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		</div><p>Estee Lauder is cutting 3% to 5% of its global workforce, as the cosmetics giant aims to increase profits and become more nimble in a challenging international environment.</p>
<p>The layoffs were announced on Monday as the New York company reported falling profits and revenue in the second quarter, dragged down by sluggish sales in China.</p>
<p>The downsizing, which will affect as many as 3,100 workers, will be made by July, Estee Lauder said.</p>
<p>The company employed 62,000 workers worldwide, according to its latest regulatory filing.</p>
<p>The company, whose brands include Clinique and La Mer, said it expects to take restructuring and other charges of between 500 million dollars (£400 million) and 700 million dollars (£560 million), before taxes, consisting of employee-related costs, contract terminations, asset write-offs and other costs associated with implementing the initiative.</p>
<p>Estee Lauder expects the job cuts to deliver annual savings of between 350 million dollars (£280 million) and 500 million dollars, before taxes, Estee Lauder said.</p>
<p>Estee Lauder joins a growing list of companies that have announced layoffs in recent weeks, including some well-known household names like Amazon, Google and UPS.</p>
<p>Yet American businesses and other employers added a blistering 353,000 jobs in January, the largest surge in hiring in a year even as the US Federal Reserve raised interest rates repeatedly to cool the US economy and tame inflation.</p>
<p>Estee Lauder’s share rose more than 14%, or 19.36 dollars (£15.46) to 153.48 (£122.56) dollars in morning trading.</p>
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