Estée Lauder on Tuesday announced plans to cut thousands of jobs and speed up its product development to reclaim relevance in higher-end beauty, after the company swung to a quarterly loss and offered a dimmer outlook amid wobblier shopper sentiment in Asia.

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.

Estee Lauder now intends to slash up to 7,000 positions from its workforce, the cosmetics company, known for brands like Mac and Clinique, announced Tuesday.