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livemint.com / 2 months ago
Wipro to lose upto $100mn business as Accenture wins work from cosmetics major Estée Lauder
Wipro Ltd faces an annual dent up to $100 million as American cosmetics brand, Estée Lauder, has shifted the Bengaluru tech services company's share of work in a half-billion dollar, five-year deal to Accenture Plc.This latest development raises questions on chief executive officer (CEO) Srini Pallia's turnaround plan and growth at Wipro, as outsourcers pivot towards generative artificial intelligence, or GenAI, solutions, analysts said.According to four people in the know, Accenture will now handle key IT functions of The Estée Lauder Companies Inc including finance, database management, and back-end management for the New York-based cosmetics company.Early in February, Estée Lauder had announced the Accenture contract but there was no information on that business moving away from Wipro.“In the second quarter, we've established our new Enterprise Business Services, selecting Accenture to transform how we deliver shared services globally as we accelerate the deployment of AI throughout the organization,” said Stéphane de la Faverie, chief executive of Estée Lauder, during the company’s post earnings conference call on 5 February.Emails sent to Wipro and Estée Lauder on Monday went unanswered.Mint learns that much of the work awarded to Accenture was part of a February 2021 deal won by Wipro. The Bengaluru company had reportedly bagged the $500 million contract with Estée Lauder, which was supposed to run for five years.
This translates to $100 million on a yearly basis.“Tech transfer work to Accenture is going on in many units and this work will go on until July,” said one of the four executives with knowledge of the matter. This person and the other three executives wanted to stay unnamed.Wipro CEO Pallia was credited
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