L'Oreal is planning to lay off up to half its travel retail workforce in China, as the French cosmetics giant grapples with prolonged weakness in duty-free sales, multiple sources told Caixin.
Although the layoffs have not been officially announced, they are expected to affect up to half the team. Some departing employees are reportedly set to receive "n+5" compensation packages -- a payout equal to their years of service plus five months' salary, according to a source close to L'Oreal's headquarter.
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