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Snitch introduces “Worth the Wait” feature for fashion-forward customers

By
Ashu Agrawal
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Snitch introduces "Worth the Wait" feature for fashion-forward customers

Snitch, a leading men’s fashion brand, has launched an innovative feature called “Worth the Wait” (WTW), allowing customers to stay ahead of the latest trends.

Snitch offers “Dropping Soon” tab for preview

With WTW, customers enjoy several exclusive benefits. They can preview upcoming styles every Thursday under the “Dropping Soon” tab, add their favourite items to their wish list, and take advantage of exclusive discounts during the first six hours of each new launch.

Continue Exploring: Relaxo Footwears suffers loss, profit slumps to INR 37 Cr in Q2 FY25

“We’ve always focused on more than just keeping up with trends; it’s about creating a seamless and rewarding experience for our customers. ‘Worth the Wait’ is our way of ensuring that our community not only gets first access to the latest styles but also enjoys a unique advantage with exclusive offers. It’s all about bringing even more value to the people who trust us to keep them ahead in the fashion game,” said Siddharth Dungarwal, Founder and CEO of Snitch.

Further, WTW enables customers to plan their shopping experience, keeping their wardrobe updated and stylish. To access this feature, customers can download or update the Snitch app.

Continue Exploring: Amazon Seller Services reports 14.5% revenue increase to INR 25,406 Cr, reduces loss

Snitch start as D2C brand in 2020

Founded in 2020, Snitch is a direct-to-consumer brand known for its unconventional approach to men’s fashion. The brand crafts designs reflecting the latest trends, positioning itself as a leader in fast fashion. Snitch has carved out a distinct identity, challenging conventional norms and making a significant impact in the market.

Meanwhile, with “Worth the Wait,” Snitch reinforces its commitment to providing customers with the latest fashion trends and a seamless shopping experience. Customers can explore the latest in men’s fashion and ensure they never miss a stylish moment.

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KFC, Pizza Hut owner Devyani International registers INR 4.92 crore loss in Q2 FY25 

By
Ashutosh Dubey
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KFC, Pizza Hut owner Devyani International registers INR 4.92 crore loss in Q2 FY25 

India’s largest KFC and Pizza Hut franchise owner, Devyani International Limited, incurred a loss of INR 4.92 crore in the July-September quarter (Q2), according to its latest regulatory filing.

Devyani International revenue jumps to INR 1,222.15 crore

Last year, Devyani International made a profit of INR 35.82 crore during the same period. However, this year it incurred a loss. Despite the loss, the company’s revenue jumped 49.23% to INR 1,222.15 crore (Q2 FY25) from INR 819.47 crore (Q2 FY24).

Continue Exploring: Zomato and Swiggy deny alleged competition law violations by CCI

Meanwhile the company’s expenses increased to INR 1,230.89 crore (Q2 FY25) from INR 793.04 crore (Q2 FY24). The company also expanded its presence by opening 85 new stores across its brands during the quarter.

Furthermore, DIL announced that it has obtained exclusive master franchise rights for three modern quick-service restaurant brands: TeaLive, New York Fries, and Sanook Kitchen. These partnerships will help DIL achieve its growth strategy. As DIL’s existing brands continue to grow and introduce new menu items, the company is expanding its portfolio to include modern food and beverage options.

Devyani International to consider ‘Food on the Go’ and ‘House of Brands’

“We are happy to welcome new brands to the DIL family, catering to youth categories such as handcrafted tea, fresh cut fries and authentic Thai & Asian cuisine. The new partnerships reflect our commitment to bringing diverse, high-quality contemporary food & beverages brands to our customers, while driving sustainable growth for DIL. With exclusive rights for these brands in India, DIL is consolidating its strategy of ‘Food on the Go’ and ‘House of Brands’,” commented Ravi Jaipuria, non-executive chairman of Devyani International Limited.

Continue Exploring: Amazon Seller Services reports 14.5% revenue increase to INR 25,406 Cr, reduces loss

The company said it will invest in its brand portfolio to expand its reach, attract target consumers, and seize growth opportunities nationwide.

“While we recognize the current subdued environment in the QSR industry, we are confident that the current headwinds are transient in nature. As firm believers in India’s growth story, we are well-positioned to capitalise on future opportunities and deliver value to all our stakeholders,” he added.

In the quarter, a company called ‘Devyani PVR INOX Private Limited’ was established on July 26, 2024, to develop and operate food courts in shopping malls across India.

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Relaxo Footwears suffers loss, profit slumps to INR 37 Cr in Q2 FY25

By
Ashutosh Dubey
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0
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Relaxo Footwears suffers loss, profit slumps to INR 37 Cr in Q2 FY25

Relaxo Footwears‘ profit dropped 17% in the second quarter. The company made INR 37 crore ($4.4 million), down from INR 44 crore during the same quarter last year.

Relaxo reports 5% revenue loss to INR 679 Cr

According to ET Retail, the company’s revenue fell by 5% to INR 679 crore in Q2, compared to INR 715 crore in the same quarter last year. For the first half of the financial year 2025, Relaxo had a revenue of INR 1,428 crore and a net profit of INR 81 crore.

Continue Exploring: Amazon Seller Services reports 14.5% revenue increase to INR 25,406 Cr, reduces loss

Meanwhile, Relaxo Footwears Ltd.’s Chairman Managing Director, Ramesh Kumar Dua, commented on the financial results, blaming the decline on low demand. “The company reported a decline in revenues during the quarter as the overall demand remained subdued. During the quarter, the industry witnessed an increase in lower priced unorganised competition, which led to downtrading by consumers in a high inflation environment,” he said.

Relaxo runs 405 exclusive-brand stores across India

Dua detailed the company’s plans for growth and efficiency, aiming to boost market presence and streamline operations. He added, “The company is in the process of adding new distributors to our network, to ensure Relaxo’s presence in each district of the country. Further, in line with our continued focus on cost efficiencies, we are working on optimising our backend operations, which would enable the company to deliver a sustainable performance in future.”

Continue Exploring: Zomato and Swiggy deny alleged competition law violations by CCI

Notably, Relaxo, a leading footwear maker in India, is famous for its brands like Sparx, Flite, and Bahamas, with over 405 exclusive-brand stores across the country.

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Amazon Seller Services reports 14.5% revenue increase to INR 25,406 Cr, reduces loss

By
Ashutosh Dubey
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0
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Amazon Seller Services reports 14.5% revenue increase to INR 25,406 Cr, reduces loss

Amazon Seller Services saw a 14.5% increase in operational revenue for the year ending March 31, 2024, which helped reduce its loss after tax. The company reported revenue of INR 25,406 crore, up from INR 22,198 crore the previous year.

Amazon registers INR 3,469 Cr loss after tax

According to the exchange filing of e-commerce major, the loss after tax was INR 3,469 crore, better than the INR 4,854 crore loss last year. Amazon Seller Services, part of Amazon’s marketplace division, helps businesses in India list, sell, and ship products on the platform. It uses fulfilment tools, advertising, and customer insights to help them reach more customers and increase sales.

Continue Exploring: Zomato and Swiggy deny alleged competition law violations by CCI

In February, Amazon Seller Services received INR 830 crore from its US parent company. This is part of the $15 billion investment that CEO Andy Jassy promised for the Indian market. Despite strong revenue and reduced losses, a 6.5% rise in expenses squeezed its margins. The largest expenses were for transportation and distribution, followed by legal professional charges, listed under “other expenses”.

Amazon.in launches Creator Central for creators

Meanwhile in this month, Amazon US announced a strong third quarter, with profits up 55%, mainly due to its cloud computing business. The company expects the fourth quarter, boosted by Thanksgiving and Christmas holidays, to be even better. They forecast net sales of up to $188.5 billion, about 11% higher than the same period last year.

Continue Exploring: Zomato launches ‘Food Rescue’—buy cancelled food orders at a discount

Notably, Amazon launched a platform called Creator Central last week, making it easier for creators to produce and publish content.

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Zomato and Swiggy deny alleged competition law violations by CCI

By
Ashutosh Dubey
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0
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Zomato and Swiggy deny alleged competition law violations by CCI

Food tech majors Zomato and Swiggy have denied recent claims that they violated competition laws, following an investigation by the Competition Commission of India (CCI).

CCI finds foodtech majors guilty of breaching of competition law

In the separate statements, the companies confirmed that the Competition Commission of India’s (CCI) investigation, started in April 2022, is still ongoing with no new developments. Recently, reports revealed that the probe found the companies guilty of breaking India’s competition laws by unfairly favouring certain restaurants through partnerships.

Continue Exploring: Meesho registers reduction in net loss by 81.8% to INR 304.9 Cr in FY24

According to INC42, Zomato mentioned that in April 2022, the CCI asked its investigative arm to look into potential violations of the Competition Act, 2002, in an exchange filing. “Since the intimation of April 5, 2022, the Commission, on merits, has not passed any order. Hence, there have been no further reportable events…,” Zomato said.

Company yet to receive confidential information of findings – Swiggy

Further, IPO-bound Swiggy has responded to the Competition Commission of India’s (CCI) investigation into its business practices. According to Swiggy, “The DG investigated certain aspects of the company’s business and its March 2024 report is a preliminary step in the investigation.”

“Swiggy is yet to receive the confidential details of the findings from the CCI for filing a response to the DG’s finding. Once Swiggy submits its response and CCI conducts a hearing on the matter, CCI will pass its decision on whether any competition law violations have occurred,” company said.

Continue Exploring: Delhivery grants above 11 lakh equity shares under ESOPs plans

Notably, the CCI investigated the companies in 2022 following a complaint by the National Restaurant Association of India (NRAI) in 2021. The complaint accused the food delivery giants of anticompetitive practices, including bundling services, high commissions, delayed payments, and one-sided norms.

Back then, NRAI claimed that both companies offered deep discounts, which hurt local restaurants. They also accused them of violating platform neutrality with their pricing practices. This development comes just after Swiggy’s public market debut. Swiggy’s IPO, which closed last week, was subscribed 3.59 times.

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Zomato launches ‘Food Rescue’—buy cancelled food orders at a discount

By
Ashutosh Dubey
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0
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Zomato launches 'Food Rescue'—buy cancelled food orders at a discount

Foodtech major Zomato has introduced ‘Food Rescue’, a feature that lets users buy cancelled food orders from nearby areas to help reduce food waste.

Food Rescue allows users to buy within 3km

The company posted in a blog, approximately 4 lakh food orders are cancelled monthly on its platform. To combat this, Food Rescue allows users within a 3km radius of a cancelled order to purchase the food at a discounted price.

Continue Exploring: Delhivery grants above 11 lakh equity shares under ESOPs plans

“The amount paid by the new customer will be shared with the original customer (if they made online payment), and with the restaurant partner. Zomato will not keep any proceeds (except the required government taxes),” Zomato said.

Further, the company mentioned that orders with items like ice creams, shakes, and smoothies, which are sensitive to temperature and distance, won’t be offered under Food Rescue. This is one of many new features launched by Blinkit‘s parent company in recent months. Zomato also recently introduced group orders, cash on delivery, and a schedule order feature.

Besides regular updates to its food delivery platform, Deepinder Goyal led company bought Paytm’s events and movies ticketing companies, Wasteland Entertainment Private Limited and Orbgen Technologies Private Limited, for INR 2,048 Cr in an all-cash deal in late August.

Continue Exploring: Day 3: Swiggy’s IPO oversubscribed by 3.59 times, led by QIBs

Zomato denies violation claimed by CCI 

Meanwhile, in an exchange filing on Sunday (November 10), Zomato denied a news report claiming that the Competition Commission of India (CCI) found it violating competition laws. Zomato stated that while the antitrust body asked its investigative arm to investigate potential competition law violations in 2022, the CCI has not issued any further orders, and there have been no notable events. This statement follows a Reuters report claiming that the CCI found Zomato and its competitor Swiggy in violation of competition laws.

Due to strong growth in its quick commerce business Blinkit, Zomato’s net profit jumped 389% to INR 176 Cr in the September quarter (Q2) of FY25, up from INR 36 Cr in the same period last year. Operating revenue increased by 68.5%, reaching INR 4,799 Cr in the reported quarter, compared to INR 2,848 Cr in Q2 FY24.

With increasing competition in the quick commerce market, Zomato received board approval to raise INR 8,500 Cr through a qualified institutional placement (QIP).

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Meesho registers reduction in net loss by 81.8% to INR 304.9 Cr in FY24

By
Ashutosh Dubey
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0
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Meesho registers reduction in net loss by 81.8% to INR 304.9 Cr in FY24

Meesho‘s net loss significantly decreased by 81.8% to INR 304.9 crore in the financial year 2023-24, from INR 1,675 crore in the previous year. This improvement is attributed to better profit margins.

Meesho operating revenue sees 32.8% surge

According to INC42, the company’s adjusted net loss, excluding ESOP costs, plummeted 96.6% to INR 53 crore in FY24 from INR 1,569 crore in the previous year. Driving this improvement was a 32.8% surge in operating revenue, which rose to INR 7,614.9 crore from INR 5,734.5 crore in FY23.

With the addition of INR 230 Cr in other income, total revenue increased by 33.2%, reaching INR 7,845.1 Cr, up from INR 5,889.2 Cr in FY23.

Continue Exploring: Day 3: Swiggy’s IPO oversubscribed by 3.59 times, led by QIBs

Established by Vidit Aatrey and Sanjeev Barnwal in 2015, Meesho began as a social ecommerce startup. In 2022, it shifted to a marketplace model to compete with big names like Flipkart and Amazon.

Notably, Flipkart and Amazon are more popular in big cities and suburbs, but Meesho focuses on Tier II and III cities. The company earns over 80% of its revenue from these smaller cities. Unlike most companies, Meesho doesn’t charge commission fees on its platform. Instead, it makes money from advertising and marketing income from sellers.

Meanwhile, the e-commerce platform has over 15 lakh sellers from across India and more than 140 million yearly transacting users. It has raised over $1.08 billion so far. Earlier this year, it considered raising about $600 million and secured around $275 million through a mix of primary and secondary share sales.

Continue Exploring: FMCG sector sees 5.7% value growth amid 6% surge in rural consumption

Meesho’s expenses breakdown

Further, Meesho successfully kept its expenses in check, with revenue growing faster than costs. Total expenses increased by 7.8%, reaching INR 8,150 Cr in FY24, up from INR 7,564.2 Cr in the previous year. 

Employee expenses edged up 3.32% to INR 750.4 crore. Logistics and fulfilment costs surged 23.5% to INR 5,926.8 crore, reflecting the ecommerce platform’s core operations. Notably, advertising and sales promotion expenses were slashed by 50.51% to INR 459.2 crore, indicating improved cost efficiency.

The company reduced its communication expenses by 7.11% to INR 207.7 Cr from INR 223.6 Cr in FY23. Server and software expenses stayed almost the same at INR 575.4 Cr in FY24, compared to INR 567.4 Cr the previous year.

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Delhivery grants above 11 lakh equity shares under ESOPs plans

By
Ashutosh Dubey
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0
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Delhivery grants above 11 lakh equity shares under ESOPs plans

Delhivery has awarded 11.21 lakh stock options to employees under three ESOP plans. The company’s board approved the grant, allowing employees to convert options into equity shares worth ₹1 each. This was disclosed in an exchange filing on November 8.

Equity shares so allotted shall rank pari-passu – company

The company has issued 1,87,641 shares under ESOP 2012, 7,56,000 shares under ESOP II 2020, and 1,77,900 shares under ESOP III 2020. According to the filing, “The equity shares so allotted shall rank pari-passu (ranking equally and without preference) with the existing equity shares of the Company in all respects.”

Continue Exploring: Bengaluru-based John Distilleries targets INR 2,500 crore net revenue in five years

Additionally, this issuance will raise Delhivery’s paid-up capital from INR 74.09 Cr to INR 74.20 Cr. Based on Friday’s closing price, the new stock’s total value is INR 38.8 Cr. Delhivery shares closed at INR 346.50 in the last trading session on Friday.

Delhivery allots 73,300 stock options in November

Established by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati in 2011, Delhivery is a transportation, supply chain, and logistics company. It competes with Xpressbees, Blue Dart, Flipkart’s Ekart Logistics, and Amazon Shipping.

Continue Exploring: Star Localmart eyes retail expansion with 3000 stores in next five years 

Earlier in November, Delhivery allotted 73,300 stock options under its ESOP 2012. Last month, the company issued 8.6 lakh equity shares under its ESOP, following approval for the allotment of 6.15 lakh equity shares under ESOP 2012 and ESOP 2020 in September.

Meanwhile, the company announced plans to launch a network of multi-tenant dark stores for “rapid in-city delivery” for e-commerce companies.

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Bengaluru-based John Distilleries targets INR 2,500 crore net revenue in five years

By
Ashutosh Dubey
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0
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Bengaluru-based John Distilleries targets INR 2,500 crore net revenue in five years

Bengaluru-based liquor maker John Distilleries Ltd (JDL) expects to reach INR 2,500 crore in net revenue within five years, driven by expansion, premiumization, and capacity growth.

John Distilleries to invest INR 600 Cr to double production

According to ET, Chairman Paul P John announced plans to set up a greenfield unit in Karnataka, investing INR 600 crore to double production capacity.

Continue Exploring: Hershey lowers growth forecast due to impact of price hikes

“Now, we have already reached 10,000 litres production capacity per day. But this will suffice for the next four or five years. So, we need to expand,” John said. “At the pace that we are growing and the focus that we have, we need another 12,000-litre capacity plant somewhere, and we are looking at Karnataka for that.”

Meanwhile, JDL’s revenue grew 15% in FY 2023-24, reaching INR 1,250 crore. The company exports single malt whisky to 45 countries, with 40% of revenue coming from exports.

John Distilleries considers IPO!

On IPO plans, John said, “A decision would be taken on this after some years.”

Regarding the potential impact of an India-UK free trade agreement, John noted, “For the initial years, it would be there… maybe in the initial stages, for the first few years, there will be some kind of a slight disruption.”

Continue Exploring: Orkla India, parent of MTR Foods, eyes expansion with local spice businesses

However, he expressed confidence in JDL’s quality, saying, “I personally believe that the quality of my brand will stand us in good strength… We have proved it, even in their own home markets. We are winning awards compared to that. So, I welcome that.”

Further, John stressed the need for a level playing field, stating, “Our only request has been to make sure that we are also allowed to enter with our brands into their markets.”

Looking ahead, US-based Sazerac, which owns 40% of JDL, may increase its stake. John revealed plans to manufacture and sell Sazerac-owned brands in India, including BuzzBallz.

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Hershey lowers growth forecast due to impact of price hikes

By
Ashutosh Dubey
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0
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Hershey lowers growth forecast due to impact of price hikes

Hershey, a leading chocolate manufacturer, lowered its annual revenue and profit forecasts after missing Wall Street’s third-quarter expectations on Thursday, November 7. The repeated price hikes have reduced demand for its chocolates, confectionery, and salty snacks.

Hershey maintains high prices amid rising Cocoa costs

According to ET Retail, chocolatiers like Hershey have increased prices to keep profits up despite rising cocoa costs, causing consumer pushback. Also, changing trends, like a shift to non-chocolate treats among younger generations, have hurt Hershey’s chocolate sales.

Continue Exploring: Orkla India, parent of MTR Foods, eyes expansion with local spice businesses

Meanwhile, shares of Jolly Rancher-owner Hershey fell about 2.5% in premarket trading. Recently, Kraft Heinz also lowered its annual forecast, even though it beat third-quarter profit expectations, as consumers switched to cheaper, private-label brands. To address rising cocoa prices and improve profit margins, Hershey plans to save $300 million by 2026 through cost-cutting and price hikes.

Hershey expects net sales to be flat, down from 2% before

“While year-to-date results have been affected by historically high cocoa prices and a challenging consumer environment, we are laser-focused on controlling what we can,” CEO of Hershey, Michele Buck said.

Continue Exploring: Zomato CEO Deepinder Goyal addresses flirty notifications on The Kapil Sharma Show

One of the world’s largest chocolate makers, Hershey, now expects its full-year net sales growth to be flat, down from a previous estimate of about 2%. The company also predicts annual adjusted earnings per share will drop by mid-single digits, instead of the slight decline it had previously expected.

Furthermore, in Q3, organic prices increased by 2%, while organic volume dropped by 3%. Total net sales decreased by 1.4% to $3 billion, falling short of analysts’ estimate of $3.08 billion, according to LSEG. Excluding certain items, the company earned $2.34 per share, below the expected $2.56.

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