Estee Lauder Expands Restructuring Plan with 7,000 Job Cuts, Posts Sales Beat 

People walk past a booth of Estee Lauder at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. (Reuters) 
People walk past a booth of Estee Lauder at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. (Reuters) 
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Estee Lauder Expands Restructuring Plan with 7,000 Job Cuts, Posts Sales Beat 

People walk past a booth of Estee Lauder at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. (Reuters) 
People walk past a booth of Estee Lauder at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. (Reuters) 

Estee Lauder on Tuesday expanded its restructuring plan that would include up to 7,000 job cuts and posted smaller-than-expected drop in second-quarter sales.

Shares of the company, which fell about 49% last year, were marginally down in premarket trading.

The company said that the expanded plan is to help Estee Lauder return to sales growth and restore a solid double-digit adjusted operating margin over the next few years along with the aim to "manage external volatility, such as potential tariff increases globally."

As part of its turnaround efforts to drive profit recovery, the company has been implementing restructuring programs, which include a series of changes in the executive team after Stéphane de La Faverie took on the role of Chief Executive Officer in January.

Estee Lauder expects to take restructuring and other charges of between $1.2 billion and $1.6 billion, before taxes, consisting of employee-related costs, contract terminations, asset write-offs, and other costs associated with implementing these initiatives.

The company's sales fell 6% to $4 billion in the quarter, compared with analysts' estimates of 7.3% drop to $3.97 billion, as per data compiled by LSEG.



Fashion Commission Celebrates Winners of 'Traditional Handcrafts Revival in Saudi Fashion' Competition

The competition reinforces the Kingdom's cultural identity on the global fashion stage and highlights the potential of Saudi craftsmanship to inspire innovation in modern design. (SPA)
The competition reinforces the Kingdom's cultural identity on the global fashion stage and highlights the potential of Saudi craftsmanship to inspire innovation in modern design. (SPA)
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Fashion Commission Celebrates Winners of 'Traditional Handcrafts Revival in Saudi Fashion' Competition

The competition reinforces the Kingdom's cultural identity on the global fashion stage and highlights the potential of Saudi craftsmanship to inspire innovation in modern design. (SPA)
The competition reinforces the Kingdom's cultural identity on the global fashion stage and highlights the potential of Saudi craftsmanship to inspire innovation in modern design. (SPA)

The Saudi Fashion Commission concluded its "Traditional Handcrafts Revival in Saudi Fashion" initiative with a special awards ceremony in Riyadh on Sunday.

The initiative aligns with the Ministry of Culture’s Year of Handicrafts 2025 vision to promote traditional handcrafts by highlighting Saudi traditional attire, celebrating the Kingdom's rich cultural heritage, and supporting local creative talents.

The competition aimed to integrate traditional handcraft techniques into contemporary fashion, creating a bridge between the past and present. Participants engaged in specialized workshops led by fashion experts, exploring ways to merge traditional craftsmanship with modern design principles.

The program provided a holistic experience, teaching not only the techniques of handcrafts but also deepening participants' understanding of their historical and cultural significance.

A total of 235 applicants competed in the initiative, with 25 finalists selected for the final stage. The winning designs were showcased during the Saudi Cup 2025, coinciding with Founding Day celebrations. A distinguished panel of judges, comprising leading figures in fashion, arts, and heritage, selected the top ten designs.

The competition reinforces the Kingdom's cultural identity on the global fashion stage and highlights the potential of Saudi craftsmanship to inspire innovation in modern design.