Consumer
Estée Lauder to Cut Up to 7,000 Jobs in Corporate Overhaul
- New CEO de La Faverie took over in January amid sales slump
- He’s looking to create a ‘flatter and leaner organization’
Stéphane de La Faverie and other company executives are scheduled to speak with analysts later on Tuesday.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Estée Lauder Cos. said it plans to eliminate between 5,800 to 7,000 positions in a corporate restructuring meant to return the flagging company to sales growth under its new chief executive officer.
The owner of the Clinique and MAC brands projected revenue will fall more than expected in the current quarter but said it would hold off on providing a full-year financial outlook due to “evolving global uncertainty” in a statement on Tuesday.