MAM
ItzCash gets bullish on DTH, cable, movie and mobile bookings
MUMBAI: Essel group company and digital payments facilitator ItzCash generates around 20 per cent to 22 per cent of its Rs 3,000 crore business from satellite cable / DTH recharge by subscribers for Dish TV. Now the company has set itself a scorching growth target of 42 per cent per annum as it bids to notch up business worth Rs 5,000 crore by 2018.
It is banking on the rapid growth in pay TV subscriptions, its new strategic partnerships with India’s largest online ticketing entertainment brand Bookmyshow, mobile bookings and Zee TV group’s on the go OTT platform dittoTV to help it get to that target.
BookMyShow has added a new Cash Top-Up feature to its ‘MyWallet’ to make it even easier for everyone to transact on the app or website. The partnership allows users to recharge their MyWallet by paying cash at the nearest ItzCash World outlet. While in its partnership with dittoTV, the company aims to capitalise on its offline network to offer revolutionary Rs 20 easy-recharge for monthly subscription.
Says ItzCash chief growth officer Bhavik Vasa, “Our partnership with BookMyShow and dittoTV will benefit the larger sections of the society while enhancing customer experience. While with these tie-ups, our partners will leverage our deep entrenched retail network, we plan to aggressively build on our customer base in the online entertainment industry.”
ItzCash has a presence across various segments serving 35 million consumers having 110 million accounts and over 75,000 franchisees branded as “ItzCash World” in 3000 plus cities and towns.
To be fair, the company has been growing at 40 per cent per annum year on year in the entertainment sector. And that’s what’s making Vasa that much more confident.
Says he: “ India is fast becoming a digital country and will soon be the world’s second largest market with 650 million internet users and 520 million smart phone users by 2020 as per a recent Google-BGC Digital Payments report. The food and entertainment sector tops the list of adoption and growth of digital payments.”
Adds BookmyShow vice-president business intelligence and marketing Marzdi Kalianiwala: “At BookMyShow, we believe in customising our offerings to address the needs of our consumers. While acceptance for online payments is on the rise, a significant set of users still remain to be apprehensive about it, either due to lack of proper internet infrastructure facilities or security concerns, which prevents them from actively using BookMyShow to meet their entertainment demands. By introducing Cash Top-Up to our ‘MyWallet’, we are eliminating these barriers and extending our services to those who prefer cash as their preferred mode of payment. We are delighted to partner with ItzCash, which will enable users book tickets on the BMS app and website without having to use their credit/debit cards or net banking.”
Brands
Estée Lauder to shed 10,000 jobs as new boss bets on digital shift
The cosmetics giant raises its profit outlook but stays silent on a possible merger with Spain’s Puig, as job cuts deepen and a three-year sales slump weighs on the turnaround
NEW YORK: Stéphane de La Faverie is not done cutting. Estée Lauder announced on Friday that it plans to eliminate as many as 3,000 additional jobs, taking its total redundancy programme to as many as 10,000 roles, up from a previous target of 7,000 announced a year ago. The company, which owns La Mer, The Ordinary, Tom Ford, and Aveda, employs roughly 57,000 people worldwide. The mathematics of what is now being contemplated is stark.
The fresh round of cuts is expected to generate a further $200 million in savings, bringing the total annual savings from the programme to as much as $1.2 billion before taxes. That money, De La Faverie has made clear, will be ploughed back into the turnaround.
A CEO in a hurry
De La Faverie, who took the helm in January 2025, inherited a company that had endured three consecutive years of annual sales declines. His response has been to move fast and cut deep. A significant portion of the latest redundancies reflects his push to reduce headcount at US department stores, long a cornerstone of Estée Lauder’s distribution model but now a channel in structural decline. In their place, he is accelerating the shift toward faster-growing online platforms, including Amazon.com and TikTok Shop, a pivot that is reshaping not just where Estée Lauder sells but how it thinks about its customers.
The numbers are moving in the right direction
Despite the pain, there are signs the medicine is working. Estée Lauder raised its profit outlook for the remainder of the fiscal year, guiding for adjusted earnings per share in the range of $2.35 to $2.45, above analyst estimates and a notable step up from the $2.05 to $2.25 range it had guided for in February. Organic net sales growth is expected to come in at 3 per cent, the company said, at the high end of the range it set out in February.
The share price tells a mixed story. After De La Faverie took charge, the stock surged nearly 60 per cent, buoyed by investor optimism that a longtime company insider could finally arrest the decline. But 2026 has been rougher: the shares have fallen 27 per cent this year, weighed down by disappointing February results and the overhang of unresolved merger talks with Spanish beauty giant Puig Brands SA. The company gave no additional details about those discussions on Friday, leaving the market to guess.
Silence on Puig
The proposed tie-up with Puig remains the most consequential unknown hanging over Estée Lauder. A deal with the Barcelona-based group, which owns brands including Carolina Herrera and Rabanne, would reshape the global luxury beauty landscape. But with nothing new to say and a turnaround still very much in progress, De La Faverie is asking investors to trust the process.
Three years of sales declines, 10,000 job cuts, and a merger that may or may not happen. At Estée Lauder, the overhaul has barely started.
