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Estée Lauder to record $93M charge as part of turnaround plan

Estée Lauder Cos. Inc. said it expects to take an approximate charge of $93 million for restructuring initiatives it took between Jan. 1 and March 20 that are part of a strategic turnaround plan.

The U.S. cosmetics-maker said in an SEC filing March 23 that the latest measures under its Leading Beauty Forward program would "optimize" select corporate functions as well as corporate and regional market support structures. These moves will create redundancies, which consist of eliminating some positions, releveling certain others and investing in new capabilities, the company said.

Estée Lauder Cos. also approved consulting, other professional services and a temporary labor backfill, all of which it said would help in the implementation and integration of new processes and technologies. It added that it continued to spend on consulting fees and implementation costs for certain supply chain initiatives.

Total charges booked since the company launched the program in fiscal 2016 now stand at $669 million.