Nu Skin lays off 5% of workforce including some Provo employees
Dec 18, 2023, 5:36 PM | Updated: 5:39 pm
PROVO — The massive global beauty and wellness company, Nu Skin, announced it laid off approximately 5% of its U.S. workforce Monday.
KSL TV confirmed with a Nu Skin spokesperson who did not provide a name.
“We announced back in our November earnings report a restructuring that we just completed and it involves about 5% of our U.S. workforce,” the Nu Skin spokesperson said. “If you reference back to our earnings report it’s to manage costs and align the business to drive future growth. It’s part of the assessment to our business.”
The spokesperson said the company announced the restructuring in November and said it would be happening during the quarter.
The third-quarter report states:
“Our third quarter results were softer than expected as persistent macro-economic challenges in several of our key markets negatively affected consumer spending and customer acquisition, particularly in our Mainland China and Americas segments, along with a continued strong U.S. dollar,” Ryan Napierski, Nu Skin president and CEO, said.
It later states, “We are also aggressively managing costs to help drive growth and profitability as we work toward our long-term vision.”