Brands
VIP Industries bags Orient Electric’s former boss as new chief executive
MUMBAI: VIP Industries, India’s largest luggage manufacturer, has appointed Atul Jain as its new chief executive and managing director. Jain previously transformed Orient Electric, where he delivered 60 per cent revenue growth and a 2.5-fold increase in market capitalisation during his six-year tenure.
The executive brings a formidable pedigree in digital transformation and sustainability. At Orient Electric, a CK Birla Group company, he strengthened sales and product teams whilst launching premium offerings and investing in brand-building. His efforts yielded a 400 basis points improvement in margins between 2017 and 2023.
Before Orient Electric, Jain spent six years at Samsung Electronics, rising to global senior director for home appliances with oversight of 20 emerging markets. He also served as country head for consumer electronics in India, where he grew the durables business at double the industry rate.
His career spans blue-chip companies including a stint as chief operating officer at Chinese technology firm LeEco. Earlier roles included chief marketing officer at Bharti Airtel and brand manager at Coca-Cola.
Jain has been an active angel investor since 2016, backing startups in consumer goods, education technology and sustainability. He also served as chairman of the Indian Fan Manufacturers’ Association from 2019 to 2021.
VIP Industries, known for its Skybags and Aristocrat brands, has been seeking to revitalise its business as travel demand rebounds post-pandemic. The company’s shares have gained 12 per cent this year but remain below pre-Covid levels.
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.
