Estee Lauder (EL) approved an additional $197 million in restructuring and related charges, bringing total costs under a recovery and growth plan to $1.75 billion.
The latest charges comprise $74 million in employee-related costs, $87 million in asset-related costs and smaller contract termination and exit costs, the company said Tuesday in a regulatory filing.
The newly approved initiatives include further changes to the go-to-market operating model, a digital technology transformation, and a reorganization of corporate functions, including workforce reductions and an office lease exit.
Estee Lauder said the initiatives are expected to be substantially completed by the end of fiscal 2027.