Estee Lauder have announced they are to cut up to 2,000 jobs amid the pandemic hitting sales and the company are to invest in online operations.
The cosmetics giant said in the final quarter of their financial year covering March to June, revenues plummeted by 34% to $2.4bn, whilst as a whole in the year to June sales dropped by 18%.
Estee Lauder plan to cut around 10% of their global store space, which is estimated to be between 1,500 and 2,000 job losses.
Fabrizio Freda, Estee Lauder’s chief executive said, “Our strategic priorities for fiscal 2021 rightly balance investment in these engines with cost discipline amid the ongoing pandemic.
“Through the Post-COVID Business Acceleration Program announced today, we are better aligning our brick-and-mortar footprint to improve productivity and invest for growth.
“We are well-positioned to drive growth as the market dynamics support it, yet remain equally mindful of the effects of COVID-19 on consumers, the retail sector and economics, in general, as well as geopolitical uncertainty.”