Estee Lauder has announced that they are to axe up to 7,000 jobs globally as part of a cost saving overhaul as the company is readying for President Donald Trump’s tariffs war on trade.
The beauty firm who are behind brands such as Clinique and Jo Malone will now double their job cuts from 3,000 to between 5,800 and 7,000 to save $1 billion.
“The expanded plan is designed to further transform the company’s operating model to fund a return to sales growth and restore a solid double-digit adjusted operating margin over the next few years, and continue to manage external volatility, such as potential tariff increases globally,” a company spokesman said.
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