Fashion giant Marks & Spencer strengthens Indian presence with first store in Siliguri

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November 28, 2023

Fashion retailer Marks & Spencer (M&S) has announced the opening of its first store in the city of Siliguri, West Bengal, at Vega Circle Mall, through social media.

“Siliguri, Say Hello to M&S! The wait is over – Marks & Spencer has officially landed in your town,” said the LinkedIn post.

“We are thrilled to announce the grand opening of our first-ever Marks & Spencer store in the vibrant city of Siliguri,” the post added.

The British brand made its foray into the Indian market in 2001 and established a joint venture with Reliance Retail in 2008, giving rise to Marks and Spencer Reliance India Private Limited. This entity currently manages three additional stores in Kolkata, West Bengal. The brand has expanded its presence to encompass over six stores, serving the eastern regions of India, including Assam, West Bengal, and Jharkhand.

The addition of the new store will bring M&S’s total to approximately 107 stores across 33 cities in India, as stated on the company’s official website. This expansion underscores the company’s recognition of India as a highly significant market. M&S currently boasts a workforce of over 1,900 colleagues dedicated to supporting both its offline and online customer channels, as indicated on its official LinkedIn profile.

Headquartered in Paddington, London, M&S opened its first store in 1884 and was founded by Michael Marks and Thomas Spencer in Leeds. As of 2023, there are over 1,064 stores located in the UK, and over 452 other store locations situated around the world, according to a report by Statista. Across its worldwide operations, the company employs over 66,000 people, the majority of whom are women.

FAT Brands to sweeten Texas with ten co-branded stores across the state

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November 28, 2023

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FAT Brands, the umbrella organization overseeing restaurant concepts such as Great American Cookies and Marble Slab Creamery, has recently entered into two development agreements. These agreements aim to establish a total of ten co-branded stores in various locations across Texas, USA.

Over the upcoming five years, co-branded establishments featuring Great American Cookies and Marble Slab Creamery will be introduced throughout the state.

Marble Slab Creamery provides a diverse range of offerings, including ice cream cakes, shakes available in various flavors, and handcrafted, small-batch ice cream with complimentary and unlimited mix-ins.

Great American Cookies’ menu features delectable items such as brownies and double doozies – cookies with a layer of frosting sandwiched between them.

FAT Brands chief development officer Taylor Wiederhorn stated, “Both Great American Cookies and Marble Slab Creamery have become a go-to destination for sweets in Texas.

“At FAT Brands, we continue to see strong growth potential for the brands as a co-branded concept, offering a one-stop-shop for all things cookie cakes, homemade ice cream, and more. As Texas grows, so will we.”

In September 2023, FAT Brands marked a milestone by launching the inaugural co-branded Great American Cookies and Marble Slab Creamery location in Happy Valley, Clackamas County, Oregon. This event marked the first presence of both brands in the Pacific Northwest region.

FAT Brands QSR division president Allison Lauenstein said at the time, “We are thrilled to introduce our co-branded Great American Cookies and Marble Slab Creamery concept to the Pacific Northwest for the first time.

“Both brands are known worldwide for crafting mouth-watering freshly made sweets, including cookie cakes, cookies, and ice cream that bring joy to our customers.

“With this opening marking the first in the region, we’re excited to create an unparalleled dessert experience that will resonate with the Happy Valley community and residents in the greater Portland area.”

Wrogn teams up with A47 to launch India’s first army-inspired fashion collection

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November 28, 2023

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In a groundbreaking collaboration, Wrogn, the youth fashion brand co-owned by Virat Kohli, introduces the ‘Wrogn X A47 – The Indian Infantry Collection.’ This marks the first-ever army-inspired fashion collaboration in India, going beyond fashion trends. The collection pays homage to the unsung heroes of the Indian armed forces, creating a unique milestone in the country’s fashion industry.

Virat Kohli said, “The real heroes of our country are our armed forces. Every time I wear this, I wear my gratitude. It’s a reminder for those who have taken the fall for me, you, and the entire nation.”

Showcasing an array of apparel including polos, jackets, camo t-shirts, and hoodies, the collection takes inspiration from the enduring earthy hues embraced by the Army—khaki, olive green, camo, and assorted brown tones. Each piece is characterized by unique detailing, featuring army badges, swatches, and motifs hailing from the Kargil war. These elements symbolize the valor and sacrifices of the Indian Army in dedicated service to the nation.

Vikram Reddy, COO and Co-Founder of WROGN, emphasizes, “This collection transcends mere fashion; it’s a heartfelt tribute to our genuine heroes, the Indian Infantry. Each piece stands as a daily reminder of the sacrifices our armed forces make.”

Bhavik Vora, Founder and CEO of Black White Orange/A47 said, “Teaming up with Wrogn to enhance our partnership with The Infantry Museum and Research Centre marks a significant step toward realizing our vision of paying tribute to our true heroes.”

Accessible through online platforms such as Myntra, Flipkart, and Wrogn.in, as well as offline at Exclusive Brand stores, Shoppers Stop, and Pantaloons via Wrogn’s retail network, the collection is designed for convenient availability to consumers across India. With prices starting at INR 1049, the collection aims to evoke a sense of pride and gratitude among citizens.

Fashion accessory brand Miraggio secures INR 10 Crore in pre-Series A funding for strategic growth

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November 28, 2023

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Miraggio, a brand specializing in fashion accessories, announced on Tuesday that it secured INR 10 crore in a pre-Series A funding round, as stated in a press release.

With the newly secured investment, the company envisions elevating Miraggio to unprecedented heights, as outlined in the press release.

“This investment paves the way for a future where Miraggio sets the standard for opulent elegance, inspiring discerning individuals to elevate their style to new heights.” said, Mohit Jain, Founder and CEO, Miraggio.

Furthermore, the company has set its sights on attaining an annual recurring revenue (ARR) goal of INR 100 crore by 2024. This financial milestone will fuel the expansion of its product offerings, including the introduction of new categories such as backpacks and wallets.

“Miraggio, under the leadership of Mohit, was able to grow 3x in revenue over 12 months while remaining profitable making it a compelling investment opportunity,” said Devarat Jatia, CIO, Seven Rivers Holdings.

Founded in 2020, the company asserts that it has experienced a remarkable 140 percent year-over-year (YoY) growth and serves approximately 2 million customers.

Jubilant Foodworks to strengthen pizza market grip with major stake increase in DP Eurasia NV

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November 28, 2023

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On Tuesday, Jubilant Foodworks Ltd announced its plans to acquire an additional 51.16% stake in DP Eurasia NV, the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia.

The acquisition is set to take place via a subsidiary, with a suggested consideration of up to EUR 73.36 million (roughly INR 670 crore).

Jubilant Foodworks Netherlands B.V (JFN), a fully-owned subsidiary of the company, presently possesses 48.84% of the common shares of DP Eurasia, establishing itself as the foremost pizza delivery company in Turkey. The acquisition’s objective is to augment JFN’s ownership by acquiring all the currently outstanding ordinary share capital of DP Eurasia NV that is not already under its control. This transaction is proposed at a price of up to 85 pence per share from existing shareholders.

The total acquisition cost is fixed at around EUR 73.36 million, and the transaction is structured as an all-cash deal. DP Eurasia manages a significant enterprise, boasting 694 stores (678 in Turkey, 10 in Azerbaijan, and 6 in Georgia as of October 31, 2023). The company primarily adopts an asset-light and scalable approach, emphasizing franchised stores.

To finance the acquisition, JFN intends to employ an existing term-loan facility provided by HSBC, supported by a corporate guarantee issued by Jubilant Foodworks Ltd. Furthermore, a new long-term facility from HSBC, also backed by a corporate guarantee from JFL to HSBC’s favor, will be accessed. JFL will assure the repayment commitments of JFN to HSBC, totaling EUR 60 million, in addition to the existing guarantee of EUR 45.89 million issued by JFL to secure the repayment commitments of the existing term-loan facility.

This strategic maneuver positions Jubilant Foodworks for an enhanced presence in the pizza delivery sector, particularly in Turkey, Azerbaijan, and Georgia, by strengthening its affiliation with DP Eurasia NV.

Woovly raises undisclosed funding, plans to expand into new lifestyle verticals for deeper market penetration

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November 28, 2023

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Woovly, the social commerce platform, has successfully secured an undisclosed funding sum from notable investors including Sony Innovation Fund, SOSV, RTAF, and ViNners.

The Bengaluru-based startup is set to utilize the newly secured funding to enhance its platform, ensuring a seamless and engaging social commerce experience for users.

Established in 2020 by Neha Suyal and J Venkat, Woovly specializes in providing beauty and personal care products on its platform, catering primarily to the millennial population in Tier II and III cities across India.

According to a CXOToday report, Woovly integrates shopping with immersive video content, ensuring audience engagement and streamlining the purchasing process.

“This funding round will enable us to further enhance our platform and continue our mission of offering a seamless and engaging social commerce experience to our users,” Suyal and Venkat said in a joint statement.

Experiencing substantial growth, the startup asserts a remarkable 600% increase in its user base over the last 18 months. Woovly attributes this surge to the impact of micro and nano influencers, along with captivating and interactive short video content showcasing products on its platform.

The company also intends to broaden its outreach by entering new markets and introducing additional segments on its platform, encompassing fashion, home decor, and various lifestyle categories. The objective is to tap into the dynamic market of 200 million consumers of short content.

Last year, it was reported that the startup was in talks with Shiprocket to raise $5 million.

The startup competes with major e-commerce companies like Amazon, Myntra, and Flipkart, among others.

To align with the growing trend of leveraging influencers for product marketing, Myntra has entered the league of e-commerce platforms providing product videos. In June, the company introduced a short video platform named ‘Myntra Minis’ with the aim of boosting user engagement and enhancing the overall shopping experience for its customers.

Additionally, another social commerce platform, Peepul Tree, secured $6 million in a seed funding round led by Elevar Equity. The funds will be utilized to onboard additional content creators and artisans onto the platform.

The emerging trend of influencer marketing is gaining traction in the Indian e-commerce sector. A recent GWI study unveiled that a significant portion of Indian online shoppers discovers products through influencer marketing on social media. The study highlights that Instagram Reels played a pivotal role, driving 33% of beauty purchases and 39% of fashion purchases.

Ayurvedic cannabis startup HempStreet secures $1M in pre-Series A funding round

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November 28, 2023

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HempStreet, the Ayurvedic cannabis startup, has secured $1 million in a pre-Series A funding round, with the primary support coming from the current investor, Carl Waahlin.

Additional participants in this funding round comprise Andre Rodrigues, a group of High Net Worth Individuals (HNIs) from South East Asia, and Abhishek Mohan.

To date, HempStreet has garnered a cumulative funding of $3 million and collaborates with more than 20,000 doctors throughout India.

The funds will be allocated to broaden its initiatives in conducting clinical trials for exclusive formulations, extend its presence in the menstrual cramps and pain treatment sector, and support research and development efforts to enhance Ayurveda-inspired products.

Established in 2019, HempStreet addresses the chronic pain epidemic and menstrual health issues by responsibly dispensing cannabis-based medication. The startup’s products assert high efficacy in addressing concerns related to menstrual pain (dysmenorrhea) and other associated problems.

HempStreet’s product lineup targets digestive ailments, sexual health, hypertension, and anxiety. In a bid to broaden its international presence, HempStreet has formed partnerships with MGC Pharma (UK), Gynica (Israel), Amrita School of Ayurveda (India), UIDI (Brazil), and Cannabis 360 (Brazil).

Last week, Cannarma, a medicinal cannabis brand, obtained undisclosed funding in a pre-seed round led by Praveen Kaushik, the founder of Zero to One Fund, with a pre-money valuation of INR 17 crore ($2.04 million).

SUGAR Cosmetics surges with 90% revenue growth in FY23, targets profitability by FY24 as EBITDA margins show remarkable improvement

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November 28, 2023

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SUGAR Cosmetics

The omnichannel beauty brand SUGAR Cosmetics reported a remarkable 90% revenue growth in the previous fiscal year. Additionally, the company stated in a media release on Monday that its EBITDA margin experienced a notable improvement of 16% over the same period.

Furthermore, the company aims to achieve profitability by the end of FY24, emphasizing its dedication to financial stability and long-term success.

In FY23, the company reported an increase in income, reaching INR 428.4 crore, compared to INR 223.8 crore in the preceding year, as disclosed.

As per the company’s statement, it managed to limit its losses to the levels observed in FY22. This led to an enhancement of the overall EBITDA margins from -31.4% in FY22 to -16.5% in FY23, positioning the company on track to achieve break-even in the current fiscal year.

Kaushik Mukherjee, Co-Founder and COO of SUGAR Cosmetics said,” With our gross margins continuing to improve and trend at nearly 73% (up 280bps over FY22) for the overall business, we are confident of hitting break-even in the current fiscal.”

“We are excited to continue to grow into becoming a key player in India’s fast-growing beauty & personal care landscape – and the results of all the hard work that the team has put in are there for all to see,” Mukherjee added.

Beverage brand Yakult expands into cafe industry with Gohonmaru Cafe & Gallery in Japan

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November 28, 2023

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Yakult, the beverage brand, has expanded its presence into the cafe industry as a means of engaging with a broader audience.

Named the Yakult Gohonmaru Cafe & Gallery, this establishment is situated in Utsonomiya, Japan.

The cafe will provide a menu featuring ice cream, chiffon cakes, tiramisu, and various other items, all crafted using the distinctive Yakult drink.

Simultaneously, the two-story cafe will showcase a beauty salon that provides cosmetic products formulated with lactic acid bacteria.

In Japan and other Asian countries, Yakult drinks were traditionally delivered to households by ‘Yakult ladies.’ However, recognizing a perceived lack of communication channels for consumers to stay informed about Yakult, the brand decided to tackle this issue. In response, they established the cafe as a comprehensive wellness complex, aiming to provide potential new customers with opportunities to learn more about their products.

Balenzia expands further in Mumbai, unveils store at International Terminal

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November 28, 2023

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Balenzia, widely recognized in India’s socks market, has recently unveiled its eighteenth retail outlet. This strategically positioned store is located at Terminal 2, International Departure, Chhatrapati Shivaji Maharaj International Airport (CSMIA). This marks a noteworthy achievement for Balenzia, as it not only introduces the sixth store in Mumbai but also inaugurates its first store at an International Terminal, expanding its footprint in the market.

Shruti Gupta, Balenzia’s Head of Strategy said, “It’s with immense excitement and pride that we unveil our new store at CSMIA’s International Departure, a luminary event in Balenzia’s ever-evolving narrative. Positioning ourselves at CSMIA, a key international junction, enables us to broaden our audience reach, catering to both Indian and international customers, and offering them a chance to experience the best of craftsmanship in socks. Our presence at this international hub symbolizes our commitment to bringing our unique blend of style, comfort, and quality to travelers from around the world. We’re excited to showcase our innovative designs and superior quality products that have been the cornerstone of our brand in India, now to a global audience.”

Crafted with meticulous attention to detail, the CSMIA store is designed to offer an immersive shopping experience for both domestic and international travelers. Featuring a sleek design and a diverse product range, the store is dedicated to meeting the diverse preferences of today’s discerning customers. From timeless staples to modern designs, the collection exemplifies Balenzia’s dedication to staying at the forefront of fashion trends while maintaining the utmost standards of quality.

Gupta emphasized, “Balenzia is on a dynamic path of expansion and innovation, aiming to open more stores by the end of this financial year, further solidifying our position in the market and bringing Balenzia closer to our customers. Our vision is to make Balenzia a household name, synonymous with quality and style in socks. We are thrilled to embark on this journey and bring our distinctive collection to more people around the world.”

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