Estee Lauder layoffs: Job cuts amid skittish China demand, shares surge 19% ...Middle East

Estee Lauder plans to cut 3% to 5% of its global workforce as the cosmetics giant expands an effort to shore up margins squeezed by Chinese customers cutting back on higher-priced luxury products, sending its shares up as much as 19%. FILE PHOTO: The Estee Lauder section of the Nordstrom flagship store is seen during a media preview in New York, U.S., October 21, 2019. REUTERS/Shannon Stapleton/File Photo(REUTERS) A boom following the lifting of pandemic curbs in China never materialized and recent results have indicated mixed luxury demand. While companies like LVMH and Richemont have posted strong sales growth, others like Burberry have flagged a sluggish rebound. Discover the thri

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