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Japanese home furnishing retailer Nitori to debut in India, plans 289 stores by 2032

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Ashutosh Dubey
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Japanese home furnishing retailer Nitori to debut in India, plans 289 stores by 2032

Japan’s largest furniture and home furnishing retail chain, Nitori, is set to enter the Indian market with its first store at R City Mall in Mumbai, scheduled to open in December 2024.

This strategic move is part of the company’s global expansion plan, aiming to strengthen its footprint in the $23.9 billion Indian home furnishing market.

Nitori aims to achieve sales of INR 1.65 lakh cr

Nitori has ambitious plans for India, targeting 289 stores by 2032 and operating 3,000 stores worldwide by the same year. The company also aims to achieve a sales goal of 3 trillion yen (approximately INR 1.65 lakh crore) by 2032.

Continue Exploring: Zepto doubles target, aims to secure $300 Mn from domestic investors

Meanwhile, Akio Nitori, Representative Director and CEO of Nitori Holdings Co Ltd, stated, “Based on our mission statement ‘To enrich homes of people all over the world,’ we are aiming to be a company where customers all over the world would feel ‘glad that Nitori is here.’ We are going to accelerate our business expansion within the Asian region, which could achieve economic growth over the long term and serve as the core of the supply chain that supports the Group.”

Further, Masanori Takeda, Executive Vice President in charge of Overseas Businesses, added, “We are accelerating our store openings within the Asian region and managed to open the first store in the Philippines in April and in Indonesia in July. Now, we are opening a store in India, where economic growth is remarkable and demand for an enriched lifestyle with furniture and interior goods is on the rise. We will continue to take on the challenge of providing the same standards of quality refined in Japan to more customers, and to deliver ‘Offering the Unexpected’ to customers all over the world.”

Continue Exploring: First airport microbrewery, Susegado of India launches at Goa’s Airport 

Notably, R City Mall, spanning 1.2 million sq. ft. with over 350 premium brands, attracts 8-10 lakh visitors monthly. Sandeep Runwal, MD of Runwal Realty, said, “We are thrilled to welcome Nitori, the Japanese home furniture giant, to R City Mall as they embark on their journey in the Indian market… Nitori’s launch marks an exciting addition that will undoubtedly enhance our shoppers’ experience, and we look forward to the delight it will bring to our patrons.”

Nitori operates in 203 locations globally

For now, Nitori operates 832 stores in Japan and 203 international locations, offering furniture, home improvement stores, furnishing outlets, and women’s apparel stores. By FY2024-end, the company aims to have 279 stores outside Japan and plans to open 200 overseas stores annually to strengthen its global position.

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Zepto doubles target, aims to secure $300 Mn from domestic investors

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Ashutosh Dubey
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Zepto doubles target, aims to secure $300 Mn from domestic investors

Indian quick commerce startup Zepto is set to raise $300 million from domestic investors, doubling its initial target, as per sources close to the matter.

Zepto secures $1 bn earlier

This funding round comes after the company secured $1 billion in the past few months, amidst intense competition in the quick commerce market with rivals Zomato‘s Blinkit and Swiggy‘s Instamart.

Continue Exploring: Quick commerce market to reach $40 Bn by 2030, engulfs nearly half of kirana sales

According to ET, top Indian family offices and ultra-high net worth individuals (HNIs) will participate in the financing. Notable investors include the family offices of Ravi Jaipuria of RJ Corp and Harsh Goenka of RPG group, as well as the Motilal Oswal group, which has increased its investment from $40 million to over $60 million. Manipal group chief Ranjan Pai and Mankind Pharma brothers Ramesh Juneja and Rajeev Juneja are also investing in this round.

Bollywood star Amitabh Bachchan and former cricketer Sachin Tendulkar are also investing, showing strong confidence in the sector.

Indian shareholdings in Zepto at 35%

However, the quick commerce platform’s latest funding will increase Indian shareholding in the company to around 35%, including stakes held by founders Aadit Palicha and Kaivalya Vohra. The founders have been granted an additional 1% stock based on meeting performance goals. The company will sell about 6% stake at a valuation of $5 billion.

Continue Exploring: FSSAI directs e-Commerce FBOs to prevent misleading information about food products

“The round was oversubscribed, which is why they (Zepto) have increased the total offering. They will sell about 6% stake at the $5 billion valuation,” a source close to the matter revealed.

“We are doing this fundraise to start building Indian ownership in the company and deepen our relationships with high-quality domestic investors before we kick off an IPO process,” Zepto’s funding presentation.

Meanwhile, Zepto has achieved a significant milestone, surpassing 1 million daily orders. As a private player, it stands out in the market dominated by listed companies Swiggy’s Instamart and Zomato’s Blinkit.

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FSSAI directs e-Commerce FBOs to prevent misleading information about food products

By
Ashutosh Dubey
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FSSAI directs e-Commerce FBOs to prevent misleading information about food products The Food Safety and Standards Authority of India (FSSAI) held a meeting in Delhi with e-commerce Food Business Operators (FBOs) to reinforce food safety compliance. E-commerce to ensure products online claims match The meeting, led by FSSAI CEO G Kamala Vardhana Rao, focused on ensuring that any product claims made online match the information on product labels, in accordance with FSSAI’s labelling and display regulations. Continue Exploring: French patisserie Ladurée launches first store in Kolkata, India Rao stressed that e-commerce FBOs must implement practices to guarantee that food products have at least 30 percent of their shelf life, or 45 days, remaining at the time of delivery. He warned against making unsupported claims online to prevent misleading information and ensure consumers receive accurate product details. Rao highlighted the crucial role of online platforms in protecting consumer health and maintaining transparency. FBO can’t operate on e-commerce without licence Additionally, Rao reiterated that no FBO can operate on any e-commerce platform without a valid FSSAI licence or registration. He stressed further on the importance of regulatory compliance for the industry. Continue Exploring: Quick commerce market to reach $40 Bn by 2030, engulfs nearly half of kirana sales The FSSAI CEO also instructed e-commerce FBOs to provide proper training programs for delivery personnel, focusing on essential food safety and hygiene protocols. He stressed the need to deliver food items separately from non-food items to avoid potential contamination. In his concluding remarks, Rao underscored the necessity for all e-commerce FBOs to adhere diligently to food safety standards. He emphasised that a transparent, compliant, and accountable e-commerce food sector is vital for protecting consumer health and fostering confidence in digital food marketplaces. The session saw over 200 participants, both in person and online from all over the country, highlighting the strong dedication to improving food safety standards in the e-commerce sector.

The Food Safety and Standards Authority of India (FSSAI) held a meeting in Delhi with e-commerce Food Business Operators (FBOs) to reinforce food safety compliance.

E-commerce to ensure products online claims match

The meeting, led by FSSAI CEO G Kamala Vardhana Rao, focused on ensuring that any product claims made online match the information on product labels, in accordance with FSSAI’s labelling and display regulations.

Continue Exploring: French patisserie Ladurée launches first store in Kolkata, India

Rao stressed that e-commerce FBOs must implement practices to guarantee that food products have at least 30 percent of their shelf life, or 45 days, remaining at the time of delivery. He warned against making unsupported claims online to prevent misleading information and ensure consumers receive accurate product details. Rao highlighted the crucial role of online platforms in protecting consumer health and maintaining transparency.

FBO can’t operate on e-commerce without licence

Additionally, Rao reiterated that no FBO can operate on any e-commerce platform without a valid FSSAI licence or registration. He stressed further on the importance of regulatory compliance for the industry.

Continue Exploring: Quick commerce market to reach $40 Bn by 2030, engulfs nearly half of kirana sales

The FSSAI CEO also instructed e-commerce FBOs to provide proper training programs for delivery personnel, focusing on essential food safety and hygiene protocols. He stressed the need to deliver food items separately from non-food items to avoid potential contamination.

In his concluding remarks, Rao underscored the necessity for all e-commerce FBOs to adhere diligently to food safety standards. He emphasised that a transparent, compliant, and accountable e-commerce food sector is vital for protecting consumer health and fostering confidence in digital food marketplaces.

The session saw over 200 participants, both in person and online from all over the country, highlighting the strong dedication to improving food safety standards in the e-commerce sector.

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First airport microbrewery, Susegado of India launches at Goa’s Airport 

By
Shweta
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First airport microbrewery, Susegado of India launches at Goa’s Airport

India’s first airport microbrewery, Susegado, has launched at Goa’s Manohar International Airport, offering travellers a taste of Goan flavours and hospitality.

Named after the Goan term “Susegad,” meaning relaxation and ease, Susegado brings a one-of-a-kind microbrewery experience celebrating Goan culture, cuisine, and craft beers.

Susegado partners with Rising Tide, Lane Nine, Radiance

Interestingly, a partnership between Rising Tide Beverages, Lane Nine Hospitality, and Radiance, Susegado spans 5,000 square feet and blends vintage Goan home decor with a sophisticated jazz bar feel. The microbrewery aims to create a relaxed environment where travellers can unwind and experience Goa’s rich heritage.

Continue Exploring: Mirah Hospitality merges with SKFS food company in INR 80 Cr deal, plans pan-India expansion

Meanwhile, Susegado’s freshly brewed beers are crafted to highlight regional ingredients. Signature brews include Poder’s Pilsner, made with upcycled Goan bread; Kokum Gose, featuring kokum extract; and an English Ale pleasing both beer enthusiasts and newcomers. These specialty brews are paired with traditional Goan dishes, allowing visitors to savor authentic flavours.

Create an airport experience that embodies spirit of Goa – IRHPL 

On the grand launch, an IRHPL spokesperson said, “We are thrilled to introduce Susegado at the Manohar International Airport with a vision is create an airport experience that embodies the spirit of Goa, offering travellers a taste of Goan culture and flavours in an environment that combines the best of local brewing with an authentic Goan vibe that is truly unforgettable.”

Continue Exploring: Sula Vineyards ltd registers record revenue of INR 271.7 cr in H1FY25, 3.7% YoY

Further, Susegado looks forward to experimenting with new beers and collaborating with Konkan breweries, exclusively available at Manohar International Airport. With its unique blend of local brewing and authentic Goan vibe, Susegado redefines airport dining, inviting travellers to begin their Goan journey from the moment they arrive.

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French patisserie Ladurée launches first store in Kolkata, India

By
Ashutosh Dubey
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French patisserie Ladurée launches first store in Kolkata, India

Ladurée, the renowned French patisserie chain, has launched its first café in India at Quest Mall, Kolkata. This new venture combines Parisian elegance with Kolkata’s vibrant coffee culture, creating a sophisticated and welcoming space.

Thrilled to bring Ladurée’s coffee shop to Kolkata – Co-founder

“We’re thrilled to bring Ladurée’s first coffee shop to Kolkata,” said Chandni Nath Israni, Managing Director and Co-Founder of CK Israni Group. “Kolkata is about civility with undying charm, where elegance easily mingles with refinement, and we are delighted that we will now be able to serve this city of joy with immeasurable delight.”

Continue Exploring: Mirah Hospitality merges with SKFS food company in INR 80 Cr deal, plans pan-India expansion

Interestingly, the Ladurée Café offers a curated selection of barista-made coffees, including signature lattes topped with miniature macarons, served in the brand’s iconic green gingham cups. Beyond coffee, guests can enjoy an exclusive range of patisseries, viennoiseries, and French savoury treats for take-away or dine-in.

Ladurée’s café concept brings French craftsmanship to India

Meanwhile, the café’s interior design blends Ladurée’s classic charm with modern café culture. The signature pastel green colour palette is enhanced with playful Vichy accents, creating a charming backdrop. A sleek, modern café and retail counter complements the Parisian elegance, making the space visually stunning and warm.

Continue Exploring: Quick commerce market to reach $40 Bn by 2030, engulfs nearly half of kirana sales

Following its success in Delhi, Gurgaon, Mumbai, and Pune with its Salon offerings, Ladurée’s café concept brings French craftsmanship to India’s café scene. With this launch, Ladurée aims to provide a unique experience, showcasing its iconic elegance and refinement in the heart of Kolkata.

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Mirah Hospitality merges with SKFS food company in INR 80 Cr deal, plans pan-India expansion

By
Ashutosh Dubey
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Mirah Hospitality merges with SKFS food company in INR 80 Cr deal, plans pan-India expansion

Food services company SKFS Group has acquired Mirah Hospitality & Gourmet, owner of Rajdhani, Bayroute, and Hitchki, for INR 80 crore.

Looking to scale up the business nationally – Chairman, SKFS

While talking to ET, SKFS Group Chairman Dinakara Shetty stated, “We are looking to scale up the business nationally; we see this as a strategic acquisition to take forward our food services business, with fresh investments in upgradation of our existing outlets.” He added that the group’s existing business verticals “will align and synergise well” with the acquired brands.

Continue Exploring: Sula Vineyards ltd registers record revenue of INR 271.7 cr in H1FY25, 3.7% YoY

Further, Aji Nair, CEO of Mirah Hospitality, said, “We are looking to expand Mirah Hospitality pan-India and are exploring adding two new brands under the new ownership. Overseas expansion is also on the cards.” Mirah Hospitality operates 30 outlets and will become a 100% subsidiary of SKFS Group.

Founded over three decades ago, SKFS Group operates restaurants in hotel chains like Marriott and Ramada, and provides premium corporate catering. The INR 350-crore company aims to leverage this acquisition to strengthen its foothold in the market.

Tiger Global-backed Chaayos acquires Dohful

Recent months have seen increased deal activity in the food and beverages sector, driven by local competition and global brand influx. Notable deals include Tiger Global-backed Chaayos acquiring Dohful, and Devyani International signing franchisee deals with global cafes.

Continue Exploring: Nykaa rewards employees with 1.8 lakh equity shares under ESOP, following 66.3% jump

Meanwhile, Devyani International has secured exclusive master franchise rights for Tealive, New York Fries, and Sanook Kitchen. Tealive is a Malaysian tea chain with over 900 global outlets, while New York Fries is a Canadian multi-channel restaurant chain. Sanook Kitchen offers Thai and Asian cuisine.

According to the National Restaurant Association of India, the Indian food services market is valued at INR 5.69 lakh crore in FY24 and is projected to grow to INR 7.76 lakh crore by FY28. This growth is driven by a rising middle class, increasing dine-out propensity, and aspirational demand from tier-2 and tier-3 locations.

Further, the acquisition is expected to enhance SKFS Group’s presence in the market, while Mirah Hospitality expands its reach across India and internationally.

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Quick commerce market to reach $40 Bn by 2030, engulfs nearly half of kirana sales

By
Ashutosh Dubey
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0

Quick commerce companies are surpassing traditional retailers, with 46% of consumers reducing purchases from Kirana shops. The quick commerce market is expected to reach $40 billion by 2030, up from $6.1 billion in 2024, reveals a recent report by Datum Intelligence.

46% customers shift towards quick commerce – Datum report

“Nearly half (46%) of respondents report reduced spending at Kirana shops, indicating a shift in customer behaviour towards quick commerce platforms,” the report notes. Top quick commerce platforms in India include Blinkit, Zepto, Swiggy Instamart, and Flipkart Minutes.

Continue Exploring: Nashville Fried Chicken expands to Delhi with Massive Restaurants 

Reportedly, the report predicts that quick commerce will capture $1.28 billion of Kirana sales by 2024, accounting for 21% of total sales. “Quick commerce’s focus on speed and convenience aligns with consumers’ needs for efficient, on-demand grocery shopping experiences plays a major role in the adoption of online grocery,” it says.

82% spends 25% of grocery budget on q-commerce 

The study found that 75% of online grocery buyers have increased unplanned purchases, spending over INR 400 per order. Consumers opt for quick commerce due to its convenience and speed, facilitated by competitive pricing and eliminated intermediaries.

Continue Exploring: Rise of quick commerce is challenge to retailers, will become political issue – Uday Kotak

Kirana stores face an existential threat, with 82% of consumers shifting at least 25% of grocery spending to quick commerce. “Quick commerce has witnessed an unprecedented pace of adoption, significantly influencing consumer behaviours across the retail ecosystem… projected to experience a 74% growth in 2024,” the report states.

The report also highlights a surge in unplanned purchases, with 75% of online shoppers experiencing an increase. “The increased confidence in receiving grocery items within 10 minutes through quick commerce platforms has led to a surge in unplanned purchases.”

Conducted in October 2024, the study surveyed 3,000 adults across 10 Indian cities, incorporating expert insights and market data.

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Sula Vineyards ltd registers record revenue of INR 271.7 cr in H1FY25, 3.7% YoY

By
Ashutosh Dubey
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0
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Sula Vineyards ltd registers record revenue of INR 271.7 cr in H1FY25, 3.7% YoY

Sula Vineyards Limited, India’s leading wine producer, reported a record net revenue of INR 271.7 crore for the first half of FY25, marking a 3.7% year-over-year (YoY) increase.

Sula’s Elite and Premium segment drives 7% surge in Q2

The growth was driven by the Elite and Premium segment, which saw a 7% increase in Q2, particularly in states like Telangana, Madhya Pradesh, and West Bengal.

Continue Exploring: Indian Glycols ltd forays into local beverages market with Amrut Distilleries 

Meanwhile, Rajeev Samant, CEO, stated, “We are pleased to report our 10th consecutive quarter of growth in our Own Brands business. However, Q2 FY25 was a subdued quarter, due to a slowdown in consumer discretionary demand, particularly in urban areas where 90 percent of our sales are concentrated, and temporary disruptions in key markets like Karnataka and Delhi.”

Reportedly, The Elite and Premium segment now accounts for 78.5% of Q2 revenue, up from 73.5% last year. Wine tourism also saw growth, with a 9% increase in per-head spending and a 74% occupancy rate.

Sula’s The Source, RASA, and Dindori report double-digit growth

Furthermore, Sula’s iconic brands, The Source, RASA, and Dindori, recorded double-digit growth in the Elite and Premium range. The company is observing promising growth in non-core regions, with double-digit increases in states like Telangana, Himachal Pradesh, and West Bengal.

Continue Exploring: Zomato to raise INR 8,500 Cr via QIP in December

Looking ahead, Sula anticipates a positive impact from the festive season, driven by factors like the re-opening of Andhra Pradesh, introduction of new labels in the CSD market, and the return of the SulaFest event. Samant said, “We are confident the long-term Indian wine story remains intact, and we see a long runway of growth ahead of us.”

The company’s next earnings call is scheduled for November 13, 2024, where CEO Rajeev Samant and CFO Abhishek Kapoor will discuss further insights and developments.

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Nashville Fried Chicken expands to Delhi with Massive Restaurants 

By
Ashutosh Dubey
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Nashville Fried Chicken (NFC), led by Zorawar Kalra, has expanded to Delhi-NCR after successful stints in Bangalore, Hyderabad, Chennai, and Mumbai.

As part of Massive Restaurants, NFC aims to revolutionise the fried chicken scene with its unique flavours and commitment to quality.

After the success of Louis Burger, thrilled to bring Nashville – Zorawar Kalra

Meanwhile, Zorawar Kalra stated, “After seeing the incredible love for Louis Burger, we’re thrilled to bring Nashville Fried Chicken to Delhi-NCR. We’ve poured our passion into creating a menu that marries global culinary expertise with the authentic flavours of fried chicken, offering an exceptional dining experience straight to your doorstep.”

Continue Exploring: Reliance Consumer to take over D2C snacking startup TagZ foods for INR 28 Cr

Interestingly, NFC’s menu boasts a variety of fried chicken options, including buckets with flavours like Peri Peri and Chilli Garlic, and chicken tenders in six flavours, including Nashville Style and Chipotle Lime. Burgers, fries, and sides like Animal-Style Tenders and Purple Slaw are also available.

NFC at doorsteps via online platforms

To ensure convenience, NFC operates exclusively through online platforms, with packaging designed to preserve crispiness during delivery. Specialised fryers maintain chicken freshness and quality.

Continue Exploring: KFC launches new campaign ‘Taste the Epic’ targeting the GenZs

With NFC’s entry into Delhi-NCR, customers can now enjoy high-quality fried chicken from the comfort of their own homes. Kalra’s vision is to provide a “Clucking Good” experience, catering to casual gatherings and relaxed evenings at home.

Further, NFC joins Massive Restaurants’ portfolio, which includes Louis Burger and Slyce Pizza, redefining India’s retail dining market.

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Indian Glycols ltd forays into local beverages market with Amrut Distilleries 

By
Ashutosh Dubey
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0
image-of-india-glycols beverage
Indian Glycols ltd forays into local beverages market with Amrut Distilleries 

India Glycols Limited (IGL), a leading specialty chemicals and alcoholic beverages company, has entered India’s premium alcoholic beverages market through a partnership with Bangalore-based Amrut Distilleries.

IGL to handle Amrut distribution in north

The agreement grants IGL rights to produce, distribute, and sell select Amrut premium brands in North India.

Notably, IGL has signed a brand licensing agreement with Amrut, renowned for its premium Indian single malt whiskies, gin, and rum. The partnership includes popular brands such as MaQintosh Whisky, Old Port Rum, Bejoice XO Brandy, and MaQintosh White Label Whisky. Amrut will ensure quality consistency by overseeing blending and packaging.

Continue Exploring: Zomato to raise INR 8,500 Cr via QIP in December

Meanwhile, Raju Vaziraney, Advising President for IMFL at IGL, stated, “The objective of this move is to leverage IGL’s strength in the sector at a time when the demand for premium alcobev products is at an all-time high. Through this partnership with Amrut, IGL plans to capture a double-digit market share in the relevant premium segment over the next couple of years.”

Whisky top’s IMFL consumption with 50% 

However, India’s alcoholic beverages market is dominated by brown spirits, with whisky accounting for over 58% of IMFL consumption. Vaziraney noted, “Amrut has all these products in their premium portfolio. Against this backdrop, we chose to associate with the House of Amrut for our premium foray.”

Continue Exploring: Mamaearth’s parent company Honasa registers loss of INR 18.57 Cr, revenue declines 6.9%

Reportedly, IGL’s existing facilities in Kashipur and Gorakhpur will support production. The company aims to build a presence in the premium alcohol sector, complementing its strong foothold in the regular segment with brands like Soulmate Whisky, Amazing Vodka, and Zumba Lemoni Citrus White Rum.

Further, Vaziraney added, “The agreement with Amrut completes a brand portfolio of IGL. The company will now focus on a wider product range and direct resources to make IGL a major player in the premium alcobev segment as well.” This strategic partnership enables IGL to tap into the growing demand for premium alcoholic beverages in India.

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