Estee Lauder cuts 3% to 5% of global workforce as sales and profits slide

Estee Lauder announced it is cutting 3% to 5% of its global workforce (Pat Wellenbach/AP)

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.

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.