The company anticipates restructuring and other charges of between $1.2bn and $1.6bn as it overhauls the business.

Estee Lauder said it's expanding its restructuring plan to include job cuts anywhere from 5,800 to 7,000 by fiscal 2026 as the global beauty company tries to boost sales and profits.

Estee Lauder will lay off between 5,800 and 7,000 employees after second-quarter sales plummeted 6% and operating income tanked to a $580 million loss.