24, Jul 2024
Alipay+ Expands to Serve 90 Million Global Merchants in 2024 Summer Campaign Following UEFA EURO Craze
July 24, 2024,Singapore : Over 30% increase in tourists paying with their preferred home payment app in Europe via Alipay+ during UEFA EURO 2024
Alipay+ continues to work with global merchants to welcome cross-border travelers with a series of promotions, tax refund services
Alipay+ global merchant coverage has grown to 90 million, connecting them to users of more than 30 Alipay+ payment partners, enabling more businesses to benefit from travel peaks as tourism regains pre-pandemic levels
Alipay+, the cross-border mobile payment and digitalization solutions operated by Ant International, continued its global summer campaign, which was kicked off by UEFA EURO 2024, in preparation for the travel industry’s full rebound by the end of 20241.
Alipay+ is the Official Payment Partner of the UEFA EURO 2024™, and connects leading e-wallets and bank apps, including European partners like Bluecode and Tinaba, to 400,000 merchants across Europe. During EURO 2024 from 14 June to 14 July:
Alipay+ merchants in Europe saw a year-on-year increase of 27% in terms of transactions made from its partner e-wallets, many of which are mobile payment leaders in Asia. The number of tourists who paid with their preferred home payment app via Alipay+ rose by over 30% during the championship period.
Mobile-savvy travelers from the Chinese Mainland, Hong Kong SAR, Europe, Malaysia and South Korea lead the European travel craze in terms of the number of transactions and total spending.
While retail remains the most popular activity, travelers also pay with their home payment apps via Alipay+ at pharmacies and attractions, as Alipay+ increases its coverage in essential travel scenarios.
Cross-border consumption rose with varied user and merchant campaigns across UEFA EURO host cities like Berlin and Munich. In Germany, Alipay+ transactions increased by more than 73%, with a 40% increase in the number of merchants accepting an Alipay+ transaction, compared to the year before.
“The surge in Alipay+ transactions during UEFA EURO 2024 shows the power of sports and major events to unite people and drive cross-border tourism,” said Douglas Feagin, President of Ant International. “European merchants and partners embraced new digital payment trends with remarkable openness and agility. At Ant International, we will continue to expand merchant coverage for consumers and bring more international businesses to the doors of global SMEs.”
Alipay+ turns the heat up with global summer campaign
This summer, tourists will be able to pay with their preferred payment apps via Alipay+ at more than 90 million global merchants in 66 markets as Alipay+ merchant coverage continues to grow, connecting them to users of more than 30 payment partners.
With Europe expected to be one of the top destinations during summer, Alipay+ will continue its momentum from its UEFA EURO 2024 drive, with more joint campaigns with partners to promote usage of their home payment apps in Europe, and offering exclusive promotions at leading merchants, particularly in key destinations like the UK, France, Italy, Spain and Germany.
Besides retailers, Alipay+ is also working with local partners to ensure more local businesses can benefit. For example, tourists can enjoy special deals at many small shops in Chinatown in Milan, with more small businesses across Europe to be progressively onboarded. Alipay+ is also adding more digital conveniences for tourists through its recent integration with the taxi app FREENOW, available in 7 European countries, and partnerships for digital tax refunds. The latter allows Chinese tourists to receive instant tax refunds on their Alipay app in-store.
In Japan, where more than 2 million merchants accept Alipay+, tourists from the Chinese mainland, Hong Kong SAR, the Philippines, South Korea, Malaysia, and Thailand can enjoy special discounts at 300,000 merchants across the country, including airport shops, department stores, premium shopping malls, convenience store chains, electronics and appliances retailers, and health and beauty shops.
In South Korea, Alipay+ is rolling out summer promotions with leading retailers, theme parks, traditional market and transportation providers, including duty-free stores and department stores operated by Hyundai, Shilla, Shinsegae, Lotte World, ZeroPay Jeju market and Olive Young, for users of AlipayHK, GCash, Touch ‘n Go eWallet and TrueMoney.
Alipay+ expanded its acceptance for transportation in South Korea, making it easier for tourists to travel around. In Jeju, users of Alipay+ partners, including Alipay, AlipayHK, GCash, Touch ’n Go eWallet and TrueMoney, can simply use their own payment apps to pay for bus rides. The convenience extends beyond local transportation. Chinese tourists can book train tickets to travel across the country through a dedicated mini-program operated by Korail within the Alipay app.
Through its collaboration with ZeroPay, South Korea’s national QR standard, Alipay+ is accepted by more than 1.9 million merchants.
Alipay+ and its partners continue to make travel more seamless in the Chinese mainland, including the recent expansion of the International Consumer-Friendly Zone Program to Chengdu and Chongqing, as well as Beijing, Guangzhou, and Shanghai. Tourists visiting the Chinese mainland can pay across more than 80 million merchants by linking their international credit cards to the Alipay app or via 12 other Alipay+ partner payment methods.
In Southeast Asia (SEA), where Alipay+ is widely accepted, users of AlipayHK, Touch ’n Go eWallet, GCash and TrueMoney can purchase discounted travel packs for use at all Alipay+ merchants in the region. Through its partnership with national QRs in Singapore and Malaysia, Alipay+ merchants in the region include many micro and small merchants like hawker stalls in Singapore, that will allow tourists to truly ‘travel like a local’.
With SEA being a popular destination for Chinese tourists, Alipay+ is introducing more innovation and campaigns via Alipay, one of its payment partners, including exclusive campaigns with more than 30 of the most popular retailers – including Central Retail, The Mall Group and King Power in Thailand, Pavilion and Sunway Velocity in Malaysia, and Jewel, Resorts Word Sentosa and Mandai in Singapore.
Additionally, in Thailand, the top SEA destination for Chinese tourists, Alipay+ is enhancing its Alipay+ D-hub and Amazing Thailand e-card – a joint digital travel innovation with the Tourism Authority of Thailand – within the Alipay app, to promote more cities, more merchants and offer more discounts.
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- By Rabindra
24, Jul 2024
DCO Calls for Urgent Discussions with Member States, Digital Experts to Address Recent Global IT Outage’s Implications
July 24, 2024,Riyadh, Saudi Arabia : The Digital Cooperation Organization’s (DCO) General Secretariat said in a statement that it will hold urgent discussions with its Member States and digital economy experts to address the implications of the global IT outage that disrupted vital operations around the world, affecting critical business sectors like aviation, banking, broadcast media, software providers, and more.
The DCO General Secretariat states that “the high level of impact the world witnessed as a result of the unfortunate outage is alarming and indicates the dire need for a more effective and agile international digital cooperation.” The incident raised questions on continuity and sustainability in a world rapidly moving towards being highly dependent on digital channels and platforms. It is very crucial that the international community develops proper policies and protocols to mitigate the risks of such incidents and ensure the continuity of essential operations.
To this end, the DCO General Secretariat has called for an urgent deliberation for its Member States and digital economy experts to capture the lessons learned from this incident, assess its impact on national digital transformation plans in Member States, and plan practical steps to ensure that relevant stakeholders across sectors are aligned and ready to deal with such mishaps.
24, Jul 2024
People, Passion, Planet: Mary Kay Releases 2024 Sustainability Report
July 24, 2024,Dallas, United States : Mary Kay Inc., a global leader in corporate sustainability and advocacy, today released its 2024 Sustainability Report. The report—which is organized by environmental, social, and economic impact—underscores the company’s commitment to creating and nurturing a business model that enriches women’s lives and supports communities while protecting our planet.
“Sustainability has deep roots in the Mary Kay story,” said Deborah Gibbins, Chief Operating Officer at Mary Kay Inc. “We like to say we did it before it was ‘cool.’ Our iconic founder, Mary Kay Ash, was passionate about not only changing the world, but protecting it. I’m proud of the work we’ve accomplished this year—and every year—in realizing her dream. I think she would be proud, too.”
In a world that is rapidly evolving, Mary Kay stands at the forefront of change, championing the cause of women while recognizing the immense power they hold in shaping our global economy and driving meaningful change.
The 2024 report highlights Mary Kay’s promise to make decisions that are right for our planet and its people:
Environmental Sustainability
Water Stewardship: Partnering with The Nature Conservancy for over 36 years, Mary Kay supports the “Super Reefs” initiative to protect resilient coral reefs.
Resource Conservation: Through a 16-year partnership with the Arbor Day Foundation, Mary Kay has supported the planting of over 1.4 million trees in reforestation projects across nine countries.
Sustainable Sourcing: Joining the Global Shea Alliance, Mary Kay promotes economic well-being for the 16 million women Shea collectors in West Africa.
Social Sustainability
Pink Changing Lives: Through this program, funded by designated product sales, Mary Kay has donated over $18 million to initiatives enriching women’s lives worldwide since 2008.
Women’s Empowerment: On International Women’s Day, Mary Kay joined the Women’s Empowerment Principles (WEPs), a set of Principles offering guidance to businesses on how to advance gender equality and women’s empowerment in the workplace, marketplace, and community. More than 600,000 women have benefitted from the trainings, events, and programs offered by the Women’s Entrepreneurship Accelerator, launched by Mary Kay in partnership with six United Nations agencies in 2019.
Fostering Women in STEM: Committed to the development of the next generation of women STEM leaders, Mary Kay has awarded 29 grants totaling nearly $195,000 since 2020.
Economic Sustainability
Celebrating 60 years: Mary Kay Ash’s vision of enriching women’s lives continues. Mary Kay, still family-owned and -led, has blossomed into a global brand with nearly 4,000 employees and millions of Mary Kay Independent Beauty Consultants in more than 35 markets. For more than 60 years, Mary Kay has provided an unparalleled entrepreneurship opportunity for women around the world. The company was named the #1 Direct Selling brand of Skin Care and Color Cosmetics in the World by Euromonitor International1.
Digital Innovation: Mary Kay enhances the capabilities of Independent Beauty Consultants through digital tools, including augmented reality apps and the Interactive Catalog, allowing them to excel in their businesses and realize their dreams.
Advocacy for Gender Equality in AI: Partnering with the Equal Rights Trust, Mary Kay pioneered research to eliminate gender bias in AI technologies.
24, Jul 2024
McAfee and Samsung Extend Partnership for 10th Year, Expand AI-Powered Online Protection for Samsung Customers Around the Globe via Galaxy Store
July 24, 2024,San Jose, Calif., United States : Samsung Galaxy devices now come equipped with McAfee’s patented and powerful AI-powered scam protection technology that safeguards against the surge in AI-generated phishing scams.
McAfee expands online protection for Samsung Galaxy mobile devices, including access to McAfee Security with McAfee Scam Protection™.
Decade-long partnership extended to include AI-powered McAfee Security in the Samsung Galaxy Store in 98 markets.
Today, McAfee Corp., a global leader in online protection, announced the extension of its ten-year partnership with Samsung, enabling enhanced protection for online threats to consumers’ privacy, identity and personal information.
Now, Samsung mobile devices, including the Galaxy S24 Ultra, Galaxy S24, Galaxy S24+, Galaxy Tab S9 series, Galaxy Z Flip6, and Galaxy Z Fold6, come with the Galaxy Store pre-installed. This is where users can download and use the McAfee Security app* that includes McAfee Scam Protection™, the company’s patented AI technology that automatically identifies and alerts you if it detects a dangerous URL in your text messages. It also proactively blocks risky sites if you accidentally click on a scam link in a text, email, social media post, and more.
In addition to being available on consumer Galaxy phones and tablets, McAfee Security is now available for purchase for existing customers in 98 markets via the Galaxy Store. Consumers can easily buy and install the app on their Samsung mobile device, ensuring uninterrupted online protection. This is particularly important at a time when, with the rise of AI, cybercriminals are creating more convincing, personalized scams at scale, making it harder than ever for consumers to know what content to trust: 50% of mobile phone users say AI has made it harder for them to spot online scams and 39% of respondents admit to having clicked on text scam messages, such as a suspicious text from an unknown number or a fake package delivery text.**
These capabilities also help address key consumer concerns: according to McAfee’s recent Mobile Threat Survey, 90% of people globally are concerned about protecting their online privacy and identity when using their mobile phone. To further combat this concern in the age of AI, the latest Galaxy devices also come equipped with Advanced Intelligence settings***, giving users full control over how much they allow their data to enhance AI experiences by disabling online data processing.
“Our continued partnership with Samsung helps us do what matters most: protect more people so they can live their lives online with confidence,” said Pedro Gutierrez, Senior Vice President at McAfee. “With the introduction of Samsung’s new mobile AI experience and McAfee’s continued focus on using AI to fight against AI scams, we’re thrilled to continue our partnership.”
Samsung Galaxy devices, including the Galaxy S24 series, Galaxy Tab S9 series, Galaxy Z Flip6, and Galaxy Z Fold6, now offer McAfee Security with McAfee Scam Protection™ available at a special price through the pre-installed Galaxy Store app. This wide range of available devices with McAfee online protection solutions helps give users comprehensive protection against evolving online threats.
24, Jul 2024
CSC and Palo Alto Networks Join Forces to Fortify Domain Security for Cortex XSOAR, XSIAM, and XPANSE Users and CSC Domain Registrar Clients
July 24, 2024,Wilmington, Del., United States : CSC, an enterprise-class domain registrar and world leader in mitigating domain security, domain name system (DNS), and digital brand threats, today announces a technical collaboration with Palo Alto Networks to boost domain security for users of Palo Alto Network’s Cortex XSOAR, XSIAM, and XPANSE solutions and for CSC’s domain registrar clients. Under this collaboration, CSC will use domain name, DNS, and secure sockets layer (SSL) portfolio data—in conjunction with intelligence and capabilities within Cortex—to contextualize risks and facilitate the remediation of threats.
This new integration pack for our CSCDomainManager℠ application programming interface (API) is now available for download via the Cortex marketplace. As part of the relationship, joint Cortex and CSC clients can also benefit from a complimentary, defined package of domain name and URL phishing takedowns that target corporate domain name portfolios. This will help secure clients against threat vectors targeting their brands online—working to fortify their overall security posture.
“Given the increasing threats faced by organizations and their consumers due to brand impersonation and other DNS security issues, we’re excited to extend CSC’s robust data sets and solutions to our clients conveniently through their existing Cortex products. Going after malicious actors at their root via takedowns and ensuring proper DNS security to prevent hijacking and other risks are powerful proactive steps to prevent damaging security incidents,” says Andrew Scott, director of product at Palo Alto Networks.
“CSC detects domain threats, online brand and DNS abuse, and fraud to protect companies from cyberattacks caused by compromised or fraudulent domains,” says Mark Calandra, president of CSC’s Digital Brand Services division. “Our inclusion in the Cortex marketplace is a testament to our capabilities and in-depth knowledge of the domain security landscape and boosts the visibility of our services by seamlessly integrating into the workflow of users focused on optimizing their cybersecurity posture.”
“In today’s ever-evolving cybersecurity landscape, integrating robust domain security and brand protection measures is not just a necessity, but a strategic imperative. Our collaboration with Palo Alto Networks exemplifies our commitment to delivering a comprehensive security posture that address the blended threats our clients face,” says Ihab Shraim, chief technology officer at CSC’s Digital Brand Services. “By leveraging advanced intelligence and capabilities, we empower businesses to proactively defend against domain-related cyber threats and ensure the integrity of their digital brand presence.”
Key benefits of the CSC and Cortex integration include:
Cortex XSOAR: Automates threat detection and incident response, simplifying management of domain-related security.
Cortex XSIAM: Analyzes data to identify vulnerabilities and enhances proactive threat mitigation strategies.
Cortex XPANSE: Provides visibility into and secures internet-facing assets, improving detection of vulnerable domains.
CSC Enhanced Domain Registrar Security: Strengthens defenses against hijacking, phishing and cyber threats. Implements continuous monitoring to protect against evolving domain security threats.
This partnership underscores the commitment of both CSC and Palo Alto Networks to deliver state-of-the-art security solutions, ensuring the safety and integrity of digital assets for their clients.
24, Jul 2024
79th National Garment Fair by CMAI in Mumbai Inaugurated by Seerna Rajamouli, of R S Brothers, South India’s leading Retail Group
Mumbai, July 24, 2024: The 79th National Garment Fair (NGF) 2024 organised by the Clothing Manufacturers Association of India (CMAI), was inaugurated by Seerna Rajamouli of R S Brothers, South India’s leading Retail Group on 23rd July in the august presence of industry leaders, apparel manufacturers, retailers, distributors and other industry members at the Bombay Exhibition Centre, Goregaon and Jio World Convention Centre, BKC.
79th NGF is showcasing more than 1300 apparel brands within an expansive 1 million square feet of exhibition space spread across two venues – Men’s Wear, Women’s Wear and Accessories at the Bombay Exhibition Centre, Goregaon, and Kids Wear at the Jio Convention Centre, BKC over the next four days from 23rd to 26th July 2024 featuring a diverse range for collections for the largest assembly of retailers and distributors from across India.
CMAI dignitaries present at the inauguration included, Rajesh Masand – President, Rohit Munjal -Vice President & Chairman-NGF, Santosh Katariya – Hon. General Secretary, Ankur Gadia – Hon. Treasurer, Anand Choksi, Jt. Chairman-NGF and Rahul Mehta, Chief Mentor among other office bearers and managing committee members.
Speaking about the domestic apparel market, Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI), said, “The apparel industry is optimistic about the upcoming festive season. Along with showcasing the vibrant and diverse offerings of apparel brands, the National Garment Fair highlights the industry’s resilience after a tepid demand since last two years. This NGF provides an unparalleled platform for brands and manufacturers to showcase their latest collections and innovations. As the country gears up for a season of celebration, NGF serves as a crucial hub for retailers and buyers to source the finest apparel, ensuring that end consumers have access to a wide range of stylish options.”
Speaking at the inauguration, Seerna Rajamouli, R S Brothers said, “The fashion industry is at a fascinating intersection of form and function. The consumers need clothing, true, but there is also a deeply psychological aspect to the clothes they wear and the ways the apparel industry influences consumers to purchase their brand over. We are amazed with the positive energy at the fair and impressed to see vast variety of collections that is on display at both the fair venues. Indeed, its the perfect sourcing platform for our buying teams who are present here.”
About the business prospects at NGF, Rohit Munjal, Vice President & Chairman-NGF, Clothing Manufacturers Association of India (CMAI) said, “The 79th National Garment Fair is a testament to our commitment to present innovation, fashion and trends which foster connections in the apparel industry. Trade visitors will have the opportunity to explore collections from over 1300 brands across Men’s Wear, Women’s Wear, Kids Wear, and Accessories. We look forward to a successful event that continues to drive growth and opportunity.”
Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India (CMAI), expressed, “Looking ahead to the upcoming festive season, all stakeholders present here anticipate growth in both volume and profits. The initial response has been buoyant and we are optimistic about a successful festive quarter for the apparel industry.”
The National Garment Fair (NGF) by CMAI has successfully delivered 78 editions previously and stands as the premier trade fair in the Indian apparel industry. This biannual show serves as a key platform, bringing together national and regional brands, manufacturers, designers, and fashion accessories producers with retailers, agents, distributors, and e-commerce companies. Renowned for its prestige and effectiveness, the NGF offers a comprehensive sourcing platform that optimises both time and cost efficiency.
The domestic apparel market is projected to reach USD 105.50 billion in 2024 with an anticipated annual growth rate of 3.81% from 2024 to 2028.
About CMAI
The Clothing Manufacturers Association of India (CMAI) is the most representative association of the Indian apparel industry having over 5000 members and serving more than 25,000 Retailers. Its Membership consists of Manufacturers, Exporters, Brands, and ancillary industry.
CMAI advocates regarding policies and also guides and encourages its members on ESG related matters and initiatives. In 2019, CMAI launched the SU.RE initiative to encourage members to embrace sustainability.
Established sixty one years ago, CMAI has contributed immensely towards development of the industry. In 1978, CMAI had led the creation of the Apparel Export Promotion Council (AEPC). CMAI is also authorised by the Government of India to issue Certificate of Origin (Non-Preferential) to Exporters.
CMAI is the only Indian Association that represents the entire Indian Apparel Industry & Trade on prestigious international forums such as International Apparel Federation (IAF) headquartered in Netherlands.
Visit: www.cmai.in | Follow Twitter: @CMAI_Official
24, Jul 2024
Laserfiche Global Headquarters Achieves LEED Silver Certification
July 24, 2024,Long Beach, Calif., United States : Laserfiche — the leading SaaS provider of intelligent content management and business process automation — announced today that its Long Beach-based global headquarters has been awarded LEED Silver certification. LEED (Leadership in Energy and Environmental Design), developed by the U.S. Green Building Council (USGBC), is the most widely used green building rating system in the world and an international symbol of excellence. Laserfiche achieved LEED Silver certification for implementing practical and measurable strategies and solutions in areas including sustainable site development, energy efficiency, materials selection, and indoor environmental quality.
The Laserfiche headquarters project integrated sustainability and environmental practices into the construction and overall design from its inception. The site, located on a corner block of Long Beach Boulevard near the 405 freeway, was once the location of eight formerly active oil wells and widely considered undevelopable. A full remediation restored the soil and groundwater environment in preparation for construction.
Reinforcing sustainable practices beyond site remediation, Laserfiche selected low-carbon and chemically transparent building materials. During construction, Laserfiche achieved an 85% construction waste diversion rate, translating to 80 tons of CO2 saved from emissions — equivalent to an energy offset of 10 single family houses for a full year.
Design and construction followed principles of biophilic design, which focuses on incorporating elements of the natural world that contribute to human health, wellness and productivity. The office optimizes energy efficiency and thermal comfort while maximizing daylight throughout, providing well-lit workspaces and access to outdoor areas, including communal patios.
“Achieving LEED status with our global headquarters demonstrates Laserfiche’s deep commitment to our employees and the wider Laserfiche community,” says Karl Chan, chief executive officer at Laserfiche. “As one of the first global technology companies to establish a headquarters in Long Beach, we’re excited to deepen our connection to the city and region. We look forward to continuing to model innovation in our product development as well as our workplace.”
“Achieving LEED certification is more than just implementing sustainable practices. It represents a commitment to making the world a better place and influencing others to do better,” said Peter Templeton, president and CEO, USGBC. “Given the extraordinary importance of climate protection and the central role buildings play in that effort, Laserfiche’s Global Headquarters is creating a path forward through their LEED certification.”
24, Jul 2024
SLB to Accelerate Co-Development of AI-Driven Digital Platform for Aker BP
July 24, 2024,Houston, United States : SLB and Aker BP today announced they have agreed a long-term partnership to co-develop an AI-driven digital platform for Aker BP to accelerate innovation and deliver substantial efficiency improvements across the company’s E&P operations. The new platform will leverage the Delfi™ digital platform to enable new digital solutions in the cloud for Aker BP.
“By co-developing AI-powered digital technologies, we will transform Aker BP’s subsurface workflows, accelerating planning cycles, increasing production, and reducing costs across their entire E&P life cycle,” said Rakesh Jaggi, President, Digital & Integration, SLB. “We have made a long-term commitment with Aker BP to continuously improve the subsurface part of their platform, driving constant efficiency optimization and more sustainable energy production.”
The partners will transition Aker BP’s current application portfolio to the cloud and create one integrated platform for subsurface workflows. The high-performance computing speed of the cloud will enable the platform to leverage advanced AI and domain expertise from SLB and Aker BP to reveal new insights from previously untapped data, driving substantial efficiency and performance improvements.
“The platform we develop in partnership with SLB is a key step in realizing our strategy to build the E&P company of the future and cement our position as a digital leader,” said Per Øyvind Seljebotn, SVP Exploration & Reservoir Development, Aker BP. “Leveraging the cloud for data-driven subsurface workflows will increase efficiency and value creation, while helping to lower the environmental impact from our fields and discoveries.”
An essential part of enabling AI-driven workflows is establishing a unified data environment. The new platform builds on SLB’s commitment to the Open Group’s OSDU® Technical Standard and close integration with Microsoft’s Azure Data Manager for Energy.
“Moving to the Delfi platform is a big step forward on our data-driven journey. The use of Azure Data Manager for Energy, a strong and open collaboration with our digital ecosystem, and a high ambition to leverage GenAI are key benefits in this partnership with SLB,” said Paula Doyle, Chief Digital Officer, Aker BP.
24, Jul 2024
The Estee Lauder Companies Names Akhil Shrivastava as Executive Vice President and Chief Financial Officer Effective November 1, 2024
July 24, 2024,New York, United States : The Estée Lauder Companies Inc. (NYSE: EL) (“ELC” or “the Company”) today announced that Akhil Shrivastava has been appointed Executive Vice President and Chief Financial Officer, succeeding Tracey T. Travis, whose intention to retire was announced on July 11, 2024. Akhil will report to William P. Lauder, Executive Chairman, and Fabrizio Freda, President and Chief Executive Officer, consistent with the reporting structure for Tracey.
Akhil will assume his new role effective November 1, 2024. Tracey will remain at the Company until her retirement on June 30, 2025 to support a seamless transition.
“With over 25 years of extensive financial and leadership experience, Akhil is an exceptional and capable leader whose financial and strategic expertise and insights have been important in supporting the Company over the past several years, and he will be instrumental in driving forward our strategic direction and decisions,” said Fabrizio Freda. “I look forward to partnering with Akhil as we continue to rebuild stronger, more sustainable profitability and sales growth acceleration across the business.”
In his new role as Chief Financial Officer, Akhil will be responsible for the Company’s Global Finance, Accounting, Tax, Treasury, Investor Relations and New Business Development organizations. He will lead ELC’s Global Finance & Strategy (F&S) organization and will continue to cultivate and strengthen the tremendously talented Finance & Strategy Team, continuing to imbue agility and consumer-focus across the organization to drive sustainable value creation, governance, and strategic business objectives and priorities for the long-term.
Since joining ELC in 2015, Akhil has held several senior finance roles within the Company. He was recently named ELC’s Senior Vice President, Corporate Controller, a role that oversees Corporate Accounting and Financial Planning & Analysis, the International and Online Finance organizations, Pricing and Value Chain Finance, serving on both the Finance & Strategy Leadership Team and Executive Leadership Team. He also oversees the Operational Excellence pillar as part of the Profit Recovery and Growth Plan focused on driving strong inventory, cash, and cost improvements for the Company. Prior to his current role, he was Senior Vice President, Treasurer, where he was responsible for core Treasury functions, the Enterprise Risk Program, Real Estate, and oversight of the Company’s retirement funds.
Akhil will serve as a member of several of ELC’s senior management leadership groups including the Executive Leadership Team, Investment Development Committee, Fiduciary Investment Committee, and Corporate Risk Management Committee. In some cases, his membership will continue, and, in others, he will be a new member.
“Akhil has demonstrated his capabilities as a transformational, visionary, and collaborative leader who combines finance and strategy with an appreciation for the creativity within our business and our brands with consumers at the heart,” said William P. Lauder. “He also has a keen ability to cultivate high-performing teams and organizations and will continue to strengthen the tremendously talented Finance & Strategy organization, which will be instrumental in continuing to drive our strategic business objectives and priorities for the long-term.”
Akhil first joined ELC in 2015 as Vice President, Global Finance & Strategy for the Estée Lauder brand and was then appointed to the role of Senior Vice President, Global Finance & Strategy for Jane Hertzmark Hudis’ Brand Cluster in January 2019, where he provided strategic leadership and financial guidance while maximizing business and transformational opportunities across the brand cluster. Specifically, he helped allocate resources to support and promote the best growth opportunities from a consumer, sub-category, geography, and channel perspective.
He has also served as a valued member of many key enterprise initiatives at the Company, providing strategic financial direction for projects which include transforming ELC’s planning processes and capabilities to support the end-to-end business from consumer demand to delivery.
“With its leading portfolio of iconic brands, extensive global reach, and impressively talented people, I am honored to lead the Global Finance team,” said Akhil Shrivastava. “I look forward to helping to advance the Company’s multiple engines of growth to rebuild stronger, more sustainable profitability and support sales growth acceleration across brands, product categories, and regions while evolving the business for the future.”
Before joining The Estée Lauder Companies, Akhil spent eighteen years at Procter & Gamble, where he served in several finance and leadership roles across Asia, North America, and the global businesses, including Finance Director for Gillette, North America.
Akhil is a graduate of Engineering College in Rewa, India and has a Master’s Degree in Finance and Control from Delhi University.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include the various quotations related to rebuilding profitability and sales growth and the future of the finance and strategy function. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, actual results may differ materially from the Company’s expectations. Factors that could cause actual results to differ from expectations include the ability to successfully implement the Company’s profit recovery and growth plan and those described in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2023. The Company assumes no responsibility to update forward-looking statements made herein or otherwise.
24, Jul 2024
Budget response from Dr Narayana Subramaniam
Fillip to cancer patients
India is considered to be the “cancer capital” of the world
Three cancer drugs were exempted from customs duty while reducing the levy on x-ray tubes and flat panel detectors used in x-ray machines from 15% to 5%. Lung cancer is the second leading cause of cancer deaths among men and it is affecting younger age groups now. Targeted therapy drugs, which cost around Rs 5 lakh a month, are holding out hope for patients as they prolong life by precisely identifying and inhibiting the growth of cancer cells. They are better than other cancer therapies.
By reducing the financial burden on the patients, this move is expected to improve access to advanced cancer treatments. Dr Narayana Subramaniam, Senior Consultant and Director, Head and Neck Surgery and Director of Clinical Innovation at Sparsh Hospitals, in Bengaluru. said, “Cancer treatment often involves a significant financial burden for patients and their families. By exempting the drugs from customs duty, the government has taken a concrete step towards alleviating this burden, making essential medications more affordable for those in need across the country”
About Dr Narayana Subramaniam
Dr. Narayana Subramaniam is a national and international award-winning head and neck oncology and reconstructive surgeon. His expertise lies in ablative surgery of the oral cavity, oropharynx, salivary glands, thyroid, larynx, pharynx, sinonasal cavity and anterior skull base, with significant experience in a salvage (post-radiotherapy) and re-operative setting. He also performs regional and microvascular (free) flap reconstruction, with a special interest in facial nerve reanimation, prefabricated dental rehabilitation (jaw-in-a-day) and secondary reconstruction (delayed reconstruction of post-cancer defects).
Passionate about research, he has written a popular textbook on head and neck cancer, published over one hundred and twenty articles and/or book chapters (h-index 14), and given over one hundred talks and lectures in national and international forums. He has trained over 25 fellows from 6 countries and was designated a Professor by the Rajiv Gandhi University of Health Sciences.
