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Estée Lauder to ax thousands of jobs

Estée Lauder is cutting up to 3,000 jobs as part of a restructuring plan aimed at revitalizing the beauty giant. The move aims to make the company leaner and more agile in responding to beauty trends driven by social media. Estée Lauder expects restructuring and related charges between $500 million and $700 million before taxes, with the job cuts and restructuring projected to yield an incremental operating profit of $1.1 billion to $1.4 billion. This comes as the company seeks to regain market share lost to rivals due to delayed responses to industry trends. Estée Lauder’s sales and profits have been impacted by declining sales at duty-free shops, especially in Asia, largely due to the pandemic and slower-than-expected economic growth in China.

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