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L’Oreal to Close Some Stores, Cut 400 Jobs Amid Luxury Shift
- Cosmetics company to shift its focus to areas like e-commerce
- Beauty business has been hurt in 2020 by Covid-19 lockdowns
Photographer: Marlene Awaad/Bloomberg
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L’Oreal SA plans to close retail locations to restructure its U.S. luxury operations as the company grapples with severe changes to consumer behavior amid the pandemic.
The Luxe Division of L’Oreal USA plans to shift investment to growth areas such as e-commerce as part of the reorganization over the next six months, the company said Thursday in a statement in response to inquiries from Bloomberg.