Clinique and M.A.C.-owner Estée Lauder to cut 3,000 more jobs, mainly at its stores
Estee Lauder Cos. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, March 30, 2026. Stocks rose after a rout fueled by concerns over the fallout of the war in Iran, with attractive valuations and prospects for res
Estée Lauder revealed this week thousands of more job cuts are in the works as the company continues its restructuring effort. The announcement came Friday as the company also increased its annual profit forecast, sending shares higher in pre-market trading.
By the numbers:
Estée Lauder, which owns Clinique and M.A.C., among other brands, indicated up to 3,000 more positions are expected to be eliminated globally. That increase would bring the total reduction of its workforce to between 9,000 and 10,000 roles.
The company attributed more than 70% of the latest cuts to a reduced need for people working at its stores.
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The backstory:
Approximately 57,000 people worldwide worked for Estée Lauder at the end of June last year, Reuters reported, meaning that the total cuts make up approximately 17.5% of its workforce.
Estée Lauder’s restructuring comes as the company is in talks with Jean Paul Gaultier-owner Puig about a possible merger.
Dig deeper:
In addition to laying out the proposed cuts, the company’s latest SEC filing increased its annual profit targets to between $2.35 and $2.45 per share, up from $2.05 to $2.25 per share. It also noted that organic net sales of its high-end products are expected to grow between 1% and 3%.
According to Reuters, Estée Lauder’s stock price jumped 11% in pre-market trading following the announcement.
The Source: Information for this article was taken from Estee Lauder SEC filing and Reuters. This story was reported from Orlando.