Estee Lauder cuts 3,000 more jobs and raises profit goal
Estee Lauder will cut 3,000 more jobs to save $1.2 billion annually. It raised its profit forecast while pursuing a merger with Puig and shifting to digital sales.
Estée Lauder Companies Inc. will cut up to 3,000 additional jobs as it expands a global restructuring program. The move increases the total workforce reduction target to 10,000 positions, or 17.5% of its global staff. Investors sent shares up 7% Friday morning after the company raised its annual profit forecast and signaled progress on a potential merger.
### Restructuring for a Digital Shift The owner of Clinique and M.A.C aims to save $1.2 billion in annual costs through its "Beauty Reimagined" strategy. More than 70% of the new job cuts will target department store roles as the company pivots toward specialty retailers and digital platforms. Estée Lauder is prioritizing growth through ULTA BEAUTY INC, Sephora, AMAZON.COM INC, and TikTok Shop.
