Estée Lauder will eliminate up to 7,000 jobs under its expanded restructuring plan and new president amid subdued consumer sentiment in Asia.
Estée Lauder CEO and President Stéphane de La Faverie began leading the cosmetics giant on Jan. 1.
“Today, we are excited to launch Beauty Reimagined, a bold strategic vision to restore sustainable sales growth and achieve a solid double-digit adjusted operating margin over the next few years as we aim to become the best consumer-centric prestige beauty company,” Faverie said in a Feb. 4 statement.
The restructuring, under the company’s Profit Recovery and Growth Plan, was implemented to offset lagging beauty sales in Asia, where net sales decreased by 11 percent in mainland China, South Korea, and Hong Kong….