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Dyson is cutting about 1,000 jobs in the UK in a move that may affect about a quarter of its workforce.
The British appliance maker, which is now headquartered in Singapore, told staff about the layoffs on Tuesday.
The cuts are part of a wider reduction to its global workforce of more than 15,000 people, The Financial Times reported citing unnamed sources.
Dyson CEO Hanno Kirner said in a statement that the company had expanded quickly but operated in "increasingly fierce and competitive global markets" and needed to become "entrepreneurial and agile."
The company, which makes vacuum cleaners and hair dryers as well as a range of other devices, previously laid off 900 workers in 2020, The Guardian reported at the time. Then-CEO Roland Krüger blamed those cuts on the pandemic.
Dyson posted record revenues of £7.1 billion ($9.1 billion) last year, up from £6.5 billion in 2022.
The company was founded in 1991 by James Dyson, who is in 109th place on the Bloomberg Billionaires Index with a net worth of $19.2 billion.
He paid a record $54 million for a three-story penthouse atop Singapore's tallest building in July 2019 — the same year he relocated Dyson's headquarters there.
