MAM
Cinemax in expansion mode; introduces Red Lounge concept in Mumbai
| MUMBAI: The Mumbai-based Kanakia Group, promoters of the Cinemax chain of multiplexes, is planning to set up multiplexes in cities Nagpur, Indore and Lucknow by 2006. The company presently operates six multiplexes in Mumbai and one in the neighbouring city Nasik. | ||
 Cinemax will open its seventh multiplex in Mumbai in the Infinity mall in Andheri‘s Versova on 9 September. With two more multiplexes to launch in Thane and Kandivli East in the next two months, the company expects to take the total number of its movie screens to 34. Cinemax, which asserts a market share of 32 per cent in the Mumbai market, hopes to capitalise on the successful movies Bollywood has been churning out this year. “2004 was a bad year for exhibitors because of the lack of blockbusters. But this year, the scenario is different. We have many successful movies. Hence the theatre occupancy is expected to record an increase of approximately 55 per cent this year,” says Cinemax chain of multiplexes director Hiral Kanakia. | ||
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The Cinemax Infinity multiplex offers six screens and seating capacity of 1671. Two screens titled Gold Screen and Silver Screen are introduced in the brightly lit lounge titled The Red Lounge, which has recliner seats. These seats are designed in such a way that they can go back as per the convenience of a viewer. The other screens in the multiplex will have swing chairs. | ||
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Kanakia adds, “Cinemax has provided cinema lovers in Mumbai with the best movie viewing experience, be it our screen size, picture or sound quality and the innovative offers for our consumers. We are constantly striving to provide our clientele with special service. Changing themes and technical brilliance keep us ahead of our competitors and this mega Multiplex with state of the art luxury amenities and comfort will be the landmark for the years to come”.
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.
