The news: Estée Lauder is slashing up to 7,000 jobs—more than 11% of its 62,000 employees—and warned that sales could drop as much as 12% YoY in the quarter ending March 31.
The layoffs go well beyond the roughly 3,000 positions it said would eliminate last February.
How did it get here? Estée Lauder is feeling the heat from a mix of short- and long-term challenges that have left it playing catch-up.