MAM
JSW Sports and SRFI sign MoU to serve three more squash tourneys
MUMBAI: JSW Sports and the Squash Rackets Federation of India (SRFI) have struck a deal that’s set to turn India into a squash hotspot, announcing three more international tournaments on home soil. Fresh off the heels of the JSW Indian Open in Mumbai, where Anahat Singh reigned supreme, this partnership is serving up a volley of excitement.
The landmark memorandum of understanding (MoU), signed by SRFI patron N Ramachandran and Inspire Institute of Sport and JSW Sports founder & director Parth Jindal guarantees three years of world-class squash action, with Mumbai, New Delhi, and Chennai set to host the PSA Squash Copper tournaments.
This isn’t just about tournaments; it’s about nurturing talent. The partnership will bring in top-tier coaches to work with Indian players, giving them a fighting chance against the world’s best as they eye the Los Angeles 2028 Summer Olympics. With six players already in the top 100 world rankings, Indian squash is ready to make a racket.
Parth Jindal, ever the sports enthusiast, declared, “We at JSW Sports are whole-heartedly standing in support of squash as we march on towards the Los Angeles Olympic Games in 2028. The idea is to bring high quality squash to the country as Indian players prepare for the ultimate dream.”
N Ramachandran, equally enthusiastic, added, “We are delighted to be partnering with JSW Sports, they have been one of the pioneers in terms of working towards a robust sporting ecosystem in the country. The aim of this initiative is solely to give our Indian squash players a good platform to participate in as they keep one eye on the Olympics. The SRFI is very excited for what’s in store in the next few years. May this lay the foundations for an Olympic medal in squash for India.”
JSW Sports, known for its support of various sporting ventures, including JSW Bengaluru FC and the Delhi Capitals, is now adding squash to its roster. With the Inspire Institute of Sport already making waves, this partnership is set to be a smash hit for Indian squash.
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.
