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PROVO — Provo-based Nu Skin has laid off around 5% of its U.S. workforce, a spokesman for the company confirmed Monday.
The spokesman referenced an earnings report released on Nov. 1 that points to the layoffs.
"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 in a statement from the November report. "Although we are disappointed in the third quarter results of our Nu Skin business, we are encouraged by stabilization and modest growth in three of our Nu Skin reporting segments, highlighted by double-digit gains in Europe/Africa."
The spokesman said the decision was made to "manage costs and align the business to drive future growth. It's part of an assessment of our business."
He didn't have an exact number of employees impacted by the latest round of layoffs. In August 2022, Nu Skin employees reported layoffs as the company said it was "reallocating capabilities."
"Given the current global headwinds and their impact, we are strategically reevaluating several aspects of our Nu Skin business, including our product portfolio, global processes and organization, and operational footprint. This is to ensure we continue executing on the transformational initiatives that will shape Nu Skin's future, including the introduction of a new mental wellness category in 2024. We are also aggressively managing costs to help drive growth and profitability as we work toward our long-term vision," Napierski added.
At the end of November, Nu Skin opened a $55 million manufacturing facility in Shanghai.
Nu Skin is a multilevel marketing company that develops and sells personal care products along with dietary and nutritional supplements.
