Plans include 2000 job cuts as well as store and beauty counter closures.
Cosmetic giant, Estee Lauder currently operates in more than 135 countries and territories worldwide. Their locations include standalone stores as well as beauty counters in department stores. The company has announced that it plans to close around 10-15% of its standalone store estate as well as their concessions within department stores will also be reduced.
Despite online sales rising, the company has seen their profits more than halve to $680M in the 12 months to the end of June. The brand hopes that these streamlining measures will save as much as $400M a year.
