BENGALURU – Estee Lauder expanded its restructuring programme on Feb 5 to include cutting about 3 per cent to 5 per cent of its workforce, as the cosmetics conglomerate aims to rebuild its profit margins after a delayed rebound in its key China business.
Shares of the New York-based company were up 17 per cent in pre-market trading after Estee said it expects to drive incremental operating profit between US$1.1 billion (S$1.48 billion) and US$1.4 billion, compared with the US$800 million to US$1 billion it estimated earlier as part of its plan.
Estee had outlined a plan for fiscal years 2025 and 2026 to lower its expenditure and rebuild margins.
The firm said it would start the programme in the third quarter of fiscal 2024 and expects t…
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