Coty Inc, a renowned global beauty conglomerate boasting a rich portfolio of iconic brands, is thrilled to announce the introduction of adidas Sports Fragrances in India. Teaming up with distributor Beauty Concepts Pvt Ltd, the refreshed lineup caters specifically to those who embody an active lifestyle.
The adidas Sports Fragrances assortment encompasses Eau de Toilettes (EDTs), deodorants, and shower gels, delivering a complete olfactory journey for enthusiasts of activity and vitality. Significantly, sustainability takes precedence within the range, showcasing vegan compositions and recyclable packaging. Supported by scientific advancements, the new adidas bodycare selection delivers enduring scents infused with natural essential oils, tailored to the demands of the “Everyday Mover” – individuals who value fitness within their daily regimens.
Rizwan Mulla, Business Development Director at Coty India, expressed, “We’re thrilled to bring adidas Sports Fragrances to India, providing consumers with a distinctive scent journey that aligns with their dynamic lifestyles. Through this collection, our goal is to encourage individuals to embrace movement, wellness, and self-expression.”
The debut of adidas Sports Fragrances signifies yet another significant achievement for Coty in the Indian market. With a heritage of creating timeless scents and cutting-edge beauty offerings, Coty persists in reshaping beauty norms and fostering individual expression. The availability of adidas Sports Fragrances at top retailers nationwide, such as Shoppers Stop, Nykaa, and other prominent outlets, beckons customers to discover scents that harmonize with their vibrant lifestyles.
Rebel Foods, the leading global internet restaurant brand and master franchise holder for Wendy’s in India, has unveiled a new Wendy’s dine-in outlet at V3S Mall, Laxmi Nagar, New Delhi. This expansion solidifies New Delhi as the largest Wendy’s market in India. With this new addition, Delhi-locations at Gaur City Mall and Kamla Nagar.
Rebel Foods manages Wendy’s cloud kitchens (delivery-only) as well as traditional restaurants throughout India, demonstrating its dedication to expanding the brand’s reach. Wendy’s presently boasts a network exceeding 100 locations in over 20 cities across India. The latest outlet is crafted to serve the needs of both take-away and dine-in patrons, addressing a variety of consumer preferences.
At the new V3S Mall venue, self-ordering kiosks will enhance the experience, offering seamless and personalized service. Patrons can indulge in Wendy’s classic offerings like the OG Spicy Aloo Crunch Burger and Flavor Fresh Premium Burgers, alongside globally acclaimed favorites such as the iconic Frosty. Additionally, the outlet offers convenient takeaway options for customers on the move.
Ankush Grover, Co-Founder and CEO – India and MENA at Rebel Foods, expressed, “As we mark the opening of Wendy’s dine-in store at V3S Mall, Laxmi Nagar in New Delhi, we’re thrilled to extend our presence throughout the region. Through our tech-powered delivery and dining experience, we aspire to establish Wendy’s as a household favorite across India, and we’re steadily progressing towards that goal. This new store marks a significant stride in our mission to make Wendy’s the latest burger craze in India.”
Rebel Foods aims to further strengthen Wendy’s footprint in India by emphasizing digital proficiency in delivery, automation, and innovation. Since Wendy’s introduction to India in 2020, the menu has been tailored to suit Indian palates, offering favorites like the Spicy Aloo Crunch Burger, perfectly crispy fries, and the recently introduced Flavor Fresh burger line-up. This range includes distinctive choices such as the Firebolt Tandoori Burger, Lord Cheesynator, and Nachoburg.
Baron Capital, a US-based asset manager, has marked up the valuation of Swiggy to $15.1 billion, as indicated in regulatory filings with the US Securities and Exchange Commission (SEC).
This marks a nearly 25% surge in the company’s valuation compared to the $12.1 billion estimated by Baron as of December 2023. Following Baron’s adjustment, Swiggy’s early backer, Invesco, also raised its valuation to $12.7 billion in April.
This comes as Swiggy gears up for its initial public offering (IPO). The Bengaluru-based firm has received shareholders’ approval to float its $1.25 billion IPO and reportedly filed papers with SEBI via a confidential route in May.
Prior to filing IPO papers, Swiggy was offering a pre-IPO deal to high net-worth individuals (HNIs), allowing them to purchase its shares at a 20% discount.
During the first three quarters of the financial year FY24, Swiggy reported revenue from operations of INR 5,476 crore and a loss of INR 1,600 crore. In FY23, its revenue amounted to INR 8,265 crore, while its losses surged to INR 4,179 crore.
In addition to Swiggy, Pine Labs, Meesho, FirstCry, and Ola Electric have all experienced increases in their valuations over the past six months.
According to stock exchange data, Swiggy’s main competitor, Zomato, is presently valued at $18.7 billion. Recently, the latter reached a market capitalization of $21 billion.
Meanwhile, Baron has reduced the valuation of the edtech company Byju’s to just $24 million as of March 2024. Previously, BlackRock had already lowered the company’s valuation to $1 billion from $22 billion in early 2022.
Style Up, a leading youth shopping destination under Aditya Birla Fashion and Retail Ltd. (ABFRL), has opened its seventh store in Hyderabad. The new outlet is located in the newly launched Aparna Neo Mall at Nallagandla.
Aiming at young customers seeking stylish yet affordable clothing, the 8,800 sq. ft. store offers a diverse selection of trendy apparel and accessories.
Sangeeta, CEO of Pantaloons, Style Up, and Marigold Lane, stated, “With the opening of our seventh store in Hyderabad, we are proud to have 30 ‘Style Up’ stores across India, uniquely catering to the youth. Our other stores in Sarath City Capital Mall, Kompally, and LB Nagar have been tremendously successful from the start, and we aim to maintain this momentum with our new locations in the city. At ‘Style Up’, we understand that Gen-Z and Gen Alpha have redefined fashion. Our trend-driven designs, competitive pricing, exceptional quality, and world-class store experience allow us to elevate their style journey.”
Temasek, the Singaporean state investment firm, along with US-based Fidelity, has infused $200 million into Lenskart, the omnichannel eyewear unicorn.
This investment also signifies Temasek’s doubling down on Lenskart, as noted by financial advisor Avendus. Additionally, Fidelity Management & Research Company (FMR) has joined the cap table, Avendus stated.
According to a report by TechCrunch, the transaction valued Lenskart at $5 billion.
This comes days after reports surfaced indicating that both Temasek and Fidelity were in the final stages of discussions to back the startup with $200 million through a secondary share sale.
Over the past 18 months, Lenskart has secured nearly $1 billion in capital, solidifying its position as one of the largest growth-stage startups.
Neeraj Shrimali, Managing Director and Cohead of Digital and Technology Investment Banking at Avendus Capital, emphasized, “The investment from renowned global investors underscores the uniqueness of Lenskart’s disruptive model and reflects the anticipation surrounding one of the most awaited IPOs in India in the upcoming years.”
Established in 2010 by Peyush Bansal, Lenskart stands as India’s premier omnichannel eyewear retailer, expanding its footprint into Singapore, the UAE, and various other regions. With a customer base of 20 million in India alone, the company operates over 2,500 stores, predominantly in India, numbering around 2,000.
In addition to extending its reach within India, Lenskart is rapidly expanding its footprint across Southeast Asia and the Middle East.
In the financial year 2022-23 (FY23), the startup recorded sales of INR 3,788 crore, marking a 152% surge from INR 1,502.7 crore in the preceding fiscal year.
The startup mainly generated 95% of its revenue from the sale of eyewear products.
During the period under review, there was a notable 38% decrease in net loss, amounting to INR 63.7 crore, compared to INR 102.3 crore in the previous fiscal year.
This funding comes amidst a challenging landscape for late-stage financing, with startups in this sector only managing to raise $314 million across 13 deals in April, marking a stark 50% decline.
Bata India recently held an exclusive preview event in the capital to introduce the latest collection from the renowned footwear and accessories brand, Nine West, from New York. This event was a notable landmark as Bata India introduced Nine West to the Indian retail market. The event saw the presence of actor Chitrangada Singh and leading fashion influencers from Delhi, who presented the exciting new collection in all its glory.
Deepika Deepti, Bata India’s Marketing Head, expressed, “Our goal at Bata is to introduce the finest of global fashion to India, catering to our discerning clientele. Nine West, originating from New York City and renowned worldwide, stands as one of the most iconic brands globally. As it enters India through an exclusive partnership with Bata, we take pride in extending access to genuinely high-fashion and premium styles to all.”
Availability and Access:
The latest Nine West collection draws inspiration from empowered women who aspire, lead, and achieve. It showcases iconic silhouettes and sophisticated designs, ranging from chic metallic stilettos to trendy monogram bags. Each item is meticulously crafted to meet the needs of fashion-forward women. This fresh collection is currently exclusively offered at Bata.com and handpicked Bata stores throughout India.
In November 2023, Bata India announced a licensing and manufacturing agreement with Authentic Brands Group (Authentic) for Nine West. This arrangement gives Bata India the exclusive right to produce, sell, & distribute Nine West footwear and other products in India, bolstering the company’s trendy footwear and accessory portfolio.
By launching Nine West in India, Bata India strives to provide its customers with premium fashion styles, elevating its standing in the retail industry and bridging the gap between global fashion and Indian consumers.
Tilaknagar Industries, a prominent manufacturer of Indian-Made Foreign Liquor (IMFL), has introduced a new addition to its Flandy line. The latest offering, Mansion House Flandy, is now available in a refreshing Green Apple variant, debuting in Telangana state.
Amit Dahanukar, chairman and managing director of Tilaknagar Industries, stated, “Our Mansion House Premium Flavored Brandy stands as a pioneering innovation within its category. Its widespread acceptance in various markets has resulted in a notable increase in its presence, measured as a percentage of Mansion House Brandy in pertinent states. The introduction of the new Green Apple flavor underscores Flandy’s remarkable performance since its debut in FY23 and aligns with our strategy to enrich our premium Brandy offerings and bolster our regional presence.”
TI has received a highly positive response to its Flandy range in the state, contributing to the company’s rise to become the fourth-largest player in the Indian-Made Foreign Liquor (IMFL) market and the third-largest in the IMFL Prestige & Above (“P&A”) segment in Telangana during FY24.
Tilaknagar Industries, a major player in India’s premium Brandy manufacturing sector, previously introduced its Mansion House Flandy range, featuring Orange, Cherry, and Peach flavors. Telangana stands out as a key market for Indian-Made Foreign Liquor (IMFL), boasting one of the highest Prestige & Above (“P&A”) segment shares, accounting for over 50% of IMFL sales nationwide. In FY24, the Brandy P&A segment in the state witnessed an 18% growth, outpacing the nearly 8% growth in the overall IMFL P&A segment. Notably, Green Apple ranks as the top-selling flavor in the flavored spirits category in Telangana, presenting ample opportunities for brands to capture market share.
Ahmed Rahimtoola, Chief Marketing Officer at Tilaknagar Industries, expressed, “We are pioneers in the premium flavored Brandy category in India. Moreover, the increasing demand for flavored beverages and the prevailing cocktail culture trend provide Tilaknagar Industries with a competitive edge in various markets. The introduction of the new Green Apple variant of Mansion House Flandy represents another stride by TI to enhance consumer satisfaction and stimulate growth.”
Flavor Profile and Consumer Experience
The Mansion House Flandy collection boasts a distinctive fusion of natural fruit essences. The latest addition features the infusion of delightful sweet green apple essence, harmonizing beautifully with subtle oaky notes, promising consumers a truly enriching experience for the palate.
In the financial year that ended in March 2024, Tilaknagar Industries saw a 16% year-on-year growth in volumes, compared to the overall IMFL industry growth of 2-3% for the same period, making it the fastest-growing IMFL company in India for the second year in a row.
India distinguishes itself as one of the largest global markets for Brandy. Within the Indian-Made Foreign Liquor (IMFL) sector, Brandy holds the position as the second-largest product category, representing over 20% of the industry’s volume share. Additionally, the premium Brandy industry in India is poised to further increase its market presence within the broader Prestige and Above IMFL segment.
Mother Dairy has hiked milk prices by INR 2 per litre in the Delhi-NCR market, effective Monday, June 3, 2024. This price increase applies to all milk variants and will also affect other markets where Mother Dairy operates. The decision is driven by rising input costs over the past 15 months.
This price hike follows a similar announcement by Amul, which also raised its milk prices by INR 2 per litre starting Monday. These increases come right after the conclusion of the Lok Sabha election voting process.
Mother Dairy stated, “We are increasing our liquid milk prices by INR 2 per litre across all operating markets from June 3, 2024 onwards.” This decision is intended to offset the rising production costs that have been impacting the industry for over a year.
In the Delhi-NCR region, the updated milk prices are as follows: full cream milk at INR 68 per litre, toned milk at INR 56 per litre, and double-toned milk at INR 50 per litre. Buffalo milk is now priced at INR 72 per litre, cow milk at INR 58 per litre, and token milk (bulk vended milk) will be sold at INR 54 per litre.
Mother Dairy, which distributes 3.5 million litres of fresh milk daily in Delhi-NCR, last adjusted its prices in February 2023. The company explained that despite rising procurement costs, consumer prices had been kept stable. Furthermore, the unprecedented heat stress across the country is anticipated to further affect milk production.
“Despite rising milk procurement costs in recent months, consumer costs remained stable,” Mother Dairy stated. “Additionally, the unprecedented heat stress across the country is expected to further impact milk production.” The company allocates an average of 75-80% of its milk sales revenue towards procurement, ensuring the sustainability of dairy farming and the availability of quality milk.
Amul, marketed by the Gujarat Cooperative Milk Marketing Federation (GCMMF), also implemented a INR 2 per litre increase in milk prices starting Monday, attributing it to heightened operational and production expenses. Prior to this adjustment, Amul had maintained the prices of fresh pouch milk in major markets since February 2023. GCMMF highlighted, “Our member unions have also raised farmers’ prices by approximately 6-8 percent over the past year.”
Amul’s price increase, resulting in a 3-4% rise in MRP, is below the average food inflation rate. “This price adjustment will assist in maintaining profitable milk prices for our dairy farmers and motivating them to increase milk production,” noted GCMMF.
Titan Company Ltd, a significant player in lifestyle accessories, is set to phase out its presence in the belts and wallets category, which it entered over a decade ago, by next year.
The company, primarily known for its operations in the jewellery, watches, and eyewear sectors, has expanded its portfolio to include wearables, Indian attire, fragrances, and fashion accessories. This expansion includes the launch of brands such as Skinn, IRTH, Taneira, Bags by Fastrack, and Titan Belts and Watches.
Manish Gupta, CEO of the Fragrance and Fashion Accessories division at Titan Company Ltd, explained, “Titan Belts and Wallets are currently stocked in all major retailers such as Lifestyle and Shoppers Stop, where we hold a 40% market share. However, our primary aim is to showcase these products in our own stores like Titan World and Fastrack. Unfortunately, space limitations hinder this goal, and furthermore, this category is not our core focus. While it has been a successful venture over the past decade, considering the commercial viability and relevance for our Excel Branded Outlets (EBOs), we have decided to discontinue this category.”
As per company data, the perfume market in India is valued at approximately INR 2,500 crore, with Titan fragrances capturing a market share of 10 to 12 percent. Additionally, the segment contributes around INR 200 crore to the company’s revenue, serving a customer base of 2 million consumers.
By the fiscal year 2027, the fragrances division of Titan aims to achieve a brand value of INR 500 crore, combining the sales of Skinn and Fastrack fragrances, and catering to approximately 5 million customers.
Gupta added, “Over the past two years, we’ve observed a notable surge in customers opting for premium products priced between 3k to 5k, as well as those embracing luxury items priced at 8k and above. This growth outpaces the rate seen among consumers purchasing entry-level products.”
Titan perfumes are sold in Titan World, Titan’s flagship watch store with around 670 locations across 300 cities. Additionally, they are distributed through more than 200 Fastrack standalone stores and are available in 11 prominent retail chains throughout India.
According to the company, approximately a quarter of the fragrance business is generated through e-commerce platforms. Titan fragrances are currently offered on six platforms besides its own brand website. Additionally, the company is in the process of partnering with three more platforms, expected to be operational within a month.
The company provides a Skinn discovery kit, which includes tester vials of five fragrances, priced at INR 395. These tester kits can be purchased online through platforms such as Nykaa, Myntra, Amazon, Smytten, and Flipkart.
Gupta explained, “We emphasize testing and trial at all our locations, incurring considerable expenses for it. However, we believe that once customers experience Skinn, the likelihood of conversion increases significantly. Currently, our customer acquisition costs stand at approximately INR 150.”
In the company’s bags category, IRTH was introduced in 2022, while Bags by Fastrack have been available in the market for over a decade.
Titan aims to reach a revenue target of INR 1,000 crore for IRTH and Fastrack bags by the fiscal year 2027. Over the past two years, the company has sold approximately 100,000 IRTH bags and intends to inaugurate five flagship stores by November 2024.
During the brand’s launch in 2022, the company announced plans to establish exclusive outlets and flagship stores for IRTH in three metro cities by March 2023. However, these plans have been postponed.
Gupta explained, “Launching flagship stores has been delayed by six months. Since November 2023, we’ve been striving to secure suitable locations. It’s been challenging to find adequately sized stores in well-positioned malls. However, we’re actively working on it. Nonetheless, we’re committed to having five flagship stores operational by Diwali.”
This year, Delhi’s temperatures have soared to unprecedented levels, yet the beloved summer beverage of tipplers, beer, has struggled to meet the soaring demand.
Numerous well-known brands of this alcoholic beverage are noticeably absent from the shelves, and several liquor stores lack the capacity to offer chilled beer. Industry estimates indicate that while other states, where beer sales thrive, have experienced growth, sales in the national capital have slightly declined for the second consecutive year.
Comparative Sales: Delhi vs. Other States
Estimates indicate that up until April 30 this year, Delhi sold 224 lakh liters of beer, distributed across approximately 660 liquor stores and over 950 hotels, bars, and restaurants. This figure marks a decrease compared to the corresponding period in 2023, which saw sales of 228 lakh liters, and a significant drop from the 369 lakh liters sold in 2022. The surge in sales during 2022 can be attributed to the implementation of a new excise policy, accompanied by promotional schemes and discounts across retail outlets on various alcoholic beverages.
Between January and April of this year, Karnataka and Maharashtra recorded sales of 1,418 and 1,049 lakh liters of beer, respectively, compared to 1,237 and 1,016 lakh liters in 2023. Despite Delhi’s smaller size, population, and network of liquor shops and bars in comparison to Maharashtra and Karnataka, the figures highlight the growth of the alcoholic beverage in other states.
During the peak summer season, beer constitutes more than one-third of the total volume of liquor sold in stores. Industry insiders suggest that the potential for sales is even greater, given Delhi’s prolonged periods of intense heat and high humidity, spanning nearly six months of the year. However, due to the limited availability of popular brands, residents in areas close to Haryana and Uttar Pradesh often opt to cross state borders to purchase their preferred beverages. An industry expert noted, “This is why the sale of beer and other spirits in neighboring towns experiences an annual growth of 15-20%, while it declines in Delhi.”
Vinod Giri, the incoming Director-General of the Brewers Association of India, concurred that despite the surging demand for beer during the scorching Delhi summer, the supply was lagging behind, leading to a decline in sales compared to 2023 levels. He noted that a widely favored beer brand, typically a top seller, was conspicuously absent from the market. This absence posed challenges for other suppliers attempting to compensate for the shortfall caused by the absence of supplies from that particular company.
“Moreover, the maximum retail price permitted for companies in Delhi is exceedingly low, resulting in negative margins for most brands,” disclosed Giri. “With demand flourishing across the country, there is little incentive to allocate additional supplies to Delhi.”
“The number of retail shops is unreasonably low, and chiller penetration remains below 50%, significantly impacting beer sales,” he remarked. “To reverse this trend, the number of beer outlets must nearly double, and companies should be granted realistic and improved pricing. Otherwise, we’ll see the same scenario play out year after year during the summer season.”
During the peak summer, state governments where breweries are situated often urge companies to prioritize increasing local supply instead of diverting stock to other states and cities.
A senior official from the Delhi excise department acknowledged that the availability of a popular brand was indeed a concern this time. Conversely, another official asserted that there was no shortage of beer in the city, highlighting the introduction of several new brands across stores that customers were exploring.
As the temperature soared in May, liquor companies anticipate enhanced sales and improved returns. “We’re also observing a rising trend as consumers opt for beer cans for in-home consumption, appreciating their convenience and portability,” remarked a spokesperson from AB InBev India, a prominent player in the beer industry.
Consumer Trends and Preferences
According to another industry insider, breweries are optimistic about increased sales and improved returns as customers gradually transition to premium brands, resulting in a surge in demand for higher-quality beers.
“The increasing prevalence of social gatherings is fueling the popularity of draught beer. We’re experiencing a significant surge in demand and are actively working to enhance supply,” he stated.
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