The cosmetics company Estée Lauder is to get rid of between 5,800–7,000 employees in connection with the cost-saving program the company is currently implementing. This is announced in conjunction with the company reporting quarterly figures.
The owner of, among other things, Clinique, is simultaneously announcing a sales decline of between 10–12 per cent for the current quarter, which ends on 31 March. This was significantly worse than the analysts' expectations, which instead were at 6.8 per cent, according to the news agency Bloomberg.
The company is falling by around 8 per cent in early trading and the stock price has almost halved in a year. This is after the company, among other things, has seen how sales on the Chinese market have slowed down.
