Estée Lauder Companies to reduce store numbers and cut jobs

Estée Lauder Companies, the beauty giant behind brands such as Aveda, Clinique and Smashbox, has outlined plans to cut jobs and reduce store numbers.

The company behind Estée Lauder revealed the proposals as it posted figures that laid bare how the virus crisis had dented sales.

It has announced a two-year initiative to “rebalance investments to address the dramatic shifts in the distribution landscape and consumer behaviour post Covid-19”.

The plan will include increasing digital investments. But the group also estimates the closure of between 10-15% of its freestanding stores globally, as well as certain department store counters.

Estée Lauder Companies expects to cut about 1,500 to 2,000 jobs, or about 3% of its workforce globally.