Reported about 2 months ago
Sephora, the beauty retailer owned by LVMH, is reducing its workforce in China as consumer spending on cosmetics declines. The company, previously employing about 4,000 people in the growing market, will cut less than 120 positions, or around 3% of its staff, to adapt to the challenging economic environment. With high unemployment and a downturn in the property sector affecting consumer confidence, Sephora aims to streamline its operations to ensure long-term growth in the region.
Source: YAHOO