Because the Provo-based wellness firm grows abroad, its U.S. workforce is about to shrink
Provo-based multilevel advertising and marketing and wellness firm Nu Pores and skin has laid off about 5% of its U.S. workforce, an organization spokesperson mentioned Monday.
The layoffs had been foretold in current monetary reviews and SEC filings. The corporate’s third quarter of 2023 was “softer than anticipated,” President and CEO Ryan Napierski mentioned in a November information launch. In response to Nu Pores and skin’s quarterly report, income was down roughly 7% in comparison with the identical quarter final yr, at $498.8 million this yr in contrast with $537.8 million in 2022.
Napierski mentioned the identical factor about income in August 2022, earlier than the corporate laid extra folks off.
Nu Pores and skin has roughly 3,800 workers worldwide, based on a current reality sheet. An organization spokesperson mentioned the layoffs will have an effect on its U.S. workforce, however didn’t say how many individuals had been let go.
One former worker posted on LinkedIn that expertise groups, together with net builders, person expertise (UX) designers software program engineers, had been “hit onerous.” A number of affected workers on LinkedIn are Utah-based, based on their profiles — a few of them with 20 years’ expertise or extra on the firm.
The layoffs are a part of a “strategic plan” referenced in a November SEC submitting, adopted “to focus assets on the Firm’s international priorities and optimize future development and profitability.” A part of that plan, based on the submitting, included “workforce reductions.”
The corporate opened a producing facility in China in late November, at a price of roughly $55 million, based on a current information launch. The power is anticipated to “quadruple” Nu Pores and skin’s manufacturing capability in China, based on the discharge, and provides to the corporate’s rising footprint within the area.
“We’ve a 20-year historical past in Mainland China, and we proceed to spend money on our future within the area,” Napierski mentioned within the information launch.
Shannon Sollitt is a Report for America corps member masking enterprise accountability and sustainability for The Salt Lake Tribune. Your donation to match our RFA grant helps hold her writing tales like this one; please contemplate making a tax-deductible reward of any quantity at the moment by clicking right here.