Wednesday, December 31, 2025
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Gold jewellery demand set to rise with 18% volume growth anticipated, says Nuvama Report

By
M Haziq Pandit
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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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Men’s fashion brand Snitch expands retail footprint with 24th store launch in Indore

By
M Haziq Pandit
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0
Snitch

Snitch,͏͏ a͏͏ leading͏͏ men’s͏͏ fashion͏͏ brand͏͏ in͏͏ India,͏͏ has͏͏ bolstered͏͏ its͏͏ retail͏͏ presence͏͏ with͏͏ the͏͏ launch͏͏ of͏͏ its͏͏ 24th͏͏ store͏͏ in͏͏ Indore.͏͏ Situated͏͏ in͏͏ the͏͏ Phoenix͏͏ Citadel͏͏ Mall,͏͏ the͏͏ new͏͏ outlet͏͏ covers͏͏ 2,545͏͏ square͏͏ feet͏͏ and͏͏ is͏͏ designed͏͏ to͏͏ meet͏͏ the͏͏ demands͏͏ of͏͏ Indore’s͏͏ evolving͏͏ fashion͏͏ scene.͏͏ This͏͏ expansion͏͏ underscores͏͏ the͏͏ brand’s͏͏ dedication͏͏ to͏͏ broadening͏͏ its͏͏ reach͏͏ nationwide,͏͏ providing͏͏ a͏͏ contemporary͏͏ shopping͏͏ experience͏͏ in͏͏ India’s͏͏ retail͏͏ landscape.

New͏͏ Store͏͏ in͏͏ Phoenix͏͏ Citadel͏͏ Mall:

Indore,͏͏ with͏͏ its͏͏ growing͏͏ interest͏͏ in͏͏ fashion͏͏ and͏͏ lively͏͏ lifestyle,͏͏ is͏͏ the͏͏ perfect͏͏ setting͏͏ for͏͏ Snitch’s͏͏ latest͏͏ store.͏͏ The͏͏ city’s͏͏ youthful͏͏ demographic͏͏ complements͏͏ the͏͏ brand’s͏͏ contemporary͏͏ designs͏͏ tailored͏͏ for͏͏ the͏͏ modern͏͏ man.

Continue͏͏ Exploring:͏͏ Snitch captures͏͏ 2.4%͏͏ market͏͏ share͏͏ in͏͏ men’s͏͏ e-commerce͏͏ fashion͏͏ sector

Siddharth͏͏ Dungarwal,͏͏ Founder͏͏ of͏͏ Snitch,͏͏ stated,͏͏ “The͏͏ opening͏͏ of͏͏ our͏͏ 24th͏͏ store͏͏ in͏͏ Indore͏͏ marks͏͏ a͏͏ significant͏͏ milestone͏͏ for͏͏ us.͏͏ This͏͏ expansion͏͏ reflects͏͏ our͏͏ dedication͏͏ to͏͏ delivering͏͏ top-notch͏͏ fashion͏͏ to͏͏ more͏͏ cities͏͏ across͏͏ India.͏͏ We’re͏͏ thrilled͏͏ to͏͏ provide͏͏ our͏͏ customers͏͏ in͏͏ Madhya͏͏ Pradesh͏͏ with͏͏ an͏͏ exceptional͏͏ shopping͏͏ experience͏͏ featuring͏͏ our͏͏ latest͏͏ collections.”

Diverse͏͏ Collections͏͏ for͏͏ Modern͏͏ Men:

Snitch’s͏͏ new͏͏ store͏͏ will͏͏ feature͏͏ its͏͏ latest͏͏ collections,͏͏ spanning͏͏ modern͏͏ to͏͏ classic͏͏ styles,͏͏ underscoring͏͏ the͏͏ brand’s͏͏ commitment͏͏ to͏͏ quality͏͏ men’s͏͏ fashion.͏͏ Established͏͏ in͏͏ 2020͏͏ as͏͏ a͏͏ direct-to-consumer͏͏ brand,͏͏ Snitch͏͏ has͏͏ steadily͏͏ expanded͏͏ its͏͏ physical͏͏ retail͏͏ footprint,͏͏ with͏͏ stores͏͏ in͏͏ cities͏͏ such͏͏ as͏͏ Bengaluru,͏͏ Pune,͏͏ Mumbai,͏͏ Rajkot,͏͏ and͏͏ Hyderabad,͏͏ in͏͏ addition͏͏ to͏͏ its͏͏ online͏͏ platform.

This͏͏ initiative͏͏ highlights͏͏ Snitch’s͏͏ commitment͏͏ to͏͏ expanding͏͏ its͏͏ retail͏͏ presence͏͏ in͏͏ India͏͏ while͏͏ providing͏͏ customers͏͏ with͏͏ a͏͏ wide͏͏ variety͏͏ of͏͏ fashion͏͏ choices.

Continue͏͏ Exploring:͏͏ Snitch strengthens͏͏ Mumbai͏͏ footprint͏͏ with͏͏ new͏͏ store͏͏ launch͏͏ in͏͏ Andheri͏͏ West

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Indian basmati industry’s sales to grow 4% to reach record INR 70,000 Cr in FY25

By
M Haziq Pandit
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0
basmati

India’s basmati industry is expected to achieve year-on-year revenue growth of 4 per cent this fiscal year, reaching͏͏ a͏͏ record͏͏ high͏͏ of͏͏ nearly͏͏ INR͏͏ 70,000͏͏ crore,͏͏ according͏͏ to͏͏ a͏͏ report.

Decline͏͏ from͏͏ Previous͏͏ Growth͏͏ Rates:

The͏͏ industry͏͏ is͏͏ set͏͏ to͏͏ experience͏͏ a͏͏ moderation͏͏ in͏͏ revenue͏͏ growth͏͏ to͏͏ 4͏͏ per͏͏ cent͏͏ this͏͏ fiscal,͏͏ down͏͏ from͏͏ a͏͏ remarkable͏͏ 20͏͏ per͏͏ cent͏͏ last͏͏ year.͏͏ Nevertheless,͏͏ revenues͏͏ will͏͏ reach͏͏ a͏͏ record͏͏ high,͏͏ supported͏͏ by͏͏ policy͏͏ initiatives͏͏ like͏͏ the͏͏ removal͏͏ of͏͏ the͏͏ minimum͏͏ export͏͏ price͏͏ (MEP)͏͏ and͏͏ increasing͏͏ demand͏͏ in͏͏ domestic͏͏ and͏͏ international͏͏ markets,͏͏ according͏͏ to͏͏ a͏͏ report͏͏ by͏͏ Crisil͏͏ Ratings.

Strong͏͏ profitability͏͏ will͏͏ lead͏͏ to͏͏ minimal͏͏ reliance͏͏ on͏͏ debt͏͏ for͏͏ funding͏͏ capital͏͏ expenditure͏͏ and͏͏ replenishing͏͏ inventory,͏͏ thereby͏͏ maintaining͏͏ stable͏͏ credit͏͏ profiles,͏͏ the͏͏ report͏͏ noted.

Government͏͏ Support͏͏ for͏͏ Exports:

Last͏͏ week,͏͏ the͏͏ government͏͏ announced͏͏ the͏͏ immediate͏͏ removal͏͏ of͏͏ the͏͏ minimum͏͏ export͏͏ price͏͏ (MEP)͏͏ to͏͏ support͏͏ basmati͏͏ rice͏͏ exports.͏͏ This͏͏ decision,͏͏ made͏͏ in͏͏ light͏͏ of͏͏ sufficient͏͏ availability͏͏ in͏͏ the͏͏ domestic͏͏ market,͏͏ is͏͏ expected͏͏ to͏͏ enhance͏͏ export͏͏ opportunities.

Continue͏͏ Exploring:͏͏ Govt͏͏ scraps͏͏ minimum͏͏ export͏͏ price͏͏ thresholds͏͏ on͏͏ onion͏͏ and͏͏ basmati rice

To͏͏ recap,͏͏ a͏͏ minimum͏͏ export͏͏ price͏͏ (MEP)͏͏ of͏͏ $1,200͏͏ per͏͏ tonne͏͏ was͏͏ imposed͏͏ on͏͏ basmati͏͏ rice͏͏ in͏͏ August͏͏ 2023͏͏ as͏͏ a͏͏ temporary͏͏ measure͏͏ to͏͏ address͏͏ rising͏͏ domestic͏͏ rice͏͏ prices.

Following͏͏ discussions͏͏ with͏͏ trade͏͏ bodies͏͏ and͏͏ stakeholders,͏͏ the͏͏ government͏͏ adjusted͏͏ the͏͏ floor͏͏ price͏͏ to͏͏ $950͏͏ per͏͏ tonne͏͏ in͏͏ October͏͏ 2023͏͏ due͏͏ to͏͏ concerns͏͏ that͏͏ elevated͏͏ prices͏͏ were͏͏ negatively͏͏ impacting͏͏ export͏͏ shipments.

According͏͏ to͏͏ the͏͏ Crisil͏͏ report,͏͏ following͏͏ the͏͏ removal͏͏ of͏͏ the͏͏ MEP,͏͏ exporters͏͏ will͏͏ now͏͏ be͏͏ able͏͏ to͏͏ sell͏͏ basmati͏͏ rice͏͏ at͏͏ prices͏͏ below͏͏ the͏͏ previous͏͏ MEP.

This͏͏ will͏͏ enable͏͏ the͏͏ Indian͏͏ basmati͏͏ industry͏͏ to͏͏ target͏͏ overseas͏͏ markets͏͏ in͏͏ lower͏͏ price͏͏ segments,͏͏ resulting͏͏ in͏͏ increased͏͏ volumes.

Nitin͏͏ Kansal,͏͏ Director͏͏ at͏͏ Crisil͏͏ Ratings,͏͏ stated͏͏ that͏͏ exports,͏͏ which͏͏ account͏͏ for͏͏ 72͏͏ per͏͏ cent͏͏ of͏͏ basmati͏͏ rice͏͏ sales,͏͏ are͏͏ expected͏͏ to͏͏ grow͏͏ by͏͏ 3-4͏͏ per͏͏ cent͏͏ year-on-year͏͏ this͏͏ fiscal͏͏ as͏͏ countries͏͏ seek͏͏ to͏͏ secure͏͏ their͏͏ food͏͏ supplies͏͏ amid͏͏ geopolitical͏͏ uncertainties.

“Domestic͏͏ sales͏͏ are͏͏ expected͏͏ to͏͏ increase͏͏ by͏͏ 6͏͏ per͏͏ cent,͏͏ fueled͏͏ by͏͏ demand͏͏ from͏͏ the͏͏ hotel,͏͏ restaurant,͏͏ and͏͏ café͏͏ segment,͏͏ lower͏͏ prices,͏͏ and͏͏ a͏͏ steady͏͏ rise͏͏ in͏͏ household͏͏ income,”͏͏ noted͏͏ Kansal.

Smriti͏͏ Singh,͏͏ Team͏͏ Leader͏͏ at͏͏ Crisil͏͏ Ratings,͏͏ stated͏͏ that͏͏ basmati͏͏ rice͏͏ companies͏͏ are͏͏ anticipated͏͏ to͏͏ boost͏͏ their͏͏ processing͏͏ and͏͏ packaging͏͏ capacities͏͏ by͏͏ 10͏͏ per͏͏ cent͏͏ year-on-year͏͏ this͏͏ fiscal͏͏ to͏͏ meet͏͏ rising͏͏ demand.

Volume͏͏ Growth͏͏ Outlook:

Volume͏͏ growth͏͏ is͏͏ projected͏͏ at͏͏ 10͏͏ per͏͏ cent͏͏ (9͏͏ million͏͏ tonnes),͏͏ which͏͏ should͏͏ offset͏͏ a͏͏ nearly͏͏ 5͏͏ per͏͏ cent͏͏ decline͏͏ in͏͏ realisation͏͏ and͏͏ contribute͏͏ to͏͏ an͏͏ increase͏͏ in͏͏ overall͏͏ industry͏͏ revenue.

Increased͏͏ paddy͏͏ output,͏͏ lower͏͏ procurement͏͏ prices,͏͏ and͏͏ steady͏͏ demand͏͏ will͏͏ motivate͏͏ players͏͏ to͏͏ replenish͏͏ their͏͏ stocks,͏͏ which͏͏ have͏͏ fallen͏͏ to͏͏ the͏͏ lowest͏͏ levels͏͏ (110-120͏͏ days)͏͏ seen͏͏ in͏͏ the͏͏ past͏͏ five͏͏ years͏͏ due͏͏ to͏͏ demand͏͏ outpacing͏͏ procurement͏͏ in͏͏ the͏͏ post-pandemic͏͏ era.

This͏͏ restocking͏͏ is͏͏ expected͏͏ to͏͏ bring͏͏ inventory͏͏ levels͏͏ back͏͏ to͏͏ the͏͏ normative͏͏ range͏͏ of͏͏ 140-150͏͏ days͏͏ by͏͏ the͏͏ end͏͏ of͏͏ this͏͏ fiscal,͏͏ according͏͏ to͏͏ the͏͏ report.

Continue͏͏ Exploring:͏͏ India͏͏ Gate͏͏ basmati rice͏͏ maker͏͏ KRBL͏͏ expands͏͏ to͏͏ UK͏͏ market͏͏ with͏͏ Tesco͏͏ partnership

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Quick commerce giants Blinkit and Zepto pilot efficient returns and exchanges for apparel and lifestyle items

By
M Haziq Pandit
-
0
Quick commerce

As quick commerce players ramp up their 10-minute delivery of apparel and lifestyle items, they͏͏ are͏͏ set͏͏ on͏͏ resolving͏͏ a͏͏ major͏͏ issue͏͏ in͏͏ online͏͏ fashion͏͏ shopping:͏͏ the͏͏ hassle͏͏ of͏͏ returns͏͏ and͏͏ exchanges.

Blinkit Trials͏͏ Fast͏͏ Returns:

Gurgaon-based͏͏ Blinkit͏͏ has͏͏ begun͏͏ testing͏͏ 10-minute͏͏ returns͏͏ and͏͏ exchanges͏͏ for͏͏ apparel,͏͏ footwear,͏͏ and͏͏ select͏͏ lifestyle͏͏ items͏͏ like͏͏ handbags,͏͏ according͏͏ to͏͏ details͏͏ on͏͏ the͏͏ company’s͏͏ app.͏͏ Similarly,͏͏ Nexus͏͏ Venture͏͏ Partners-backed͏͏ Zepto,͏͏ offers͏͏ 72-hour͏͏ exchanges͏͏ for͏͏ apparel͏͏ that͏͏ are͏͏ damaged͏͏ or͏͏ defective.

Continue͏͏ Exploring:͏͏ Quick commerce platforms͏͏ eye͏͏ expansion͏͏ into͏͏ fashion͏͏ sector:͏͏ Blinkit,͏͏ Swiggy͏͏ Instamart͏͏ in͏͏ talks͏͏ with͏͏ top͏͏ apparel͏͏ brands

Flexible͏͏ Exchange͏͏ Policies͏͏ on͏͏ the͏͏ Rise:

Executives͏͏ in͏͏ quick͏͏ commerce͏͏ noted͏͏ that͏͏ some͏͏ brands͏͏ are͏͏ establishing͏͏ store͏͏ returns͏͏ agreements,͏͏ allowing͏͏ customers͏͏ who͏͏ purchase͏͏ products͏͏ through͏͏ quick͏͏ commerce͏͏ apps͏͏ to͏͏ return͏͏ items͏͏ at͏͏ authorized͏͏ brand͏͏ outlets.

Industry͏͏ estimates͏͏ indicate͏͏ that͏͏ approximately͏͏ 25-30%͏͏ of͏͏ online͏͏ fashion͏͏ orders͏͏ are͏͏ returned,͏͏ as͏͏ customers͏͏ seek͏͏ to͏͏ exchange͏͏ products͏͏ for͏͏ the͏͏ right͏͏ sizes͏͏ and͏͏ fittings.

Continue͏͏ Exploring:͏͏ Over͏͏ 30%͏͏ of͏͏ fashion͏͏ and͏͏ footwear͏͏ orders͏͏ get͏͏ returned͏͏ in͏͏ online͏͏ shopping:͏͏ Report

“The͏͏ primary͏͏ challenge͏͏ in͏͏ online͏͏ fashion͏͏ shopping͏͏ is͏͏ ensuring͏͏ the͏͏ right͏͏ fit͏͏ and͏͏ sizing.͏͏ For͏͏ quick͏͏ commerce͏͏ companies,͏͏ efficiently͏͏ managing͏͏ reverse͏͏ logistics͏͏ for͏͏ returns͏͏ and͏͏ exchanges͏͏ will͏͏ be͏͏ vital͏͏ to͏͏ the͏͏ operational͏͏ success͏͏ of͏͏ 10-minute͏͏ fashion͏͏ deliveries,”͏͏ stated͏͏ a͏͏ founder͏͏ of͏͏ a͏͏ direct-to-consumer͏͏ (D2C)͏͏ brand.͏͏ Quick͏͏ commerce͏͏ has͏͏ made͏͏ a͏͏ cautious͏͏ entry͏͏ into͏͏ the͏͏ fashion͏͏ sector,͏͏ primarily͏͏ offering͏͏ basic͏͏ apparel͏͏ like͏͏ undergarments,͏͏ t-shirts,͏͏ socks,͏͏ and͏͏ kurtas,͏͏ along͏͏ with͏͏ footwear͏͏ items͏͏ such͏͏ as͏͏ flip-flops͏͏ and͏͏ sandals.

Expanding͏͏ Fashion Offerings:

A͏͏ recent͏͏ report͏͏ from͏͏ Elara͏͏ Capital͏͏ reveals͏͏ that͏͏ Blinkit’s͏͏ exposure͏͏ in͏͏ the͏͏ non-food͏͏ category͏͏ stands͏͏ at͏͏ 40%,͏͏ compared͏͏ to͏͏ 33%͏͏ for͏͏ Instamart.͏͏ Blinkit͏͏ offers͏͏ 22,000͏͏ stock͏͏ keeping͏͏ units,͏͏ while͏͏ Instamart͏͏ provides͏͏ 17,000.͏͏ Zomato-owned͏͏ Blinkit,͏͏ along͏͏ with͏͏ Swiggy͏͏ Instamart͏͏ and͏͏ Zepto,͏͏ all͏͏ of͏͏ which͏͏ ventured͏͏ into͏͏ the͏͏ fashion͏͏ category͏͏ earlier͏͏ this͏͏ year,͏͏ sell͏͏ products͏͏ from͏͏ brands͏͏ such͏͏ as͏͏ Adidas,͏͏ Pepe,͏͏ FabIndia,͏͏ Jockey,͏͏ Boldfit,͏͏ XYXX,͏͏ Paragon,͏͏ Liberty,͏͏ and͏͏ more.

“Fashion͏͏ in͏͏ quick͏͏ commerce͏͏ has͏͏ primarily͏͏ focused͏͏ on͏͏ what͏͏ consumers͏͏ might͏͏ need͏͏ within͏͏ 10͏͏ minutes,͏͏ which͏͏ limits͏͏ the͏͏ range͏͏ of͏͏ use͏͏ cases.͏͏ This͏͏ suggests͏͏ that͏͏ dark͏͏ stores͏͏ don’t͏͏ need͏͏ to͏͏ stock͏͏ a͏͏ wide͏͏ variety͏͏ of͏͏ SKUs.͏͏ However,͏͏ this͏͏ could͏͏ change͏͏ in͏͏ the͏͏ future,͏͏ particularly͏͏ during͏͏ festivals͏͏ when͏͏ seasonal͏͏ items͏͏ like͏͏ kurtas,͏͏ saris,͏͏ and͏͏ ethnic͏͏ bottoms͏͏ see͏͏ increased͏͏ demand,”͏͏ stated͏͏ a͏͏ senior͏͏ quick͏͏ commerce͏͏ executive.

The͏͏ rapid͏͏ delivery͏͏ of͏͏ fashion͏͏ is͏͏ also͏͏ gaining͏͏ traction͏͏ beyond͏͏ the͏͏ major͏͏ quick͏͏ commerce͏͏ players.

Bengaluru-based͏͏ startup͏͏ Slikk,͏͏ which͏͏ provides͏͏ 60-minute͏͏ deliveries͏͏ of͏͏ a͏͏ diverse͏͏ range͏͏ of͏͏ fashion͏͏ items͏͏ including͏͏ shirts,͏͏ jackets,͏͏ hoodies,͏͏ trousers,͏͏ track͏͏ pants,͏͏ co-ords,͏͏ women’s͏͏ dresses,͏͏ and͏͏ nightwear,͏͏ has͏͏ raised͏͏ $300,000͏͏ in͏͏ seed͏͏ funding͏͏ from͏͏ Vaibhav͏͏ Domkundwar’s͏͏ Better͏͏ Capital.͏͏ The͏͏ funds͏͏ will͏͏ be͏͏ used͏͏ to͏͏ establish͏͏ large-format͏͏ dark͏͏ stores͏͏ and͏͏ expand͏͏ its͏͏ brand͏͏ offerings.

Continue͏͏ Exploring:͏͏ Quick commerce set͏͏ to͏͏ drive͏͏ India’s͏͏ gross͏͏ order͏͏ value͏͏ to͏͏ USD͏͏ 10͏͏ Bn͏͏ by͏͏ FY26

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Oberoi Group to exit UAE as management contract for Al Zorah Resort ends

By
M Haziq Pandit
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0
Oberoi Group Al Zorah Resort

Oberoi Group, the luxury hotel chain, will no longer manage The Oberoi Beach Resort, Al Zorah,͏͏ following͏͏ the͏͏ termination͏͏ of͏͏ its͏͏ contract͏͏ with͏͏ the͏͏ resort’s͏͏ owners,͏͏ according͏͏ to͏͏ the͏͏ ET,͏͏ citing͏͏ sources͏͏ familiar͏͏ with͏͏ the͏͏ situation.

Staff͏͏ Informed͏͏ of͏͏ UAE͏͏ Exit:

Employees͏͏ have͏͏ been͏͏ officially͏͏ informed,͏͏ signalling͏͏ the͏͏ Oberoi͏͏ Group’s͏͏ departure͏͏ from͏͏ the͏͏ UAE͏͏ market.

This͏͏ decision͏͏ comes͏͏ after͏͏ a͏͏ similar͏͏ change͏͏ two͏͏ years͏͏ ago͏͏ when͏͏ The͏͏ Oberoi͏͏ Dubai͏͏ was͏͏ rebranded͏͏ as͏͏ Anantara͏͏ Downtown͏͏ Dubai,͏͏ with͏͏ management͏͏ handed͏͏ over͏͏ to͏͏ Minor͏͏ Hotels.

Continue͏͏ Exploring:͏͏ Oberoi Group eyes͏͏ expansion͏͏ with͏͏ 50͏͏ new͏͏ hotels͏͏ by͏͏ 2030

Sources͏͏ familiar͏͏ with͏͏ the͏͏ situation͏͏ revealed͏͏ that͏͏ Managing͏͏ Director͏͏ and͏͏ CEO͏͏ Vikram͏͏ Oberoi,͏͏ along͏͏ with͏͏ Chief͏͏ Human͏͏ Resources͏͏ Officer͏͏ Shailja͏͏ Singh,͏͏ visited͏͏ Al͏͏ Zorah͏͏ to͏͏ update͏͏ the͏͏ teams͏͏ on͏͏ the͏͏ development.

Al Zorah in͏͏ Talks͏͏ with͏͏ New͏͏ Operators:

The͏͏ sources͏͏ also͏͏ mentioned͏͏ that͏͏ the͏͏ owner͏͏ investors͏͏ are͏͏ in͏͏ talks͏͏ with͏͏ other͏͏ global͏͏ hotel͏͏ chains͏͏ to͏͏ assume͏͏ management͏͏ of͏͏ the͏͏ property.

“EIH͏͏ Holdings͏͏ Ltd.,͏͏ a͏͏ subsidiary͏͏ of͏͏ EIH͏͏ Limited͏͏ and͏͏ the͏͏ operator͏͏ of͏͏ The͏͏ Oberoi͏͏ Al͏͏ Zorah,͏͏ along͏͏ with͏͏ Al͏͏ Zorah͏͏ Development͏͏ Private͏͏ Company͏͏ Ltd.,͏͏ the͏͏ hotel’s͏͏ owner,͏͏ jointly͏͏ informed͏͏ employees͏͏ yesterday͏͏ that͏͏ both͏͏ parties͏͏ have͏͏ mutually͏͏ and͏͏ amicably͏͏ agreed͏͏ to͏͏ terminate͏͏ the͏͏ management͏͏ contract͏͏ for͏͏ The͏͏ Oberoi͏͏ Al͏͏ Zorah,͏͏ effective͏͏ 28th͏͏ February͏͏ 2025,”͏͏ said͏͏ an͏͏ Oberoi͏͏ spokesperson.

Al͏͏ Zorah͏͏ Development͏͏ Private͏͏ Company͏͏ Ltd.͏͏ has͏͏ assured͏͏ employees͏͏ that͏͏ they͏͏ will͏͏ be͏͏ retained͏͏ by͏͏ the͏͏ company͏͏ going͏͏ forward,͏͏ the͏͏ source͏͏ added.

Oberoi͏͏ Reports͏͏ Profit͏͏ Drop:

EIH͏͏ Limited,͏͏ the͏͏ flagship͏͏ company͏͏ of͏͏ The͏͏ Oberoi͏͏ Group,͏͏ reported͏͏ revenue͏͏ from͏͏ operations͏͏ of͏͏ INR͏͏ 526.5͏͏ crore͏͏ for͏͏ the͏͏ quarter͏͏ ended͏͏ June,͏͏ an͏͏ increase͏͏ from͏͏ INR͏͏ 498͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ period͏͏ last͏͏ year.͏͏ However,͏͏ the͏͏ chain͏͏ recorded͏͏ a͏͏ profit͏͏ of͏͏ INR͏͏ 97͏͏ crore͏͏ for͏͏ the͏͏ quarter,͏͏ down͏͏ from͏͏ INR͏͏ 106͏͏ crore.

Continue͏͏ Exploring:͏͏ Taj͏͏ Hotels͏͏ becomes͏͏ first͏͏ Indian͏͏ hospitality͏͏ company͏͏ to͏͏ achieve͏͏ INR͏͏ 1͏͏ Lakh͏͏ Cr͏͏ market͏͏ cap

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Luxury watchmaker Franck Muller bets big on India, eyes growth with new collection and real estate ventures

By
M Haziq Pandit
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0
watchmaker Franck Muller

“India is set to dominate the next three to five years, and Franck Muller is͏͏ fully͏͏ committed͏͏ to͏͏ the͏͏ country,”͏͏ stated͏͏ Erol Baliyan,͏͏ MD͏͏ for͏͏ the͏͏ Middle͏͏ East,͏͏ Africa,͏͏ and͏͏ India͏͏ with͏͏ the͏͏ luxury watch brand.

Franck Muller’s͏͏ Upcoming͏͏ Collection͏͏ and͏͏ Real͏͏ Estate͏͏ Ventures:

As͏͏ Diwali͏͏ approaches,͏͏ Franck͏͏ Muller͏͏ aims͏͏ to͏͏ unveil͏͏ its͏͏ third͏͏ India-focused͏͏ collection͏͏ and͏͏ may͏͏ explore͏͏ opportunities͏͏ in͏͏ luxury͏͏ residential͏͏ real͏͏ estate͏͏ in͏͏ the͏͏ future,͏͏ Baliyan͏͏ shared.͏͏ The͏͏ Franck͏͏ Muller͏͏ Aeternitas͏͏ at͏͏ London͏͏ Gate,͏͏ Dubai͏͏ Marina,͏͏ is͏͏ set͏͏ to͏͏ become͏͏ the͏͏ world’s͏͏ tallest͏͏ residential͏͏ clock͏͏ tower,͏͏ boasting͏͏ 106͏͏ floors.

“We͏͏ are͏͏ developing͏͏ an͏͏ exclusive͏͏ project͏͏ featuring͏͏ just͏͏ 108͏͏ handcrafted͏͏ pieces͏͏ for͏͏ India,͏͏ which͏͏ we͏͏ aim͏͏ to͏͏ launch͏͏ before͏͏ Diwali.͏͏ Our͏͏ venture͏͏ into͏͏ real͏͏ estate͏͏ has͏͏ been͏͏ highly͏͏ successful,͏͏ and͏͏ we͏͏ are͏͏ looking͏͏ to͏͏ initiate͏͏ our͏͏ third͏͏ project͏͏ in͏͏ India.͏͏ We͏͏ hope͏͏ to͏͏ see͏͏ a͏͏ Franck͏͏ Muller͏͏ tower͏͏ gracing͏͏ the͏͏ skyline͏͏ in͏͏ the͏͏ future,”͏͏ he͏͏ stated.

Muller͏͏ remarked͏͏ that͏͏ India’s͏͏ economic͏͏ growth͏͏ estimates͏͏ have͏͏ been͏͏ ‘outstanding.’

“And͏͏ with͏͏ China͏͏ declining͏͏ and͏͏ Europe͏͏ facing͏͏ challenges,͏͏ the͏͏ next͏͏ three͏͏ to͏͏ five͏͏ years͏͏ will͏͏ be͏͏ India’s͏͏ time.͏͏ Last͏͏ year,͏͏ India’s͏͏ GDP͏͏ reached͏͏ $3.75͏͏ trillion,”͏͏ he͏͏ stated.

“We͏͏ anticipate͏͏ luxury͏͏ consumption͏͏ to͏͏ reach͏͏ around͏͏ $6.6͏͏ billion,͏͏ yet͏͏ Swiss͏͏ watch͏͏ exports͏͏ to͏͏ India͏͏ amount͏͏ to͏͏ only͏͏ 135͏͏ million͏͏ Swiss͏͏ Francs.͏͏ This͏͏ leaves͏͏ us͏͏ with͏͏ significant͏͏ growth͏͏ potential͏͏ in͏͏ this͏͏ market.͏͏ While͏͏ other͏͏ markets͏͏ are͏͏ performing͏͏ well,͏͏ India͏͏ holds͏͏ enormous͏͏ promise.͏͏ Our͏͏ focus͏͏ is͏͏ entirely͏͏ on͏͏ this͏͏ region,”͏͏ he͏͏ added.

Continue͏͏ Exploring:͏͏ Swiss͏͏ watchmakers bullish͏͏ on͏͏ India’s͏͏ growing͏͏ luxury͏͏ market:͏͏ Deloitte͏͏ Report

Expanding͏͏ Presence͏͏ in͏͏ India:

Franck͏͏ Muller͏͏ has͏͏ opened͏͏ its͏͏ second͏͏ exclusive͏͏ boutique͏͏ in͏͏ India͏͏ in͏͏ Delhi,͏͏ in͏͏ collaboration͏͏ with͏͏ Kapoor͏͏ Watch͏͏ Company,͏͏ and͏͏ now͏͏ has͏͏ a͏͏ presence͏͏ in͏͏ eleven͏͏ sales͏͏ locations͏͏ across͏͏ various͏͏ cities͏͏ in͏͏ India.

“We͏͏ have͏͏ a͏͏ presence͏͏ in͏͏ all͏͏ major͏͏ cities͏͏ and͏͏ may͏͏ consider͏͏ opening͏͏ another͏͏ exclusive͏͏ point͏͏ of͏͏ sale͏͏ in͏͏ Mumbai͏͏ in͏͏ the͏͏ future.͏͏ We͏͏ recognise͏͏ the͏͏ potential͏͏ in͏͏ India,͏͏ and͏͏ with͏͏ the͏͏ right͏͏ strategies,͏͏ India͏͏ could͏͏ surpass͏͏ China,”͏͏ said͏͏ Baliyan.

“With͏͏ a͏͏ few͏͏ adjustments͏͏ and͏͏ regulatory͏͏ changes,͏͏ India͏͏ can͏͏ soar.͏͏ Lowering͏͏ duties͏͏ and͏͏ GST͏͏ rates͏͏ could͏͏ quadruple͏͏ luxury͏͏ sales͏͏ and͏͏ boost͏͏ tax͏͏ revenue.͏͏ Currently,͏͏ outbound͏͏ Indians͏͏ are͏͏ leading͏͏ the͏͏ luxury͏͏ consumption͏͏ pyramid;͏͏ they͏͏ spend͏͏ six͏͏ times͏͏ what͏͏ is͏͏ spent͏͏ here͏͏ on͏͏ luxury͏͏ goods͏͏ worldwide,”͏͏ he͏͏ added.

Optimism͏͏ for͏͏ Future͏͏ Growth:

Pratiek͏͏ Kapoor,͏͏ director͏͏ of͏͏ Kapoor͏͏ Watch͏͏ Company,͏͏ stated͏͏ that͏͏ the͏͏ next͏͏ five͏͏ to͏͏ ten͏͏ years͏͏ look͏͏ promising͏͏ for͏͏ India,͏͏ offering͏͏ ample͏͏ room͏͏ for͏͏ growth.

“That’s͏͏ why͏͏ we͏͏ are͏͏ investing͏͏ in͏͏ the͏͏ market.͏͏ The͏͏ Indian͏͏ market͏͏ is͏͏ well-positioned͏͏ compared͏͏ to͏͏ global͏͏ markets,͏͏ providing͏͏ a͏͏ degree͏͏ of͏͏ insulation.͏͏ The͏͏ last͏͏ four͏͏ to͏͏ five͏͏ years͏͏ post-COVID͏͏ have͏͏ been͏͏ very͏͏ positive,͏͏ and͏͏ we͏͏ expect͏͏ this͏͏ trend͏͏ to͏͏ continue,”͏͏ he͏͏ added.

Continue͏͏ Exploring:͏͏ Vacheron͏͏ Constantin͏͏ hits͏͏ record͏͏ sales,͏͏ targets͏͏ Indian͏͏ luxury͏͏ watch market͏͏ for͏͏ growth

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eB2B platforms to capture 35-45% of India’s buyers by 2030: Redseer Report

By
M Haziq Pandit
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0
eB2B

By 2030, eB2B platforms are expected to account for 35-45 per cent of India’s total buyers,͏͏ or͏͏ around͏͏ 14-18͏͏ million,͏͏ according͏͏ to͏͏ a͏͏ recent͏͏ report͏͏ by͏͏ Redseer Strategy Consultants.

Decline͏͏ in͏͏ eB2B Buyer͏͏ Adoption:

As͏͏ of͏͏ 2023,͏͏ 12-15͏͏ per͏͏ cent͏͏ of͏͏ total͏͏ buyers͏͏ are͏͏ using͏͏ eB2B͏͏ platforms,͏͏ a͏͏ decrease͏͏ from͏͏ 25͏͏ per͏͏ cent͏͏ in͏͏ 2021.

The͏͏ report͏͏ stated͏͏ that͏͏ the͏͏ primary͏͏ reason͏͏ for͏͏ the͏͏ challenging͏͏ unit͏͏ economics,͏͏ which͏͏ has͏͏ led͏͏ to͏͏ a͏͏ scale-down͏͏ of͏͏ operations,͏͏ is͏͏ the͏͏ inability͏͏ of͏͏ B2B͏͏ players͏͏ to͏͏ optimise͏͏ key͏͏ costs͏͏ like͏͏ supply͏͏ chain,͏͏ go-to-market͏͏ strategies,͏͏ and͏͏ credit.

Future͏͏ Buyer͏͏ Penetration͏͏ Outlook:

The͏͏ report͏͏ noted͏͏ that͏͏ effectively͏͏ implementing͏͏ these͏͏ cost͏͏ structures͏͏ will͏͏ be͏͏ crucial͏͏ for͏͏ eB2B͏͏ firms͏͏ to͏͏ expand͏͏ their͏͏ operations͏͏ and͏͏ maintain͏͏ viability,͏͏ particularly͏͏ during͏͏ funding͏͏ challenges.͏͏ It͏͏ further͏͏ stated͏͏ that͏͏ buyer͏͏ penetration͏͏ on͏͏ eB2B͏͏ platforms͏͏ is͏͏ expected͏͏ to͏͏ rebound͏͏ and͏͏ surpass͏͏ the͏͏ levels͏͏ seen͏͏ during͏͏ the͏͏ ‘Goldilocks͏͏ Years’͏͏ (2019-21).

The͏͏ study͏͏ also͏͏ highlighted͏͏ that͏͏ eB2B͏͏ platforms͏͏ are͏͏ improving͏͏ margins͏͏ across͏͏ the͏͏ value͏͏ chain͏͏ through͏͏ initiatives͏͏ like͏͏ category͏͏ expansion,͏͏ private͏͏ label͏͏ launches,͏͏ vertical͏͏ integration,͏͏ and͏͏ direct͏͏ partnerships͏͏ with͏͏ brands.

The͏͏ report͏͏ highlighted͏͏ Udaan‘s͏͏ micro-market͏͏ strategy,͏͏ noting͏͏ that͏͏ the͏͏ eB2B͏͏ giant͏͏ has͏͏ increased͏͏ its͏͏ market͏͏ penetration͏͏ from͏͏ 35͏͏ per͏͏ cent,͏͏ 6-12͏͏ months͏͏ prior͏͏ to͏͏ the͏͏ strategy’s͏͏ implementation,͏͏ to͏͏ 75͏͏ per͏͏ cent͏͏ in͏͏ key͏͏ markets͏͏ like͏͏ Bengaluru.

Continue͏͏ Exploring:͏͏ IPO-bound͏͏ B2B e-commerce͏͏ platform͏͏ Udaan͏͏ reduces͏͏ cash͏͏ burn,͏͏ focuses͏͏ on͏͏ key͏͏ categories͏͏ and͏͏ micro-clusters͏͏ to͏͏ drive͏͏ profitability

In͏͏ another͏͏ important͏͏ market,͏͏ Hyderabad,͏͏ the͏͏ company͏͏ more͏͏ than͏͏ doubled͏͏ its͏͏ buyer͏͏ penetration,͏͏ rising͏͏ from͏͏ 25͏͏ per͏͏ cent͏͏ in͏͏ January͏͏ 2024͏͏ to͏͏ 56͏͏ per͏͏ cent͏͏ by͏͏ June͏͏ 2024.

Caution͏͏ Amid͏͏ Promising͏͏ Outlook:

The͏͏ report͏͏ indicated͏͏ that͏͏ although͏͏ the͏͏ future͏͏ outlook͏͏ is͏͏ promising,͏͏ eB2B͏͏ firms͏͏ are͏͏ exercising͏͏ caution͏͏ due͏͏ to͏͏ challenges͏͏ like͏͏ capital͏͏ efficiency,͏͏ the͏͏ rise͏͏ of͏͏ new͏͏ competitors,͏͏ and͏͏ brands͏͏ introducing͏͏ their͏͏ own͏͏ proprietary͏͏ platforms.

The͏͏ report͏͏ stated͏͏ that,͏͏ despite͏͏ the͏͏ increasing͏͏ adoption͏͏ of͏͏ digital͏͏ channels͏͏ spurred͏͏ by͏͏ quick͏͏ commerce,͏͏ the͏͏ retail͏͏ essentials͏͏ market͏͏ is͏͏ expected͏͏ to͏͏ remain͏͏ predominantly͏͏ offline.

As͏͏ of͏͏ 2023,͏͏ 98͏͏ per͏͏ cent͏͏ of͏͏ essentials͏͏ are͏͏ sold͏͏ offline,͏͏ primarily͏͏ through͏͏ general͏͏ trade͏͏ and͏͏ kiranas.͏͏ According͏͏ to͏͏ the͏͏ report,͏͏ by͏͏ 2028,͏͏ the͏͏ online͏͏ share͏͏ of͏͏ essential͏͏ retail͏͏ sales͏͏ is͏͏ projected͏͏ to͏͏ increase͏͏ to͏͏ 4-6͏͏ per͏͏ cent,͏͏ up͏͏ from͏͏ 2͏͏ per͏͏ cent͏͏ in͏͏ 2023.

Currently,͏͏ essentials͏͏ account͏͏ for͏͏ 65͏͏ per͏͏ cent͏͏ of͏͏ retail͏͏ spending,͏͏ driven͏͏ by͏͏ the͏͏ large͏͏ rural͏͏ and͏͏ middle-class͏͏ population.

“While͏͏ there͏͏ is͏͏ a͏͏ rising͏͏ trend͏͏ in͏͏ non-essential͏͏ purchases,͏͏ inflation͏͏ and͏͏ price͏͏ sensitivities͏͏ in͏͏ relation͏͏ to͏͏ income͏͏ growth͏͏ have͏͏ dampened͏͏ the͏͏ increase͏͏ in͏͏ disposable͏͏ income͏͏ available͏͏ for͏͏ such͏͏ spending.”

Projected͏͏ Growth͏͏ of͏͏ Online͏͏ Essentials:

By͏͏ 2028,͏͏ essentials͏͏ are͏͏ projected͏͏ to͏͏ make͏͏ up͏͏ 62͏͏ per͏͏ cent͏͏ of͏͏ the͏͏ retail͏͏ market,͏͏ while͏͏ non-essentials͏͏ will͏͏ represent͏͏ the͏͏ remaining͏͏ 38͏͏ per͏͏ cent.

The͏͏ report͏͏ stated͏͏ that͏͏ approximately͏͏ 40͏͏ per͏͏ cent͏͏ of͏͏ retailers͏͏ encounter͏͏ supply͏͏ chain͏͏ inefficiencies,͏͏ 29͏͏ per͏͏ cent͏͏ face͏͏ service͏͏ challenges,͏͏ 17͏͏ per͏͏ cent͏͏ experience͏͏ procurement͏͏ issues,͏͏ and͏͏ 9͏͏ and͏͏ 6͏͏ per͏͏ cent͏͏ deal͏͏ with͏͏ pricing͏͏ and͏͏ financing͏͏ concerns,͏͏ respectively.

Continue͏͏ Exploring:͏͏ B2B e-procurement͏͏ platform͏͏ Centriti͏͏ raises͏͏ INR͏͏ 6͏͏ Cr͏͏ in͏͏ funding͏͏ round͏͏ led͏͏ by͏͏ Ev2͏͏ Ventures

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Rich’s unveils Versatie Gold Cooking Cream, expanding culinary lineup

By
M Haziq Pandit
-
0
Rich's

Rich’s, a prominent name in bakery and culinary innovations, has unveiled Versatie Gold Cooking Cream,͏͏ an͏͏ all-in-one͏͏ solution͏͏ for͏͏ both͏͏ hot͏͏ and͏͏ cold͏͏ applications.͏͏ Marketed͏͏ as͏͏ “One͏͏ Cream,͏͏ Endless͏͏ Possibilities,”͏͏ this͏͏ new͏͏ product͏͏ aims͏͏ to͏͏ meet͏͏ the͏͏ diverse͏͏ needs͏͏ of͏͏ professional͏͏ chefs͏͏ and͏͏ industrial͏͏ kitchens,͏͏ redefining͏͏ possibilities͏͏ in͏͏ the͏͏ culinary͏͏ realm.

Endless͏͏ Culinary͏͏ Possibilities:

With͏͏ its͏͏ rich͏͏ and͏͏ creamy͏͏ texture,͏͏ Versatie͏͏ Gold͏͏ Cooking͏͏ Cream͏͏ is͏͏ an͏͏ essential͏͏ kitchen͏͏ ingredient͏͏ that͏͏ enhances͏͏ a͏͏ wide͏͏ range͏͏ of͏͏ dishes.͏͏ Unlike͏͏ other͏͏ creams͏͏ that͏͏ may͏͏ split͏͏ or͏͏ separate͏͏ at͏͏ high͏͏ temperatures,͏͏ Versatie͏͏ Gold͏͏ retains͏͏ its͏͏ consistency,͏͏ delivering͏͏ perfect͏͏ results͏͏ consistently.͏͏ It’s͏͏ perfect͏͏ for͏͏ gravies,͏͏ pastas,͏͏ dips,͏͏ and͏͏ tandoori͏͏ dishes͏͏ like͏͏ Butter͏͏ Chicken,͏͏ Dal͏͏ Makhni,͏͏ Paneer͏͏ Lababdaar,͏͏ and͏͏ Soya͏͏ Chaap,͏͏ all͏͏ without͏͏ the͏͏ risk͏͏ of͏͏ curdling.͏͏ Its͏͏ smooth͏͏ coating͏͏ and͏͏ luxurious͏͏ mouthfeel͏͏ enhance͏͏ both͏͏ the͏͏ appearance͏͏ and͏͏ flavour͏͏ of͏͏ dishes,͏͏ making͏͏ it͏͏ a͏͏ top͏͏ choice͏͏ for͏͏ chefs.

Continue͏͏ Exploring:͏͏ After͏͏ four͏͏ years͏͏ of͏͏ R&D,͏͏ Kikkoman͏͏ launches͏͏ exclusive͏͏ dark͏͏ soy͏͏ sauce͏͏ tailored͏͏ for͏͏ the͏͏ Indian͏͏ market

Pankaj͏͏ Chaturvedi,͏͏ Managing͏͏ Director͏͏ of͏͏ Rich͏͏ Products͏͏ &͏͏ Solutions͏͏ Pvt.͏͏ Ltd.͏͏ (RPSPL),͏͏ stated,͏͏ “Versatie͏͏ Gold͏͏ Cooking͏͏ Cream͏͏ is͏͏ a͏͏ revolutionary͏͏ product͏͏ in͏͏ the͏͏ culinary͏͏ industry.͏͏ Its͏͏ versatility͏͏ and͏͏ outstanding͏͏ performance͏͏ in͏͏ both͏͏ hot͏͏ and͏͏ cold͏͏ applications͏͏ make͏͏ it͏͏ an͏͏ essential͏͏ tool͏͏ for͏͏ chefs,͏͏ industrial͏͏ kitchens,͏͏ and͏͏ caterers.͏͏ We͏͏ believe͏͏ this͏͏ product͏͏ will͏͏ inspire͏͏ culinary͏͏ creativity͏͏ and͏͏ take͏͏ dishes͏͏ to͏͏ new͏͏ heights͏͏ in͏͏ the͏͏ HORECA͏͏ segment.”

The͏͏ cream’s͏͏ shelf-stable͏͏ format͏͏ provides͏͏ convenient͏͏ storage͏͏ and͏͏ use,͏͏ while͏͏ its͏͏ versatility͏͏ spans͏͏ both͏͏ savory͏͏ and͏͏ sweet͏͏ dishes.͏͏ When͏͏ refrigerated,͏͏ it͏͏ thickens,͏͏ making͏͏ it͏͏ perfect͏͏ for͏͏ fruit͏͏ creams͏͏ and͏͏ desserts͏͏ with͏͏ a͏͏ smooth,͏͏ silky͏͏ texture.

A͏͏ Chef’s͏͏ Essential͏͏ Ingredient:

Culinary͏͏ experts͏͏ have͏͏ lauded͏͏ Versatie͏͏ Gold͏͏ for͏͏ its͏͏ user-friendliness͏͏ and͏͏ its͏͏ ability͏͏ to͏͏ maintain͏͏ thickness͏͏ while͏͏ enhancing͏͏ texture͏͏ in͏͏ various͏͏ dishes,͏͏ especially͏͏ Indian͏͏ gravies.͏͏ Its͏͏ stability͏͏ with͏͏ acidic͏͏ ingredients͏͏ such͏͏ as͏͏ tomatoes,͏͏ pineapple,͏͏ and͏͏ tamarind͏͏ means͏͏ it͏͏ won’t͏͏ curdle,͏͏ even͏͏ when͏͏ combined͏͏ with͏͏ citrus͏͏ or͏͏ vinegar.

Reinforcing͏͏ Rich’s͏͏ Commitment͏͏ to͏͏ Innovation:

With͏͏ the͏͏ launch͏͏ of͏͏ Versatie͏͏ Gold͏͏ Cooking͏͏ Cream,͏͏ Rich’s͏͏ reinforces͏͏ its͏͏ reputation͏͏ for͏͏ delivering͏͏ innovative͏͏ solutions͏͏ to͏͏ the͏͏ culinary͏͏ industry,͏͏ enabling͏͏ chefs͏͏ to͏͏ craft͏͏ dishes͏͏ that͏͏ excel͏͏ in͏͏ both͏͏ flavour͏͏ and͏͏ presentation.

Continue͏͏ Exploring:͏͏ MasterChow͏͏ and͏͏ Chef͏͏ Ranveer͏͏ Brar͏͏ take͏͏ ‘Asli͏͏ Chinese’͏͏ campaign͏͏ up͏͏ a͏͏ notch͏͏ with͏͏ new͏͏ Schezwan͏͏ Chutney͏͏ launch

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Nykaa strengthens GCC footprint with new subsidiary Nysaa Trading LLC in Saudi Arabia

By
M Haziq Pandit
-
0
Nykaa

As part of its strategy to expand internationally, beauty and fashion e-commerce giant Nykaa has established a wholly-owned subsidiary in Saudi Arabia, named Nysaa Trading LLC.

In͏͏ an͏͏ exchange͏͏ filing͏͏ today͏͏ (September͏͏ 20),͏͏ the͏͏ company͏͏ announced͏͏ that͏͏ Nysaa͏͏ Trading͏͏ LLC͏͏ is͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ of͏͏ Nessa͏͏ International͏͏ Holdings,͏͏ which͏͏ is͏͏ a͏͏ step-down͏͏ subsidiary͏͏ of͏͏ Nykaa’s͏͏ parent,͏͏ FSN͏͏ E-commerce͏͏ Ventures.

Diverse͏͏ Product͏͏ Offering:

The͏͏ newly͏͏ incorporated͏͏ subsidiary͏͏ will͏͏ sell͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ (BPC)͏͏ products͏͏ in͏͏ both͏͏ international͏͏ and͏͏ domestic͏͏ markets͏͏ through͏͏ online͏͏ and͏͏ offline͏͏ channels.͏͏ This͏͏ range͏͏ will͏͏ include͏͏ cosmetics,͏͏ toiletries,͏͏ beauty͏͏ and͏͏ hair͏͏ care͏͏ products,͏͏ perfumes,͏͏ and͏͏ beauty͏͏ soaps.

Ownership͏͏ and͏͏ Investment͏͏ Details:

Nysaa͏͏ Trading͏͏ LLC͏͏ has͏͏ been͏͏ established͏͏ with͏͏ a͏͏ subscribed͏͏ share͏͏ capital͏͏ of͏͏ 3͏͏ lakh͏͏ Saudi͏͏ Riyals͏͏ (approximately͏͏ INR͏͏ 6.67͏͏ crore).͏͏ Nessa͏͏ International͏͏ will͏͏ own͏͏ a͏͏ 100%͏͏ stake͏͏ in͏͏ Nysaa͏͏ Trading,͏͏ while͏͏ Nykaa’s͏͏ parent͏͏ company͏͏ will͏͏ indirectly͏͏ hold͏͏ a͏͏ 55%͏͏ stake.

However,͏͏ the͏͏ newly͏͏ incorporated͏͏ Nykaa͏͏ subsidiary͏͏ has͏͏ not͏͏ yet͏͏ begun͏͏ business͏͏ operations.

Growing͏͏ Middle͏͏ East͏͏ Presence:

This͏͏ development͏͏ coincides͏͏ with͏͏ Nykaa’s͏͏ efforts͏͏ to͏͏ strengthen͏͏ its͏͏ presence͏͏ in͏͏ the͏͏ Middle͏͏ East.͏͏ In͏͏ July͏͏ of͏͏ this͏͏ year,͏͏ the͏͏ company͏͏ established͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ in͏͏ Qatar,͏͏ named͏͏ Nysaa͏͏ Cosmetics͏͏ Trading.

Continue͏͏ Exploring:͏͏ Nykaa expands͏͏ Middle͏͏ Eastern͏͏ presence͏͏ with͏͏ new͏͏ Qatar͏͏ subsidiary

Earlier͏͏ this͏͏ year,͏͏ Nykaa͏͏ launched͏͏ its͏͏ first͏͏ physical͏͏ store͏͏ under͏͏ the͏͏ Nysaa͏͏ brand͏͏ in͏͏ Dubai,͏͏ marking͏͏ its͏͏ entry͏͏ into͏͏ the͏͏ international͏͏ market.͏͏ The͏͏ company,͏͏ led͏͏ by͏͏ Falguni͏͏ Nayar,͏͏ plans͏͏ to͏͏ invest͏͏ $4.4͏͏ million͏͏ in͏͏ Nysaa.

Notably,͏͏ in͏͏ 2022,͏͏ Nykaa͏͏ partnered͏͏ with͏͏ Apparel͏͏ Group,͏͏ one͏͏ of͏͏ the͏͏ largest͏͏ omnichannel͏͏ retailers͏͏ in͏͏ the͏͏ UAE,͏͏ to͏͏ enter͏͏ the͏͏ Gulf͏͏ Cooperation͏͏ Council͏͏ (GCC)͏͏ region.

Nykaa͏͏ plans͏͏ to͏͏ open͏͏ 70͏͏ stores͏͏ in͏͏ the͏͏ GCC͏͏ market͏͏ under͏͏ the͏͏ Nysaa͏͏ brand͏͏ over͏͏ the͏͏ next͏͏ five͏͏ years.͏͏ The͏͏ company͏͏ aims͏͏ to͏͏ capture͏͏ a͏͏ 7%͏͏ share͏͏ of͏͏ the͏͏ GCC͏͏ beauty͏͏ market͏͏ during͏͏ this͏͏ time,͏͏ as͏͏ stated͏͏ during͏͏ its͏͏ ‘Annual͏͏ Investor͏͏ Day’.

Nykaa’s͏͏ focus͏͏ on͏͏ the͏͏ GCC͏͏ beauty͏͏ market͏͏ is͏͏ well-founded,͏͏ as͏͏ the͏͏ region͏͏ boasts͏͏ a͏͏ remarkable͏͏ per͏͏ capita͏͏ spending͏͏ of͏͏ $500͏͏ on͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ products,͏͏ making͏͏ it͏͏ one͏͏ of͏͏ the͏͏ highest͏͏ globally.

In͏͏ India,͏͏ Nykaa͏͏ has͏͏ enhanced͏͏ its͏͏ same-day͏͏ and͏͏ next-day͏͏ delivery͏͏ services.͏͏ During͏͏ the͏͏ company’s͏͏ 12th͏͏ annual͏͏ general͏͏ meeting,͏͏ Chairman͏͏ and͏͏ CEO͏͏ Falguni͏͏ Nayar͏͏ announced͏͏ that͏͏ 60%͏͏ of͏͏ orders͏͏ are͏͏ now͏͏ delivered͏͏ the͏͏ next͏͏ day͏͏ in͏͏ the͏͏ top͏͏ 110͏͏ cities,͏͏ which͏͏ represent͏͏ two-thirds͏͏ of͏͏ the͏͏ company’s͏͏ overall͏͏ order͏͏ volumes.

Continue͏͏ Exploring:͏͏ Nykaa accelerates͏͏ same-day͏͏ and͏͏ next-day͏͏ deliveries,͏͏ achieves͏͏ 60%͏͏ fulfillment͏͏ rate͏͏ in͏͏ 110͏͏ cities

However,͏͏ earlier͏͏ this͏͏ month,͏͏ Kotak͏͏ Institutional͏͏ Equities͏͏ downgraded͏͏ Nykaa͏͏ from͏͏ ‘add’͏͏ to͏͏ ‘sell’͏͏ and͏͏ reduced͏͏ its͏͏ fair͏͏ value͏͏ estimate͏͏ from͏͏ INR͏͏ 195͏͏ to͏͏ INR͏͏ 190.͏͏ This͏͏ indicates͏͏ a͏͏ potential͏͏ downside͏͏ of͏͏ over͏͏ 5%͏͏ from͏͏ the͏͏ stock’s͏͏ previous͏͏ close.

Stock͏͏ Performance͏͏ Update:

Shares͏͏ of͏͏ Nykaa͏͏ were͏͏ trading͏͏ 1.22%͏͏ higher͏͏ at͏͏ INR͏͏ 203.50͏͏ each͏͏ on͏͏ the͏͏ BSE͏͏ today͏͏ at͏͏ 1:35͏͏ PM.

Nykaa͏͏ operates͏͏ in͏͏ India’s͏͏ rapidly͏͏ expanding͏͏ beauty͏͏ and͏͏ personal͏͏ care͏͏ market,͏͏ which͏͏ is͏͏ projected͏͏ to͏͏ exceed͏͏ $28͏͏ billion͏͏ by͏͏ 2030,͏͏ representing͏͏ 7%͏͏ of͏͏ the͏͏ overall͏͏ e-commerce͏͏ market.

Continue͏͏ Exploring:͏͏ Nykaa’s͏͏ Q1͏͏ FY25͏͏ net͏͏ profit͏͏ soars͏͏ 152%͏͏ to͏͏ INR͏͏ 13.6͏͏ Cr;͏͏ revenue͏͏ up͏͏ 22.8%

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After BigBasket, Blinkit steps up with 10-minute iPhone 16 deliveries

By
M Haziq Pandit
-
0
Blinkit

A day after Tata Digital-owned BigBasket introduced 10-minute delivery for electronic products, including the newly-launched iPhone 16, Blinkit entered͏͏ the͏͏ race͏͏ for͏͏ dominance͏͏ in͏͏ the͏͏ quick͏͏ commerce͏͏ sector,͏͏ offering͏͏ fast͏͏ delivery͏͏ of͏͏ the͏͏ device͏͏ in͏͏ major͏͏ cities.

Blinkit͏͏ rolled͏͏ out͏͏ the͏͏ service͏͏ in͏͏ collaboration͏͏ with͏͏ Unicorn͏͏ Infosolutions͏͏ Pvt.͏͏ Ltd.

CEO͏͏ Albinder͏͏ Dhindsa͏͏ Announces͏͏ New͏͏ Service:

Blinkit͏͏ CEO͏͏ Albinder Dhindsa announced͏͏ on͏͏ LinkedIn͏͏ that͏͏ the͏͏ iPhone͏͏ 16͏͏ is͏͏ now͏͏ available͏͏ for͏͏ quick͏͏ delivery͏͏ in͏͏ cities͏͏ such͏͏ as͏͏ Delhi͏͏ NCR,͏͏ Mumbai,͏͏ Pune,͏͏ Bengaluru,͏͏ Lucknow,͏͏ and͏͏ more.

Dhindsa͏͏ added͏͏ that͏͏ Unicorn͏͏ Infosolutions͏͏ is͏͏ offering͏͏ discounts͏͏ with͏͏ select͏͏ credit͏͏ cards,͏͏ along͏͏ with͏͏ EMI͏͏ options.

BigBasket͏͏ teamed͏͏ up͏͏ with͏͏ Croma͏͏ yesterday͏͏ (September͏͏ 19)͏͏ to͏͏ launch͏͏ its͏͏ rapid͏͏ delivery͏͏ service͏͏ for͏͏ the͏͏ iPhone͏͏ 16.

Continue͏͏ Exploring:͏͏ As͏͏ competition͏͏ grows,͏͏ BigBasket expands͏͏ into͏͏ electronics͏͏ with͏͏ 10-minute͏͏ iPhone 16 delivery

Competition͏͏ Heats͏͏ Up͏͏ Among͏͏ Quick Commerce Giants:

As͏͏ the͏͏ highly͏͏ anticipated͏͏ sale͏͏ of͏͏ Apple’s͏͏ iPhone͏͏ 16͏͏ begins͏͏ today͏͏ (September͏͏ 20),͏͏ quick͏͏ commerce͏͏ giants͏͏ BigBasket,͏͏ Blinkit,͏͏ and͏͏ Zepto͏͏ are͏͏ competing͏͏ to͏͏ seize͏͏ a͏͏ share͏͏ of͏͏ the͏͏ electronics͏͏ market.

The͏͏ move͏͏ into͏͏ electronics͏͏ quick͏͏ commerce͏͏ aligns͏͏ with͏͏ the͏͏ thriving͏͏ electronics͏͏ market͏͏ in͏͏ India.͏͏ Additionally,͏͏ these͏͏ companies͏͏ are͏͏ broadening͏͏ their͏͏ electronics͏͏ offerings͏͏ to͏͏ increase͏͏ their͏͏ average͏͏ order͏͏ value͏͏ (AOV)͏͏ and͏͏ gross͏͏ volumes.

Blinkit,͏͏ in͏͏ particular,͏͏ topped͏͏ the͏͏ quick͏͏ commerce͏͏ sector͏͏ with͏͏ an͏͏ average͏͏ order͏͏ value͏͏ (AOV)͏͏ of͏͏ INR͏͏ 625͏͏ for͏͏ the͏͏ quarter͏͏ ending͏͏ in͏͏ June.

Significantly,͏͏ Blinkit’s͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ skyrocketed͏͏ by͏͏ 130%͏͏ to͏͏ INR͏͏ 4,923͏͏ crore͏͏ in͏͏ Q1͏͏ FY25,͏͏ up͏͏ from͏͏ INR͏͏ 2,140͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year.͏͏ On͏͏ a͏͏ sequential͏͏ basis,͏͏ it͏͏ increased͏͏ by͏͏ 22.2%͏͏ from͏͏ INR͏͏ 4,027͏͏ crore͏͏ in͏͏ Q4͏͏ FY24.

Expansion͏͏ Plans͏͏ for͏͏ Blinkit:

Blinkit͏͏ currently͏͏ operates͏͏ 639͏͏ dark͏͏ stores͏͏ nationwide,͏͏ with͏͏ the͏͏ average͏͏ daily͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ per͏͏ store͏͏ rising͏͏ to͏͏ INR͏͏ 10͏͏ lakh,͏͏ up͏͏ from͏͏ INR͏͏ 6͏͏ lakh͏͏ when͏͏ it͏͏ had͏͏ 383͏͏ stores.͏͏ Co-founder͏͏ and͏͏ CEO͏͏ Albinder͏͏ Dhindsa͏͏ stated͏͏ that͏͏ the͏͏ company͏͏ aims͏͏ to͏͏ expand͏͏ the͏͏ number͏͏ of͏͏ dark͏͏ stores͏͏ to͏͏ 2,000͏͏ by͏͏ the͏͏ end͏͏ of͏͏ 2026͏͏ while͏͏ maintaining͏͏ profitability.

This͏͏ initiative͏͏ also͏͏ aligns͏͏ with͏͏ Zomato’s͏͏ strategy͏͏ to͏͏ diversify͏͏ its͏͏ product͏͏ offerings.͏͏ Last͏͏ month,͏͏ the͏͏ company͏͏ started͏͏ delivering͏͏ passport-sized͏͏ photos͏͏ within͏͏ 10͏͏ minutes͏͏ in͏͏ Delhi͏͏ and͏͏ Gurugram.

It’s͏͏ worth͏͏ noting͏͏ that͏͏ Zomato͏͏ maintained͏͏ its͏͏ profitability͏͏ in͏͏ the͏͏ first͏͏ quarter͏͏ of͏͏ FY25,͏͏ with͏͏ its͏͏ quick͏͏ commerce͏͏ vertical,͏͏ Blinkit,͏͏ taking͏͏ the͏͏ lead͏͏ once͏͏ again.

During͏͏ the͏͏ quarter͏͏ under͏͏ review,͏͏ Zomato’s͏͏ three͏͏ B2C͏͏ business͏͏ verticals—food͏͏ delivery,͏͏ quick͏͏ commerce,͏͏ and͏͏ going͏͏ out—saw͏͏ a͏͏ 53%͏͏ year-on-year͏͏ (YoY)͏͏ increase͏͏ in͏͏ gross͏͏ order͏͏ value͏͏ (GOV),͏͏ while͏͏ Blinkit’s͏͏ GOV͏͏ soared͏͏ by͏͏ 130%͏͏ YoY.

Continue͏͏ Exploring:͏͏ Quick commerce set͏͏ to͏͏ drive͏͏ India’s͏͏ gross͏͏ order͏͏ value͏͏ to͏͏ USD͏͏ 10͏͏ Bn͏͏ by͏͏ FY26

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