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.

(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.

Estee Lauder said it’s expanding its restructuring plan to include job cuts anywhere from 5,800 to 7,000 by fiscal 2026 as the global beauty company tries to boost sales and profits.

Estee Lauder employs around 62,000 people worldwide, and said the final figure of jobs losses would be between 5,800 and 7,000, with some staff redeployed in new roles. The company did not say where the jobs would be lost.

Estee Lauder on Tuesday expanded a restructuring plan that would now involve up to 7,000 job cuts as the cosmetics giant grapples with persistent demand weakness especially in Asia, sending its shares down 19%.

Estee Lauder slashing up to 7,000 jobs as it braces for tariff increases - The beauty giant behind Estee Lauder, Clinique and Jo Malone is ramping up its job loss programme from 3,000 to between 5,800 and 7,