By Olivia Bugault

L'Oreal SA is planning to close some of its luxury division's stores in the U.S. as part of a shift in its strategy, the French cosmetics company said Friday in a statement.

"The Luxe Division of L'Oreal USA announced internally a plan to reorganize and transform parts of its business over the next six months," L'Oreal said. "Under this plan, the Luxe Division will close some of its retail locations and deepen investments into growth-oriented areas of the business, like e-commerce and digital."

Late on Thursday, Bloomberg reported that 400 jobs would be affected by the U.S. store closures and strategy shift.

"Luxury consumer behavior in the U.S. has fundamentally evolved, and L'Oreal USA will be evolving its business to meet these new consumer expectations and preferences" the company said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

October 09, 2020 05:16 ET (09:16 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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