Estée Lauder raises restructuring costs to $1.75 billion

Estée Lauder is increasing the cost of its restructuring plan by 13% to 1.75 billion U.S. dollars (1.61 billion euros). The American cosmetics giant attributes the increase to recent layoffs and reorganizations.

40% more layoffs than expected

“The group announced in May a wave of layoffs affecting 10,000 employees—an increase of more than 40% compared to the original forecast—which amounts to 15% of the total workforce,” the company said. Most of the layoffs affected employees in the retail sector.