Estée Lauder to cut 3,000 jobs

Estée Lauder has announced plans to cut up to 3,000 additional jobs as part of a major restructuring effort to boost profitability.

The move brings the total expected layoffs to roughly 10,000, or about 17.5% of the company's global workforce, as it navigates a challenging retail environment.

Despite the job cuts, the company raised its annual profit forecast, causing shares to rise.

The restructuring aims to streamline operations and better position the luxury brand for growth in a shifting global market.