The New York company behind such brands as MAC, La Mer and Aveda tempered its profit outlook as the economies of China and Korea slow, in addition to global geopolitical uncertainty.
China announced retaliatory tariffs on some American imports and an antitrust investigation into Google on Tuesday, just minutes after a sweeping levy on Chinese products imposed by U.S. President Donald Trump took effect.
Estee Lauder expects to book restructuring and other charges related to the job cuts of between $1.2 billion and $1.6 billion, before taxes.
As of June 30, 2024, Estee Lauder had roughly 62,000 employees worldwide, according to the company’s latest annual filing.
ELC has been under fire for months. In November, Jane Lauder stepped down as vice president of enterprise marketing and chief data officer. That move left the company Lauder-less when it comes to day-to-day operations. Some observers speculated she left after trying to oust her cousin William Lauder from the executive chairman’s seat. Last month, Ronald S. Lauder announced he would retire from the board of directors.
The C-suite shakeup began last year when long-time CEO Fabrizio Freda announced his retirement. Stéphane de La Faverie took over on Jan. 1, 2025.
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