Estee Lauder will lay off between 5,800 and 7,000 employees after second-quarter sales plummeted 6% and operating income tanked to a $580 million loss.

A restructuring plan is underway to kick-start sales after the conglomerate reported a 6 per cent sales dip in Q2.

ELC’s new President and CEO Stéphane de La Faverie, who stepped into the role in January, has also unveiled his vision to restore the company’s sales growth