Estee Lauder cuts 3% to 5% of global workforce after sales, profit slide in its most recent quarter

Estee Lauder is cutting 3% to 5% of its global workforce as the cosmetics giant aims to increase profits and become more nimble in a challenging international environment. The downsizing, which will affect as many as 3,100 workers, will be made by July, Estee Lauder said. Estee Lauder expects the job cuts to deliver annual savings of between $350 million and $500 million, before taxes, Estee Lauder said.