Estee Lauder layoffs, Feb. 4 -- Luxury skincare and makeup brand Estee Lauder may cut nearly 7,000 jobs by the fiscal year 2026. The layoffs will constitute more than 11% of its workforce.

The company plans to cut jobs after reporting losses in the recent quarter in addition to a 6 per cent fall in sales, according to a report by AP.

New York-based Estee Lauder, the parent company of popular makeup and skincare brands such as MAC, La Mer, and Aveda, lowered its profit outlook due to a slowdown in the economies of China and Korea along with global geopolitical uncertainty concerns.

Recently, China announced import tariffs on American goods and imposed an antitrust investigation on Tuesday. The import tariffs by China come in response to...