LVMH’s Kendo Lays Off 10% of Staff: Sources
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Kendo, the beauty incubator inside LVMH Moët Hennessy Louis Vuitton that powers many of the brands sold at Sephora, laid off about 10 percent of its staff on Monday, sources told WWD.
The layoffs — sources estimated roughly 50 of them — were across different levels of the business, sources said. Cuts were made due to the financial impact of the coronavirus, which has wreaked economic havoc globally.
A spokeswoman for Kendo did not confirm the number, but did confirm the business went through layoffs on Monday.
“In light of the COVID-19 health crisis and the resulting impact on business, Kendo made the difficult decision to reduce the size of certain teams. We worked hard to keep the reductions as limited as possible,” said a spokeswoman for Kendo.
Kendo is behind Fenty Beauty, Marc Jacobs Beauty, KVD Beauty, Bite Beauty and Ole Henriksen.
The beauty business broadly has faced declines in 2020 due to store closures during COVID-19 and the reallocation of consumer dollars to essential items, like groceries and toilet paper.
For more from WWD.com, see:
Can Beauty E-commerce Sales Make Up for Store Closures?
SpaceNK Is Closing All U.S. Stores
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