L’Oréal China is planning to lay off up to 50% of its travel retail staff, Caixin reported yesterday, citing weak performance in the segment over the past two years. The report noted that layoffs had not yet begun, but could include compensation packages based on the “n+5” formula. L’Oréal responded the same day, confirming a strategic restructuring of its travel retail operations, but denying the accuracy of the reported layoff figure. The company stated the changes aim to improve agility and responsiveness to evolving market conditions. In its 2024 financial results, L’Oréal identified North Asia — particularly China — as the only major regional market to record negative growth.