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IPO-bound Swiggy launches EV fleet for bulk orders in Gurgaon

By
Ashutosh Dubey
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IPO-bound Swiggy, Swiggy Bolt, Swiggy EV Fleet, Swiggy IPO, Swiggy Delivery
IPO-bound Swiggy Launches EV Fleet for bulk orders in Gurgaon

As part of its aggressive push ahead of its public listing, the firm Swiggy has launched a bulk ordering service called Swiggy XL EV for large groups in Gurgaon. This comes out after recently unveiling Swiggy ‘Bolt’, a service promising the super-fast delivery of quick-to-prepare dishes in just 10 minutes.

Swiggy fleet deliver at Haryana Election Day on launch

The company had been testing the new program for a couple of weeks, launching it on the election day of Haryana. In order to promote the launch, the Swiggy XL EV fleet has delivered 3,500 free meals to the election officials at over 580 polling booths in Gurgaon and Badshahpur. Service came free of cost to the district administration.

Continue͏͏ Exploring:͏͏ IPO-bound Swiggy pilots concierge service targeting premium customer base

Sidharth Bhakoo, national business head of Swiggy Food Marketplace said, “The festival season is perhaps the best time to launch this service, when there is gaiety and joy all around, and everyone celebrates with their loved ones. Swiggy XL will ensure that there is no interruption in parties and gatherings and no delay in large orders.” Bhakoo further added, “The service has an important environmental angle as well since the entire fleet is electric and it saves multiplicity of order trips.” Swiggy’s bulk ordering service, Swiggy XL EV, is set to reach to new cities soon, Bhakoo announced.

Swiggy ‘Bolt’ – A 10 minutes delivery initiative

Following its recent launch of Swiggy ‘Bolt’, which delivers fast-cooking meals in 10 minutes, this service is now available in six cities: Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune.

Continue͏͏ Exploring:͏͏ IPO-bound Swiggy launches 10-minute food delivery service ‘Bolt’

Additionally, the company is testing an expensive concierge membership. According to  reports, subscribers can buy access to exclusive high-end experiences and events that aren’t open to the public through membership. As the company is preparing to go public, this week, shareholders of Swiggy approved increasing the fresh issue in its IPO to INR 5,000 Cr, up from initial INR 3,750 Cr.

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The Baker’s Dozen launches artisanal gifting range for the festive season

By
M Haziq Pandit
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0
The Baker's Dozen

As the festive season nears in India, The Baker’s Dozen, an artisanal bakery brand, is introducing a new gifting range that combines taste and tradition for every celebration. Celebrated͏͏ for͏͏ its͏͏ high-quality,͏͏ authentic͏͏ baked͏͏ goods,͏͏ the͏͏ brand’s͏͏ latest͏͏ collection͏͏ features͏͏ two͏͏ remarkable͏͏ gift͏͏ boxes:͏͏ the͏͏ Handcrafted͏͏ Cookies͏͏ Gift͏͏ Box͏͏ and͏͏ the͏͏ Gourmet͏͏ Celebrations͏͏ Gift͏͏ Box,͏͏ both͏͏ beautifully͏͏ packaged͏͏ for͏͏ the͏͏ season.

In͏͏ Indian͏͏ culture,͏͏ celebrations͏͏ are͏͏ often͏͏ incomplete͏͏ without͏͏ the͏͏ sharing͏͏ of͏͏ sweets,͏͏ which͏͏ are͏͏ deeply͏͏ rooted͏͏ in͏͏ traditions͏͏ and͏͏ customs.͏͏ However,͏͏ as͏͏ preferences͏͏ evolve,͏͏ consumers͏͏ are͏͏ seeking͏͏ gifting͏͏ options͏͏ that͏͏ go͏͏ beyond͏͏ the͏͏ conventional͏͏ mithai͏͏ and͏͏ chocolates.͏͏ Recognizing͏͏ this͏͏ shift,͏͏ The͏͏ Baker’s͏͏ Dozen͏͏ has͏͏ carefully͏͏ curated͏͏ its͏͏ latest͏͏ festive͏͏ collection,͏͏ featuring͏͏ fresh,͏͏ artisanal͏͏ cookies͏͏ and͏͏ cakes͏͏ designed͏͏ to͏͏ enhance͏͏ the͏͏ gifting͏͏ experience͏͏ for͏͏ customers.

Handcrafted͏͏ Cookies:͏͏ A͏͏ Heartfelt͏͏ Gift

The͏͏ Handcrafted͏͏ Cookies͏͏ Gift͏͏ Box͏͏ includes͏͏ a͏͏ selection͏͏ of͏͏ The͏͏ Baker’s͏͏ Dozen’s͏͏ most͏͏ beloved͏͏ cookies,͏͏ all͏͏ baked͏͏ to͏͏ perfection͏͏ with͏͏ premium͏͏ ingredients.͏͏ This͏͏ delightful͏͏ assortment͏͏ captures͏͏ the͏͏ warmth͏͏ of͏͏ homemade͏͏ goodness͏͏ in͏͏ every͏͏ bite,͏͏ making͏͏ it͏͏ the͏͏ perfect͏͏ gift͏͏ for͏͏ loved͏͏ ones͏͏ during͏͏ the͏͏ festive͏͏ season.

Gourmet͏͏ Celebrations:͏͏ A͏͏ Taste͏͏ of͏͏ Luxury

The͏͏ Gourmet͏͏ Celebrations͏͏ Gift͏͏ Box͏͏ features͏͏ an͏͏ exquisite͏͏ assortment͏͏ of͏͏ soft͏͏ muffins,͏͏ crisp͏͏ cookies,͏͏ and͏͏ artisanal͏͏ savory͏͏ toasts,͏͏ offering͏͏ a͏͏ perfect͏͏ harmony͏͏ of͏͏ sweet͏͏ and͏͏ savory͏͏ treats.͏͏ This͏͏ carefully͏͏ curated͏͏ collection͏͏ is͏͏ crafted͏͏ to͏͏ delight͏͏ the͏͏ senses͏͏ and͏͏ leave͏͏ a͏͏ memorable͏͏ impression͏͏ on͏͏ all͏͏ who͏͏ receive͏͏ it.

The͏͏ gift͏͏ boxes͏͏ go͏͏ beyond͏͏ the͏͏ treats͏͏ they͏͏ contain;͏͏ their͏͏ packaging͏͏ is͏͏ a͏͏ harmonious͏͏ blend͏͏ of͏͏ modern͏͏ and͏͏ traditional͏͏ elements.͏͏ Drawing͏͏ from͏͏ India’s͏͏ rich͏͏ cultural͏͏ heritage,͏͏ the͏͏ design͏͏ features͏͏ elaborate͏͏ peacock͏͏ motifs͏͏ and͏͏ domed͏͏ architecture,͏͏ reflecting͏͏ the͏͏ opulence͏͏ of͏͏ Indian͏͏ celebrations.͏͏ This͏͏ careful͏͏ attention͏͏ to͏͏ detail͏͏ showcases͏͏ The͏͏ Baker’s͏͏ Dozen’s͏͏ commitment͏͏ to͏͏ craftsmanship͏͏ and͏͏ elegant͏͏ presentation

Continue͏͏ Exploring:͏͏ The Baker’s Dozen raises͏͏ INR͏͏ 33͏͏ Crores͏͏ in͏͏ Pre-Series͏͏ A͏͏ funding͏͏ led͏͏ by͏͏ Wipro͏͏ Consumer͏͏ Care͏͏ Ventures,͏͏ eyes͏͏ aggressive͏͏ expansion͏͏ beyond͏͏ metro͏͏ cities

Aditi͏͏ Handa,͏͏ Co-founder͏͏ and͏͏ Head͏͏ Chef͏͏ at͏͏ The͏͏ Baker’s͏͏ Dozen,͏͏ stated,͏͏ “We͏͏ aimed͏͏ to͏͏ create͏͏ something͏͏ that͏͏ captures͏͏ the͏͏ essence͏͏ of͏͏ Indian͏͏ celebrations,͏͏ where͏͏ gifting͏͏ and͏͏ sweets͏͏ hold͏͏ significant͏͏ cultural͏͏ importance͏͏ at͏͏ the͏͏ heart͏͏ of͏͏ every͏͏ joyous͏͏ occasion.͏͏ Our͏͏ goal͏͏ is͏͏ to͏͏ enhance͏͏ the͏͏ gifting͏͏ experience,͏͏ allowing͏͏ customers͏͏ to͏͏ select͏͏ gifts͏͏ that͏͏ are͏͏ both͏͏ grand͏͏ and͏͏ meaningful.͏͏ We͏͏ also͏͏ wanted͏͏ to͏͏ ensure͏͏ that͏͏ our͏͏ range͏͏ offers͏͏ exceptional͏͏ value,͏͏ so͏͏ customers͏͏ feel͏͏ truly͏͏ satisfied͏͏ with͏͏ their͏͏ choices.

Indians͏͏ love͏͏ to͏͏ celebrate͏͏ both͏͏ big͏͏ and͏͏ small͏͏ occasions͏͏ throughout͏͏ the͏͏ year.͏͏ Our͏͏ previous͏͏ gifting͏͏ ranges͏͏ have͏͏ received͏͏ an͏͏ overwhelming͏͏ response,͏͏ so͏͏ we͏͏ are͏͏ focusing͏͏ on͏͏ making͏͏ these͏͏ available͏͏ year-round.͏͏ The͏͏ festive͏͏ season͏͏ is͏͏ particularly͏͏ important͏͏ for͏͏ us,͏͏ as͏͏ our͏͏ sales͏͏ can͏͏ increase͏͏ by͏͏ 2-3x.”

Affordable͏͏ Indulgence͏͏ for͏͏ Last-Minute͏͏ Shoppers:

For͏͏ those͏͏ seeking͏͏ last-minute͏͏ gifts,͏͏ The͏͏ Baker’s͏͏ Dozen͏͏ has͏͏ crafted͏͏ a͏͏ variety͏͏ of͏͏ options͏͏ priced͏͏ between͏͏ INR͏͏ 199͏͏ and͏͏ INR͏͏ 499.͏͏ The͏͏ festive͏͏ collection͏͏ will͏͏ be͏͏ available͏͏ from͏͏ the͏͏ second͏͏ week͏͏ of͏͏ October,͏͏ both͏͏ online͏͏ and͏͏ in͏͏ stores,͏͏ perfectly͏͏ timed͏͏ for͏͏ Diwali.

The͏͏ Baker’s͏͏ Dozen͏͏ continues͏͏ to͏͏ reinvent͏͏ traditional͏͏ gifting,͏͏ offering͏͏ customers͏͏ a͏͏ seamless͏͏ way͏͏ to͏͏ share͏͏ joy͏͏ and͏͏ indulgence͏͏ during͏͏ India’s͏͏ most͏͏ celebrated͏͏ occasions.

Continue͏͏ Exploring:͏͏ The Baker’s Dozen sets͏͏ a͏͏ high͏͏ bar͏͏ with͏͏ plans͏͏ for͏͏ 2.5x͏͏ revenue͏͏ growth͏͏ and͏͏ INR͏͏ 150͏͏ crore͏͏ ARR͏͏ by͏͏ FY24

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Ace Turtle expands Toys“R”Us footprint with new store in Bengaluru

By
M Haziq Pandit
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0
Ace Turtle Toys“R”Us

Ace Turtle, the retail tech company, has opened the second Toys“R”Us store in Bengaluru, as announced on social media. Located in Lulu Mall, the new outlet spans over 6,000 sq. ft. of retail space.

“The͏͏ Toys“R”Us͏͏ store͏͏ at͏͏ Lulu͏͏ Mall,͏͏ Bengaluru,͏͏ has͏͏ been͏͏ a͏͏ success͏͏ since͏͏ its͏͏ launch,͏͏ providing͏͏ a͏͏ wonderful͏͏ selection͏͏ of͏͏ toys͏͏ that͏͏ cater͏͏ to͏͏ the͏͏ needs͏͏ of͏͏ children͏͏ and͏͏ families,”͏͏ Ace͏͏ Turtle͏͏ stated͏͏ in͏͏ a͏͏ LinkedIn͏͏ post.

Earlier͏͏ Launch͏͏ in͏͏ Bengaluru:

The͏͏ toy͏͏ retailer͏͏ made͏͏ its͏͏ Bengaluru͏͏ debut͏͏ in͏͏ March͏͏ this͏͏ year͏͏ with͏͏ a͏͏ 6,200͏͏ sq.͏͏ ft.͏͏ store͏͏ at͏͏ Bhartiya͏͏ Mall.

Continue͏͏ Exploring:͏͏ Ace Turtle inaugurates͏͏ third͏͏ Toys“R”Us store͏͏ in͏͏ India,͏͏ plans͏͏ 12͏͏ new͏͏ stores͏͏ in͏͏ 2024

Toys“R”Us͏͏ entered͏͏ the͏͏ Indian͏͏ market͏͏ in͏͏ 2017͏͏ through͏͏ Tablez͏͏ India,͏͏ a͏͏ division͏͏ of͏͏ the͏͏ Abu͏͏ Dhabi-based͏͏ Lulu͏͏ Group͏͏ International,͏͏ under͏͏ an͏͏ exclusive͏͏ master͏͏ franchise͏͏ agreement.͏͏ The͏͏ global͏͏ toy͏͏ brand͏͏ was͏͏ launched͏͏ in͏͏ India͏͏ in͏͏ October͏͏ 2017,͏͏ with͏͏ plans͏͏ to͏͏ open͏͏ over͏͏ 200͏͏ stores.͏͏ However,͏͏ it͏͏ only͏͏ managed͏͏ to͏͏ establish͏͏ 14͏͏ stores,͏͏ all͏͏ of͏͏ which͏͏ closed͏͏ within͏͏ three͏͏ years͏͏ of͏͏ operation.

In͏͏ June͏͏ 2021,͏͏ Bengaluru-based͏͏ Ace͏͏ Turtle͏͏ formed͏͏ a͏͏ joint͏͏ venture͏͏ with͏͏ Flipkart͏͏ Group’s͏͏ Wholesale͏͏ Entity͏͏ in͏͏ India͏͏ to͏͏ obtain͏͏ the͏͏ license͏͏ for͏͏ Toys“R”Us͏͏ and͏͏ Babies”R”Us͏͏ in͏͏ the͏͏ country͏͏ through͏͏ a͏͏ strategic͏͏ partnership͏͏ with͏͏ WHP͏͏ Global.

Ambitious͏͏ Expansion͏͏ Plans:

Ace͏͏ Turtle͏͏ aims͏͏ to͏͏ expand͏͏ the͏͏ presence͏͏ of͏͏ Toys“R”Us͏͏ in͏͏ India,͏͏ with͏͏ plans͏͏ to͏͏ open͏͏ up͏͏ to͏͏ 50͏͏ stores͏͏ over͏͏ the͏͏ next͏͏ three͏͏ years,͏͏ as͏͏ stated͏͏ by͏͏ Nitin͏͏ Chhabra,͏͏ CEO͏͏ of͏͏ Ace͏͏ Turtle,͏͏ in͏͏ an͏͏ earlier͏͏ statement.

Founded͏͏ in͏͏ 2013,͏͏ Ace͏͏ Turtle͏͏ is͏͏ the͏͏ exclusive͏͏ licensee͏͏ for͏͏ global͏͏ retail͏͏ brands͏͏ like͏͏ Lee,͏͏ Wrangler,͏͏ and͏͏ Dockers͏͏ in͏͏ India͏͏ and͏͏ other͏͏ South͏͏ Asian͏͏ markets.

Continue͏͏ Exploring:͏͏ Toys“R”Us bets͏͏ big͏͏ on͏͏ Indian͏͏ market,͏͏ eyes͏͏ top͏͏ five͏͏ position͏͏ within͏͏ 4-5͏͏ years

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MilkLane launches procurement services for dairy companies, offering aflatoxin-free and antibiotic-safe milk

By
M Haziq Pandit
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0
MilkLane

MilkLane, a prominent dairy brand within the Swiss-Indian food and technology platform Innoterra, has launched its Dairy Procurement Services to provide high-quality milk that is free from aflatoxins and antibiotics to dairy companies, startups, and new entrants in the sector This͏͏ Procurement͏͏ as͏͏ a͏͏ Service͏͏ (PaaS)͏͏ offering͏͏ enables͏͏ MilkLane͏͏ to͏͏ source͏͏ raw͏͏ chilled͏͏ milk͏͏ (RCM)͏͏ from͏͏ dairy͏͏ farmers͏͏ after͏͏ rigorous͏͏ quality͏͏ testing,͏͏ ensuring͏͏ clients͏͏ receive͏͏ consistent,͏͏ top-quality͏͏ milk͏͏ throughout͏͏ the͏͏ year.

This͏͏ all-inclusive͏͏ procurement͏͏ solution,͏͏ launching͏͏ in͏͏ Karnataka,͏͏ Andhra͏͏ Pradesh,͏͏ Tamil͏͏ Nadu,͏͏ and͏͏ Kerala,͏͏ not͏͏ only͏͏ ensures͏͏ exceptional͏͏ milk͏͏ quality͏͏ but͏͏ also͏͏ simplifies͏͏ the͏͏ procurement͏͏ process͏͏ for͏͏ businesses.͏͏ This͏͏ enables͏͏ them͏͏ to͏͏ concentrate͏͏ on͏͏ their͏͏ primary͏͏ operations͏͏ while͏͏ reaping͏͏ the͏͏ benefits͏͏ of͏͏ efficient͏͏ sourcing.

Flexible͏͏ Service͏͏ Models͏͏ for͏͏ B2B͏͏ Clients:

MilkLane͏͏ will͏͏ offer͏͏ a͏͏ flexible͏͏ service͏͏ model͏͏ that͏͏ allows͏͏ B2B͏͏ customers͏͏ to͏͏ choose͏͏ from͏͏ various͏͏ options͏͏ based͏͏ on͏͏ their͏͏ specific͏͏ needs.͏͏ The͏͏ company͏͏ will͏͏ handle͏͏ all͏͏ aspects͏͏ of͏͏ procurement͏͏ at͏͏ competitive͏͏ prices,͏͏ enabling͏͏ customers͏͏ to͏͏ either͏͏ invest͏͏ in͏͏ their͏͏ own͏͏ capital͏͏ expenditure͏͏ or͏͏ utilize͏͏ rental͏͏ equipment͏͏ provided͏͏ by͏͏ MilkLane.͏͏ This͏͏ approach͏͏ eliminates͏͏ the͏͏ necessity͏͏ for͏͏ a͏͏ large͏͏ on-ground͏͏ procurement͏͏ team,͏͏ allowing͏͏ businesses͏͏ to͏͏ save͏͏ costs͏͏ while͏͏ retaining͏͏ full͏͏ ownership͏͏ of͏͏ the͏͏ procured͏͏ milk.

Additionally,͏͏ MilkLane͏͏ will͏͏ only͏͏ charge͏͏ for͏͏ procurement-related͏͏ overhead͏͏ costs,͏͏ ensuring͏͏ customers͏͏ have͏͏ a͏͏ clear͏͏ understanding͏͏ of͏͏ their͏͏ expenses.͏͏ They͏͏ can͏͏ opt͏͏ for͏͏ either͏͏ a͏͏ cost-plus͏͏ or͏͏ fixed-price͏͏ model,͏͏ which͏͏ will͏͏ be͏͏ reviewed͏͏ periodically͏͏ to͏͏ maintain͏͏ transparency͏͏ and͏͏ efficiency͏͏ throughout͏͏ the͏͏ procurement͏͏ process.

Growth͏͏ Potential͏͏ in͏͏ India’s͏͏ Dairy Industry:

According͏͏ to͏͏ industry͏͏ data,͏͏ India’s͏͏ dairy͏͏ industry͏͏ was͏͏ valued͏͏ at͏͏ over͏͏ INR͏͏ 16,000͏͏ billion͏͏ in͏͏ 2023.͏͏ It͏͏ is͏͏ expected͏͏ to͏͏ grow͏͏ to͏͏ approximately͏͏ INR͏͏ 50,000͏͏ billion͏͏ by͏͏ 2032,͏͏ reflecting͏͏ a͏͏ compound͏͏ annual͏͏ growth͏͏ rate͏͏ (CAGR)͏͏ of͏͏ 12.88%͏͏ from͏͏ 2023͏͏ to͏͏ 2032.

Continue͏͏ Exploring:͏͏ India’s͏͏ dairy industry͏͏ to͏͏ see͏͏ 13-14%͏͏ revenue͏͏ growth͏͏ this͏͏ fiscal͏͏ year:͏͏ CRISIL

Robust͏͏ Farmer͏͏ Network͏͏ and͏͏ Infrastructure:

MilkLane͏͏ will͏͏ drive͏͏ its͏͏ procurement͏͏ services͏͏ through͏͏ an͏͏ extensive͏͏ network͏͏ of͏͏ over͏͏ 10,000͏͏ small͏͏ farmers,͏͏ supported͏͏ by͏͏ digitally͏͏ enabled͏͏ infrastructure͏͏ that͏͏ includes͏͏ more͏͏ than͏͏ 150͏͏ Bulk͏͏ Milk͏͏ Coolers͏͏ (BMCs)͏͏ and͏͏ a͏͏ milk͏͏ processing͏͏ facility͏͏ with͏͏ a͏͏ capacity͏͏ of͏͏ 200,000͏͏ liters͏͏ per͏͏ day.͏͏ These͏͏ strategically͏͏ located͏͏ BMCs͏͏ ensure͏͏ that͏͏ milk͏͏ is͏͏ cooled͏͏ within͏͏ 45͏͏ minutes͏͏ of͏͏ milking.͏͏ MilkLane’s͏͏ quality͏͏ assurance͏͏ process͏͏ includes͏͏ four͏͏ levels͏͏ of͏͏ checks͏͏ and͏͏ over͏͏ 40͏͏ tests͏͏ conducted͏͏ in͏͏ central͏͏ labs,͏͏ guaranteeing͏͏ the͏͏ highest͏͏ safety͏͏ and͏͏ quality͏͏ standards.

In͏͏ addition,͏͏ MilkLane͏͏ will͏͏ provide͏͏ 100%͏͏ end-to-end͏͏ traceability͏͏ and͏͏ a͏͏ fully͏͏ digitized͏͏ pricing͏͏ model͏͏ that͏͏ maintains͏͏ transparency͏͏ and͏͏ aligns͏͏ with͏͏ market͏͏ price͏͏ fluctuations.

MilkLane’s͏͏ Approach͏͏ to͏͏ Dairy Supply͏͏ Chain͏͏ Challenges:

Avinash͏͏ Kasinathan,͏͏ Head͏͏ of͏͏ India͏͏ Business͏͏ at͏͏ Innoterra,͏͏ stressed͏͏ the͏͏ importance͏͏ of͏͏ stringent͏͏ quality͏͏ control͏͏ in͏͏ dairy͏͏ supply͏͏ chains.͏͏ He͏͏ pointed͏͏ out͏͏ that͏͏ the͏͏ increasing͏͏ demand͏͏ for͏͏ safe,͏͏ high-quality͏͏ milk͏͏ exposes͏͏ challenges͏͏ such͏͏ as͏͏ inconsistent͏͏ fat͏͏ levels,͏͏ antibiotic͏͏ contamination,͏͏ and͏͏ aflatoxins,͏͏ which͏͏ jeopardize͏͏ product͏͏ quality͏͏ and͏͏ consumer͏͏ safety.͏͏

MilkLane’s͏͏ new͏͏ procurement͏͏ service͏͏ tackles͏͏ these͏͏ issues͏͏ by͏͏ implementing͏͏ strict͏͏ quality͏͏ measures͏͏ throughout͏͏ the͏͏ entire͏͏ process,͏͏ from͏͏ sourcing͏͏ to͏͏ delivery.͏͏ With͏͏ a͏͏ strong͏͏ network͏͏ of͏͏ farmers͏͏ and͏͏ cutting-edge͏͏ technology,͏͏ MilkLane͏͏ aspires͏͏ to͏͏ be͏͏ the͏͏ trusted͏͏ partner͏͏ for͏͏ businesses͏͏ in͏͏ need͏͏ of͏͏ a͏͏ dependable͏͏ milk͏͏ supply.

To͏͏ further͏͏ improve͏͏ quality,͏͏ MilkLane͏͏ utilizes͏͏ a͏͏ Quality-Driven͏͏ Pricing͏͏ model͏͏ that͏͏ deters͏͏ dilution͏͏ and͏͏ adulteration,͏͏ alongside͏͏ stringent͏͏ acceptance͏͏ standards͏͏ for͏͏ milk͏͏ testing͏͏ and͏͏ advanced͏͏ testing͏͏ capabilities.͏͏ The͏͏ company͏͏ also͏͏ prioritizes͏͏ the͏͏ nutritional͏͏ well-being͏͏ of͏͏ the͏͏ cattle,͏͏ implements͏͏ risk͏͏ mitigation͏͏ through͏͏ robust͏͏ quality͏͏ management͏͏ processes,͏͏ and͏͏ empowers͏͏ farmers͏͏ through͏͏ training͏͏ and͏͏ extension͏͏ services.

Alongside͏͏ its͏͏ emphasis͏͏ on͏͏ quality,͏͏ MilkLane͏͏ is͏͏ dedicated͏͏ to͏͏ environmental͏͏ sustainability͏͏ and͏͏ initiatives͏͏ tailored͏͏ to͏͏ farmers.͏͏ The͏͏ company͏͏ has͏͏ transitioned͏͏ from͏͏ plastic͏͏ to͏͏ 5,000͏͏ stainless͏͏ steel͏͏ cans͏͏ for͏͏ milk͏͏ collection,͏͏ reinforcing͏͏ its͏͏ commitment͏͏ to͏͏ providing͏͏ pure͏͏ and͏͏ safe͏͏ dairy͏͏ products.

Continue͏͏ Exploring:͏͏ FSSAI͏͏ withdraws͏͏ advisory͏͏ on͏͏ ‘A1’͏͏ and͏͏ ‘A2’͏͏ milk claims,͏͏ continues͏͏ stakeholder͏͏ consultations

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Online festive sales in India surge 26% to over INR 54,500 Cr, driven by mobile phones and electronics

By
M Haziq Pandit
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0
Online festive sales ecommerce

India’s online festive sales saw a significant surge in the first week, largely driven by demand for mobile phones and electronics, which might not be exclusively linked to the iPhone effect.

E-Commerce͏͏ Giants͏͏ Report͏͏ Impressive͏͏ Growth:

A͏͏ report͏͏ by͏͏ Datum͏͏ Intelligence͏͏ reveals͏͏ that͏͏ e-commerce͏͏ giants͏͏ Amazon͏͏ and͏͏ Flipkart͏͏ recorded͏͏ sales͏͏ of͏͏ over͏͏ INR͏͏ 54,500͏͏ crore͏͏ from͏͏ September͏͏ 26͏͏ to͏͏ October͏͏ 2,͏͏ representing͏͏ a͏͏ 26%͏͏ year-on-year͏͏ growth.͏͏ Mobile͏͏ phones͏͏ drove͏͏ nearly͏͏ 60%͏͏ of͏͏ the͏͏ spending,͏͏ accounting͏͏ for͏͏ 38%,͏͏ followed͏͏ by͏͏ electronics͏͏ and͏͏ consumer͏͏ durables͏͏ at͏͏ 21%.

“Sales͏͏ were͏͏ dominated͏͏ by͏͏ the͏͏ iPhone͏͏ 15͏͏ and͏͏ previous͏͏ generations,͏͏ while͏͏ Samsung’s͏͏ Galaxy͏͏ S23͏͏ FE͏͏ performed͏͏ exceptionally͏͏ well͏͏ on͏͏ Flipkart,”͏͏ stated͏͏ analyst͏͏ Shubham͏͏ Singh͏͏ from͏͏ Counterpoint͏͏ Research.

Premium͏͏ mobile͏͏ phones,͏͏ particularly͏͏ those͏͏ priced͏͏ above͏͏ INR͏͏ 30,000,͏͏ gained͏͏ traction͏͏ due͏͏ to͏͏ attractive͏͏ discounts.͏͏ Furthermore,͏͏ the͏͏ introduction͏͏ of͏͏ new͏͏ iPhone͏͏ models͏͏ led͏͏ to͏͏ price͏͏ reductions͏͏ on͏͏ older͏͏ versions,͏͏ boosting͏͏ their͏͏ sales͏͏ performance.

Strong͏͏ Demand͏͏ for͏͏ Consumer͏͏ Durables:

Consumer͏͏ durables͏͏ like͏͏ double-door͏͏ refrigerators͏͏ and͏͏ smart͏͏ TVs͏͏ experienced͏͏ strong͏͏ demand.͏͏ More͏͏ than͏͏ half͏͏ of͏͏ the͏͏ buyers͏͏ chose͏͏ EMI͏͏ payments,͏͏ with͏͏ a͏͏ significant͏͏ number͏͏ of͏͏ purchasers͏͏ coming͏͏ from͏͏ smaller͏͏ towns͏͏ and͏͏ cities.

Tier-2͏͏ and͏͏ Tier-3͏͏ Cities͏͏ Drive͏͏ Sales:

Amazon͏͏ stated͏͏ that͏͏ nearly͏͏ 70%͏͏ of͏͏ premium͏͏ smartphone͏͏ sales͏͏ originated͏͏ from͏͏ tier-2͏͏ and͏͏ tier-3͏͏ cities,͏͏ which͏͏ also͏͏ represented͏͏ almost͏͏ 80%͏͏ of͏͏ all͏͏ television͏͏ orders.

Amazon͏͏ reported͏͏ that͏͏ the͏͏ Amazon͏͏ Great͏͏ Indian͏͏ Festival͏͏ 2024͏͏ launched͏͏ with͏͏ record-breaking͏͏ numbers͏͏ in͏͏ the͏͏ first͏͏ 48͏͏ hours.͏͏ The͏͏ event͏͏ recorded͏͏ nearly͏͏ 11͏͏ crore͏͏ customer͏͏ visits,͏͏ marking͏͏ its͏͏ strongest͏͏ opening͏͏ to͏͏ date.͏͏ Notably,͏͏ 80%͏͏ of͏͏ these͏͏ visits͏͏ originated͏͏ from͏͏ tier-2͏͏ cities͏͏ and͏͏ smaller͏͏ towns,͏͏ underscoring͏͏ the͏͏ increasing͏͏ demand͏͏ from͏͏ non-metropolitan͏͏ regions.

Continue͏͏ Exploring:͏͏ Amazon͏͏ records͏͏ 11͏͏ Cr͏͏ customer͏͏ visits͏͏ in͏͏ the͏͏ first͏͏ 48͏͏ hours͏͏ of͏͏ Great͏͏ Indian͏͏ Festival͏͏ sale

More͏͏ than͏͏ 8,000͏͏ sellers͏͏ surpassed͏͏ INR͏͏ 1͏͏ lakh͏͏ in͏͏ sales͏͏ during͏͏ this͏͏ period,͏͏ accompanied͏͏ by͏͏ a͏͏ notable͏͏ increase͏͏ in͏͏ Prime͏͏ membership͏͏ purchases.͏͏ Prime͏͏ Early͏͏ Access͏͏ customers͏͏ made͏͏ eight͏͏ times͏͏ more͏͏ purchases͏͏ in͏͏ the͏͏ first͏͏ 24͏͏ hours͏͏ compared͏͏ to͏͏ an͏͏ average͏͏ day,͏͏ indicating͏͏ strong͏͏ interest͏͏ across͏͏ various͏͏ categories.

Smartphone͏͏ sales͏͏ were͏͏ notably͏͏ strong,͏͏ with͏͏ over͏͏ 75%͏͏ of͏͏ total͏͏ sales͏͏ originating͏͏ from͏͏ tier-2͏͏ and͏͏ tier-3͏͏ towns.͏͏ Interestingly,͏͏ almost͏͏ 70%͏͏ of͏͏ premium͏͏ smartphone͏͏ purchases,͏͏ priced͏͏ above͏͏ INR͏͏ 30,000,͏͏ also͏͏ came͏͏ from͏͏ these͏͏ smaller͏͏ cities.

Continued͏͏ Growth͏͏ Projected͏͏ for͏͏ Festive Season:

Throughout͏͏ the͏͏ festive͏͏ season͏͏ leading͏͏ up͏͏ to͏͏ Diwali,͏͏ online͏͏ sales͏͏ are͏͏ projected͏͏ to͏͏ increase͏͏ by͏͏ 23%,͏͏ approaching͏͏ INR͏͏ 100,000͏͏ crore.͏͏ In͏͏ comparison,͏͏ last͏͏ year͏͏ saw͏͏ a͏͏ sales͏͏ growth͏͏ of͏͏ 16%,͏͏ totaling͏͏ INR͏͏ 81,000͏͏ crore.

Continue͏͏ Exploring:͏͏ E-commerce͏͏ sales͏͏ in͏͏ India͏͏ expected͏͏ to͏͏ hit͏͏ $12͏͏ Bn͏͏ this͏͏ festive season,͏͏ up͏͏ 23%͏͏ from͏͏ last͏͏ year

Shift͏͏ Towards͏͏ Premium͏͏ Products:

Panasonic͏͏ recorded͏͏ double-digit͏͏ growth͏͏ in͏͏ online͏͏ sales,͏͏ reflecting͏͏ a͏͏ significant͏͏ consumer͏͏ shift͏͏ towards͏͏ premium͏͏ products.͏͏ Sushil͏͏ Grover,͏͏ business͏͏ chief͏͏ at͏͏ Panasonic͏͏ Life͏͏ Solutions͏͏ India,͏͏ stated,͏͏ “We’re͏͏ observing͏͏ consumers͏͏ moving͏͏ towards͏͏ premium͏͏ segments.͏͏ There’s͏͏ considerable͏͏ interest͏͏ in͏͏ 5-star͏͏ ACs,͏͏ smart͏͏ washing͏͏ machines,͏͏ and͏͏ microwaves͏͏ featuring͏͏ convection͏͏ and͏͏ insta͏͏ cook͏͏ options.”͏͏ Similarly,͏͏ Godrej͏͏ Appliances͏͏ experienced͏͏ robust͏͏ online͏͏ sales͏͏ for͏͏ premium͏͏ items͏͏ such͏͏ as͏͏ frost-free͏͏ refrigerators͏͏ and͏͏ air͏͏ conditioners.

Continue͏͏ Exploring:͏͏ Premiumisation͏͏ and͏͏ pent-up͏͏ demand͏͏ to͏͏ drive͏͏ festive growth͏͏ in͏͏ 2024:͏͏ Redseer͏͏ Report

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Honasa Consumer denies asset ownership in UAE as Dubai court upholds attachment order

By
M Haziq Pandit
-
0
Mamaearth

Just a day after a Dubai court upheld its earlier ruling to attach assets of Mamaearth’s parent company in the region, Honasa Consumer asserted that it does not own any assets in the UAE.

In͏͏ an͏͏ exchange͏͏ filing͏͏ today,͏͏ Honasa͏͏ Consumer͏͏ highlighted͏͏ that͏͏ its͏͏ Dubai͏͏ subsidiary͏͏ has͏͏ been͏͏ exempt͏͏ from͏͏ the͏͏ attachment͏͏ order.

Rejection͏͏ of͏͏ Grievances͏͏ by͏͏ Dubai Court:

This͏͏ development͏͏ comes͏͏ a͏͏ day͏͏ after͏͏ Honasa͏͏ announced͏͏ that͏͏ the͏͏ Court͏͏ of͏͏ Merits͏͏ in͏͏ Dubai͏͏ rejected͏͏ the͏͏ grievance͏͏ filed͏͏ by͏͏ Honasa͏͏ and͏͏ its͏͏ former͏͏ distributor,͏͏ RSM͏͏ General͏͏ Trading.

Continue͏͏ Exploring:͏͏ Dubai court orders attachment of Honasa Consumer’s͏͏ assets͏͏ amid͏͏ distributor͏͏ dispute

These͏͏ grievances͏͏ involved͏͏ RSM͏͏ General͏͏ Trading’s͏͏ request͏͏ to͏͏ revoke͏͏ the͏͏ trading͏͏ licence͏͏ of͏͏ Honasa’s͏͏ subsidiary͏͏ and͏͏ Honasa’s͏͏ challenge͏͏ to͏͏ the͏͏ attachment͏͏ of͏͏ its͏͏ assets͏͏ in͏͏ the͏͏ UAE.

The͏͏ Dubai͏͏ court’s͏͏ initial͏͏ ruling͏͏ was͏͏ issued͏͏ on͏͏ June͏͏ 6,͏͏ prompting͏͏ both͏͏ parties͏͏ to͏͏ file͏͏ appeals͏͏ against͏͏ the͏͏ order.

The͏͏ parent͏͏ company͏͏ of͏͏ the͏͏ D2C͏͏ brand͏͏ reiterated͏͏ today͏͏ that͏͏ it͏͏ will͏͏ file͏͏ a͏͏ contempt͏͏ petition͏͏ against͏͏ RSM͏͏ in͏͏ the͏͏ Delhi͏͏ court͏͏ for͏͏ failing͏͏ to͏͏ comply͏͏ with͏͏ the͏͏ Delhi͏͏ High͏͏ Court’s͏͏ order͏͏ from͏͏ August.

For͏͏ those͏͏ unfamiliar,͏͏ the͏͏ Delhi͏͏ High͏͏ Court’s͏͏ August͏͏ order͏͏ mandated͏͏ that͏͏ RSM͏͏ General͏͏ Trading͏͏ not͏͏ only͏͏ revoke͏͏ its͏͏ execution͏͏ proceedings͏͏ in͏͏ Dubai͏͏ against͏͏ Honasa͏͏ but͏͏ also͏͏ deposit͏͏ INR͏͏ 57.17͏͏ crore,͏͏ along͏͏ with͏͏ accrued͏͏ interest,͏͏ in͏͏ the͏͏ registry͏͏ of͏͏ the͏͏ Delhi͏͏ High͏͏ Court͏͏ until͏͏ the͏͏ execution͏͏ proceedings͏͏ in͏͏ Dubai͏͏ are͏͏ withdrawn.

Continue͏͏ Exploring:͏͏ Delhi͏͏ HC͏͏ orders͏͏ Honasa Consumer’s͏͏ UAE͏͏ distributor͏͏ to͏͏ withdraw͏͏ execution͏͏ proceedings͏͏ in͏͏ Dubai

The͏͏ order͏͏ indicated͏͏ that͏͏ if͏͏ the͏͏ Dubai͏͏ court͏͏ continues͏͏ to͏͏ enforce͏͏ the͏͏ ruling͏͏ against͏͏ Honasa,͏͏ the͏͏ Delhi͏͏ High͏͏ Court͏͏ will͏͏ disburse͏͏ the͏͏ funds͏͏ to͏͏ the͏͏ D2C͏͏ brand.

Central͏͏ to͏͏ this͏͏ issue͏͏ is͏͏ Honasa’s͏͏ decision͏͏ to͏͏ sever͏͏ its͏͏ ties͏͏ with͏͏ RSM͏͏ General͏͏ Trading,͏͏ which͏͏ claims͏͏ that͏͏ Honasa͏͏ abruptly͏͏ terminated͏͏ the͏͏ distributorship͏͏ agreement.

RSM͏͏ General͏͏ Trading͏͏ served͏͏ as͏͏ Honasa’s͏͏ distributor͏͏ in͏͏ the͏͏ Middle͏͏ East͏͏ and͏͏ African͏͏ regions͏͏ from͏͏ July͏͏ 30,͏͏ 2020,͏͏ to͏͏ January͏͏ 17,͏͏ 2023.

Compensation͏͏ Ordered͏͏ by͏͏ UAE͏͏ Court:

In͏͏ May,͏͏ the͏͏ UAE’s͏͏ Court͏͏ of͏͏ Full͏͏ Commercial͏͏ Jurisdiction͏͏ ruled͏͏ that͏͏ Honasa͏͏ must͏͏ compensate͏͏ RSM͏͏ General͏͏ Trading͏͏ with͏͏ AED͏͏ 25.07͏͏ million͏͏ (around͏͏ INR͏͏ 57͏͏ crore)͏͏ in͏͏ damages.

Furthermore,͏͏ the͏͏ court͏͏ instructed͏͏ the͏͏ company͏͏ to͏͏ pay͏͏ legal͏͏ interest͏͏ at͏͏ a͏͏ rate͏͏ of͏͏ 5%͏͏ (from͏͏ the͏͏ date͏͏ the͏͏ judgment͏͏ becomes͏͏ final͏͏ until͏͏ full͏͏ payment͏͏ is͏͏ received)͏͏ and͏͏ AED͏͏ 1,000͏͏ (INR͏͏ 22,665)͏͏ for͏͏ attorney͏͏ fees.

Honasa’s͏͏ Diverse͏͏ Product͏͏ Portfolio:

Founded͏͏ in͏͏ 2016͏͏ by͏͏ the͏͏ husband-and-wife͏͏ duo͏͏ Varun͏͏ and͏͏ Ghazal͏͏ Alagh,͏͏ Honasa͏͏ offers͏͏ a͏͏ product͏͏ portfolio͏͏ that͏͏ includes͏͏ six͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ brands:͏͏ Mamaearth,͏͏ The͏͏ Derma͏͏ Co.,͏͏ Aqualogica,͏͏ Ayuga,͏͏ BBlunt,͏͏ and͏͏ Dr.͏͏ Sheth’s.

Continue͏͏ Exploring:͏͏ Mamaearth parent Honasa Consumer ordered͏͏ to͏͏ pay͏͏ INR͏͏ 56.6͏͏ Crores͏͏ compensation͏͏ to͏͏ UAE͏͏ distributor

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Tea Board launches INR 664.09 Cr development scheme to boost Indian tea industry

By
M Haziq Pandit
-
0
tea

In a bid to uplift the Indian tea industry, the Tea Board has announced the Tea Development & Promotion Scheme with a total budget of INR 664.09 crore.

The͏͏ scheme͏͏ will͏͏ be͏͏ in͏͏ effect͏͏ from͏͏ 2023-24͏͏ to͏͏ 2025-26͏͏ and͏͏ comprises͏͏ seven͏͏ key͏͏ components.͏͏ These͏͏ components͏͏ aim͏͏ to͏͏ cover͏͏ all͏͏ facets͏͏ of͏͏ the͏͏ tea͏͏ industry,͏͏ from͏͏ cultivation͏͏ to͏͏ consumption,͏͏ facilitating͏͏ comprehensive͏͏ development.

Stakeholder͏͏ Support͏͏ Initiatives:

The͏͏ Tea͏͏ Board͏͏ will͏͏ assist͏͏ stakeholders͏͏ in͏͏ the͏͏ tea͏͏ industry,͏͏ who͏͏ are͏͏ essential͏͏ to͏͏ production,͏͏ manufacturing,͏͏ promotion,͏͏ marketing,͏͏ and͏͏ research,͏͏ in͏͏ accessing͏͏ support͏͏ under͏͏ various͏͏ components͏͏ of͏͏ the͏͏ scheme.͏͏ These͏͏ include͏͏ plantation͏͏ development͏͏ and͏͏ quality͏͏ enhancement,͏͏ tea͏͏ promotion͏͏ and͏͏ market͏͏ support,͏͏ technological͏͏ intervention,͏͏ research͏͏ and͏͏ development,͏͏ as͏͏ well͏͏ as͏͏ welfare͏͏ and͏͏ capacity-building͏͏ initiatives.

Continue͏͏ Exploring:͏͏ Darjeeling͏͏ tea prices͏͏ slump͏͏ as͏͏ muscatel͏͏ flavor͏͏ goes͏͏ missing͏͏ this͏͏ season

The͏͏ scheme͏͏ will͏͏ provide͏͏ support͏͏ for͏͏ the͏͏ replantation͏͏ of͏͏ tea͏͏ bushes͏͏ in͏͏ large͏͏ tea͏͏ gardens͏͏ covering͏͏ more͏͏ than͏͏ 10.12͏͏ hectares͏͏ and͏͏ registered͏͏ with͏͏ the͏͏ Tea͏͏ Board.͏͏ Funds͏͏ will͏͏ also͏͏ be͏͏ allocated͏͏ for͏͏ international͏͏ brand͏͏ promotion,͏͏ generic͏͏ marketing͏͏ campaigns,͏͏ networking͏͏ activities,͏͏ multimedia͏͏ and͏͏ social͏͏ media͏͏ advertising,͏͏ delegations,͏͏ sponsorships,͏͏ and͏͏ events,͏͏ along͏͏ with͏͏ promotional͏͏ tools,͏͏ aids,͏͏ and͏͏ materials͏͏ targeting͏͏ both͏͏ established͏͏ and͏͏ new͏͏ markets.͏͏ Additionally,͏͏ the͏͏ scheme͏͏ will͏͏ facilitate͏͏ brand͏͏ promotion͏͏ for͏͏ Indian͏͏ tea͏͏ companies͏͏ registered͏͏ with͏͏ Start-Up͏͏ India.

According͏͏ to͏͏ a͏͏ statement͏͏ from͏͏ the͏͏ Tea͏͏ Board͏͏ of͏͏ India,͏͏ this͏͏ holistic͏͏ approach͏͏ to͏͏ strengthening͏͏ the͏͏ tea͏͏ industry͏͏ is͏͏ expected͏͏ to͏͏ raise͏͏ per͏͏ capita͏͏ tea͏͏ consumption͏͏ domestically,͏͏ enhance͏͏ price͏͏ realization,͏͏ and͏͏ boost͏͏ India’s͏͏ presence͏͏ in͏͏ tea͏͏ export͏͏ markets,͏͏ thereby͏͏ promoting͏͏ sustainability͏͏ within͏͏ the͏͏ industry.

Continue͏͏ Exploring:͏͏ Stormy͏͏ outlook͏͏ for͏͏ tea industry as͏͏ production͏͏ set͏͏ to͏͏ drop͏͏ by͏͏ 160͏͏ Million͏͏ Kilograms͏͏ in͏͏ 2024

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Titan Company expects 25% revenue growth in Q2 as gold duty cut stimulates sales

By
M Haziq Pandit
-
0
Titan Company
Titan Company

Titan Company, the Indian jeweller and watchmaker, anticipates a 25% rise in second-quarter revenue due to improved domestic demand for certain jewellery products following a reduction in customs duty on gold imports.

In͏͏ July,͏͏ India͏͏ reduced͏͏ import͏͏ duties͏͏ on͏͏ gold͏͏ from͏͏ 15%͏͏ to͏͏ 6%,͏͏ a͏͏ decision͏͏ seen͏͏ as͏͏ beneficial͏͏ for͏͏ retail͏͏ demand.

Jewellery Segment͏͏ to͏͏ Grow͏͏ by͏͏ 26%:

The͏͏ jewellery͏͏ segment,͏͏ featuring͏͏ brands͏͏ such͏͏ as͏͏ Tanishq͏͏ and͏͏ Mia,͏͏ is͏͏ projected͏͏ to͏͏ grow͏͏ by͏͏ 26%.͏͏ As͏͏ of͏͏ June-end,͏͏ it͏͏ accounted͏͏ for͏͏ approximately͏͏ 89%͏͏ of͏͏ the͏͏ consolidated͏͏ total͏͏ income͏͏ for͏͏ the͏͏ Tata-owned͏͏ company.

Continue͏͏ Exploring:͏͏ Titan Company outlines͏͏ aggressive͏͏ expansion͏͏ plans͏͏ for͏͏ Tanishq,͏͏ Taneira,͏͏ and͏͏ other͏͏ brands͏͏ this͏͏ year

The͏͏ watches͏͏ and͏͏ wearables͏͏ segment,͏͏ which͏͏ includes͏͏ brands͏͏ like͏͏ Fastrack,͏͏ Police,͏͏ and͏͏ Coach,͏͏ anticipates͏͏ a͏͏ 20%͏͏ rise͏͏ in͏͏ revenue,͏͏ according͏͏ to͏͏ the͏͏ company.

Rival͏͏ Kalyan͏͏ Jewellers͏͏ has͏͏ yet͏͏ to͏͏ publish͏͏ its͏͏ quarterly͏͏ update.

Continue͏͏ Exploring:͏͏ India’s͏͏ gold imports͏͏ soar͏͏ to͏͏ $10.1͏͏ Bn͏͏ as͏͏ duty͏͏ cut͏͏ fuels͏͏ domestic͏͏ demand

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Marriott International sees future growth in India’s untapped regional markets

By
M Haziq Pandit
-
0
Marriott International
Marriott International

Marriott International, the world’s largest hospitality company by room count, anticipates significant growth in India, its fifth-largest market.

Untapped͏͏ Markets͏͏ on͏͏ the͏͏ Radar:

David͏͏ S.͏͏ Marriott,͏͏ chairman͏͏ of͏͏ Marriott͏͏ International,͏͏ stated͏͏ that͏͏ there͏͏ is͏͏ significant͏͏ potential͏͏ to͏͏ expand͏͏ the͏͏ company’s͏͏ operations͏͏ in͏͏ India,͏͏ particularly͏͏ in͏͏ untapped͏͏ markets.

Marriott͏͏ operates͏͏ 153͏͏ hotels͏͏ across͏͏ 17͏͏ brands͏͏ in͏͏ India,͏͏ with͏͏ over͏͏ 29,000͏͏ rooms.͏͏ The͏͏ company͏͏ is͏͏ now͏͏ set͏͏ to͏͏ introduce͏͏ its͏͏ luxury͏͏ lifestyle͏͏ brand,͏͏ EDITION,͏͏ with͏͏ the͏͏ first͏͏ hotel͏͏ opening͏͏ in͏͏ Mumbai’s͏͏ Bandra͏͏ Kurla͏͏ Complex.

David͏͏ S.͏͏ Marriott͏͏ is͏͏ the͏͏ third͏͏ chairman͏͏ in͏͏ the͏͏ company’s͏͏ 97-year͏͏ history,͏͏ following͏͏ his͏͏ father,͏͏ J.W.͏͏ Marriott,͏͏ Jr.͏͏ (Bill),͏͏ and͏͏ his͏͏ grandfather,͏͏ J.W.͏͏ Marriott.

“The͏͏ team͏͏ is͏͏ on͏͏ track͏͏ to͏͏ achieve͏͏ double͏͏ the͏͏ number͏͏ of͏͏ signings͏͏ they’ve͏͏ ever͏͏ secured͏͏ in͏͏ India.͏͏ Growing͏͏ up͏͏ in͏͏ the͏͏ 80s,͏͏ I͏͏ witnessed͏͏ the͏͏ company’s͏͏ remarkable͏͏ growth͏͏ in͏͏ the͏͏ US.͏͏ A͏͏ few͏͏ years͏͏ ago,͏͏ we͏͏ experienced͏͏ that͏͏ same͏͏ explosive͏͏ expansion͏͏ in͏͏ China,͏͏ and͏͏ now͏͏ we͏͏ are͏͏ seeing͏͏ it͏͏ unfold͏͏ in͏͏ India,”͏͏ Marriott͏͏ stated.

Tapping͏͏ into͏͏ India’s͏͏ Demographics:

“When͏͏ you͏͏ take͏͏ into͏͏ account͏͏ that͏͏ India͏͏ has͏͏ 1.4͏͏ billion͏͏ people͏͏ and͏͏ a͏͏ middle͏͏ class͏͏ as͏͏ large͏͏ as͏͏ the͏͏ entire͏͏ population͏͏ of͏͏ the͏͏ US,͏͏ it’s͏͏ primed͏͏ for͏͏ growth,”͏͏ he͏͏ remarked.

“We͏͏ consider͏͏ ourselves͏͏ fortunate͏͏ to͏͏ have͏͏ entered͏͏ the͏͏ market͏͏ early͏͏ and͏͏ established͏͏ strong͏͏ brands͏͏ like͏͏ JW͏͏ Marriott͏͏ in͏͏ India.͏͏ It’s͏͏ exciting,͏͏ though͏͏ not͏͏ entirely͏͏ surprising,͏͏ to͏͏ see͏͏ the͏͏ immense͏͏ potential͏͏ here,”͏͏ he͏͏ added.

Marriott͏͏ emphasized͏͏ that͏͏ the͏͏ chain͏͏ enjoys͏͏ a͏͏ ‘strong’͏͏ market͏͏ share͏͏ in͏͏ India,͏͏ claiming͏͏ it͏͏ has͏͏ more͏͏ hotel͏͏ rooms͏͏ than͏͏ any͏͏ other͏͏ hospitality͏͏ company.͏͏ “In͏͏ India,͏͏ our͏͏ hotel͏͏ room͏͏ count͏͏ surpasses͏͏ that͏͏ of͏͏ Taj.͏͏ They͏͏ might͏͏ have͏͏ more͏͏ properties,͏͏ but͏͏ we͏͏ have͏͏ a͏͏ greater͏͏ number͏͏ of͏͏ rooms,”͏͏ he͏͏ noted.

Continue͏͏ Exploring:͏͏ Marriott International sees͏͏ India͏͏ as͏͏ a͏͏ ‘shining͏͏ star’͏͏ for͏͏ growth͏͏ with͏͏ plans͏͏ to͏͏ expand͏͏ to͏͏ 250͏͏ hotels͏͏ in͏͏ next͏͏ five͏͏ years

Regarding͏͏ the͏͏ prospects͏͏ of͏͏ the͏͏ Indian͏͏ market,͏͏ Marriott͏͏ stated,͏͏ “I͏͏ believe͏͏ we͏͏ are͏͏ at͏͏ the͏͏ start͏͏ of͏͏ a͏͏ growth͏͏ phase͏͏ for͏͏ quality͏͏ hospitality.͏͏ There͏͏ is͏͏ immense͏͏ potential͏͏ for͏͏ expansion,͏͏ and͏͏ in͏͏ my͏͏ view,͏͏ we͏͏ have͏͏ barely͏͏ scratched͏͏ the͏͏ surface͏͏ in͏͏ India.”

“There’s͏͏ a͏͏ vast͏͏ blank͏͏ canvas͏͏ for͏͏ us͏͏ in͏͏ secondary͏͏ and͏͏ tertiary͏͏ markets,͏͏ along͏͏ with͏͏ many͏͏ other͏͏ locations͏͏ across͏͏ the͏͏ country͏͏ where͏͏ we͏͏ are͏͏ not͏͏ yet͏͏ present,”͏͏ he͏͏ added.

Global͏͏ Expansion͏͏ and͏͏ Revenue͏͏ Growth:

Globally,͏͏ Marriott͏͏ International͏͏ boasts͏͏ 9,000͏͏ properties͏͏ with͏͏ nearly͏͏ 1.66͏͏ million͏͏ rooms.͏͏ The͏͏ company͏͏ reported͏͏ total͏͏ revenues͏͏ of͏͏ $23.7͏͏ billion͏͏ in͏͏ 2023,͏͏ reflecting͏͏ a͏͏ 14%͏͏ increase͏͏ from͏͏ 2022.

Rajeev͏͏ Menon,͏͏ president͏͏ of͏͏ Asia͏͏ Pacific͏͏ (excluding͏͏ China)͏͏ at͏͏ Marriott͏͏ International,͏͏ stated͏͏ that͏͏ 2024͏͏ has͏͏ marked͏͏ a͏͏ record͏͏ year͏͏ of͏͏ growth͏͏ in͏͏ India,͏͏ particularly͏͏ in͏͏ terms͏͏ of͏͏ property͏͏ signings.͏͏ “In͏͏ the͏͏ first͏͏ nine͏͏ months͏͏ alone,͏͏ our͏͏ team͏͏ has͏͏ signed͏͏ over͏͏ 5,000͏͏ rooms͏͏ in͏͏ India.͏͏ Notably,͏͏ 80%͏͏ of͏͏ these͏͏ signings͏͏ are͏͏ in͏͏ the͏͏ luxury͏͏ and͏͏ premium͏͏ segments,͏͏ showcasing͏͏ the͏͏ strong͏͏ demand͏͏ for͏͏ high-end͏͏ brands͏͏ in͏͏ the͏͏ market,”͏͏ he͏͏ added.

Commenting͏͏ on͏͏ the͏͏ ongoing͏͏ post-pandemic͏͏ travel͏͏ boom,͏͏ Marriott͏͏ stated,͏͏ “I͏͏ believe͏͏ we͏͏ are͏͏ entering͏͏ a͏͏ true͏͏ golden͏͏ age͏͏ of͏͏ travel,͏͏ driven͏͏ in͏͏ part͏͏ by͏͏ greater͏͏ accessibility͏͏ to͏͏ destinations͏͏ worldwide.͏͏ People͏͏ are͏͏ now͏͏ prioritising͏͏ experiences͏͏ over͏͏ large͏͏ homes͏͏ or͏͏ luxury͏͏ items—they͏͏ are͏͏ seeking͏͏ lasting͏͏ memories.”

Marriott͏͏ emphasized͏͏ two͏͏ significant͏͏ milestones͏͏ that͏͏ have͏͏ been͏͏ vital͏͏ for͏͏ the͏͏ company͏͏ in͏͏ the͏͏ past͏͏ 7-10͏͏ years:͏͏ the͏͏ acquisition͏͏ of͏͏ Starwood͏͏ Hotels͏͏ &͏͏ Resorts͏͏ and͏͏ a͏͏ strategic͏͏ shift͏͏ towards͏͏ leisure.͏͏ “I͏͏ believe͏͏ we͏͏ are͏͏ now͏͏ entering͏͏ a͏͏ third͏͏ milestone,͏͏ which͏͏ focuses͏͏ on͏͏ enhancing͏͏ our͏͏ reservation͏͏ system,͏͏ property͏͏ management͏͏ system,͏͏ and͏͏ the͏͏ technology͏͏ that͏͏ underpins͏͏ our͏͏ loyalty͏͏ programme,”͏͏ he͏͏ stated.

As͏͏ the͏͏ hospitality͏͏ industry͏͏ moves͏͏ towards͏͏ more͏͏ sustainable͏͏ practices,͏͏ Marriott͏͏ noted,͏͏ “While͏͏ sustainability͏͏ may͏͏ incur͏͏ costs,͏͏ it͏͏ also͏͏ results͏͏ in͏͏ savings.͏͏ More͏͏ importantly,͏͏ consumers͏͏ are͏͏ increasingly͏͏ drawn͏͏ to͏͏ brands͏͏ that͏͏ prioritise͏͏ sustainability.͏͏ This͏͏ alignment͏͏ provides͏͏ a͏͏ competitive͏͏ advantage͏͏ and͏͏ business͏͏ benefits͏͏ that͏͏ surpass͏͏ the͏͏ costs.͏͏ When͏͏ executed͏͏ properly,͏͏ the͏͏ financial͏͏ and͏͏ ethical͏͏ benefits͏͏ far͏͏ outweigh͏͏ the͏͏ expenses.”

As͏͏ hospitality͏͏ chains͏͏ strive͏͏ to͏͏ incorporate͏͏ more͏͏ technology͏͏ into͏͏ their͏͏ operations,͏͏ Marriott͏͏ stressed͏͏ that͏͏ it͏͏ cannot͏͏ replace͏͏ the͏͏ human͏͏ touch.͏͏ “Let͏͏ me͏͏ be͏͏ clear:͏͏ this͏͏ is͏͏ a͏͏ relationship-driven͏͏ business,͏͏ a͏͏ people-to-people͏͏ industry.͏͏ If͏͏ we͏͏ lose͏͏ that,͏͏ we͏͏ lose͏͏ our͏͏ direction.͏͏ Technology͏͏ is͏͏ not͏͏ meant͏͏ to͏͏ replace͏͏ the͏͏ human͏͏ touch;͏͏ it’s͏͏ intended͏͏ to͏͏ enhance͏͏ it.͏͏ It͏͏ gives͏͏ us͏͏ valuable͏͏ insights͏͏ into͏͏ our͏͏ customers,͏͏ allowing͏͏ us͏͏ to͏͏ understand͏͏ their͏͏ preferences͏͏ and͏͏ engage͏͏ with͏͏ them͏͏ more͏͏ effectively͏͏ to͏͏ deliver͏͏ the͏͏ unique,͏͏ personalised͏͏ experiences͏͏ they͏͏ desire.͏͏ That’s͏͏ the͏͏ true͏͏ purpose͏͏ of͏͏ technology.”

Regarding͏͏ disruption͏͏ in͏͏ the͏͏ hospitality͏͏ industry,͏͏ Marriott͏͏ remarked͏͏ that͏͏ the͏͏ market͏͏ has͏͏ naturally͏͏ distinguished͏͏ between͏͏ traditional͏͏ hotel͏͏ chains͏͏ and͏͏ startups͏͏ like͏͏ Airbnb.

“We͏͏ were͏͏ certainly͏͏ attentive͏͏ to͏͏ Airbnb͏͏ and͏͏ their͏͏ activities.͏͏ We͏͏ observed͏͏ that͏͏ for͏͏ certain͏͏ types͏͏ of͏͏ trips,͏͏ even͏͏ our͏͏ Bonvoy͏͏ members͏͏ were͏͏ opting͏͏ for͏͏ Airbnb͏͏ or͏͏ VRBO.͏͏ This͏͏ was͏͏ a͏͏ key͏͏ reason͏͏ behind͏͏ the͏͏ development͏͏ of͏͏ Marriott͏͏ Homes͏͏ and͏͏ Villas—to͏͏ provide͏͏ our͏͏ Bonvoy͏͏ customers͏͏ with͏͏ an͏͏ option͏͏ for͏͏ that͏͏ style͏͏ of͏͏ accommodation͏͏ within͏͏ our͏͏ own͏͏ ecosystem,”͏͏ he͏͏ said.͏͏ “We͏͏ currently͏͏ offer͏͏ over͏͏ 200,000͏͏ homes͏͏ and͏͏ villas͏͏ worldwide.͏͏ Interestingly,͏͏ this͏͏ topic͏͏ used͏͏ to͏͏ be͏͏ discussed͏͏ at͏͏ every͏͏ board͏͏ meeting;͏͏ now͏͏ it͏͏ may͏͏ only͏͏ be͏͏ mentioned͏͏ once͏͏ a͏͏ year,”͏͏ he͏͏ added.

As͏͏ the͏͏ chairman͏͏ of͏͏ a͏͏ global͏͏ hotel͏͏ company,͏͏ Marriott͏͏ must͏͏ strategise͏͏ for͏͏ growth͏͏ in͏͏ an͏͏ increasingly͏͏ complex͏͏ environment,͏͏ addressing͏͏ trends͏͏ such͏͏ as͏͏ de-globalisation,͏͏ the͏͏ slowdown͏͏ in͏͏ the͏͏ Chinese͏͏ market,͏͏ and͏͏ conflicts͏͏ in͏͏ areas͏͏ like͏͏ the͏͏ Middle͏͏ East͏͏ and͏͏ between͏͏ Ukraine͏͏ and͏͏ Russia.

Describing͏͏ it͏͏ as͏͏ a͏͏ complex͏͏ challenge,͏͏ David͏͏ S.͏͏ Marriott͏͏ stated͏͏ that͏͏ the͏͏ company͏͏ must͏͏ consistently͏͏ concentrate͏͏ on͏͏ the͏͏ appropriate͏͏ type͏͏ of͏͏ growth͏͏ for͏͏ each͏͏ market,͏͏ continent,͏͏ and͏͏ region.

“It’s͏͏ about͏͏ adopting͏͏ a͏͏ long-term͏͏ perspective.͏͏ Some͏͏ of͏͏ these͏͏ challenges,͏͏ I͏͏ hope͏͏ and͏͏ pray,͏͏ are͏͏ temporary.͏͏ However,͏͏ we͏͏ cannot͏͏ be͏͏ certain,͏͏ so͏͏ we͏͏ must͏͏ plan͏͏ for͏͏ the͏͏ next͏͏ 10͏͏ to͏͏ 20͏͏ years͏͏ instead͏͏ of͏͏ merely͏͏ reacting͏͏ to͏͏ the͏͏ local͏͏ challenges͏͏ we͏͏ encounter͏͏ today.͏͏ The͏͏ goal͏͏ is͏͏ to͏͏ work͏͏ through͏͏ and͏͏ resolve͏͏ these͏͏ issues͏͏ so͏͏ that͏͏ we͏͏ can͏͏ continue͏͏ to͏͏ make͏͏ progress,”͏͏ he͏͏ said.

No͏͏ one͏͏ in͏͏ the͏͏ industry͏͏ was͏͏ prepared͏͏ for͏͏ a͏͏ 90%͏͏ decline͏͏ in͏͏ revenue͏͏ during͏͏ the͏͏ Covid-19͏͏ pandemic,͏͏ Marriott͏͏ remarked.͏͏ “During͏͏ the͏͏ pandemic,͏͏ my͏͏ dad͏͏ frequently͏͏ said:͏͏ This͏͏ is͏͏ not͏͏ my͏͏ first͏͏ rodeo,͏͏ but͏͏ it’s͏͏ my͏͏ most͏͏ difficult͏͏ and͏͏ challenging͏͏ one.͏͏ However,͏͏ you͏͏ must͏͏ maintain͏͏ a͏͏ long-term͏͏ perspective͏͏ and͏͏ remember͏͏ that͏͏ you’ve͏͏ overcome͏͏ many͏͏ challenges͏͏ before.͏͏ When͏͏ my͏͏ grandparents͏͏ opened͏͏ their͏͏ nine-seat͏͏ root͏͏ beer͏͏ stand͏͏ in͏͏ Washington,͏͏ D.C.,͏͏ in͏͏ 1927,͏͏ they͏͏ were͏͏ just͏͏ a͏͏ few͏͏ years͏͏ away͏͏ from͏͏ the͏͏ Great͏͏ Depression.͏͏ Talk͏͏ about͏͏ bad͏͏ timing,͏͏ yet͏͏ they͏͏ managed͏͏ to͏͏ persevere.͏͏ Then͏͏ came͏͏ World͏͏ War͏͏ II,͏͏ 9/11,͏͏ and͏͏ real͏͏ estate͏͏ market͏͏ crashes—challenges͏͏ kept͏͏ coming.͏͏ You͏͏ have͏͏ to͏͏ stay͏͏ focused͏͏ on͏͏ the͏͏ long͏͏ game͏͏ and͏͏ work͏͏ through͏͏ these͏͏ obstacles͏͏ as͏͏ they͏͏ arise.”

Continue͏͏ Exploring:͏͏ Marriott International aims͏͏ for͏͏ record-breaking͏͏ 2024͏͏ in͏͏ India͏͏ with͏͏ plans͏͏ to͏͏ expand͏͏ portfolio͏͏ to͏͏ 250͏͏ hotels

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SAMHI strengthens portfolio with acquisition of Innmar Tourism and Hotels

By
M Haziq Pandit
-
0
SAMHI hotel
(Representative Image)

Branded hotel ownership and asset management platform SAMHI has successfully finalized the Share Purchase Agreement (“SPA”) for the acquisition of Innmar Tourism and Hotels Private Limited (“ITHPL”).

The͏͏ company͏͏ mentioned͏͏ that͏͏ this͏͏ acquisition͏͏ includes͏͏ an͏͏ operating͏͏ hotel͏͏ with͏͏ 142͏͏ rooms͏͏ located͏͏ in͏͏ Whitefield,͏͏ Bengaluru.͏͏ Additionally,͏͏ there͏͏ is͏͏ potential͏͏ for͏͏ expansion͏͏ to͏͏ include͏͏ a͏͏ second͏͏ hotel͏͏ with͏͏ 200-220͏͏ rooms,͏͏ increasing͏͏ the͏͏ total͏͏ inventory͏͏ of͏͏ the͏͏ complex͏͏ to͏͏ 340-360͏͏ rooms͏͏ in͏͏ the͏͏ Upper͏͏ Upscale͏͏ and͏͏ Upscale͏͏ segments.

Six͏͏ hotels now͏͏ under͏͏ SAMHI management:

The͏͏ company͏͏ currently͏͏ owns͏͏ and͏͏ operates͏͏ six͏͏ hotels͏͏ with͏͏ a͏͏ total͏͏ of͏͏ 9,181͏͏ rooms͏͏ in͏͏ Bengaluru͏͏ across͏͏ various͏͏ segments.͏͏ The͏͏ completion͏͏ of͏͏ this͏͏ acquisition͏͏ will͏͏ immediately͏͏ add͏͏ 142͏͏ rooms,͏͏ with͏͏ an͏͏ additional͏͏ 200͏͏ to͏͏ 220͏͏ rooms͏͏ being͏͏ added͏͏ over͏͏ time.͏͏ The͏͏ two͏͏ hotels͏͏ will͏͏ be͏͏ managed͏͏ under͏͏ Upper͏͏ Upscale͏͏ and͏͏ Upscale͏͏ brands,͏͏ which͏͏ are͏͏ being͏͏ finalized͏͏ with͏͏ a͏͏ major͏͏ international͏͏ operator.

The͏͏ company͏͏ noted͏͏ that͏͏ this͏͏ will͏͏ be͏͏ the͏͏ second͏͏ “twin͏͏ hotel͏͏ complex”͏͏ owned͏͏ by͏͏ SAMHI,͏͏ with͏͏ the͏͏ first͏͏ being͏͏ the͏͏ 336-room͏͏ Courtyard͏͏ by͏͏ Marriott͏͏ and͏͏ Fairfield͏͏ by͏͏ Marriott͏͏ located͏͏ on͏͏ Outer͏͏ Ring͏͏ Road͏͏ (ORR)͏͏ in͏͏ Bengaluru.

Continue͏͏ Exploring:͏͏ OYO͏͏ acquires͏͏ US͏͏ chain͏͏ Motel͏͏ 6͏͏ in͏͏ $525͏͏ Mn͏͏ deal,͏͏ eyes͏͏ global͏͏ expansion

ITHPL͏͏ becomes͏͏ wholly͏͏ owned͏͏ subsidiary:

The͏͏ purchase͏͏ price͏͏ for͏͏ this͏͏ acquisition͏͏ is͏͏ set͏͏ at͏͏ INR͏͏ 2,050͏͏ million͏͏ (Enterprise͏͏ Value),͏͏ adjusted͏͏ for͏͏ net͏͏ current͏͏ assets,͏͏ including͏͏ cash͏͏ and͏͏ other͏͏ working͏͏ capital.͏͏ After͏͏ this͏͏ transaction,͏͏ ITHPL͏͏ will͏͏ become͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ of͏͏ SAMHI͏͏ Hotels͏͏ Ltd.͏͏ The͏͏ acquisition͏͏ is͏͏ fully͏͏ funded͏͏ through͏͏ the͏͏ company’s͏͏ internal͏͏ accruals.

Ashish͏͏ Jakhanwala,͏͏ Chairman͏͏ and͏͏ Managing͏͏ Director͏͏ of͏͏ SAMHI͏͏ Hotels͏͏ Ltd,͏͏ stated͏͏ that͏͏ the͏͏ transaction͏͏ aligns͏͏ with͏͏ the͏͏ company’s͏͏ growth͏͏ strategy,͏͏ which͏͏ emphasizes͏͏ turnaround͏͏ opportunities͏͏ in͏͏ major͏͏ office͏͏ and͏͏ aviation͏͏ markets.

“We͏͏ believe͏͏ that͏͏ the͏͏ planned͏͏ rebranding͏͏ of͏͏ the͏͏ existing͏͏ hotel,͏͏ along͏͏ with͏͏ its͏͏ repositioning͏͏ in͏͏ the͏͏ upscale͏͏ segment͏͏ and͏͏ the͏͏ addition͏͏ of͏͏ a͏͏ second͏͏ hotel͏͏ in͏͏ the͏͏ upper-upscale͏͏ segment͏͏ within͏͏ the͏͏ same͏͏ complex,͏͏ will͏͏ significantly͏͏ enhance͏͏ value͏͏ for͏͏ our͏͏ company,”͏͏ he͏͏ added.

Continue͏͏ Exploring:͏͏ EaseMyTrip͏͏ signs͏͏ exclusive͏͏ deal͏͏ with͏͏ PhonePe͏͏ for͏͏ hotel listings

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