Estee Lauder wil cut 2000 jobs
Estee Lauder have announced they are to axe 2,000 jobs after profits plunged dramatically.
The U.S. cosmetics giant said in a statement yesterday that the job cuts would be made over the next two years, as part of a four-year restructuring plan to boost sales.
Estee Lauder's sales fell dramatically in the company's second quarter, which ended at the end of December.
The maker of Estee Lauder, and other top brands including Clinique, Aveda, Tom Ford and Bobbi Brown also reported a sale loss.
William Lauder, the company's chief executive said in the statement: "The factors that impacted our second-quarter results were challenging on multiple levels, and not different from what many other companies have experienced, especially those companies dependent on consumer spending," reports AFP.
"The current difficult environment, which is global in scale, is not expected to improve in the near term," he added.