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Estée Lauder to record $78M charge in cost-saving initiative

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Estée Lauder to record $78M charge in cost-saving initiative

The Estée Lauder Cos. Inc. said in a Nov. 21 SEC filing that restructuring initiatives it took between Oct. 1 and Nov. 20 were likely to lead to a pretax charge of about $78 million.

The personal products company said the charge was part of a restructuring plan, dubbed Leading Beauty Forward, to be implemented through fiscal 2021 and at a total cost of between $600 million and $700 million.

Total charges booked since the measures were launched in fiscal 2016 now stand at $576 million.

Its latest initiatives include optimizing select corporate functions and market support structures, which will result in job losses. It also approved costs for consulting, temporary labor backfill associated with new processes and technologies, and for training and recruitment of new capabilities.

The measures include consulting fees and implementation costs for an initiative associated with supply chain planning activities.