Modenik Lifestyle, an essential wear company, has appointed L.V. Vaidyanathan, the former Managing Director of P&G India, as its new Executive Chairman.
Vaidyanathan will assume the role from Sunil Sethi, who will retire from the company on July 31. Even after retiring, Sethi will continue his involvement as a member of the Board of Directors.
“My time at Modenik Lifestyle has been incredibly fulfilling. As I transition to new endeavors in strategic and advisory roles, as well as entrepreneurial projects that benefit the community, I am confident in handing over to L.V. Vaidyanathan. His vast expertise and vision will drive Modenik to new achievements. I eagerly welcome him and anticipate the company’s continued growth and success under his leadership. Additionally, I am proud to have seen Shekhar Tewari’s progress towards becoming the Chief Executive Officer,” said Sethi.
Earlier this year, Modenik elevated Shekhar Tewari to the positions of CEO and Executive Director of the company.
Based in Bengaluru, Modenik was established following the merger of Dixcy Textiles and Gokaldas Intimatewear, the parent company of the renowned brand Enamor. In addition to Dixcy & Enamor, the brand has an exclusive licence with Levi’s for the production and sale of undergarments in India.
Mitchell USA, a renowned player in the skincare industry, has launched an innovative skincare routine crafted specifically for women with busy lifestyles. Understanding the hurdles faced by working women in upholding their skincare amidst jam-packed schedules, Mitchell USA presents uncomplicated yet powerful solutions that effortlessly fit into everyday life. Whether it’s speedy cleansers for hectic mornings or indulgent masks for evening relaxation, Mitchell USA guarantees that women can prioritize self-care without sacrificing time or efficacy.
Mitchell USA introduces three signature sub-brands, each catering to diverse skincare needs with the efficacy of specially sourced natural ingredients.
Age-Less:
Crafted for women desiring youthful, revitalized skin, this collection comprises serums, creams, and eye treatments enriched with potent antioxidants, peptides, and the patented Lotus Seed extract formulation. Renowned for diminishing wrinkles and fine lines while rejuvenating skin tone, these products are priced at an average of INR 1000. Age-Less guarantees vibrant, youthful skin, whether you’re gearing up for a crucial meeting or unwinding after a long day.
Tailored to address pigmentation and dark spots, this line features moisturizing creams and spot correctors that bestow a luminous glow. Infused with Imperial Peony Flower Extract sourced from Mt JiriSan, South Korea, these products start at an average range of INR 800. They work to diminish pigmentation while imparting a radiant luminosity, allowing your skin to radiate the light and confidence within you.
Clear Balance:
Ideal for addressing deeply toned, lackluster complexions and tanned skin, this collection comprises gentle cleansers, toners, and moisturizers enhanced with the finest grade of Saffron sourced from Iran. Renowned for its ability to neutralize free radicals and stimulate cell renewal, these products start at an average price of INR 1000, guaranteeing that your skin maintains firmness and radiance effortlessly.
Sunita Ramnathkar, the Founder of Mitchell USA, expressed, “We are delighted to unveil our newest range of skincare products, meticulously formulated to cater to the distinctive requirements of Indian skin. At Mitchell USA, our endeavor has consistently been to harmonize advanced scientific research with the inherent wisdom of nature to craft products that yield tangible outcomes. This fresh line epitomizes our dedication to innovation and top-notch quality, and we are eager to provide our customers with nothing short of the finest skincare solutions. We firmly believe that everyone deserves to exude confidence and beauty in their own skin, and we are steadfast in our commitment to transforming this belief into reality.”
Mitchell USA products can be conveniently purchased online through their website and prominent marketplaces, providing accessible options for women with busy schedules. Each product is meticulously designed to yield results without consuming valuable time, simplifying the integration of effective skincare into your daily regimen like never before.
With Mitchell USA’s specialized skincare solutions, every woman can confidently embrace her beauty, feeling empowered, radiant, and prepared to conquer the world.
The export price of basmati rice has dropped significantly below the govt’s established minimum export price of $950 per tonne, to a range of $800 to $850 per tonne. Despite these reduced prices, there’s a noticeable scarcity of international buyers.
Local prices have also experienced a decline, dropping from INR 75 per kg to INR 65 per kg due to limited export demand. Exporters noted that importing nations rushed to procure significant quantities of basmati rice from India amidst the uncertainty sparked by the government’s fluctuating Minimum Export Price (MEP). Last August, the MEP surged to $1200 per tonne, only to be reduced to $950 per tonne in October, according to two major exporters.
The Punjab Rice Exporters Association has penned a letter to the Agriculture and Processed Food Product Development Authority (APEDA), urging them to investigate the issue to prevent exporters from facing hardships due to the imposition of the Minimum Export Price (MEP). APEDA serves as the primary agency responsible for issuing registrations for basmati export contracts.
“Because the MEP for basmati rice is still up in the air, foreign purchasers have accumulated a sizable stockpile of the grain. Concerns over potential government restrictions on basmati rice exports prompted buyers to accumulate stocks. Additionally, the uncertainty surrounding MEP led them to make substantial purchases from Pakistan, a major basmati producer,” stated Vijay Setia, former president of the All India Rice Exporter Association and a prominent figure in the basmati export industry.
Global Market Dynamics:
Basmati rice is primarily exported from India as it’s not extensively consumed domestically. Typically, India yields approximately 6.5 million tonnes of basmati annually. Out of this, roughly 5 million tonnes are exported, about 0.5 million tonnes are consumed within the country, and the remainder is held over.
“The production of basmati rice surged in the Kharif season of 2024, reaching 8 million tonnes, a 23% increase over Kharif 2023. Export figures stand at approximately 5.25 million tonnes, while domestic consumption ranges between one to 1.25 million tonnes. The surplus has been carried forward into this year,” remarked Setia.
Gautam Miglani, the managing partner of LRNK, a basmati rice exporting firm based in Haryana and established for 50 years, expressed, “Basmati production is poised to improve in the Kharif season of 2025, given the expected normal monsoon. Farmers are actively purchasing seeds for sowing. However, if the government maintains the status quo on MEP, it could adversely impact the basmati trade, allowing our main competitor, Pakistan, to maintain an advantage in the global market. Already, domestic rice prices have declined by 10-15%, and further decreases may ensue.”
Coincidentally, following a three-year absence, La Niña is forecasted to make a robust return to the Indian coast around August-September, as per the IMD prediction. La Niña, known for cooler-than-average sea surface temperatures in the central and eastern equatorial Pacific Ocean, is renowned for triggering substantial rainfall across India.
Miglani noted that a favorable monsoon would yield an exceptional basmati harvest. “Prices are expected to decline due to the significant carry-over inventories and the extraordinary output of basmati rice. Both exporters and farmers will bear the brunt if the government persists with the fixed MEP of $950 per tonne. The prospects for price recovery in the crop will be adversely affected.”
Approximately 75% of India’s yearly precipitation occurs within the brief four-month span of the monsoon season.
Asics, a renowned Japanese athletic footwear and apparel retailer, has inaugurated its latest store at Amanora Mall in Pune, as announced by the shopping center.
The store presents a diverse array of sports gear, appealing to fitness enthusiasts and athletes alike who prioritize both performance and style.
“We’re excited to introduce Asics to Amanora’s retail scene. Their designs emphasize both performance and comfort, seamlessly blending innovation with style. The buzz is palpable, and Amanora Mall, Pune is undergoing an exhilarating transformation, with a slew of new openings and a remarkable roster of aspirational tenants joining the fold,” stated Surjit Singh Rajpurohit, CEO of Amanora Mall.
The mall has recently welcomed several new outlets, such as Nykd by Nykaa, Meena Bazaar, Burger Singh, Yousta, and Gap Inc.
Established in 1949 by Kihachiro Onitsuka, Asics offers running shoes, along with a diverse range of athletic and sports-inspired footwear, apparel, and accessories. Initially introduced to the Indian market in 2010 through a five-year partnership with Reliance Retail, the company later transitioned to independent operations in 2015.
Sereko, India’s first psychodermatology brand, has unveiled a groundbreaking product: a 24-hour hydration sunscreen designed to benefit both your skin and mind. This ultralight creme gel formula provides long-lasting sun protection while nurturing your skin and relaxing your mind.
The Science Behind 24-Hour Hydration Sunscreen
Infused with the therapeutic benefits of Cica and Marine Algae, this SPF 50 | PA++++ sunscreen boasts essential elements such as Allantoin and Hyaluronic Acid. These components work synergistically to diminish skin irritation and maintain optimal moisture levels throughout the day. Ideal for all skin types, Sereko’s sunscreen shields against premature aging, UVA/UVB rays, and blue light without any unsightly white residue. Its featherweight, effortlessly blendable formula ensures comprehensive sun protection while effortlessly absorbing into the skin, leaving behind a non-greasy finish.
Malvika Jain, Founder of Sereko, expressed, “As we pioneer the concept of psychodermatology in India, we’re thrilled to introduce our latest innovation — your companion for a stress-free and serene summer: the 24-hour hydration sunscreen. At Sereko, we believe in skincare that transcends the superficial, nurturing both body and mind. Our sunscreen is designed to be a cornerstone in our consumers’ skincare rituals, inspiring them to embrace positivity fearlessly while simultaneously calming their minds and rejuvenating their skin from within. Sereko’s sunscreen seamlessly integrates into your daily routine, offering not just radiant skin but also a contented spirit.”
The Sereko 24H Hydration Sunscreen is competitively priced at INR 599 and is conveniently available for purchase on the Sereko website. Additionally, it can be found on leading online marketplaces including Nykaa, Amazon, Flipkart, Myntra, and Purplle.
Following its success in Bangalore and Mumbai, Nashville Fried Chicken has now made its debut in Hyderabad. Created by the culinary experts at Massive Restaurants Pvt Ltd, renowned for Louis Burger and Slyce Pizza, this fried chicken venture promises to revolutionize your taste buds. Nashville Fried Chicken distinguishes itself with its fresh take on the traditional dish. Unlike its competitors, it allows its fried chicken to shine as the star of the show.
Zorawar Kalra, the Founder and Managing Director of Massive Restaurants Pvt Ltd, expressed, “Observing the affection from our Indian customers for Louis Burger, we’re excited to introduce the delightful flavors of Nashville Fried Chicken to Hyderabad. Our team has dedicated extensive efforts to curate a menu that harmonizes global culinary finesse with the genuine essence of fried chicken. Our aim is to gratify fried chicken aficionados by delivering an unparalleled dining experience, right to their doorsteps.”
The menu offers an array of choices, including the iconic Fried Chicken Bucket, featuring flavors such as Peri Peri, Chilli Garlic, Chilli Habanero, and Hot n Spicy. Additionally, there’s a selection of eight chicken tenders, including glazed varieties like BBQ, Teriyaki, Chipotle Lime, and Chili Habanero. For those craving an extra kick, options like Hot n Spicy, Nashville Style, and Cluckin’ Hot Tenders are available. Burger enthusiasts can indulge in the Nashville Style Fried Chicken Burger, complete with spicy slaw and a dusting of paprika for the perfect finish.
Strategically serving customers through online platforms ensures convenience for all. Whether it’s a lively house party, a game night, or a day on the couch, everyone can enjoy the delectable offerings in the comfort of their own homes. Special packaging ensures that the chicken remains crispy and flavorful during delivery.
The scorching heatwave and severe weather patterns sweeping across many regions of the nation have significantly impacted restaurants, pubs, and bars in Indian cities. These establishments are witnessing a staggering decrease of up to 40% in both sales and customer traffic.
According to industry insiders, businesses that rely on al fresco dining or are situated in prominent high street locations are facing the brunt of the downturn. This is particularly evident during lunchtime, with the usual lively atmosphere replaced by mostly deserted tables.
Challenges Faced by Different Restaurant Chains
Priyank Sukhija, CEO of First Fiddle Restaurants, which manages renowned brands like Lord of the Drinks, Miso Sexy, Diablo, Tamasha, and The Flying Saucer Café, remarked that the lunchtime business is nearly nonexistent.
In the national capital, where temperatures reportedly crossed 50 degrees Celsius for the first time on Wednesday, the impact is palpable. Sandeep Anand Goyle, who heads the Delhi chapter of National Restaurant Association of India (NRAI), observes a significant decrease in footfalls, especially in high street locations like Khan Market, Connaught Place, and Defence Colony.
“The heatwave has had a major effect on restaurant sales, especially up until approximately 6 p.m. People are choosing malls over outdoor spaces because they are hesitant to go outside. But there have also been reports of mall air conditioning systems malfunctioning, which raises even more concerns,” he said.
“People tend to opt for holidays during such extreme weather conditions, which has also played a role in the decline in foot traffic, estimated to be in the range of 25-30%,” added Goyle, who also serves as a director at Essex Farms, the operator of restaurants like Cafe Tesu.
The NRAI represents over 1,000 restaurants in Delhi.
Numerous other cities are also experiencing the effects.
Roshan Banan, managing director of Sagar Ratna Restaurants, noted a 10-15% decrease in consumption throughout North India for the chain. “Such extreme temperatures can suppress appetite,” he commented.
Anjan Chatterjee, chairman of Speciality Restaurants, which oversees chains like Mainland China and Oh! Calcutta, reported a sales decline of 30-40% across various locations, including Kolkata, Mumbai, Ahmedabad, and Delhi-NCR, as soaring temperatures reach unprecedented levels in many areas.
“Such temperatures are unprecedented in our history,” said Chatterjee. People can work up an appetite in the winter, but who would want to go outside for food when it gets over 40–45 degrees and there are tales of heat-related deaths? People find it difficult to digest food, and their appetites fade.”
Chatterjee remarked, “I’ve been advising fellow restaurateurs that the only apparent solution to overcome the heatwave appears to be a ‘yajna’ for the rain god.”
The decline in sales has affected profit margins, leading some restaurants to prioritize deliveries and implement substantial discounts.
Restaurateurs are also concerned about their employees, especially those working in the kitchen.
“Our concern extends to our kitchen staff as well, given that our kitchens are not air-conditioned… We must take that into account,” noted Pranav Rungta, co-founder and director of Nksha Restaurant in Mumbai.
He mentioned that business at the fine-dining outlet in Churchgate had declined by 20% this week compared to the previous week, noting that the heat intensified after May 25th.
Some restaurants are adapting their menus to better fit the climate.
“People naturally have less of an inclination to dine out in the scorching heat, and when they do, they often crave lighter meals and refreshing beverages,” stated Sonali Mullick, head of operations and mixologist at the Bayroute restaurant chain, which has outlets in Cuffe Parade, Lower Parel, BKC, Juhu, and Powai in Mumbai. “This presents a challenge for restaurants, particularly those known for their heavier dishes. We’ve introduced lighter mezze options and cooling cocktails on our summer specials menu,” she elaborated.
Prasuk Jain, founder of Koa restaurant in Juhu, Mumbai, remarked that customers are reluctant to dine outdoors in such weather. “Patrons prefer indoor seating, but due to space limitations, we’re unable to accommodate everyone,” he explained.
Zorawar Kalra, the founder of Massive Restaurants, which operates chains like Farzi Café, Bo Tai, and Papaya, noted that outlets located in malls have fared better in comparison.
Ikram Singh Aulakh, Regional Business Manager for the North at Impresario Entertainment & Hospitality Pvt Ltd, mentioned that SOCIAL outlets located within malls in North India have experienced a rise in foot traffic.
“Eating out and buying items that could go bad in the heat are losing popularity. Because they rely so largely on air conditioning and refrigeration to maintain food safety rules, restaurants and food sellers are experiencing a decline in foot traffic and an increase in operating costs,” said Saurabh Gahoi, vice president of the Ramee group of hotels in India.
“Moreover, supply chain interruptions are complicating the transportation and storage of perishable goods, resulting in delays and increased expenses. This situation is causing fluctuations in the accessibility of food items in nearby markets, thereby elevating prices and influencing consumer decisions,” he elaborated.
Royal Orchid Hotels Limited has recorded a total income of INR 312.70 crore for the financial year 2024, showing growth from the total income of INR 279.69 crore reported for the financial year 2023. The chain also posted a profit of INR 50.82 crore for the financial year 2024, up from INR 49.22 crore in the previous fiscal year.
In the fourth quarter of fiscal year 2024, Royal Orchid Hotels reported a total income of INR 82.30 crore, marking an increase from INR 76.54 crore in the corresponding quarter of the previous fiscal year. The hotel chain also saw a rise in profit, with INR 16.69 crore recorded in quarter four of financial year 2024, compared to INR 13.12 crore in quarter four of financial year 2023.
The chain boasts a portfolio comprising over 107 hotels spread across more than 70 locations.
“Entering a pivotal juncture in our journey as a public entity, we are actively implementing the fundamental growth drivers to articulate our vision for the future of Indian hospitality. Through brand redefinition, bolstering our management cadre, and integrating novel technologies and processes, FY2025 holds the promise of transformation, positioning the company for sustained success,” remarked Chander K. Baljee, Chairman and Managing Director.
Amit Jaiswal, the Chief Financial Officer, highlighted that the financial performance continues to be ‘strong,’ evidenced by a 12% rise in consolidated annual revenue for the previous fiscal year compared to the corresponding period last year.
“Furthermore, we have witnessed a 27% surge in profit after tax for quarter four of fiscal year 2024 compared to the corresponding period last year. Our earnings per share (EPS) continue to exhibit strength, and our debt has been substantially diminished, underscoring our dedication to upholding a robust balance sheet,” he added.
Alcobrew Distilleries, the maker of Golfer’s Shot and White & Blue whiskey, is aiming to achieve a volume target of five million cases and cross INR 1,000 crore in net revenue for the fiscal year 2024-25, according to a company official.
“The primary focus will be on accelerating the growth of the semi-premium, premium, and above segments, with a keen emphasis on enhancing the bottom line,” stated Anant Iyer, the company’s Chief Operating Officer.
In the fiscal year 2023-24, the company reported that its net revenue had surpassed the INR 850 crore mark, driven by the introduction of new products. This marked a significant increase from the previous year’s net revenue of INR 722 crore in 2022-23.
Iyer mentioned that this year’s growth has surpassed the industry’s overall growth rate of about 9-9.5 percent.
Alcobrew’s brands, notably White & Blue and Golfer’s Shot, have been pivotal in driving its growth. In the preceding fiscal year, Golfer’s Shot recorded sales of over 50,000 cases, with aims to double this figure in 2024-25. Iyer noted, “Our high-end brands have fueled growth, not only in volume but also in overall revenue.”
Market Trends and Consumer Behavior
Discussing the industry’s price adjustments and prevailing consumer demand trends, Iyer remarked, “Despite escalating costs of raw materials like broken rice, extra neutral alcohol (ENA), malt spirits, and rising freight rates, there has been a notable surge in consumer demand for premium, higher-priced products. This shift in consumer buying behavior has greatly favored the liquor industry, particularly benefiting our premium whiskey and single malt offerings.”
Emphasizing its present market strategies, Iyer noted that the emphasis on northern markets has yielded positive results, with this region surpassing others in terms of premiumization.
Additionally, he noted that the route to market, particularly within India’s alcobev industry, varies from state to state. He expressed enthusiasm about the emergence of urban centers with walk-in stores, a departure from the traditional thekas (wine and liquor shops) with grilled fronts. While such establishments still persist in certain markets, the approach and activation at point-of-sale locations remain diverse. This complexity is further compounded by the presence of various on-premises venues such as ahathas, bars, fine dining establishments, high-energy nightclubs, and membership-based clubs. Moreover, the pricing of brands also differs across these on-premise locations.
Expansion Plans and Product Development
Looking ahead, the firm intends to uphold its emphasis on the semi-premium to super-premium segments by expanding its premium portfolio and developing single malts.
At present, the company operates a manufacturing plant in SAS Nagar-Derabassi, Punjab, and a bottling unit in Himachal Pradesh. Additionally, it engages in contract manufacturing in Uttar Pradesh (UP) and Odisha to meet the demands of these regions.
IPO-bound Swiggy Ltd. saw a 35% increase in revenue from its top two businesses—food delivery and the quick-commerce unit Instamart—in FY24, along with a significant reduction in operating losses.
The Bengaluru-based company’s revenue from its two business segments increased from INR 5,800 crore in FY23 to INR 7,800 crore in FY24, according to sources who spoke on condition of anonymity. During the same period, operating losses for these segments decreased from INR 2,500 crore to INR 1,500 crore.
The financials include only the revenue from Swiggy’s core food delivery business and quick-commerce arm, excluding its Genie and Dineout businesses.
The Sriharsha Majety-led company has reportedly filed for a confidential initial public offering. In April, Swiggy’s shareholders passed a resolution for the IPO, outlining a structure that could involve up to INR 10,000 crore in a fresh issue of shares and an offer for sale. Swiggy is seeking a valuation of nearly $10 billion for the IPO, according to sources familiar with the matter. Its competitor, Zomato Ltd., currently listed on the stock exchange, is valued at $18.7 billion.
According to filings made with the Registrar of Companies, accessed via TheKredible, shareholders of the food delivery major gave their nod for a potential INR 10,414-crore IPO.
The operator of Instamart intends to raise up to INR 6,664 crore through the offer-for-sale route and INR 3,750 crore through a fresh issue of shares. Additionally, Swiggy has the option to raise up to INR 750 crore in a pre-IPO anchor round.
In FY23, Swiggy’s consolidated revenue from operations amounted to INR 8,264 crore, as per filings with the Registrar of Companies. This marked a 45% surge from INR 5,705 crore in FY22. Despite the revenue growth, the company’s consolidated loss widened to INR 4,179 crore from INR 3,629 crore in the preceding fiscal year.
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