Estee Lauder laying off at least 3% of staff, part of restructuring

Estee Lauder plans to reduce the size of its total workforce by approximately three to five per cent.

What’s happening at Estee Lauder?

In its Q2 2024 earnings release, the cosmetics company said the job cuts are part of a restructuring program that will begin in its third fiscal quarter.

“Specific initiatives under this restructuring program are expected to be substantially completed by the end of fiscal 2026,” the release reads.

“The restructuring program’s main focus includes the reorganization and rightsizing of certain areas of the [company] as well as simplification and acceleration of processes.”

In addition to eliminating positions, Estee Lauder said it will retrain and redeploy certain staff members.

“Once fully implemented, [we expect] to take restructuring and other charges of between $500 million and $700 million, before taxes, consisting of employee-related costs, contract terminations, asset write-offs, and other costs associated with implementing these initiatives.”

The company claims on its website that it employs more than 60,000 people worldwide.

Impact on Canadian staff

It remains unclear if any Canadian employees will be affected by Estee Lauder’s restructuring program.

According to the company’s LinkedIn page, it has more than 1,600 workers in the country.

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