Cosmetics firm Estee Lauder says it is to cut up to 2,000 staff after the coronavirus pandemic caused a hit to sales.
Estee Lauder is based in New York City and has roots dating back to 1946.
The makeup specialist, which has operations across the world, has not yet said where it expects to cut jobs and stores.
The company, which includes the M.A.C and Too Faced makeup brands, said it was to invest in its online sales operations after stores were hit by global lockdowns and demand dried up through customers staying at home.
Revenues fell 32% to $2.4bn in the final quarter of its financial year covering March to June.
For the year to June as a whole, sales of its makeup brands fell 18%.
It said the COVID-19 pandemic had offset the 5% growth seen in the first half of the year during the run-up to Christmas. Foundations and lip products were among those worst affected.
It said the job losses, expected to come in between 1,500-2,000, were married to plans to cut at least 10% of its global store space.
The company, which operates in 150 countries and territories including the UK, did not give further information on where the pain would be felt.
Its results suggested tentative signs of recovery, led by China, though it forecast a 13% fall in revenue in the current first quarter compared to the same period a year ago.
Shares were down 8% in early deals on Wall St.
Fabrizio Freda, Estee Lauder's chief executive, told investors investment would focus on its skin care portfolio, acceleration in its Asia/Pacific region, boosting online sales and innovation.
"Our strategic priorities for fiscal 2021 rightly balance investment in these engines with cost discipline amid the ongoing pandemic," he said.
"Through the Post-COVID Business Acceleration Program announced today, we are better aligning our brick-and-mortar footprint to improve productivity and invest for growth.
To all of our Healthcare Heroes 💕 We are so deeply grateful for all you do today, tomorrow and always. RT & tag a friend who is bravely serving on the front lines and let them know you appreciate them. 💗#BeautifulTogether pic.twitter.com/HPi7vKcdo5
— Estée Lauder (@EsteeLauder) April 22, 2020
"We are well-positioned to drive growth as the market dynamics support it, yet remain equally mindful of the effects of Covid-19 on consumers, the retail sector and economics, in general, as well as geopolitical uncertainty."
Latest Stories
-
Sweet Potatoes – Unpacking the Nutritional Value and the Sweetness
3 minutes -
Badminton: Abdul-Samad, Rachael Quarcoo crowned champions of President’s Cup
12 minutes -
Ouattara praises Mawuli Wayo after brace against Accra Lions
56 minutes -
Speaker has no power to exclude gazetted MPs without legal basis – Samson Lardy
1 hour -
McDan Aviation expresses disappointment in GACL over closure of aviation terminal
1 hour -
Abokobi residents ready for a rerun of disputed polling station in Dome-Kwabenya constituency
2 hours -
Eco Aid Foundation supports widows and differently-abled persons in Kumasi
2 hours -
National Honours and Awards 2024: President Akufo-Addo urges honourees to aspire to greater heights
2 hours -
Indonesian Consulate congratulates John Mahama on his re-election
2 hours -
Ghana’s pathway to sustainable ocean knowledge: Empowering blue economy and policy reform
2 hours -
Ocean Finance: A pathway to economic resilience in Ghana
2 hours -
WAEC cancels subject results for over 4,000 candidates, withholds results for 781 others
2 hours -
Lebanese are one of the most influential people in the world – Ambassador to Ghana
2 hours -
Full list of recipients at 2024 National Honours Awards
2 hours -
Apology to Lawfields Consulting
3 hours