Brands
Bikaji Foods International acquires remaining stake in Petunt Food
Snack maker spends Rs 8 crore to buy the remaining 48.78 per cent stake
MUMBAI: Snack maker Bikaji Foods International said on Friday its board has approved the acquisition of the remaining 48.78 per cent equity stake in Petunt Food Processors Private Limited, turning the firm into a wholly owned subsidiary.
The additional investment, valued at about Rs 8 crore, will consolidate Bikaji’s ownership in Petunt Food. The company earlier held a 51.22 per cent stake in the food processor.
Following the transaction, Bikaji acquired 35,98,998 equity shares with a face value of Rs 10 each, representing the balance 48.78 per cent stake, the company said in a regulatory filing.
Petunt Food Processors has an authorised share capital of Rs 8 crore, comprising 80 lakh equity shares with a face value of Rs 10 each. Its paid-up share capital stands at Rs 7.37 crore, divided into 73,78,098 equity shares.
Bikaji said the acquisition aims to consolidate its shareholding and securing full ownership and operational control of Petunt Food, which plays a key role in the company’s operations in southern India.
Petunt Food Processors manufactures and processes a range of food products, including sweets and namkeen, and undertakes packaging, labelling, grading and distribution of food-related items.
The company reported a turnover of Rs 363 crore in FY2023, while its turnover stood at Rs 52.07 crore in FY2025.
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.
