Spending in China, a prime focus for luxury goods makers, under pressure from youth unemployment and lingering property crisis
Estée Lauder announced plans to cut up to 3,100 jobs – about 3% to 5% of its global workforce – expanding an effort to shore up its profit margins as a rebound in its China business takes longer than expected.
Shares in the cosmetics giant surged by 13.8% to $152.52 after it also handily beat second-quarter profit estimates. Still, the stock remains well below its January 2022 record high of $374.20.
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