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.
About Author
More Stories
Taking over the family business? Expect less Hallmark, more stress
Apple ‘aims to source all US iPhones from India’, reducing reliance on China
EV programs ignited the future for students – now Trump has made their career paths uncertain