MAM
PM Modi praises EaseMyTrip co-founder’s optimism on digital India
Mumbai: PM Narendra Modi has applauded EaseMyTrip co-founder Rikant Pittie for his insightful remarks on how digital India initiatives have fostered a thriving Indian startup ecosystem and are poised to accelerate the Viksit Bharat mission. Viksit Bharat 2047 represents the government’s vision to transform the county into a developed entity by its 100th independence in 2047.
Rightly stated by Rikant Pitti! StartUps will surely play pivotal role in building a ‘Viksit Bharat.’ Our focus is on augmenting this ecosystem and giving them the pedestal to shine. https://t.co/X9EsyrX81p
— Narendra Modi (@narendramodi) May 21, 2024
The PM emphasised that startups will play a pivotal role in building a ‘Developed India,’ and the government’s focus will remain on enhancing this ecosystem and providing startups with the platform to excel.
EaseMyTrip co-founder Rikant Pittie said, “There were 450 registered startups in 2018. But today, there are more than 1 lakh startups. The startup ecosystem is growing rapidly. With the Digital India initiative of 2015, internet penetration has increased tremendously. In fact, the Bharat Net Scheme launched by the government has provided 2,50,000 villages with internet. I feel the future of the country is in the hands of technology. Minister of Skill Development and Entrepreneurship, Rajeev Chandrasekhar, also mentioned that India’s digital economy is growing at a rate of 2.8 times. As the digital economy grows, there will be a lot of changes that will come through. I am confident that India will be a developed country even before 2047.”
EaseMyTrip’s positive outlook towards the initiatives of the Government of India aligns with the government’s efforts to bolster the Indian startup ecosystem at the grassroots level. This mutual support system not only fosters growth but also provides a platform for startups to thrive.
Additional Information:
On a recent development, EaseMyTrip was also amongst the few unicorns to have collaborated with Government-led Open Network for Digital Commerce (ONDC) to join its platform, by signing a Letter of Intent (LOI) in the ONDC Startup Mahotsav organised by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC and Startup India.
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.
