5 February 2009
2,000 jobs eliminated in the next two years, salary and bonus freezes: Estée Lauder, in turn, is cutting corners to compensate for the group's poor results in recent months. Once again, the crisis affecting all sectors, particularly the luxury goods sector, and the decline in consumers' purchasing power, which is having a strong impact on the margins of cosmetics companies. A difficult period, a plunging profit (- 30 %) and, according to William Lauder, the group's CEO, no improvement expected in the short term, convinced its managers of"the need to contain costs to remain competitive in the long term". Hence the announcement of this strategic plan which should reduce costs by approximately $450 to $550 million…