MAM
Arun Sharma elevated to COO for Delhi business at Initiative
MUMBAI: Initiative, which is a full-service media agency from IPG Mediabrands, has promoted Arun Sharma to the role of chief operating officer for Delhi business.
Prior to this, as senior partner of Initiative, Sharma played a pivotal role in spearheading one of the top clients of the agency, Reckitt Benckiser. Last year, Sharma was also given the additional mandate of IPG Mediabrand’s newly launched unit ‘Magna’ and was named managing director of the division.
Initiative CEO Vaishali Verma says, “We couldn’t have found a better person for this position as he is one of our own and has been leading the RB business for the last 4 years with many industry and RB India firsts. Our approach to rapidly interpreting and acting on cultural data signals, creating relevant, long-lasting consumer connections that drive business results.”
Talking about the new role, Sharma mentions, “Indian media industry is going through very exciting times. Initiative with its strong brand equity, perfect mix of large and reputed global and local clients, cutting edge tools and techniques, strong product offerings, talented and driven bunch of people is best poised to serve its client in this dynamic market scenario.”
In his dual roles as COO Initiative Delhi and MD of Magna, his key priority would be to help the clients grow their business by leveraging the company’s expertise, strategic use of tools, by implementing their global learning and dominant scale in media.
Sharma started his career with Madison in 1998 as strategic planning supervisor for the Coca Cola Business. In 1999, he moved to Universal McCann as associate media director and handled businesses like Nestle, L’Oreal and Gillette. In 2003, he had a brief stint with Mediacom following which Sharma moved to the client’s side and joined Bharti Airtel as DGM Marketing. Following a stint of 11 years, in 2014, Sharma quit Bharti Airtel as VP marketing – head media (All Business, South Asia) and moved to Initiative as vice president to handle Reckitt Benckiser account as business head.
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.
