Brands
Gems that keep on giving as Maharashtra shines bright
MUMBAI: They say diamonds are forever and at ET Now Swadesh’s first-ever ‘Gems of Maharashtra’ event, it wasn’t just jewels that dazzled. From green steel to gourmet kitchens, education to EVs, the event lit up Mumbai with stories of grit, growth and game-changing ideas.
Held in Mumbai and graced by chief guest Mangal Prabhat Lodha, minister of skills, employment, entrepreneurship and innovation, the event celebrated Maharashtra’s meteoric rise across sectors like real estate, technology, wellness, hospitality, and manufacturing. But beyond the applause and awards, it delivered a powerful message Maharashtra is not just moving forward, it’s charging ahead with purpose.
Speaking at ET Now Swadesh’s ‘Gems of Maharashtra’ event government of Maharashtra minister of skills, employment, entrepreneurship, and innovation chief guest Mangal Prabhat Lodha, said, “India was once known as the ‘Sone Ki Chidiya’ the Golden Bird not because of external wealth, but because of the unstoppable spirit of our people. Today, with over a billion citizens, having just around one lakh people engaged in startups is not enough to reclaim that title. Every Indian must embrace entrepreneurship, it’s not optional, it’s essential. Maharashtra is standing at the edge of a transformation. In the next 15 days, we will unveil a revolutionary Innovation Policy. Alongside it, a 100-acre Innovation City is being developed with 14 buildings, each dedicated to a key sector like AI, pharmaceuticals, and automobiles.”
He further added, “We are also launching a startup education programme to train 1 lakh students by March 2026. Our goal is not just to talk about startups we want them to thrive. We will be providing 1,000 days of handholding, low interest working capital loans, and strong support from industry leaders. Our mission is to foster 27,000 startups not just in cities, but in every corner of Maharashtra, right down to the villages. For women entrepreneurs, we’ve introduced the Ahilyabai Holkar Yojana and are building dedicated Industrial Training Institutes. Additionally, our New Innovation Policy which is yet to be launched, will definitely include focused support for women in startups.”
He also outlined a comprehensive startup support roadmap including 1,000 days of government-backed handholding, low-interest loans, and a new education programme to train one lakh students by March 2026. Special provisions for women founders under the Ahilyabai Holkar Yojana added further weight to his vision of inclusive progress.
The evening spotlighted 31 stellar achievers the real ‘gems’ whose work is reshaping the state’s socioeconomic fabric. From Manoj and Poonam Jha (Kamakhya Jewels) for jewellery manufacturing to Yashraj Peety (SRJ Peety Steels) for green steel innovation, the awards cut across domains and demographics. Notable honourees also included Gopal Dash Baghel for sports leadership, Bhaskar Tare and Parag Dhurke for digital PR, and Annamrita Foundation for nutrition-based social impact.
The event concluded with Lodha unveiling a commemorative coffee table book, capping off an evening where inspiration sparkled as brightly as the trophies.
With this, ET Now Swadesh has firmly planted its flag as not just a chronicler of economic change but a celebrator of the changemakers who fuel it.
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.
