Bira 91 announced the launch of two unique beers, namely 022 Session Ale and 011 Gully Pilsner, and custom-made merchandise paying homage to Mumbai Indians and Delhi Capitals franchises. As the official partner of both teams, Bira 91 has crafted distinct beer flavors and merchandise that draw inspiration from the essence of Mumbai and New Delhi.
Significant landmarks of both cities are featured in the packaging design of the limited-edition beers.
The names of Bira 91’s 022 Session Ale and 011 Gully Pilsner are derived from the dial codes of Mumbai and Delhi, respectively.
Paying homage to the Mumbai Indians and the city itself, the 022 Session Ale from Bira 91 offers a smooth taste complemented by sweet hoppy flavors.
On the flip side, Bira 91’s 011 Gully Pilsner is brewed using pilsner malts and noble hops, which yields a refreshing floral hop finish that mirrors the spirited essence of Delhi Capitals.
In addition, Bira 91 introduced a personalized barware collection for both Mumbai Indians and Delhi Capitals, which is available for purchase at the Bira 91 Merch Store.
Bira 91’s 022 Session Ale and 011 Gully Pilsner will be available in 330ml bottles and 500ml cans exclusively in Mumbai and New Delhi, while the merchandise can only be bought from Bira 91’s official merch store.
Deliveroo, a food delivery firm based in the UK, has launched its inaugural internship program for college seniors graduating in India.
The paid internship program spans six months and enables interns to work at Deliveroo’s India Development Centre (IDC) in Hyderabad, where they can collaborate with the core engineering teams devoted to Restaurant tech, Consumer Tech, Delivery, Care & Trust, and Finance.
As part of an extensive campus recruitment drive that assessed their technical expertise, communication skills, and ability to prototype, students majoring in Computer Science & Information Technology from Vasavi Engineering College have been chosen.
The program is anticipated to bring new insights to the engineering teams that tackle crucial obstacles, given the rapid advancements in consumer-facing technology. This will accelerate the students’ career growth and increase their likelihood of assimilating into a corporate setting.
“We have tailored this programme as an avenue for India’s promising engineering talent to build on their academic nous with practical exposure to disruptive technology that happens at Deliveroo every day. Similar to our partnership with Vasavi Engineering College, we want to build long-term relationships with premier academic institutions in India, which will help us eventually create a deeper talent pool for IDC in the coming years,” shared Sashi Somavarapu, Vice President – Engineering and Country Head, Deliveroo India.
During the internship, the participants will be provided with a tailored learning roadmap and collaborative opportunities to achieve their objectives. Moreover, the company intends to extend the internship initiative to other parts of India in future stages.
Deliveroo’s India Development Centre (IDC) is the biggest technology centre outside the UK, which serves as the primary engineering operation for the company in its home country. With 140 engineers, it constitutes a significant portion of the company’s 600 global engineering workforce. The IDC is a vital part of Deliveroo’s central technology organisation, with its employees specialising in analytics, automation, platforms, and machine learning.
Swiggy, the major player in the food delivery industry, is currently exploring the ecommerce sector in India, which is largely dominated by established names such as Flipkart and Amazon. As a part of this initiative, Swiggy is piloting a new vertical called Maxx, which is offering one-hour delivery services in certain areas of Bengaluru.
At present, Maxx has a range of products including toys, electronics, gadgets, and home and kitchen essentials. Swiggy intends to expand the product range of this vertical in the near future to include categories such as beauty and grooming, basic clothing, gardening, furnishing and decor, as well as health and fitness products.
A statement from a Swiggy spokesperson has confirmed the development.
“Customers trust Swiggy for the speed and unparalleled convenience we have brought across categories such as food delivery and quick commerce. Maxx aims to be the destination for a wide variety of home and family shopping needs, delivered in 1 hour. We are currently running a pilot program in Bangalore,” the spokesperson said.
Currently, the pilot program is only available in select areas of Bengaluru, including Indiranagar. Swiggy is providing free shipping for orders above INR 99, and discounts ranging from 30% to 60% on a wide range of products.
By entering the rapidly expanding ecommerce sector in India, Swiggy appears to be attempting to gain a portion of the market share. According to estimates, India’s ecommerce industry is anticipated to become a $400 billion opportunity by 2030, with a compound annual growth rate (CAGR) of 19% between 2022 and 2030.
After acquiring DineOut in the previous year, Swiggy has been progressively introducing new categories to expand its services. This year, the company entered the high-end grocery delivery business by launching Handpicked in Bengaluru.
In addition, Swiggy introduced Swiggy Minis, a platform that caters to niche products including snacks and beverages, personal care items, electronics, bakery products, home and decor, pet care products, and jewelry from startups and small businesses. Swiggy Minis is currently available in specific cities.
Following the ongoing funding winter and increasing losses, Swiggy, along with many other Indian startups, has shifted its attention towards profitability. In the financial year 2022, Swiggy’s net loss surged by 2.2 times to INR 3,628.9 Cr from INR 1,616.9 Cr in the previous year, mainly due to its expenses more than doubling. However, the company’s total revenue also increased by 2.2 times to INR 6,119.8 Cr in FY22 from INR 2,675.9 Cr in FY21.
Earlier this year, Swiggy announced that it would terminate the employment of 380 individuals as part of a restructuring effort to reduce costs, citing the macroeconomic headwinds.
Swiggy CEO Sriharsha Majety said, “(We) have already advanced our own timelines for profitability on food delivery and Instamart. While our cash reserves allow us to be fundamentally well positioned to weather harsh circumstances, we cannot make this a crutch and must continue identifying efficiencies…”
In a recent development, Swiggy’s investor, Invesco, lowered the valuation of the foodtech company by over 25% to $8 billion.
Zomato, the prominent online food delivery platform, issued a clarification on Wednesday regarding the closure of multiple Blinkit outlets. The temporary unavailability of the Blinkit instant grocery app was attributed to modifications in the delivery partner payout structure that impacted the entire Blinkit enterprise. Blinkit services remained suspended for a brief period. As a result of this clarification, Zomato’s stocks surged by a minimum of 5%.
Zomato was requested by exchanges to provide clarification regarding a report stating that Blinkit was not available for a temporary period.
On Wednesday, Zomato issued its official response to the exchanges.
It said, “Over the last few days we have made changes in the delivery partner payout structure with respect to the Blinkit business to address the needs of delivery partners, improve customer experience and reduce cancellation/ order rejection frauds by few delivery partners in the system.”
“Such changes are done from time to time, as needed,” the company’s filing added.
Therefore, Zomato stated that they had to close certain outlets for a few days to guarantee the well-being of their employees and delivery partners.
However, the majority of these stores have now resumed their operations.
Finally, Zomato also said, “These disruptions and changes have no material impact on the operations /financial performance of the Company (meaningfully less than 1% revenue impact) and hence we believe that this event does not warrant any disclosure.”
As of writing this, Zomato’s shares were being traded at INR 54.51 each, exhibiting a rise of 2.17% on the BSE. The stock has gained a minimum of 4.8% on the exchange, with an intraday high of INR 55.90 per share.
As per the current market price, the company’s market capitalization exceeds INR 46,625 crore.
Since April 12, 2023, approximately 50% of dark stores in the NCR region have been affected by the ongoing strike of Blinkit’s delivery personnel. According to media reports, the strikers are demanding a reversal of the recent modifications made to the delivery incentive system in the area.
According to ICICI Securities analysts, as of Q3FY23, Blinkit was running approximately 370 dark stores across India. This suggests that roughly 25% of these dark stores are presently not in operation. As at least 3-4 days’ worth of sales have been forfeited, this translates to a potential loss of roughly 1% in revenue from Blinkit and approximately 0.15% of the consolidated revenue for Q1FY24.
For Q4 results, in the latest research note, ICICI Securities analysts said, “We estimate food delivery GOV to remain flat sequentially in Q4FY23E (+14.2% YoY) despite Zomato Gold activation. Our view is restrained given a seasonally weaker quarter and online consumption fatigue trends. We estimate 1% QoQ decline in food ordering AOV as delivery fees have been waived for Gold members. We estimate the food ordering contribution margin to remain stable QoQ as restaurant take rate improvements may offset delivery subsidy increases.”
Additionally, the brokerage firm anticipates Zomato’s B2B Hyperpure enterprise to expand by 26% quarter-on-quarter (QoQ) and Blinkit to expand by 30% QoQ, driven by an expansion in their geographic presence. Overall, the estimate is for a 9.5% QoQ growth in adjusted revenue and 68% YoY growth, along with a steady consolidated EBITDA QoQ in Q4FY23E, signifying the sustainable growth of Zomato’s new businesses.
On Zomato stock price, the brokerage’s note said, “slowing growth was evident in GOV due to post-Diwali consumption fatigue and the online-to-offline shift. However, based on sustained improvement in the underlying operating metrics, we maintain BUY on Zomato with a DCF-based target price of INR 65. We acknowledge that further slowdown in growth poses a risk to our FY24E/FY25E estimates, but we think, at CMP, the risk-reward is still skewed to the upside.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of SnackFax. We advise investors to check with certified experts before taking any investment decisions.
Coca-Cola is introducing Topo Chico Sabores, a new line of premium sparkling water beverages crafted with fruit juice and herbal extracts. With this addition, Coca-Cola is expanding the Topo Chico brand into the non-alcoholic premium beverage category, providing consumers with a luxurious drinking experience.
Coca-Cola, headquartered in Atlanta, has been actively driving innovation in Topo Chico by introducing new flavors and product extensions, such as its partnership with Molson Coors to offer an alcoholic version. These efforts aim to provide consumers with a wider range of options and further boost the popularity of the beverage. With its ongoing commitment to Topo Chico, Coca-Cola is hopeful that the brand’s sales could exceed $1 billion in the future.
This month, Topo Chico Sabores, featuring three flavors – Blueberry, Tangerine, and Lime, will be launched in stores. This product offering mirrors a century-old Topo Chico beverage, indicating the brand’s commitment to honoring its history while catering to evolving consumer preferences.
“The most interesting piece about that is how the brand has sort of transcended the sparkling mineral water space, has become bigger than just the category itself,” Dan White, Coca-Cola’s Chief of new revenue streams, said in an interview. “And that’s where really the growth from Topo Chico comes from and what we’re really leaning into.”
In 2017, Coca-Cola acquired Topo Chico for an estimated $220 million, marking a significant move to expand its beverage portfolio and decrease its reliance on sugary drinks. This acquisition was particularly meaningful as Coca-Cola had a long-standing partnership with Topo Chico for nearly a century prior to the purchase.
Following the acquisition, Coca-Cola has utilized its extensive distribution network to enhance Topo Chico’s reach throughout the United States. This effort has helped to transform the once regional favorite into one of the most highly regarded brands in its category. Moreover, Topo Chico has benefited from the growing trend among consumers who seek fizzy drinks that offer a refreshing taste without excessive sugar.
After its acquisition by Coca-Cola, Topo Chico’s sales have witnessed a significant surge due to the brand’s expanded distribution across the United States. As per Nielsen data shared by Coca-Cola, Topo Chico’s market share in the sparkling water category rose from 20% to 35% between 2017 and 2021, underscoring the brand’s increasing popularity among consumers.
“We’ve really done a very, very good job of allowing the brand to become what consumers want it to be,” White said.
According to research, consumers view Topo Chico as more than just bottled mineral water sourced from Mexico. Its growing popularity has prompted Coca-Cola to explore opportunities to expand the brand into other categories. With a high level of demand and growing consumer interest, executives like White are optimistic that Topo Chico has the potential to become a $1 billion brand, despite being part of a beverage giant known for products like Diet Coke, Body Armor, and Dasani.
“It’s on a trajectory to do that,” White said. He declined to predict when it could reach the $1 billion level.
Coca-Cola has reported that the sales of flavored sparkling water alone have reached around $300 million in the United States retail market. The company anticipates that this upward trend will continue in the foreseeable future.
In FY23, Ghodawat Consumer (GCL), the fast-moving consumer goods (FMCG) division of Sanjay Ghodawat Group (SGG), reached an impressive milestone by exceeding INR 1600 crore in revenue. GCL’s dedication to innovation, customer-centricity, affordability, and quality has established a distinct brand image. As a result of these principles, GCL experienced a YoY growth of 20%, and aims to reach INR 2000 crore in revenue in FY24.
Initially focused on producing edible oils, Ghodawat Consumer (GCL) has since diversified its product portfolio to include staples and impulse categories. Today, GCL’s products, such as the popular ‘Star’ brand atta, edible oils, pulses, rice, salt, snacks, assorted namkeens, water, and ‘To Be Honest’ – real fruit and vegetable crunchies, have become household names in western and southern India.
Furthermore, GCL’s beverages category boasts top-selling products such as Fizzinga – carbonated drinks, Frustar – fruit drinks, Coolberg – non-alcoholic beer, and Rider – Energy Drink.
Ghodawat Consumer (GCL) produces all of its products in cutting-edge facilities that follow the most stringent manufacturing protocols. The company’s skilled team ensures that only top-quality raw materials and packaging are utilized to provide customers with the finest products possible.
Shrenik Ghodawat, Managing Director, GCL, said, “We are committed to changing the experience of everyday food, merging innovation and technology to provide consumers with fresh and wholesome products. Our unique marketing strategies, quality products, and expansion into new markets have helped us achieve this milestone. Our business model is focused on providing customers with affordable products, greater ROI for distributors, and ease of stocking for retailers. We strive to ensure that every consumer utilizes at least one product from GCL in their day. We will continue to focus on maximizing value for all our stakeholders.”
GCL has set a goal to achieve plastic neutrality and carbon neutrality by 2030, and to that end, the company has established manufacturing facilities that are powered by solar and wind energy, and utilize co-generation to generate electricity. By undertaking these efforts, GCL is demonstrating its dedication to creating a sustainable future for everyone.
Delhi-based FMCG company, Rage Coffee, known for its innovative packaged caffeine products, has introduced its latest product line featuring elegantly styled jars adorned with vibrant brand colors that evoke a sense of energy and inspiration.
The jars are designed with a V-shaped frame that symbolizes victory, embodying the winning attributes of the Rage Coffee brand. These jars reflect the characteristics of a “Rager,” including the courage to take risks, the drive to dream big, a determined work ethic, and a caring heart that challenges the status quo for what is right.
The revolutionary aspect of these jars is that they cater to coffee enthusiasts who are passionate about pursuing their dreams while also supporting sustainability in India. The Rage Coffee team dedicated over a year to research and development and conducted numerous trials to create the ideal coffee glass jar. This is a notable achievement, given that several industry leaders still rely on imported jars from other countries.
The new jar stands out for its sustainability, featuring a glass body with a metal lid that ensures airtight storage and aligns with eco-friendly packaging standards.
Bharat Sethi, the Founder and CEO of Rage Coffee, shared his excitement about the launch of these new jars, stating that, “Rage Coffee is truly Indian. It is made in India and made for India. With the introduction of our new packaging jars, we have taken the reflection of our virtues as a brand and the reflection of our nation to another level. Being a consumer-backed company, we have always found innovative ways of giving back to the community and society. It is very difficult to experiment with new glass jar shapes, as the order quantities, R&D costs, and the whole process are very difficult. We chose the road not taken and decided to sail against the wind and create something not done before in glass packaging.”
“These jars are vibrant and crafted for fueling victory for our community, called “Ragers” who win and live a passionate life every day. We hope to represent passion, energy, and positivity through our new and sustainable, bold, and 100% designed and manufactured in India.” Bharat concluded
Rage Coffee, one of the rapidly growing FMCG brands in India, has expanded its product line by introducing three new healthy snacks under the Rage Snacks brand: Coffee Peanut Bars, Caffeine Almond Bars, and Chocolate Oats Cookies. These snacks cater to health-conscious consumers, as they are gluten-free, made with natural premium ingredients, and free from preservatives and colorants. The snacks are convenient for on-the-go consumption, catering to the fitness-driven lifestyle.
Rage Coffee, backed by Indian cricket superstar Virat Kohli, is a fast-growing FMCG brand in India and offers the country’s first 100% plant-powered coffee infused with six plant vitamins. The coffee is made from 100% Arabica beans, sourced from India’s most renowned plantations, and is available in nine exciting flavors. With its delicious taste and vitamin-packed formula, Rage Coffee is the perfect way to start your day.
The UK witnessed the highest increase in food prices last month, surpassing the record of the past 45 years. This hike has led to inflation remaining above 10% for seven months in a row, exacerbating the cost-of-living crisis. As a result, there has been a surge of government worker strikes.
According to the Office for National Statistics, food prices surged by 19.2% during the twelve months leading up to February, marking the largest rise since August 1977. This announcement was made on Wednesday.
Consumer price inflation decreased to 10.1% overall, a drop from the previous month’s 10.4%, owing to the decline in gasoline and diesel fuel costs. Despite this decline, the March rate of inflation exceeded the economists’ predicted rate of 9.8%.
“The heat has been turned down on the bubbling cauldron of prices, but inflation is still scalding and interest rates look set to be pushed up again to try and cool it down rapidly,” said Susannah Streeter, Head of money and markets at Hargreaves Lansdown in London.
Amidst Russia’s invasion of Ukraine, the British government and Bank of England are finding it challenging to prevent inflationary pressures from becoming entrenched in the economy. In contrast to the UK, where inflation has been above 10% for eight out of the past nine months, the U.S. and the euro-sharing countries witnessed a slower inflation rate of 5% and 6.9%, respectively, last month.
As a result of double-digit inflation, public sector employees such as doctors, nurses, teachers, civil servants, and train drivers have gone on strike due to their wages being negatively impacted by the escalating cost of living.
In an attempt to control inflation, the Bank of England has sanctioned 11 back-to-back interest rate hikes, raising its key interest rate from 0.1% in December 2021 to 4.25% last month. This move has increased borrowing costs for both consumers and businesses.
Bournvita, a brand of health drink, has been in the spotlight lately due to allegations made by a social media influencer claiming that the age-old Cadbury health drink contains excessive amounts of sugar. The influencer’s video went viral, prompting the Mondelez India-owned company to refute the accusations on Monday. The company stated that the influencer’s video was “unscientific” as it “distorted facts and made false and negative inferences.”
Nithin Kamath, the CEO and Co-founder of Zerodha, weighed in on the current health issue by suggesting that health drink manufacturers should incorporate front-of-package food labelling. While refraining from mentioning Bournvita or any other specific health drink, Kamath stated that drinks brands should follow the guidelines proposed by FSSAI in their 2018 draft paper, which highlights the fat and sugar content on the front-of-package labelling.
“An intervention that could help people make healthier food & beverage choices is to have front-of-package food labelling, like FSSAI proposed in their 2018 draft paper,” he tweeted.
“Indicate fat, sugar, and salt per serving, and a warning if per serving percentage is beyond a percentage of the daily requirement,” Kamath wrote.
Kamath also said that food or drinks should be taken in moderation for healthy benefits. “Even the healthiest foods on the planet are healthy only when consumed in moderation,” he said.
An intervention that could help people make healthier food & beverage choices is to have front-of-package food labelling, like FSSAI proposed in their 2018 draft paper. Indicate fat, sugar, & salt per serving, & a warning if per serving % is beyond a % of daily requirement 1/3 pic.twitter.com/OqqhNge2OQ
In a video released on April 1st, influencer Revant Himatsingka alleged that Bournvita contained high levels of sugar, cocoa solids, and cancer-causing colourants. He further suggested that Bournvita’s tagline “tayyari jeet ki” be revised to “tayyari diabetes ki.”
As a result, the company issued a legal notice to Himatsingka, accusing him of spreading misinformation through his video.
On April 9th, Cadbury Bournvita released a statement declaring that each serving of Bournvita contained 7.5 grams of added sugar, which falls below the daily recommended sugar intake for children.
After deleting his video, Himatsingka apologized to the company. However, despite the removal of the video, it had already amassed 12 million views, and some iterations of the video continue to circulate on social media platforms.
Bournvita stated that it had secured the trust of Indian consumers over the last seventy years by producing scientifically formulated products that adhere to quality standards and comply with the country’s laws.
“We would again like to reinforce that the formulation has been scientifically crafted by a team of nutritionists and food scientists to offer the best of taste and health. All our claims are verified and transparent and all ingredients have regulatory approvals. All the necessary nutritional information is mentioned on the pack for consumers to make informed choices,” a Bournvita spokesperson was quoted by PTI.
To reassure its consumers, Bournvita emphasized that its formulation had been developed scientifically by a team of nutritionists and food scientists to provide a balance between great taste and health benefits.
“All our claims are verified and transparent and all ingredients have regulatory approvals. All the necessary nutritional information is mentioned on the pack for consumers to make informed choices,” it added.
In its statement, Bournvita additionally specified that the ideal way to consume the drink was by mixing it with a glass of 200 ml of hot or cold milk, as indicated on the packaging.
“All ingredients are safe, approved for use, and within permissible limits as per the regulatory guidelines,” it said.
Another claim:
Within a day of Himatsingka’s allegations, another scientist and liver specialist, known as The Liver Doc on Twitter, contested Cadbury’s assertions that Bournvita supports muscle and bone growth, improves immunity, and aids in brain development. The Liver Doc stated that these claims were misleading since there were no controlled studies to substantiate them.
On a Twitter thread, Dr. Philips stated that Cadbury’s claim of designing the product based on scientific research implied that there must be published studies supporting their assertions. However, the only research published that The Liver Doc could locate were those that corroborated Himatsingka’s assertions, which had been made in the now-removed video.
Of the four research papers discovered by Dr. Philips, one indicated that the caffeine content in Bournvita was greater than that found in other comparable cocoa-based products.
Another study identified that Bournvita’s color can alter due to inherent pH changes resulting from its “sugary” composition. A third study referred to the partnership between UNICEF and Cadbury as “sugarwashing.”
Instagram influencer, The FoodPharmer deleted his video, calling out the misleading information on Cadbury's Bounrvita product. Essentially, the product claimed improved brain activity, improved muscles, improved immune system and improved bone health.
In one of his tweets, Dr. Philips stated that Bournvita’s assertion of employing scientific techniques or research to support everything printed on their product is not supported by substantial evidence. Consequently, the claims made by Bournvita about aiding in muscle and bone growth, enhancing immunity, and improving brain development are misleading.
According to industry executives and analysts, the sales growth rate of companies in discretionary sectors, such as quick service restaurants, alcobev, apparel, and lifestyle products, is expected to be around 15%-20% during the January-March quarter. This marks a tapering off from the higher growth rates seen in recent quarters.
Furthermore, analysts noted that the quick service restaurant (QSR) industry continues to face a challenging demand environment due to subdued consumer sentiment and lower discretionary spending. As a result, the industry’s revenue is expected to decline sequentially, following the previous quarter, which benefited from the festival season.
Anjan Chatterjee, the Managing Director of Speciality Restaurants, has reported a decrease in dine-in business of 5%-15% across the industry, while observing that the phenomenon of “revenge eating” is now losing steam. This suggests a shift away from the trend seen in recent times where consumers were eager to make up for missed dining-out experiences during the pandemic.
“Pent-up demand cannot sustain forever and people are back to normal habits. However, the loss of dine-in is ably getting compensated by deliveries. And people are still indulging in dine-in during weekends and special occasions when restaurants are running at full capacity,” said Chatterjee.
In an investor note, Elara Capital has predicted that Jubilant FoodWorks is expected to report a decline of 2.5% in same-store sales during the fourth quarter, with flat like-for-like growth. On the other hand, Westlife Development may outperform its peers, as it has not witnessed a significant drop in footfalls. However, lower demand may impact the company’s revenue.
“Cost pressures persist in the dairy space, leading to an increase in prices of raw materials. Jubilant and Westlife are expected to report average revenue growth of 19.5 percent year-on-year, but a decline of 3.5 percent quarter-on-quarter,” said the Elara report.
Although the liquor segment had exceeded its pre-Covid sales last year, it is anticipated that its growth rate may slow down. The January-March quarter is seasonally weaker for the alco-bev segment, compared to October-December. Furthermore, a route-to-market change in Delhi could also put pressure on the segment’s growth.
“We expect our coverage of alco-bev companies to record 1.9% year-on-year revenue decline as we build on a 5 percent YoY revenue decline for United Spirits post divestiture of the popular portfolio,” said a report by Nirmal Bang.
“Demand peak in discretionary categories seems to be behind us. Elevated ticket sizes and store expansion coupled with normalising footfalls aided growth,” HDFC Securities said in a report. “However, in retail, many of these variables are now mean-reverting. In Q4, we are already seeing signs of reined-in expansion plans across categories and ticket sizes are also normalising.”
Apparel companies are likely to report high growth rates, which may be attributed to a weak base in the previous year. However, the overall demand trends in the apparel sector are expected to remain broadly unchanged.
“The industry has seen an impact of rising cotton prices in small towns as consumers are more price sensitive. We had a strong sales run during the second half last year, a trend which may not continue for every quarter. There will always be volatility in sales,” said Satyen Momaya, India CEO of French apparel brand Celio.
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