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Starbucks unveils Classics coffee menu celebrating India’s rich heritage

By
M Haziq Pandit
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0
Starbucks

Starbucks has launched a new Classics coffee range to mark its 12th anniversary in India,͏͏ highlighting͏͏ the͏͏ nation’s͏͏ rich͏͏ cultural͏͏ heritage.͏͏ The͏͏ menu͏͏ incorporates͏͏ India-inspired͏͏ ingredients,͏͏ combining͏͏ local͏͏ flavours͏͏ with͏͏ consistent͏͏ preparation,͏͏ showcasing͏͏ the͏͏ brand’s͏͏ dedication͏͏ to͏͏ the͏͏ Indian͏͏ market.

Tailored͏͏ Coffee͏͏ for͏͏ Indian͏͏ Tastes:

Sourced͏͏ from͏͏ the͏͏ top͏͏ 3͏͏ percent͏͏ of͏͏ Arabica͏͏ coffee͏͏ beans͏͏ globally,͏͏ the͏͏ Classics͏͏ coffee͏͏ beverages͏͏ are͏͏ tailored͏͏ to͏͏ Indian͏͏ preferences͏͏ for͏͏ sweetness,͏͏ texture,͏͏ and͏͏ temperature.͏͏ The͏͏ menu͏͏ features͏͏ options͏͏ like͏͏ Classic͏͏ Hot͏͏ Coffee,͏͏ blending͏͏ espresso͏͏ with͏͏ milk,͏͏ and͏͏ Classic͏͏ Iced͏͏ Coffee,͏͏ which͏͏ mixes͏͏ bold͏͏ espresso͏͏ with͏͏ jaggery͏͏ and͏͏ milk,͏͏ starting͏͏ at͏͏ INR͏͏ 150.͏͏ Additionally,͏͏ customers͏͏ can͏͏ enjoy͏͏ a͏͏ variety͏͏ of͏͏ sandwiches,͏͏ including͏͏ Chilli͏͏ Paneer,͏͏ Spinach͏͏ Corn,͏͏ Paneer͏͏ Tikka,͏͏ Egg͏͏ and͏͏ Mayo,͏͏ and͏͏ Chicken͏͏ Salad.

Continue͏͏ Exploring:͏͏ Tata͏͏ Starbucks to͏͏ introduce͏͏ sugar-free͏͏ customisations͏͏ in͏͏ India

Sushant͏͏ Dash,͏͏ CEO͏͏ of͏͏ TATA͏͏ Starbucks,͏͏ remarked,͏͏ “With͏͏ more͏͏ than͏͏ a͏͏ decade͏͏ in͏͏ India,͏͏ we͏͏ are͏͏ inspired͏͏ by͏͏ the͏͏ country’s͏͏ unique͏͏ diversity͏͏ and͏͏ vibrant͏͏ cultural͏͏ tapestry.͏͏ This͏͏ has͏͏ led͏͏ us͏͏ to͏͏ develop͏͏ a͏͏ beverage͏͏ lineup͏͏ that͏͏ truly͏͏ reflects͏͏ India’s͏͏ growing͏͏ cultural͏͏ confidence͏͏ and͏͏ pride.͏͏ Each͏͏ drink͏͏ is͏͏ crafted͏͏ using͏͏ the͏͏ top͏͏ 3͏͏ percent͏͏ of͏͏ Arabica͏͏ coffee͏͏ beans͏͏ globally,͏͏ designed͏͏ to͏͏ appeal͏͏ to͏͏ Indian͏͏ taste͏͏ preferences.͏͏ We͏͏ aim͏͏ to͏͏ enhance͏͏ not͏͏ only͏͏ special͏͏ occasions͏͏ but͏͏ also͏͏ everyday͏͏ moments͏͏ and͏͏ conversations͏͏ with͏͏ loved͏͏ ones͏͏ through͏͏ our͏͏ Third͏͏ Place͏͏ experience.”

Rapid͏͏ Expansion͏͏ Across͏͏ Cities:

Since͏͏ its͏͏ entry͏͏ into͏͏ the͏͏ Indian͏͏ market͏͏ in͏͏ 2012,͏͏ TATA͏͏ Starbucks͏͏ has͏͏ grown͏͏ to͏͏ operate͏͏ over͏͏ 454͏͏ stores͏͏ in͏͏ 67͏͏ cities,͏͏ employing͏͏ more͏͏ than͏͏ 3,800͏͏ partners͏͏ while͏͏ continually͏͏ expanding͏͏ its͏͏ global͏͏ and͏͏ locally͏͏ inspired͏͏ offerings͏͏ in͏͏ India.

Continue͏͏ Exploring:͏͏ Starbucks opens͏͏ new͏͏ outlet,͏͏ reaches͏͏ 444͏͏ stores͏͏ in͏͏ India

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Amazon India unveils AI chatbot Rufus ahead of Great Indian Festival sale

By
M Haziq Pandit
-
0
Amazon

Ahead of its annual Great Indian Festival sale, e-commerce giant Amazon India has unveiled Rufus,͏͏ a͏͏ generative͏͏ AI-powered͏͏ conversational͏͏ shopping͏͏ chatbot.

The͏͏ company͏͏ aims͏͏ to͏͏ enhance͏͏ customer͏͏ experience͏͏ and͏͏ streamline͏͏ the͏͏ shopping͏͏ process͏͏ through͏͏ this͏͏ AI-driven͏͏ tool.

Rufus Enhances͏͏ Shopping͏͏ with͏͏ Natural͏͏ Language:

Rufus͏͏ facilitates͏͏ natural͏͏ language͏͏ interactions͏͏ in͏͏ the͏͏ Amazon͏͏ app,͏͏ enabling͏͏ customers͏͏ to͏͏ ask͏͏ product-related͏͏ questions,͏͏ receive͏͏ recommendations,͏͏ and͏͏ easily͏͏ compare͏͏ products.

According͏͏ to͏͏ Saurabh͏͏ Srivastava,͏͏ Vice͏͏ President͏͏ of͏͏ Categories͏͏ at͏͏ Amazon͏͏ India,͏͏ “Customers͏͏ can͏͏ now͏͏ enjoy͏͏ a͏͏ more͏͏ intuitive͏͏ shopping͏͏ experience,͏͏ whether͏͏ typing͏͏ or͏͏ speaking,͏͏ thanks͏͏ to͏͏ AI-powered͏͏ tools͏͏ like͏͏ personalised͏͏ recommendations͏͏ and͏͏ Alexa͏͏ for͏͏ seamless͏͏ shopping͏͏ assistance.”

AI-Generated͏͏ Review͏͏ Highlights͏͏ Introduced:

In͏͏ addition͏͏ to͏͏ Rufus,͏͏ Amazon͏͏ has͏͏ launched͏͏ AI-Generated͏͏ Review͏͏ Highlights,͏͏ leveraging͏͏ generative͏͏ AI͏͏ to͏͏ offer͏͏ concise͏͏ summaries͏͏ of͏͏ customer͏͏ reviews.͏͏ This͏͏ feature͏͏ provides͏͏ customers͏͏ with͏͏ quick͏͏ insights͏͏ into͏͏ product͏͏ sentiment͏͏ and͏͏ essential͏͏ attributes.

This͏͏ comes͏͏ as͏͏ Amazon͏͏ prepares͏͏ for͏͏ its͏͏ Great͏͏ Indian͏͏ Festival͏͏ sale,͏͏ scheduled͏͏ to͏͏ begin͏͏ on͏͏ September͏͏ 27,͏͏ 2024,͏͏ offering͏͏ 24-hour͏͏ early͏͏ access͏͏ for͏͏ Prime͏͏ members.͏͏ The͏͏ company͏͏ is͏͏ set͏͏ to͏͏ launch͏͏ nearly͏͏ 25,000͏͏ new͏͏ products͏͏ across͏͏ various͏͏ categories,͏͏ including͏͏ electronics,͏͏ mobile͏͏ phones,͏͏ TVs,͏͏ appliances,͏͏ fashion,͏͏ and͏͏ healthcare.

In͏͏ February͏͏ 2024,͏͏ the͏͏ company͏͏ launched͏͏ Rufus͏͏ on͏͏ its͏͏ website͏͏ to͏͏ assist͏͏ customers͏͏ in͏͏ finding͏͏ products͏͏ more͏͏ efficiently,͏͏ followed͏͏ by͏͏ the͏͏ beta͏͏ version’s͏͏ introduction͏͏ in͏͏ India͏͏ in͏͏ March.͏͏ This͏͏ initiative͏͏ is͏͏ part͏͏ of͏͏ Amazon’s͏͏ broader͏͏ AI͏͏ strategy,͏͏ which͏͏ includes͏͏ a͏͏ $4͏͏ billion͏͏ investment͏͏ in͏͏ Anthropic,͏͏ an͏͏ AI͏͏ company͏͏ focused͏͏ on͏͏ safety,͏͏ made͏͏ in͏͏ September͏͏ 2023.

Continue͏͏ Exploring:͏͏ Amazon launches͏͏ AI-powered͏͏ shopping͏͏ assistant͏͏ ‘Rufus’͏͏ in͏͏ beta͏͏ for͏͏ Indian͏͏ users

The͏͏ e-commerce͏͏ giant͏͏ has͏͏ been͏͏ upgrading͏͏ its͏͏ existing͏͏ products͏͏ with͏͏ AI͏͏ capabilities.͏͏ In͏͏ March͏͏ 2024,͏͏ Amazon͏͏ released͏͏ a͏͏ new͏͏ version͏͏ of͏͏ Alexa,͏͏ featuring͏͏ enhanced͏͏ conversational͏͏ abilities͏͏ that͏͏ facilitate͏͏ more͏͏ natural͏͏ interactions͏͏ and͏͏ the͏͏ completion͏͏ of͏͏ complex͏͏ tasks.

New͏͏ Fulfillment͏͏ Centers͏͏ and͏͏ Seasonal͏͏ Hiring:

To͏͏ bolster͏͏ its͏͏ expanding͏͏ operations͏͏ and͏͏ gear͏͏ up͏͏ for͏͏ the͏͏ festive͏͏ season,͏͏ Amazon͏͏ India͏͏ has͏͏ recently͏͏ opened͏͏ three͏͏ new͏͏ fulfillment͏͏ centers͏͏ in͏͏ Delhi͏͏ NCR,͏͏ Guwahati,͏͏ and͏͏ Patna.͏͏ These͏͏ centers͏͏ will͏͏ support͏͏ over͏͏ 250,000͏͏ sellers͏͏ in͏͏ the͏͏ region͏͏ and͏͏ provide͏͏ a͏͏ total͏͏ storage͏͏ capacity͏͏ of͏͏ 1.2͏͏ million͏͏ cubic͏͏ feet.

The͏͏ company͏͏ has͏͏ generated͏͏ over͏͏ 110,000͏͏ seasonal͏͏ job͏͏ opportunities͏͏ across͏͏ its͏͏ operations͏͏ network͏͏ to͏͏ address͏͏ the͏͏ expected͏͏ surge͏͏ in͏͏ customer͏͏ demand͏͏ during͏͏ the͏͏ festive͏͏ season.

In͏͏ a͏͏ recent͏͏ leadership͏͏ shift,͏͏ Amazon͏͏ has͏͏ appointed͏͏ Samir͏͏ Kumar͏͏ as͏͏ the͏͏ new͏͏ country͏͏ manager͏͏ for͏͏ India,͏͏ effective͏͏ October͏͏ 1,͏͏ 2024.͏͏ Kumar,͏͏ who͏͏ has͏͏ been͏͏ with͏͏ Amazon͏͏ for͏͏ over͏͏ two͏͏ decades͏͏ and͏͏ was͏͏ part͏͏ of͏͏ the͏͏ original͏͏ team͏͏ that͏͏ launched͏͏ Amazon͏͏ India͏͏ in͏͏ 2013,͏͏ will͏͏ succeed͏͏ Manish͏͏ Tiwary͏͏ in͏͏ overseeing͏͏ operational͏͏ responsibilities.

To͏͏ accommodate͏͏ its͏͏ expanding͏͏ operations͏͏ and͏͏ prepare͏͏ for͏͏ the͏͏ festive͏͏ season,͏͏ Amazon͏͏ India͏͏ has͏͏ recently͏͏ opened͏͏ three͏͏ new͏͏ fulfillment͏͏ centers͏͏ in͏͏ Delhi͏͏ NCR,͏͏ Guwahati,͏͏ and͏͏ Patna.͏͏ These͏͏ centers͏͏ will͏͏ assist͏͏ over͏͏ 2.5͏͏ lakh͏͏ sellers͏͏ in͏͏ the͏͏ region͏͏ and͏͏ provide͏͏ a͏͏ total͏͏ storage͏͏ capacity͏͏ of͏͏ 1.2͏͏ million͏͏ cubic͏͏ feet.

Continue͏͏ Exploring:͏͏ Amazon opens͏͏ three͏͏ new͏͏ fulfillment͏͏ centres͏͏ ahead͏͏ of͏͏ festive͏͏ season͏͏ sale

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Amazon’s home, kitchen, and outdoors category sees 25-27% CAGR over three years

By
M Haziq Pandit
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0
Amazon

The Home, Kitchen, and Outdoors category at Amazon India has͏͏ seen͏͏ a͏͏ 3-year͏͏ compound͏͏ annual͏͏ growth͏͏ rate͏͏ (CAGR)͏͏ of͏͏ 25-27%,͏͏ according͏͏ to͏͏ K.N. Srikanth,͏͏ the͏͏ category͏͏ director͏͏ at͏͏ Amazon͏͏ India.

“Home,͏͏ Kitchen,͏͏ and͏͏ Outdoor͏͏ are͏͏ among͏͏ the͏͏ fastest-growing͏͏ categories͏͏ for͏͏ Amazon͏͏ in͏͏ India,”͏͏ he͏͏ stated.

Continue͏͏ Exploring:͏͏ Amazon opens͏͏ three͏͏ new͏͏ fulfillment͏͏ centres͏͏ ahead͏͏ of͏͏ festive͏͏ season͏͏ sale

Festive͏͏ Season͏͏ Projections:

The͏͏ category͏͏ is͏͏ set͏͏ to͏͏ grow͏͏ approximately͏͏ 40-42%͏͏ year-on-year͏͏ this͏͏ festive͏͏ season.͏͏ He͏͏ also͏͏ noted͏͏ that͏͏ the͏͏ adoption͏͏ of͏͏ installation͏͏ services͏͏ is͏͏ expected͏͏ to͏͏ potentially͏͏ triple͏͏ during͏͏ this͏͏ period.

Recently͏͏ launched͏͏ categories͏͏ over͏͏ the͏͏ past͏͏ 12͏͏ to͏͏ 18͏͏ months,͏͏ such͏͏ as͏͏ electric͏͏ two-wheelers,͏͏ are͏͏ experiencing͏͏ growth͏͏ of͏͏ over͏͏ 100%͏͏ year-on-year.͏͏ Solar͏͏ panels͏͏ and͏͏ solar͏͏ lighting͏͏ are͏͏ growing͏͏ at͏͏ 80-85%͏͏ year-on-year,͏͏ while͏͏ wall͏͏ paint͏͏ is͏͏ seeing͏͏ an͏͏ impressive͏͏ growth͏͏ of͏͏ 400-500%͏͏ year-on-year.

Ambitious͏͏ Long-term͏͏ Goals:

Srikanth͏͏ stated,͏͏ “For͏͏ this͏͏ category,͏͏ I͏͏ would͏͏ not͏͏ accept͏͏ anything͏͏ less͏͏ than͏͏ a͏͏ 10-year͏͏ CAGR͏͏ of͏͏ 25-30%.”

For͏͏ highly͏͏ technical͏͏ products͏͏ in͏͏ the͏͏ category,͏͏ Amazon͏͏ has͏͏ initiated͏͏ pre-purchase͏͏ consultations͏͏ with͏͏ experts.͏͏ This͏͏ service͏͏ is͏͏ currently͏͏ available͏͏ for͏͏ water͏͏ purifiers,͏͏ electric͏͏ vehicles,͏͏ and͏͏ solar͏͏ panels,͏͏ and͏͏ will͏͏ soon͏͏ be͏͏ expanded͏͏ to͏͏ include͏͏ sports͏͏ and͏͏ fitness͏͏ equipment.

“We͏͏ haven’t͏͏ experienced͏͏ a͏͏ significant͏͏ impact͏͏ from͏͏ quick͏͏ commerce͏͏ on͏͏ our͏͏ business͏͏ so͏͏ far,͏͏ but͏͏ we͏͏ recognise͏͏ the͏͏ importance͏͏ of͏͏ quick͏͏ deliveries.͏͏ Currently,͏͏ our͏͏ focus͏͏ is͏͏ on͏͏ offering͏͏ a͏͏ wide͏͏ selection,͏͏ predictable͏͏ prices,͏͏ and͏͏ enabling͏͏ customers͏͏ to͏͏ make͏͏ informed͏͏ decisions͏͏ based͏͏ on͏͏ reviews.͏͏ We’re͏͏ committed͏͏ to͏͏ providing͏͏ a͏͏ great͏͏ consumer͏͏ experience.͏͏ However,͏͏ we͏͏ are͏͏ also͏͏ assessing͏͏ how͏͏ to͏͏ sustainably͏͏ deliver͏͏ orders͏͏ faster͏͏ to͏͏ our͏͏ customers,”͏͏ Srikanth͏͏ said͏͏ regarding͏͏ competition͏͏ with͏͏ quick͏͏ commerce.͏͏ “The͏͏ feedback͏͏ from͏͏ brands͏͏ reflects͏͏ this;͏͏ in͏͏ my͏͏ discussions͏͏ with͏͏ many͏͏ of͏͏ them,͏͏ I͏͏ haven’t͏͏ encountered͏͏ any͏͏ complaints͏͏ or͏͏ major͏͏ concerns͏͏ about͏͏ their͏͏ business͏͏ on͏͏ Amazon.”

Continue͏͏ Exploring:͏͏ Amazon eyes͏͏ $5͏͏ Billion͏͏ in͏͏ exports͏͏ from͏͏ Indian͏͏ sellers͏͏ in͏͏ 2024

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Indian Culinary Forum to host 21st Annual Chef Awards celebrating culinary excellence

By
M Haziq Pandit
-
0
Indian Culinary Forum

The Indian Culinary Forum (ICF), an association of professional chefs in India, will host the 21st Annual Chef Awards,͏͏ a͏͏ prestigious͏͏ celebration͏͏ of͏͏ culinary͏͏ excellence.͏͏ Scheduled͏͏ for͏͏ October͏͏ 17,͏͏ 2024,͏͏ at͏͏ The͏͏ Ashok͏͏ in͏͏ New͏͏ Delhi,͏͏ this͏͏ event͏͏ is͏͏ one͏͏ of͏͏ the͏͏ country’s͏͏ oldest͏͏ and͏͏ largest͏͏ culinary͏͏ gatherings,͏͏ uniting͏͏ leading͏͏ chefs,͏͏ innovators,͏͏ and͏͏ gastronomic͏͏ artists͏͏ from͏͏ across͏͏ India.͏͏ Known͏͏ for͏͏ honouring͏͏ outstanding͏͏ creativity͏͏ and͏͏ skill,͏͏ this͏͏ year’s͏͏ Chef͏͏ Awards͏͏ will͏͏ pay͏͏ a͏͏ special͏͏ tribute͏͏ to͏͏ the͏͏ evolving͏͏ art͏͏ of͏͏ Indian͏͏ cuisine.

Diverse͏͏ Competition͏͏ Hosted͏͏ by͏͏ the͏͏ Indian Culinary Forum:

With͏͏ approximately͏͏ 200͏͏ participants,͏͏ the͏͏ Chef͏͏ Awards͏͏ culinary͏͏ competition͏͏ will͏͏ feature͏͏ a͏͏ range͏͏ of͏͏ categories,͏͏ including͏͏ Master͏͏ Chef͏͏ of͏͏ the͏͏ Year,͏͏ Kebabs,͏͏ Indian͏͏ Patisserie,͏͏ Indian͏͏ Sweets,͏͏ International͏͏ Cuisine,͏͏ North͏͏ Indian͏͏ Cuisine,͏͏ Oriental͏͏ Cuisine,͏͏ and͏͏ Student͏͏ Chef͏͏ of͏͏ the͏͏ Year͏͏ for͏͏ both͏͏ male͏͏ and͏͏ female͏͏ contestants.͏͏ Showcasing͏͏ the͏͏ rich͏͏ diversity͏͏ of͏͏ India’s͏͏ culinary͏͏ heritage,͏͏ the͏͏ competition͏͏ is͏͏ set͏͏ to͏͏ be͏͏ both͏͏ intense͏͏ and͏͏ inspiring.

Participants͏͏ will͏͏ be͏͏ assessed͏͏ by͏͏ an͏͏ esteemed͏͏ panel͏͏ of͏͏ judges,͏͏ comprising͏͏ chefs͏͏ and͏͏ industry͏͏ leaders͏͏ certified͏͏ by͏͏ the͏͏ World͏͏ Association͏͏ of͏͏ Chefs͏͏ Societies͏͏ (WACS),͏͏ ensuring͏͏ top-notch͏͏ standards.͏͏ This͏͏ year’s͏͏ jury͏͏ will͏͏ be͏͏ chaired͏͏ by͏͏ Chef͏͏ Rajiv͏͏ Gulshan,͏͏ Dean͏͏ at͏͏ Le͏͏ Cordon͏͏ Bleu͏͏ Gurugram,͏͏ G͏͏ D͏͏ Goenka͏͏ University,͏͏ while͏͏ Chef͏͏ Rajiv͏͏ Chopra͏͏ will͏͏ act͏͏ as͏͏ organizing͏͏ secretary͏͏ to͏͏ ensure͏͏ the͏͏ event͏͏ runs͏͏ smoothly.

Continue͏͏ Exploring:͏͏ Indian Culinary Forum to͏͏ host͏͏ 15th͏͏ edition͏͏ of͏͏ Culinary͏͏ Art͏͏ India͏͏ in͏͏ Delhi

Chef͏͏ Davinder͏͏ Kumar,͏͏ President͏͏ of͏͏ the͏͏ Indian͏͏ Culinary͏͏ Forum,͏͏ stated,͏͏ “The͏͏ Chef͏͏ Awards͏͏ and͏͏ Knowledge͏͏ Summit͏͏ have͏͏ become͏͏ essential͏͏ to͏͏ our͏͏ mission͏͏ of͏͏ recognising͏͏ and͏͏ uplifting͏͏ the͏͏ culinary͏͏ profession͏͏ in͏͏ India.͏͏ We͏͏ are͏͏ thrilled͏͏ to͏͏ celebrate͏͏ the͏͏ extraordinary͏͏ talent͏͏ and͏͏ dedication͏͏ of͏͏ our͏͏ chefs,͏͏ who͏͏ consistently͏͏ push͏͏ boundaries.͏͏ We͏͏ look͏͏ forward͏͏ to͏͏ an͏͏ inspiring͏͏ event͏͏ that͏͏ will͏͏ promote͏͏ unity͏͏ and͏͏ innovation͏͏ within͏͏ the͏͏ community.”

Recognising͏͏ Lifelong͏͏ Contributions͏͏ to͏͏ the͏͏ Industry:

Alongside͏͏ the͏͏ competitive͏͏ categories,͏͏ the͏͏ ICF͏͏ Chef͏͏ Awards͏͏ also͏͏ honour͏͏ industry͏͏ veterans͏͏ with͏͏ accolades͏͏ for͏͏ lifetime͏͏ achievements͏͏ and͏͏ contributions.͏͏ These͏͏ include͏͏ the͏͏ Lifetime͏͏ Achievement͏͏ Award,͏͏ Golden͏͏ Hat,͏͏ Silver͏͏ Hat,͏͏ Academic͏͏ Silver͏͏ Hat,͏͏ Pastry͏͏ Chef͏͏ of͏͏ the͏͏ Year,͏͏ and͏͏ Lady͏͏ Chef͏͏ of͏͏ the͏͏ Year.͏͏ Chosen͏͏ by͏͏ a͏͏ distinguished͏͏ jury,͏͏ these͏͏ awards͏͏ celebrate͏͏ individuals͏͏ who͏͏ have͏͏ significantly͏͏ impacted͏͏ the͏͏ industry,͏͏ underscoring͏͏ the͏͏ ICF’s͏͏ commitment͏͏ to͏͏ supporting͏͏ both͏͏ emerging͏͏ talent͏͏ and͏͏ established͏͏ leaders.

Chef͏͏ Vivek͏͏ Saggar,͏͏ General͏͏ Secretary͏͏ of͏͏ the͏͏ Indian͏͏ Culinary͏͏ Forum,͏͏ stated,͏͏ “The͏͏ Annual͏͏ Chef͏͏ Awards͏͏ and͏͏ Knowledge͏͏ Summit͏͏ are͏͏ dedicated͏͏ to͏͏ celebrating͏͏ the͏͏ best͏͏ in͏͏ our͏͏ industry.͏͏ This͏͏ year,͏͏ we’re͏͏ excited͏͏ to͏͏ explore͏͏ new͏͏ trends͏͏ and͏͏ highlight͏͏ the͏͏ diverse͏͏ talents͏͏ of͏͏ chefs͏͏ from͏͏ across͏͏ India.͏͏ Our͏͏ aim͏͏ is͏͏ to͏͏ inspire͏͏ progress͏͏ and͏͏ elevate͏͏ the͏͏ culinary͏͏ community͏͏ through͏͏ impactful͏͏ discussions͏͏ that͏͏ will͏͏ shape͏͏ the͏͏ future͏͏ of͏͏ our͏͏ profession.”

The͏͏ 12th͏͏ Knowledge͏͏ Summit,͏͏ taking͏͏ place͏͏ alongside͏͏ the͏͏ Chef͏͏ Awards,͏͏ is͏͏ a͏͏ pivotal͏͏ event͏͏ that͏͏ unites͏͏ hospitality͏͏ leaders,͏͏ educators,͏͏ and͏͏ critics͏͏ for͏͏ a͏͏ day͏͏ of͏͏ engaging͏͏ discussions.͏͏ This͏͏ year’s͏͏ theme,͏͏ “Technological͏͏ Advancement͏͏ in͏͏ the͏͏ Culinary͏͏ World,”͏͏ is͏͏ particularly͏͏ relevant͏͏ to͏͏ the͏͏ industry.͏͏ The͏͏ Knowledge͏͏ Summit͏͏ serves͏͏ as͏͏ a͏͏ platform͏͏ for͏͏ exchanging͏͏ ideas,͏͏ sharing͏͏ best͏͏ practices,͏͏ and͏͏ developing͏͏ strategies͏͏ to͏͏ tackle͏͏ key͏͏ challenges͏͏ in͏͏ the͏͏ culinary͏͏ field,͏͏ aligning͏͏ with͏͏ the͏͏ ICF’s͏͏ mission͏͏ to͏͏ celebrate͏͏ excellence͏͏ and͏͏ advance͏͏ the͏͏ profession.

Continue͏͏ Exploring:͏͏ 38th͏͏ edition͏͏ of͏͏ AAHAR͏͏ kicks͏͏ off͏͏ in͏͏ New͏͏ Delhi,͏͏ showcasing͏͏ growth͏͏ and͏͏ innovation͏͏ in͏͏ the͏͏ industry

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India’s ready-made garment exports surge 12% in August to USD 1.26 Bn

By
M Haziq Pandit
-
0
garment

India’s ready-made garment exports (RMG) increased͏͏ by͏͏ approximately͏͏ 12%͏͏ in͏͏ August,͏͏ reaching͏͏ USD͏͏ 1.26͏͏ billion,͏͏ according͏͏ to͏͏ data͏͏ from͏͏ the͏͏ commerce͏͏ ministry.͏͏ For͏͏ the͏͏ April-August͏͏ period͏͏ of͏͏ 2024-25,͏͏ cumulative͏͏ RMG͏͏ exports͏͏ rose͏͏ by͏͏ 7.12%͏͏ to͏͏ USD͏͏ 6.39͏͏ billion,͏͏ despite͏͏ facing͏͏ global͏͏ challenges͏͏ like͏͏ high͏͏ logistics͏͏ costs.

Resilience͏͏ Amid͏͏ Global͏͏ Challenges:

Sudhir͏͏ Sekhri,͏͏ Chairman͏͏ of͏͏ the͏͏ Apparel͏͏ Export͏͏ Promotion͏͏ Council͏͏ (AEPC),͏͏ stated͏͏ that͏͏ exports͏͏ are͏͏ maintaining͏͏ their͏͏ growth͏͏ momentum͏͏ despite͏͏ global͏͏ challenges,͏͏ including͏͏ the͏͏ ongoing͏͏ Red͏͏ Sea͏͏ crisis͏͏ and͏͏ high͏͏ logistics͏͏ costs.

“With͏͏ an͏͏ average͏͏ growth͏͏ of͏͏ 7.12%͏͏ over͏͏ the͏͏ past͏͏ five͏͏ months͏͏ (April͏͏ to͏͏ August͏͏ 2024-25),͏͏ RMG͏͏ exports͏͏ have͏͏ defied͏͏ the͏͏ trend͏͏ of͏͏ declining͏͏ merchandise͏͏ exports,͏͏ which͏͏ fell͏͏ to͏͏ a͏͏ 13-month͏͏ low͏͏ in͏͏ August,”͏͏ he͏͏ noted.

He͏͏ added͏͏ that͏͏ by͏͏ prioritising͏͏ product͏͏ quality͏͏ and͏͏ ensuring͏͏ environmental͏͏ and͏͏ social͏͏ compliance,͏͏ the͏͏ industry͏͏ is͏͏ set͏͏ to͏͏ embark͏͏ on͏͏ a͏͏ high-growth͏͏ trajectory͏͏ and͏͏ become͏͏ a͏͏ significant͏͏ global͏͏ player͏͏ in͏͏ garment͏͏ exports.

Continue͏͏ Exploring:͏͏ Showroom͏͏ B2B͏͏ raises͏͏ $6.5͏͏ Million͏͏ in͏͏ Pre-series͏͏ A͏͏ funding͏͏ to͏͏ amplify͏͏ phygital͏͏ presence͏͏ in͏͏ unbranded͏͏ garments market

Optimism͏͏ for͏͏ Continued͏͏ Growth:

“I͏͏ am͏͏ optimistic͏͏ that͏͏ the͏͏ growth͏͏ momentum͏͏ will͏͏ persist.͏͏ As͏͏ global͏͏ garment͏͏ sourcing͏͏ undergoes͏͏ realignment,͏͏ we͏͏ are͏͏ prepared͏͏ to͏͏ play͏͏ a͏͏ crucial͏͏ role.͏͏ Long-term͏͏ policy͏͏ support͏͏ for͏͏ garment͏͏ export͏͏ schemes͏͏ will͏͏ ensure͏͏ stability͏͏ in͏͏ the͏͏ policy͏͏ framework͏͏ and͏͏ will͏͏ further͏͏ boost͏͏ exports͏͏ from͏͏ the͏͏ country,”͏͏ Sekhri͏͏ stated.

The͏͏ council͏͏ has͏͏ submitted͏͏ a͏͏ request͏͏ to͏͏ the͏͏ government͏͏ for͏͏ greater͏͏ flexibility͏͏ in͏͏ fabric͏͏ imports,͏͏ the͏͏ introduction͏͏ of͏͏ PLI͏͏ 2.0͏͏ for͏͏ capacity͏͏ expansion,͏͏ and͏͏ the͏͏ extension͏͏ of͏͏ the͏͏ interest͏͏ equalisation͏͏ scheme͏͏ for͏͏ a͏͏ minimum͏͏ of͏͏ five͏͏ years,͏͏ with͏͏ an͏͏ increased͏͏ rate͏͏ of͏͏ 5%͏͏ for͏͏ all͏͏ exporters.

Mithileshwar͏͏ Thakur,͏͏ Secretary͏͏ General͏͏ of͏͏ AEPC,͏͏ noted͏͏ that͏͏ RMG͏͏ exports͏͏ have͏͏ shown͏͏ a͏͏ positive͏͏ trend͏͏ in͏͏ recent͏͏ months.

“FTA͏͏ partner͏͏ countries͏͏ such͏͏ as͏͏ Japan͏͏ and͏͏ Korea͏͏ have͏͏ begun͏͏ to͏͏ deliver͏͏ positive͏͏ results.͏͏ Our͏͏ exports͏͏ to͏͏ Japan,͏͏ Korea,͏͏ Australia,͏͏ Mauritius,͏͏ and͏͏ Norway͏͏ have͏͏ also͏͏ increased͏͏ in͏͏ the͏͏ first͏͏ quarter͏͏ of͏͏ this͏͏ fiscal͏͏ year,”͏͏ Thakur͏͏ added.

Continue͏͏ Exploring:͏͏ Budget͏͏ 2024:͏͏ Govt͏͏ approves͏͏ extension͏͏ of͏͏ export͏͏ incentive͏͏ scheme͏͏ for͏͏ apparel͏͏ and͏͏ garments till͏͏ March͏͏ 2026

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OYO acquires US chain Motel 6 in $525 Mn deal, eyes global expansion

By
M Haziq Pandit
-
0
OYO

Motel 6, the iconic budget hotel chain known for its long-standing presence along U.S. highways, is set to be acquired by OYO, an Indian hotel operator,͏͏ according͏͏ to͏͏ the͏͏ companies’͏͏ announcement.

All-Cash͏͏ Deal͏͏ Expected͏͏ to͏͏ Finalize͏͏ by͏͏ Year-End:

Blackstone,͏͏ the͏͏ private͏͏ equity͏͏ giant͏͏ and͏͏ owner͏͏ of͏͏ Motel͏͏ 6’s͏͏ parent͏͏ company,͏͏ announced͏͏ that͏͏ the͏͏ transaction͏͏ will͏͏ be͏͏ an͏͏ all-cash͏͏ deal͏͏ valued͏͏ at͏͏ $525͏͏ million.͏͏ The͏͏ acquisition͏͏ is͏͏ expected͏͏ to͏͏ be͏͏ finalized͏͏ before͏͏ the͏͏ year’s͏͏ end͏͏ and͏͏ will͏͏ also͏͏ encompass͏͏ the͏͏ chain’s͏͏ subsidiary͏͏ brand,͏͏ Studio͏͏ 6.

Continue͏͏ Exploring:͏͏ OYO acquires͏͏ Paris-based͏͏ rental͏͏ company͏͏ Checkmyguest͏͏ for͏͏ $27.4͏͏ Mn

OYO’s͏͏ Rapid͏͏ Growth͏͏ in͏͏ the͏͏ U.S.͏͏ Market:

OYO͏͏ made͏͏ its͏͏ debut͏͏ in͏͏ the͏͏ U.S.͏͏ in͏͏ 2019͏͏ and͏͏ has͏͏ since͏͏ accelerated͏͏ its͏͏ growth,͏͏ now͏͏ managing͏͏ more͏͏ than͏͏ 300͏͏ hotels͏͏ nationwide.͏͏ The͏͏ company,͏͏ which͏͏ emphasises͏͏ budget-friendly͏͏ options͏͏ and͏͏ labels͏͏ itself͏͏ as͏͏ “a͏͏ startup,”͏͏ attracted͏͏ substantial͏͏ investment͏͏ from͏͏ SoftBank.͏͏ Nonetheless,͏͏ recent͏͏ troubling͏͏ events͏͏ in͏͏ India͏͏ have͏͏ raised͏͏ concerns͏͏ regarding͏͏ some͏͏ of͏͏ its͏͏ business͏͏ practices.

Founded͏͏ in͏͏ 1962͏͏ in͏͏ Santa͏͏ Barbara,͏͏ California,͏͏ Motel͏͏ 6͏͏ has͏͏ become͏͏ a͏͏ significant͏͏ part͏͏ of͏͏ Americana,͏͏ known͏͏ for͏͏ its͏͏ basic͏͏ accommodations.͏͏ The͏͏ name͏͏ “Motel͏͏ 6″͏͏ originated͏͏ from͏͏ the͏͏ company’s͏͏ original͏͏ all-cash͏͏ rate͏͏ of͏͏ $6͏͏ per͏͏ night.͏͏ According͏͏ to͏͏ Blackstone,͏͏ Motel͏͏ 6͏͏ and͏͏ its͏͏ sister͏͏ brand͏͏ Studio͏͏ 6͏͏ now͏͏ operate͏͏ around͏͏ 1,500͏͏ hotels͏͏ across͏͏ the͏͏ United͏͏ States͏͏ and͏͏ Canada.

Strategic͏͏ Acquisition͏͏ to͏͏ Boost͏͏ OYO’s͏͏ Global͏͏ Presence:

Gautam͏͏ Swaroop,͏͏ CEO͏͏ of͏͏ OYO͏͏ International,͏͏ highlighted͏͏ Motel͏͏ 6’s͏͏ “strong͏͏ brand͏͏ recognition,͏͏ solid͏͏ financial͏͏ profile,͏͏ and͏͏ extensive͏͏ network͏͏ in͏͏ the͏͏ U.S.”͏͏ He͏͏ noted͏͏ that͏͏ this͏͏ acquisition͏͏ marks͏͏ a͏͏ significant͏͏ milestone͏͏ for͏͏ a͏͏ startup͏͏ like͏͏ OYO,͏͏ helping͏͏ to͏͏ enhance͏͏ its͏͏ international͏͏ presence.

Blackstone͏͏ acquired͏͏ Motel͏͏ 6͏͏ in͏͏ 2012͏͏ for͏͏ $1.9͏͏ billion.

“This͏͏ transaction͏͏ represents͏͏ an͏͏ excellent͏͏ outcome͏͏ for͏͏ investors͏͏ and͏͏ reflects͏͏ the͏͏ success͏͏ of͏͏ an͏͏ ambitious͏͏ business͏͏ plan͏͏ that͏͏ has͏͏ more͏͏ than͏͏ tripled͏͏ our͏͏ investors’͏͏ capital͏͏ and͏͏ generated͏͏ over͏͏ $1͏͏ billion͏͏ in͏͏ profit͏͏ during͏͏ our͏͏ ownership,”͏͏ said͏͏ Rob͏͏ Harper,͏͏ a͏͏ senior͏͏ managing͏͏ director͏͏ at͏͏ Blackstone,͏͏ in͏͏ a͏͏ statement.

Continue͏͏ Exploring:͏͏ OYO turns͏͏ profitable͏͏ in͏͏ FY24͏͏ with͏͏ INR͏͏ 229͏͏ Cr͏͏ PAT,͏͏ cutting͏͏ employee͏͏ costs͏͏ by͏͏ half

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Feastary Hospitality secures master Franchise for TGI Fridays in North India, plans revival with INR 50 Cr investment

By
M Haziq Pandit
-
0
TGI Fridays

Feastary Hospitality, a mid-sized hospitality company, has secured the master franchise rights for the global casual dining chain TGI Fridays in͏͏ North͏͏ India.͏͏ This͏͏ move͏͏ aims͏͏ to͏͏ rejuvenate͏͏ the͏͏ US͏͏ chain,͏͏ which͏͏ closed͏͏ all͏͏ 20͏͏ of͏͏ its͏͏ stores͏͏ in͏͏ India͏͏ two͏͏ years͏͏ ago.͏͏ The͏͏ acquisition͏͏ aligns͏͏ with͏͏ the͏͏ trend͏͏ of͏͏ global͏͏ dining͏͏ chains͏͏ seeking͏͏ opportunities͏͏ in͏͏ India,͏͏ driven͏͏ by͏͏ growing͏͏ market͏͏ potential͏͏ and͏͏ increased͏͏ investor͏͏ interest͏͏ in͏͏ diverse͏͏ cuisines.

Feastary͏͏ Hospitality,͏͏ which͏͏ manages͏͏ nearly͏͏ 50͏͏ quick͏͏ service͏͏ restaurant͏͏ outlets͏͏ under͏͏ its͏͏ brands͏͏ like͏͏ House͏͏ of͏͏ Kebab͏͏ (HOK),͏͏ Matki,͏͏ The͏͏ South͏͏ Pantry,͏͏ and͏͏ Brew͏͏ &͏͏ Bean͏͏ Co,͏͏ has͏͏ acquired͏͏ the͏͏ TGI͏͏ Fridays͏͏ franchise͏͏ rights͏͏ in͏͏ India͏͏ from͏͏ Singapore-based͏͏ Universal͏͏ Success͏͏ Enterprises,͏͏ the͏͏ owner͏͏ of͏͏ TGI͏͏ Fridays͏͏ in͏͏ South͏͏ Asia.

INR͏͏ 50͏͏ Crore͏͏ Investment͏͏ for͏͏ Revival:

Suraj͏͏ Mahant,͏͏ managing͏͏ partner͏͏ of͏͏ Feastary͏͏ Hospitality,͏͏ stated͏͏ that͏͏ INR͏͏ 50͏͏ crore͏͏ is͏͏ being͏͏ invested͏͏ in͏͏ the͏͏ first͏͏ phase͏͏ to͏͏ revive͏͏ TGI͏͏ Fridays͏͏ in͏͏ India.͏͏ He͏͏ mentioned͏͏ that͏͏ the͏͏ first͏͏ outlet͏͏ is͏͏ expected͏͏ to͏͏ reopen͏͏ next͏͏ quarter͏͏ in͏͏ the͏͏ Delhi-NCR͏͏ region.

Continue͏͏ Exploring:͏͏ TGI Fridays enters͏͏ merger͏͏ agreement͏͏ with͏͏ UK͏͏ franchisee͏͏ Hostmore͏͏ in͏͏ $220͏͏ Million͏͏ deal

15͏͏ Outlets͏͏ to͏͏ Be͏͏ Revived͏͏ Across͏͏ Nine͏͏ States:

“The͏͏ brand͏͏ (TGI͏͏ Fridays)͏͏ holds͏͏ significant͏͏ potential͏͏ and͏͏ value,͏͏ and͏͏ we͏͏ will͏͏ revamp͏͏ and͏͏ relaunch͏͏ it,”͏͏ Mahant͏͏ said.͏͏ Feastary͏͏ Hospitality͏͏ has͏͏ acquired͏͏ TGI͏͏ Fridays͏͏ outlets͏͏ in͏͏ nine͏͏ states͏͏ and͏͏ plans͏͏ to͏͏ revive͏͏ 15͏͏ of͏͏ these͏͏ locations.

TGI͏͏ Fridays͏͏ was͏͏ previously͏͏ operated͏͏ in͏͏ India͏͏ by͏͏ the͏͏ homegrown͏͏ Bistro͏͏ Hospitality͏͏ until͏͏ 2019,͏͏ when͏͏ it͏͏ sold͏͏ its͏͏ stake͏͏ to͏͏ the͏͏ Singapore-based͏͏ hospitality͏͏ and͏͏ real͏͏ estate͏͏ group͏͏ Universal͏͏ Success͏͏ Enterprises.͏͏ That͏͏ year,͏͏ the͏͏ joint͏͏ venture͏͏ partners,͏͏ Bistro͏͏ Hospitality͏͏ and͏͏ TGI͏͏ Fridays,͏͏ sold͏͏ their͏͏ respective͏͏ stakes͏͏ of͏͏ 75%͏͏ and͏͏ 25%͏͏ to͏͏ Universal͏͏ Success͏͏ Enterprises.

“Bistro͏͏ Hospitality͏͏ neither͏͏ invested͏͏ in͏͏ TGI͏͏ Fridays͏͏ nor͏͏ adapted͏͏ its͏͏ strategies͏͏ to͏͏ align͏͏ with͏͏ Indian͏͏ consumer͏͏ preferences,͏͏ which͏͏ led͏͏ to͏͏ a͏͏ loss͏͏ against͏͏ rivals,”͏͏ said͏͏ an͏͏ industry͏͏ veteran.

Continue͏͏ Exploring:͏͏ TGI Fridays closes͏͏ 36͏͏ restaurants͏͏ in͏͏ the͏͏ US,͏͏ sells͏͏ 8͏͏ to͏͏ former͏͏ CEO͏͏ Ray͏͏ Blanchette͏͏ amid͏͏ ongoing͏͏ transformation

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BlueStone’s FY24 revenue surpasses INR 1,000 Cr, loss narrows 15% to INR 142.2 Cr

By
M Haziq Pandit
-
0
BlueStone

Omnichannel jewellery brand Bluestone reduced͏͏ its͏͏ loss͏͏ by͏͏ nearly͏͏ 15%͏͏ year-on-year͏͏ (YoY)͏͏ to͏͏ INR͏͏ 142.2͏͏ Cr͏͏ in͏͏ the͏͏ financial͏͏ year͏͏ 2023-24͏͏ (FY24),͏͏ while͏͏ its͏͏ operating͏͏ revenue͏͏ crossed͏͏ the͏͏ INR͏͏ 1,000͏͏ Cr͏͏ milestone.

The͏͏ startup͏͏ reported͏͏ a͏͏ net͏͏ loss͏͏ of͏͏ INR͏͏ 167.2͏͏ Cr͏͏ in͏͏ FY23,͏͏ with͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 770.7͏͏ Cr.

Continue͏͏ Exploring:͏͏ BlueStone achieves͏͏ remarkable͏͏ 67%͏͏ growth͏͏ in͏͏ operating͏͏ revenue͏͏ for͏͏ FY23,͏͏ eyes͏͏ INR͏͏ 3,600͏͏ Cr͏͏ valuation͏͏ in͏͏ upcoming͏͏ funding͏͏ round

BlueStone’s͏͏ operating͏͏ revenue͏͏ soared͏͏ by͏͏ over͏͏ 64%͏͏ YoY,͏͏ reaching͏͏ INR͏͏ 1,265.8͏͏ Cr͏͏ in͏͏ FY24.

Diverse͏͏ Product͏͏ Range͏͏ and͏͏ Retail͏͏ Strategy:

Founded͏͏ in͏͏ 2011͏͏ by͏͏ Gaurav͏͏ Singh͏͏ Kushwaha͏͏ and͏͏ Vidya͏͏ Nataraj,͏͏ BlueStone͏͏ generates͏͏ revenue͏͏ through͏͏ both͏͏ online͏͏ jewellery͏͏ sales͏͏ and͏͏ its͏͏ retail͏͏ stores.͏͏ The͏͏ brand͏͏ offers͏͏ over͏͏ 8,000͏͏ designs,͏͏ including͏͏ rings,͏͏ pendants,͏͏ earrings,͏͏ and͏͏ more.

The͏͏ startup͏͏ owns͏͏ a͏͏ portion͏͏ of͏͏ its͏͏ retail͏͏ stores͏͏ while͏͏ operating͏͏ the͏͏ remainder͏͏ through͏͏ a͏͏ franchise͏͏ model.͏͏ It͏͏ boasts͏͏ over͏͏ 200͏͏ retail͏͏ locations͏͏ across͏͏ the͏͏ country.

Notably,͏͏ in͏͏ FY22,͏͏ BlueStone͏͏ faced͏͏ a͏͏ one-time͏͏ non-operating͏͏ expense͏͏ of͏͏ INR͏͏ 1,209͏͏ Cr,͏͏ which͏͏ caused͏͏ its͏͏ net͏͏ loss͏͏ to͏͏ soar͏͏ to͏͏ INR͏͏ 1,268.4͏͏ Cr͏͏ that͏͏ year.͏͏ Excluding͏͏ this͏͏ one-time͏͏ expense,͏͏ the͏͏ startup’s͏͏ net͏͏ loss͏͏ rose͏͏ by͏͏ 183%͏͏ YoY͏͏ in͏͏ FY23.

Focus͏͏ on͏͏ Strengthening͏͏ Financials͏͏ Ahead͏͏ of͏͏ IPO:

BlueStone͏͏ now͏͏ appears͏͏ to͏͏ be͏͏ focusing͏͏ on͏͏ strengthening͏͏ both͏͏ its͏͏ top͏͏ line͏͏ and͏͏ bottom͏͏ line͏͏ in͏͏ preparation͏͏ for͏͏ its͏͏ upcoming͏͏ IPO.

“The͏͏ company͏͏ has͏͏ successfully͏͏ increased͏͏ revenue͏͏ in͏͏ its͏͏ existing͏͏ stores͏͏ this͏͏ year,͏͏ leading͏͏ to͏͏ improved͏͏ margins.͏͏ As͏͏ a͏͏ result,͏͏ it͏͏ anticipates͏͏ further͏͏ enhancement͏͏ of͏͏ its͏͏ cash͏͏ flow͏͏ from͏͏ operations͏͏ through͏͏ increased͏͏ revenue͏͏ from͏͏ both͏͏ existing͏͏ and͏͏ new͏͏ customers,”͏͏ it͏͏ stated͏͏ in͏͏ its͏͏ filing͏͏ with͏͏ the͏͏ Ministry͏͏ of͏͏ Corporate͏͏ Affairs͏͏ (MCA).

Including͏͏ interest͏͏ income,͏͏ BlueStone͏͏ reported͏͏ total͏͏ revenue͏͏ of͏͏ INR͏͏ 1,303.5͏͏ Cr͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 787.9͏͏ Cr͏͏ in͏͏ FY23.

As͏͏ sales͏͏ grew,͏͏ BlueStone’s͏͏ expenses͏͏ rose͏͏ by͏͏ over͏͏ 51%͏͏ to͏͏ INR͏͏ 1,445.7͏͏ Cr͏͏ in͏͏ FY24,͏͏ up͏͏ from͏͏ INR͏͏ 955.1͏͏ Cr͏͏ the͏͏ previous͏͏ year.

Cost͏͏ of͏͏ Materials͏͏ Consumed͏͏ comprised͏͏ 85%͏͏ of͏͏ the͏͏ total͏͏ expenditures͏͏ for͏͏ the͏͏ jewellery͏͏ brand͏͏ in͏͏ the͏͏ year͏͏ under͏͏ review.

In͏͏ FY24,͏͏ BlueStone͏͏ invested͏͏ INR͏͏ 1,234.7͏͏ Cr͏͏ in͏͏ raw͏͏ material͏͏ procurement,͏͏ marking͏͏ a͏͏ 72%͏͏ increase͏͏ from͏͏ INR͏͏ 717.6͏͏ Cr͏͏ the͏͏ previous͏͏ year.

The͏͏ startup’s͏͏ employee͏͏ benefit͏͏ expenses͏͏ rose͏͏ by͏͏ 51.7%͏͏ to͏͏ INR͏͏ 138.4͏͏ Cr͏͏ in͏͏ the͏͏ reported͏͏ year,͏͏ up͏͏ from͏͏ INR͏͏ 91.2͏͏ Cr͏͏ in͏͏ FY23.

Of͏͏ this͏͏ amount,͏͏ BlueStone͏͏ allocated͏͏ INR͏͏ 95.6͏͏ Cr͏͏ for͏͏ salaries͏͏ and͏͏ wages͏͏ in͏͏ FY24,͏͏ reflecting͏͏ a͏͏ year-on-year͏͏ growth͏͏ of͏͏ about͏͏ 56%.͏͏ This͏͏ suggests͏͏ that͏͏ the͏͏ startup͏͏ likely͏͏ expanded͏͏ its͏͏ workforce͏͏ during͏͏ the͏͏ year.

BlueStone’s͏͏ expenditure͏͏ on͏͏ advertisement͏͏ and͏͏ marketing͏͏ soared͏͏ to͏͏ INR͏͏ 124.2͏͏ Cr͏͏ in͏͏ FY24,͏͏ compared͏͏ to͏͏ INR͏͏ 84.1͏͏ Cr͏͏ in͏͏ the͏͏ previous͏͏ year.

Total͏͏ Funding͏͏ and͏͏ Key͏͏ Backers:

BlueStone͏͏ secured͏͏ INR͏͏ 900͏͏ Cr͏͏ from͏͏ Peak͏͏ XV͏͏ Partners,͏͏ Prosus,͏͏ Steadview͏͏ Capital,͏͏ and͏͏ others͏͏ in͏͏ its͏͏ pre-IPO͏͏ round͏͏ in͏͏ August,͏͏ elevating͏͏ its͏͏ valuation͏͏ to͏͏ $970͏͏ Mn.

In͏͏ June,͏͏ it͏͏ raised͏͏ INR͏͏ 100͏͏ Cr͏͏ in͏͏ debt͏͏ funding͏͏ from͏͏ Neo͏͏ Markets.

To͏͏ date,͏͏ BlueStone͏͏ has͏͏ raised͏͏ over͏͏ $200͏͏ Mn͏͏ in͏͏ total͏͏ funding.͏͏ Its͏͏ backers͏͏ include͏͏ prominent͏͏ names͏͏ like͏͏ Accel,͏͏ Kalaari͏͏ Capital,͏͏ Ratan͏͏ Tata,͏͏ Deepinder͏͏ Goyal,͏͏ and͏͏ Nikhil͏͏ Kamath.

BlueStone͏͏ competes͏͏ with͏͏ brands͏͏ such͏͏ as͏͏ CaratLane,͏͏ GIVA,͏͏ Melorra,͏͏ and͏͏ other͏͏ established͏͏ jewellery͏͏ names.

Although͏͏ reports͏͏ about͏͏ the͏͏ startup’s͏͏ IPO͏͏ plans͏͏ have͏͏ circulated͏͏ for͏͏ some͏͏ time,͏͏ it͏͏ has͏͏ yet͏͏ to͏͏ announce͏͏ a͏͏ specific͏͏ timeline͏͏ for͏͏ the͏͏ IPO.

Continue͏͏ Exploring:͏͏ Jewellery͏͏ brand͏͏ BlueStone bags͏͏ INR͏͏ 900͏͏ Cr͏͏ in͏͏ pre-IPO͏͏ funding,͏͏ valuation͏͏ hits͏͏ $970͏͏ Mn

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Heritage Foods targets INR 700 Cr revenue from ice cream business in next 5 years

By
M Haziq Pandit
-
0
Heritage Foods

Heritage Foods Ltd. aims to boost its ice cream business revenue͏͏ to͏͏ INR͏͏ 700͏͏ crore͏͏ over͏͏ the͏͏ next͏͏ five͏͏ years,͏͏ according͏͏ to͏͏ CEO͏͏ Srideep M Kesavan.

New͏͏ Telangana͏͏ plant͏͏ to͏͏ boost͏͏ ice͏͏ cream͏͏ capacity:

Kesavan͏͏ stated͏͏ that͏͏ the͏͏ topline͏͏ growth͏͏ will͏͏ be͏͏ fueled͏͏ by͏͏ increased͏͏ capacity͏͏ from͏͏ the͏͏ company’s͏͏ newly͏͏ announced͏͏ plant͏͏ in͏͏ Telangana.

Heritage͏͏ Foods’͏͏ board͏͏ approved͏͏ a͏͏ proposal͏͏ on͏͏ Wednesday͏͏ to͏͏ establish͏͏ a͏͏ new͏͏ ice͏͏ cream͏͏ manufacturing͏͏ unit͏͏ in͏͏ Shamirpet,͏͏ Telangana.͏͏ The͏͏ facility,͏͏ with͏͏ a͏͏ capital͏͏ investment͏͏ of͏͏ INR͏͏ 204͏͏ crore,͏͏ will͏͏ be͏͏ funded͏͏ through͏͏ debt͏͏ and͏͏ internal͏͏ accruals,͏͏ the͏͏ company͏͏ revealed͏͏ in͏͏ an͏͏ exchange͏͏ filing.

Continue͏͏ Exploring:͏͏ Heritage Foods expands͏͏ into͏͏ West͏͏ Bengal,͏͏ eyes͏͏ Bihar͏͏ and͏͏ Jharkhand͏͏ next

“The͏͏ new͏͏ capacity͏͏ enables͏͏ us͏͏ to͏͏ expand͏͏ our͏͏ annual͏͏ ice͏͏ cream͏͏ business͏͏ revenue͏͏ from͏͏ around͏͏ INR͏͏ 110-120͏͏ crore͏͏ to͏͏ INR͏͏ 650-700͏͏ crore.͏͏ That’s͏͏ the͏͏ growth͏͏ potential͏͏ we͏͏ aim͏͏ to͏͏ unlock͏͏ over͏͏ the͏͏ next͏͏ three͏͏ to͏͏ five͏͏ years,”͏͏ said͏͏ Kesavan.

Ice͏͏ cream͏͏ contributed͏͏ INR͏͏ 31͏͏ crore͏͏ in͏͏ Q1:

Value-added͏͏ dairy͏͏ products͏͏ accounted͏͏ for͏͏ 38%͏͏ of͏͏ Heritage͏͏ Foods’͏͏ revenue͏͏ in͏͏ Q1,͏͏ with͏͏ the͏͏ ice͏͏ cream͏͏ business͏͏ contributing͏͏ 10%,͏͏ or͏͏ INR͏͏ 31͏͏ crore,͏͏ Kesavan͏͏ added.

Huge͏͏ potential͏͏ in͏͏ India’s͏͏ ice͏͏ cream͏͏ retail͏͏ market:

Kesavan͏͏ highlighted͏͏ the͏͏ significant͏͏ growth͏͏ potential͏͏ of͏͏ the͏͏ ice͏͏ cream͏͏ business͏͏ in͏͏ the͏͏ Indian͏͏ market.

“We͏͏ have͏͏ just͏͏ begun͏͏ to͏͏ tap͏͏ into͏͏ the͏͏ ice͏͏ cream͏͏ market.͏͏ In͏͏ a͏͏ country͏͏ with͏͏ impulsive͏͏ retail͏͏ penetration͏͏ of͏͏ about͏͏ 3.5͏͏ to͏͏ 4͏͏ million͏͏ outlets,͏͏ ice͏͏ cream͏͏ is͏͏ available͏͏ in͏͏ only͏͏ 3.4͏͏ to͏͏ 4͏͏ lakh͏͏ locations.͏͏ This͏͏ means͏͏ that͏͏ barely͏͏ 10%͏͏ of͏͏ the͏͏ retail͏͏ impulse͏͏ purchase͏͏ space͏͏ has͏͏ been͏͏ captured͏͏ by͏͏ ice͏͏ cream.͏͏ The͏͏ growth͏͏ potential͏͏ is͏͏ enormous,”͏͏ the͏͏ top͏͏ executive͏͏ stated.

New͏͏ plant͏͏ expected͏͏ to͏͏ start͏͏ by͏͏ Q3͏͏ 2025:

Heritage͏͏ Foods͏͏ anticipates͏͏ that͏͏ the͏͏ plant͏͏ will͏͏ be͏͏ operational͏͏ by͏͏ the͏͏ third͏͏ quarter͏͏ of͏͏ 2025.

“We͏͏ expect͏͏ the͏͏ new͏͏ line͏͏ to͏͏ be͏͏ operational͏͏ by͏͏ August͏͏ or͏͏ November͏͏ 2025.͏͏ We͏͏ anticipate͏͏ that͏͏ the͏͏ capacity͏͏ will͏͏ be͏͏ fully͏͏ utilised͏͏ within͏͏ the͏͏ next͏͏ four͏͏ to͏͏ five͏͏ years,”͏͏ Kesavan͏͏ said.

The͏͏ company͏͏ plans͏͏ to͏͏ complete͏͏ a͏͏ significant͏͏ portion͏͏ of͏͏ the͏͏ investment͏͏ in͏͏ the͏͏ Telangana͏͏ plant͏͏ by͏͏ October͏͏ next͏͏ year.

“We͏͏ will͏͏ be͏͏ introducing͏͏ additional͏͏ capabilities͏͏ in͏͏ the͏͏ coming͏͏ years,͏͏ enabling͏͏ us͏͏ to͏͏ manufacture͏͏ several͏͏ new͏͏ products͏͏ and͏͏ innovations͏͏ that͏͏ our͏͏ current͏͏ line͏͏ cannot͏͏ accommodate,”͏͏ Kesavan͏͏ concluded.

Founded͏͏ by͏͏ Andhra͏͏ Pradesh͏͏ Chief͏͏ Minister͏͏ N.͏͏ Chandrababu͏͏ Naidu͏͏ in͏͏ 1992,͏͏ Heritage͏͏ Foods͏͏ has͏͏ established͏͏ a͏͏ robust͏͏ presence͏͏ in͏͏ the͏͏ retail͏͏ market͏͏ across͏͏ the͏͏ southern͏͏ states.

Continue͏͏ Exploring:͏͏ Heritage Foods Q3͏͏ net͏͏ profit͏͏ reaches͏͏ INR͏͏ 27͏͏ Crore,͏͏ marking͏͏ a͏͏ 96.4%͏͏ year-on-year͏͏ growth

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Gold jewellery demand set to rise with 18% volume growth anticipated, says Nuvama Report

By
M Haziq Pandit
-
0
Gold jewellery

India’s jewellery market is experiencing a shift in buying trends,͏͏ with͏͏ a͏͏ broader͏͏ range͏͏ of͏͏ customers͏͏ driving͏͏ demand͏͏ in͏͏ the͏͏ second͏͏ quarter͏͏ of͏͏ 2024.

Increased͏͏ Demand͏͏ for͏͏ Lower-Priced͏͏ Jewellery:

According͏͏ to͏͏ the͏͏ Nuvama͏͏ report,͏͏ affluent͏͏ buyers͏͏ dominated͏͏ purchases͏͏ in͏͏ the͏͏ first͏͏ quarter,͏͏ but͏͏ the͏͏ second͏͏ quarter͏͏ has͏͏ seen͏͏ an͏͏ increase͏͏ in͏͏ demand͏͏ for͏͏ lower-priced͏͏ jewellery͏͏ items.͏͏ Additionally,͏͏ semi-urban͏͏ and͏͏ rural͏͏ markets͏͏ are͏͏ making͏͏ significant͏͏ contributions͏͏ to͏͏ overall͏͏ demand.

Expected͏͏ 18%͏͏ Volume͏͏ Increase:

The͏͏ report͏͏ indicates͏͏ that͏͏ the͏͏ second͏͏ half͏͏ of͏͏ 2024͏͏ may͏͏ witness͏͏ an͏͏ 18͏͏ per͏͏ cent͏͏ increase͏͏ in͏͏ industry-wide͏͏ volume͏͏ demand.͏͏ Experts͏͏ attribute͏͏ this͏͏ growth͏͏ to͏͏ the͏͏ approaching͏͏ festive͏͏ season,͏͏ prompting͏͏ retailers͏͏ to͏͏ expand͏͏ their͏͏ store͏͏ networks͏͏ to͏͏ accommodate͏͏ the͏͏ anticipated͏͏ rise͏͏ in͏͏ customer͏͏ demand.

Continue͏͏ Exploring:͏͏ Jewellery stores͏͏ see͏͏ gold rush͏͏ as͏͏ customs͏͏ duty͏͏ cut͏͏ spurs͏͏ buying͏͏ frenzy

Rising͏͏ Gold Imports:

A͏͏ key͏͏ indicator͏͏ of͏͏ the͏͏ sector’s͏͏ performance͏͏ is͏͏ gold͏͏ imports.͏͏ According͏͏ to͏͏ the͏͏ Nuvama͏͏ report,͏͏ gold͏͏ imports͏͏ in͏͏ July͏͏ and͏͏ August͏͏ 2024͏͏ are͏͏ anticipated͏͏ to͏͏ be͏͏ 11͏͏ per͏͏ cent͏͏ higher͏͏ than͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year,͏͏ with͏͏ August͏͏ showing͏͏ a͏͏ notable͏͏ recovery.

This͏͏ trend͏͏ indicates͏͏ rising͏͏ demand͏͏ in͏͏ the͏͏ jewellery͏͏ sector,͏͏ supported͏͏ by͏͏ ongoing͏͏ gold͏͏ purchases͏͏ by͏͏ central͏͏ banks.͏͏ This͏͏ buying͏͏ activity͏͏ is͏͏ further͏͏ contributing͏͏ to͏͏ both͏͏ price͏͏ and͏͏ volume͏͏ growth͏͏ of͏͏ gold͏͏ in͏͏ the͏͏ market.

Surge͏͏ in͏͏ Gold͏͏ Prices:

Gold͏͏ prices͏͏ have͏͏ soared,͏͏ currently͏͏ standing͏͏ 30͏͏ per͏͏ cent͏͏ above͏͏ the͏͏ average͏͏ levels͏͏ recorded͏͏ in͏͏ the͏͏ second͏͏ half͏͏ of͏͏ 2023.

The͏͏ anticipated͏͏ 18͏͏ per͏͏ cent͏͏ growth͏͏ in͏͏ volume͏͏ presents͏͏ a͏͏ positive͏͏ outlook͏͏ for͏͏ the͏͏ jewellery͏͏ market͏͏ in͏͏ the͏͏ upcoming͏͏ months.

Domestic͏͏ gold͏͏ prices,͏͏ which͏͏ had͏͏ been͏͏ trading͏͏ at͏͏ a͏͏ discount͏͏ for͏͏ five͏͏ months͏͏ due͏͏ to͏͏ excess͏͏ inventory͏͏ and͏͏ weak͏͏ demand,͏͏ received͏͏ a͏͏ boost͏͏ following͏͏ the͏͏ reduction͏͏ in͏͏ basic͏͏ customs͏͏ duty͏͏ announced͏͏ in͏͏ the͏͏ July͏͏ Union͏͏ Budget.

Positive͏͏ Market͏͏ Outlook:

Looking͏͏ ahead,͏͏ despite͏͏ a͏͏ 9͏͏ per͏͏ cent͏͏ year-on-year͏͏ decline͏͏ in͏͏ volume͏͏ during͏͏ the͏͏ first͏͏ quarter,͏͏ the͏͏ market͏͏ is͏͏ expected͏͏ to͏͏ recover.

The͏͏ period͏͏ from͏͏ July͏͏ to͏͏ August͏͏ 2024͏͏ has͏͏ already͏͏ shown͏͏ positive͏͏ signs͏͏ of͏͏ recovery,͏͏ with͏͏ further͏͏ growth͏͏ expected͏͏ as͏͏ India͏͏ approaches͏͏ the͏͏ peak͏͏ wedding͏͏ season.

The͏͏ World͏͏ Gold͏͏ Council͏͏ (WGC)͏͏ has͏͏ projected͏͏ that͏͏ gold͏͏ demand͏͏ in͏͏ calendar͏͏ year͏͏ 2024͏͏ will͏͏ reach͏͏ 850͏͏ tonnes,͏͏ representing͏͏ a͏͏ 12͏͏ per͏͏ cent͏͏ year-on-year͏͏ growth.

Continue͏͏ Exploring:͏͏ Budget͏͏ import͏͏ duty͏͏ cut͏͏ to͏͏ boost͏͏ gold jewellery retailers’͏͏ revenues͏͏ by͏͏ 22-25%͏͏ this͏͏ fiscal:͏͏ CRISIL͏͏ Report

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