AsianFin -- L’Oréal China has denied recent rumors that the company plans to shut down its Hong Kong office and lay off more than 200 employees as part of a merger with its mainland China operations.

In a statement issued on Thursday, L’Oréal called the reports “inaccurate” and emphasized that no such restructuring has been announced. “To respond to the ever-evolving market environment and consumer needs, L’Oréal continuously evaluates and optimizes its organizational structure both globally and locally to stay agile and forward-looking,” the company said.

The denial comes after online reports claimed the beauty giant was preparing to consolidate its Hong Kong operations into its mainland business unit, triggering widespread speculation about job losses and a diminished corporate presence in the city.