MAM
Srikanth Subramanian joins Angel One Wealth Ltd as co-founder & CEO
Mumbai: A group of seasoned wealth managers, collaborate with Angel One as co-founders to lead its private wealth management foray. Srikanth Subramanian has joined as co-founder & CEO of Angel One Wealth Ltd; he comes with more than twenty years of experience in investment and wealth management business. He joins from Kotak Cherry, the digital wealth management arm run by Kotak Mahindra Bank. Other co-founders include Shobhit Mathur and Dharmendra Jain. Shobhit will lead the wealth-tech and customer excellence teams and Dharmendra will bring his strategic expertise in investment solutions and products. The new business leaders will collaborate with Angel One in tapping opportunities in the wealth management space, catering to the growing needs of emerging HNIs and Ultra HNIs.
Angel One Ltd chairman and MD Dinesh Thakkar said, “The wealth management business has witnessed significant growth over the last decade with rising affluents in our country. We believe this space is ripe for a digital disruption. With the addition of such accomplished leaders to our team, we aim to not only accelerate this growth but also enhance our presence in the full-stack financial services space. The expertise of Srikanth and his team aligns seamlessly with this vision of ours. As we navigate the dynamic financial landscape, their strategic contributions will be pivotal in propelling Angel One to new heights.”
Angel One Wealth Ltd co-founder & CEO Srikanth Subramanian said, “I am thrilled to be a part of the Angel One Group and build a tech-led omnichannel wealth management business. The innovative digital approach and established market position perfectly complements our goal of providing comprehensive financial solutions that cater to the evolving landscape of India. We are primed to democratize access to wealth management.”
Angel One Wealth Ltd has an experienced founding team comprising seasoned wealth managers and domain experts in technology, advisory and client engagement. Leveraging our expertise in technology, our platform aims to enhance decision-making on investments. With each of the co-founders having a domain expertise of about two decades and a strong foundation in technology, having built a platform catering to millions of users, the company aims to grow in the wealthtech space.
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.
