Massive Job Cuts At Estée Lauder, Up To 11% Or 7,000 Employees, After Quarterly Sales Decline 6%
1. Estée Lauder to lay off 5,800-7,000 employees, impacting 9%-11% of workforce. 2. Second quarter revenues fell 6%, with skincare down 12%, indicating poor performance. 3. New CEO de la Faverie focuses on consumer engagement and organizational simplification. 4. Projected organic sales decrease of 8%-10% for the next quarter due to challenges. 5. Company aims for sustainable growth and aims for double-digit operating margins.