentially cut 7,000 jobs, aiming for $1 billion in savings amid rising costs and trade uncertainties.
The cosmetic giant is facing declining revenues and a pre-tax loss of $650 million, primarily due to increased tariffs and weaker sales in key markets.
Under Trump’s tariffs, the additional taxes on cosmetics may further strain Estée Lauder’s supply chains, impacting the company’s profit margins significantly.
Global retailers are bracing for potential recession risks as Estée Lauder's job cuts reflect similar cautions echoed across multinational firms dealing with trade tensions.
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