MAM
ACME Group’s ‘Connect’ Fund Receives First Round of Funding, Propelling India’s AVGC Sector Forward
In a groundbreaking move, the ACME Group’s ‘Connect’ Fund has successfully secured its first round of funding, marking a significant milestone for India’s burgeoning Animation, Visual Effects, Gaming, and Comic (AVGC) sector. This fund, established under the AFPL CAT II AIF Trust and registered with SEBI (Registration No.: IN/AIF2/23/24/1309), is the first of its kind in India dedicated to the AVGC industry.
Ramon Talwwar, the Managing Director and CEO of ACME Group, expressed his heartfelt gratitude for the support received. “We are incredibly grateful for the confidence shown by our investors. This funding is a testament to the potential of the AVGC sector and our commitment to nurturing its growth,” Talwwar said. With over two decades of experience in capital markets, investment banking, and corporate finance, Talwwar’s strategic vision is set to drive the fund’s success.
Abhinav Shukla, the co-founder of the ‘Connect’ Fund, emphasized the transformative impact this fund will have on the AVGC industry. “Our goal is to integrate cutting-edge technology and digital platforms into our investment strategy, ensuring that we remain at the forefront of this rapidly evolving industry,” Shukla stated. A veteran in the media and entertainment industry, Shukla’s expertise will be pivotal in attracting further investments and forging strategic partnerships.
The AVGC sector in India, recognized by the government as a critical area of focus, is currently valued at approximately $4 billion and is projected to triple to $12 billion by 2030. This rapid growth is fueled by the increasing demand for digital media, immersive gaming, and innovative entertainment content. The ‘Connect’ Fund’s project scope, nearly INR 300 Crores, is poised to capitalize on this growth, providing much-needed capital to high-potential AVGC companies.
The infusion of capital from the ‘Connect’ Fund is expected to act as a catalyst for the AVGC sector, driving technological innovation and creating new market opportunities. As the industry continues to evolve, the fund aims to support companies that are pushing the boundaries of creativity and technology, ultimately contributing to the sector’s long-term sustainability and growth.
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.
