LVMH's Sephora Lays off 10% of China Workforce, Bloomberg Reports
--LVMH's Sephora laid off 10% of its 4,000-person workforce in China amid an economic slowdown and rising local competition, Bloomberg reports, citing unnamed sources.
--The French beauty giant and one of LVMH's biggest brands dismissed some office and store employees in China and convinced others to resign. Several senior executives, including the heads of retail and e-commerce, left the company, Bloomberg says.
--Some dismissed employees had been accused of misconduct and consequently were refused severance, according to Bloomberg.
--Sephora didn't immediately respond to a request for comment by Dow Jones Newswires.
Full story: https://bit.ly/3MerFe7
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
August 21, 2024 08:14 ET (12:14 GMT)
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