The news comes as the company announces it plans to restructure its luxury division.
The French cosmetics conglomerate is following in the footsteps of other beauty groups who have also announced a restructuring to deal with the ever-changing landscape of the retail sector. Earlier in the year, Estee Lauder announced that it will be laying off around 1500 employees due to the poor footfall as a reflection of the Coronavirus pandemic.
Footfall continues to remain low despite stores reopening, are as shoppers are going to physical store locations less and less, L’Oreal is now intending to invest in other areas such as e-commerce and other digital operations that are ever-increasing in popularity.
L’Oreal’s restructuring process is expected to last for the next six months with around 400 employees affected. The company hopes that some of these employees will be able to move into other roles within the company.
