Estee Lauder is axing up to 7,000 jobs worldwide as it seeks to cut costs amid the threat of a trade war triggered by Donald Trump.
The US beauty group – whose adverts have featured model Grace Elizabeth – said it will increase the number of job losses from 3,000 to between 5,800 and 7,000 in a bid to save £800million.
The extra cuts, which are set to take place by the end of June next year, were announced as companies around the world brace for the introduction of tariffs in a potentially damaging tit-for-tat trade war.
Beijing yesterday retaliated to Trump’s tariffs on Chinese imports by announcing levies of its own on US goods.
The President has also announced tariffs against Mexico and Canada – though these have been delayed for a month – and has threatened the European Union and Britain.
Estee Lauder said the move to slash more jobs and costs is partly down to concerns over tariffs. A spokesman did not say what the impact might be in the UK.
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