Estee Lauder Companies Inc.'s stock experienced a significant 5.16% pre-market plunge on Tuesday, reflecting investors' concerns over the company's strategic restructuring plans and financial outlook.
The beauty giant announced a comprehensive strategic vision, dubbed "Beauty Reimagined," aimed at addressing the evolving market landscape and positioning the company for long-term growth. However, the unveiling of these restructuring efforts, which include substantial workforce reductions and significant charges, has raised uncertainty among investors.
Estee Lauder revealed plans to cut between 5,800 to 7,000 positions globally, amounting to a substantial reduction in its workforce. Additionally, the company expects to incur restructuring and other charges ranging from $1.2 billion to $1.6 billion before taxes, primarily consisting of employee-related costs. These measures have sparked concerns about the potential impact on the company's near-term financial performance and operational efficiency.
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