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Snap, Estee Lauder announce global job cuts

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Meanwhile, cosmetics company Estée Lauder said it is also cutting between three and five per cent of its positions as part of a restructuring program aimed at driving profits.

“This reduction takes into account the elimination of some positions as well as retraining and redeployment of certain employees in select areas,” the company said in its latest fiscal results report.

It added that the restructuring program will begin during the company’s fiscal 2024 third quarter, with its focus including the reorganization and rightsizing of certain areas in the company.

Once fully implemented, the company said it is expecting restructuring costs to reach up to $700 million before taxes, but it is also expected to benefit its annual gross.

“The program is expected to yield annual gross benefits of between $350 million and $500 million, before taxes, of which a portion is expected to be reinvested in consumer facing areas to drive sustainable, profitable growth,” it noted.

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