Brands
Goldmedal Electricals partners with Asia Cup 2022 to be associate gold sponsor
Mumbai: Goldmedal Electricals on Thursday announced that it will be the associate gold sponsor of the upcoming T20 Asia Cup 2022 tournament. The tournament is scheduled to be played in Dubai and Sharjah. It is scheduled to start on 27 August, with India playing its first match on 28 August against arch-rivals Pakistan.
The tournament has six teams competing for the cup: India, Pakistan, Sri Lanka, Bangladesh, Afghanistan, and another team amongst UAE, Kuwait, Hong Kong, and Singapore. Rohit Sharma will lead the Indian team, with KL Rahul returning to the team as his deputy.
The Goldmedal Electricals brand will enjoy a prominent presence on the ground as part of this association. Along with a presence on the pitch map, the brand will also be visible on the perimeter boards, the sight screen, and various presentation backdrops.
Speaking on the association with this marquee tournament, Goldmedal Electricals director Kishan Jain said, “Team India is on a roll, and everyone is looking forward to some amazing contests. As the gold sponsor, we are excited by this tournament’s possibilities, as every match will be keenly watched worldwide. As a pan-Indian brand, we believe that T20 cricket has a unique unifying force which will help us connect our brand with the cricket-loving people of the country.”
Jain further cited that Goldmedal is keen to have a long-term association with Indian cricket. The gold association will mark Goldmedal’s first sponsorship of a major international cricket tournament. Earlier, Goldmedal was the title sponsor of the T20 series between India and the West Indies in July 2022. Goldmedal was also the official powered by sponsor of the ODI series between the two teams and the official power partner of the India-Ireland T20 series held in June.
The Asia Cup 2022 matches will begin at 7:30 p.m. IST and will be telecast live on Star Sports and Disney + Hotstar, with the India-specific matches also being telecast on DD1 and DD Sports.
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.
