Brands
Hyatt chairman Thomas Pritzker to step down over Epstein ties
Thomas Pritzker admits terrible judgment regarding past associations
CHICAGO: Thomas Pritzker, the long-standing executive chairman of Hyatt Hotels, has announced he will step down from his role and will not seek re-election to the company board in 2026. The decision marks the end of an era for the hospitality giant, which Pritzker has led for over two decades.
The departure follows Pritzker’s public admission regarding his previous links to Jeffrey Epstein and Ghislaine Maxwell. In a statement addressing his resignation, Pritzker expressed deep regret over the association, acknowledging that his failure to distance himself from the pair sooner was a significant lapse.
Pritzker framed his exit as a necessary step to protect the Hyatt brand. He stated that maintaining contact with Epstein, a convicted sex offender, and his associate Maxwell demonstrated “terrible judgment” for which there was “no excuse.”
The move comes amid ongoing scrutiny of high-profile figures in business and politics. Since Epstein’s 2019 arrest and subsequent death, a vast cache of Justice Department documents has detailed his extensive connections to global elites, many of whom continued their associations after his initial 2008 conviction.
Pritzker has served as executive chairman since 2004, guiding the hotel group through major transformation. He led the company’s public offering and shifted to an “asset-light” model, focusing on management and franchising. He also navigated the company through the challenges of the Covid-19 pandemic, showing strategic foresight.
While Pritzker highlighted the growth and resilience of the company under his leadership, the controversy surrounding his personal associations has made his continued presence on the board untenable.
As Hyatt prepares for a future without its long-time leader, the focus will likely shift to ensuring the transition does not disrupt the company’s current momentum. Pritzker will remain in his position until the 2026 board changes take effect.
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
