Arla Foods teams up with Mondelez to launch Milka Chocolate Milk in three countries

May 30, 2024

Arla Foods, the Danish dairy group, has entered into a licensing agreement with Mondelez International, the US confectionery giant, to manufacture and distribute chocolate milk bearing the Milka brand in three countries.

Arla disclosed that the chocolate milk products will be introduced in Germany, Austria, and Poland.

Milka, a chocolate brand under the ownership of Mondelez, which also owns Cadbury and Oreo brands, currently offers products in various categories such as ice cream, cakes, and pastries. The upcoming chocolate milk, set to be launched next month, will be manufactured at Arla’s dairy facility in Esbjerg, Denmark.

Continue Exploring: Snacking continues to rise: Mondelēz International’s latest report reveals global surge in consumer snacking behaviors

“I’m thrilled to embark on a long-term strategic partnership with Mondelez International, bringing delicious and sought-after products to our consumers,” stated Patrik Hansson, Arla Foods’ Executive Vice President and Chief Marketing Officer.

“Milka is a cherished brand, and I’m confident in our manufacturing, commercial, and marketing prowess to elevate it further. Our ambition is crystal clear: We aim to secure the top position in our launch markets,” emphasized Patrik Hansson.

Product Varieties and Flavors

Arla disclosed that the beverage will come in three distinct formats and offer three different flavors.

Clive Jones, President of Central Europe and EU Central Sales at Mondelez International, remarked, “This partnership enables us to extend the cherished Milka brand across Europe, offering consumers an exciting new avenue to savor their favorite chocolate.”

Continue Exploring: Mondelez launches first-ever gluten-free Chips Ahoy! cookie

“As we persist in innovating and expanding our portfolio, this venture into a new category represents a pivotal milestone in Milka’s journey of success,” remarked the spokesperson.

On May 28th, Mondelez inaugurated a biscuit and baked snacks NPD facility in Singapore to serve its Asia Pacific, Middle East, and Africa markets.

The company emphasized that this move reaffirms its dedication to innovation and product development throughout Southeast Asia, as well as in Australia, New Zealand, and Japan.

Continue Exploring: Mondelēz unveils $5 Million Biscuit and Baked Snacks Innovation lab in Singapore

Insight Cosmetics forays into skincare market with launch of 11 vegan serums

SnackTeam

May 30, 2024

Insight Cosmetics, a Mumbai-based cosmetics company, has ventured into skincare with the introduction of 11 new serums.

The company asserts that the serums are entirely vegan, free from toxins, undergo dermatological testing, and are formulated to demonstrate noticeable results within 14 days. This line of products is accessible both online and in physical retail outlets.

Continue Exploring: D2C skincare brand Foxtale secures $14 Million in funding led by Panthera Growth Partners

Mihir Jain, Sales & Marketing Director at Insight Cosmetics, expressed enthusiasm about the company’s foray into the skincare sector, stating, “We’re thrilled to embark on this new phase of our journey. With our range of premium, toxin-free serums tailored for Indian skin, we aim to offer a perfect blend of affordability and quality.”

Established in 2001, the company boasts a diverse portfolio of over 350 SKUs, encompassing nail polish, lipsticks, mascaras, eyeliners, eyeshadows, foundations, concealers, lip gloss, and makeup brushes, among other products.

Continue Exploring: Honasa Consumer acquires CosmoGenesis Labs to strengthen R&D and drive innovation in premium skincare solutions

Hamleys expands presence in Bengaluru with new store

SnackTeam

May 30, 2024

Hamleys, the multinational toy retailer owned by Reliance, has launched its new store in Bengaluru, as announced by a company official’s social media post. The outlet is situated at Phoenix Mall of Asia, alongside other family entertainment centers (FECs) like Fun City and Timezone.

In a LinkedIn post, Chinmoy Das, manager of leasing at The Phoenix Mills Ltd., announced, “Hamleys is now open at Phoenix Mall of Asia. Shop from a wide range of toys and immerse your kids in a realm of joy, fun, and wonderland with unique games and much more.”

Hamleys presently has over eight outlets in Bengaluru.

Continue Exploring: Reliance-owned Hamleys expands reach with new outlet launch in Mohali

Product Range and Brands

The store provides toys from over 260 Indian and international brands, such as Lego, Nerf, Disney, Marvel, Uno, Funskool, Ed-a-Mamma, and Barbie, catering to children of all ages, from toddlers to pre-teens and adolescents.

In 2019, Reliance Brands acquired full ownership of British toy retailer Hamleys Global Holdings Ltd. (HGHL) in an all-cash transaction. Currently, Hamleys operates in 36 cities across India, boasting over 100 stores that include both toy outlets and play areas.

Founded by William Hamleys in 1760, Hamleys stands as one of the world’s oldest toy retailers. Its inaugural store, a modest toy shop in Holborn, London, was opened by its founder. Today, the UK-based brand boasts over 170 Hamleys shops spanning across 18 countries, including the UK, India, UAE, China, and Russia.

Reliance Brands, a division of Reliance Retail Ventures Ltd. (RRVL), acts as the holding company for all retail ventures under Reliance Industries Ltd. Established in 2007, its mission was to introduce and grow global brands in the luxury and premium segments. Over the years, it has introduced over 85 international brands into India.

Continue Exploring: Ace Turtle inaugurates third Toys“R”Us store in India, plans 12 new stores in 2024

Myntra expects 20 Million users to engage with platform during upcoming sale

SnackTeam

May 30, 2024

Myntra, the fashion and lifestyle e-commerce platform, stated on Wednesday that it anticipates 20 million users to visit the platform during its sale which starts on 31 May.

The platform anticipates 1.35 million additional users to shop during the 20th edition of EORS (End of Reason Sale), according to Neha Wali, Head of Growth and Revenue.

Continue Exploring: Myntra surges ahead in online fashion market, expands focus on international brands and diversification

Myntra stated that by empowering kiranas and enhancing the last-mile delivery ecosystem, kirana partners gain an extra source of income due to the heightened volume of orders during EORS.

“We will optimize the use of all its Forward Distribution Centres (FDCs) to ensure a smoother, hassle-free delivery process during and after EORS,” it said in a statement.

Continue Exploring: Myntra sees 75 Million new users in 12 months, non-metro areas drive majority growth

Biggies Burger sets sights on Eastern India, aims for 15% market share with aggressive expansion

SnackTeam

May 30, 2024

Biraja Rout, the Founder of Biggies Burger

Biggies Burger, a homegrown burger chain, is set to capitalize on the potential of the Eastern market in India. With plans to aggressively expand, the brand aims to open 75 stores in the East region by 2028, targeting 2.5-3 times annual growth by expanding its store network, as revealed by the company.

The company expects the market to contribute around 20% to its overall revenue and aims to capture approximately 15% market share in the East market.

Having set its sights on achieving a total of 250 operational stores by the end of the fiscal year 2025-2026 and with ongoing plans for expansion into the East, Biggies Burger aims to establish itself as the leading burger brand across all regions of India.

Continue Exploring: Biggies Burger targets INR 500 Crore revenue in next 2-3 years, unveils aggressive expansion plans

Regarding this expansion, Biraja Rout, the Founder of Biggies Burger, remarked, “Having built a loyal customer base in the South and West, we believe our distinctive offerings will also strike a chord with consumers in Eastern India.”

Current Operations and Market Presence

Established in 2011, the burger chain currently operates 141 stores, mainly situated in South and West India. The ongoing strategic expansion into the Eastern market is poised to significantly bolster its presence and capture a larger portion of the burgeoning Indian QSR market.

Earlier this year, the company secured an undisclosed sum in pre-Series A funding, valuing it at INR 210 crore, aiming to extend its reach throughout the nation.

Continue Exploring: Biggies Burger secures pre-series A funding, valuation soars to INR 210 Crore, fueling rapid expansion plans

From hobby to sensation: How Tangelo Ice Cream’s 4X growth is shaking up the market!

SnackTeam

May 30, 2024

In a competitive market where consumers are increasingly health-conscious yet unwilling to compromise on taste, Tangelo Ice Cream has emerged as a standout player. Since its launch in August 2022, Tangelo has rapidly become a favorite among ice cream lovers, thanks to its commitment to wholesome ingredients and delicious flavors.

“Tangelo has a legacy that I’m proud to continue. It all started as a hobby for my father after he retired, and we officially launched the brand in August 2022. And we make wholesome, healthy ice creams that are also outstandingly delicious,” said Ayesha Malhotra, Co-Founder of Tangelo Ice Cream. Tangelo prides itself on using real ingredients without artificial flavors or colors, ensuring that every scoop is made from at least 30% real fruit. This commitment to quality has been a cornerstone of their success.

Rapid Growth and Market Success

With the summer season on, the brand has been seeing a significant footfall. Tangelo has seen a staggering 4X increase in sales over the past year. “Our sales this year have gone up 4X from last year. So, we’re very excited,” said Malhotra.

This growth has been driven by an expanding product range, including vegan, sugar-free, and classic dairy ice creams. Their retail footprint has also grown, with three outlets in the NCR region, the latest being in Gurgaon on Golf Course Road, a strategic location close to their largest customer base.

However, operating in the ice cream industry is no easy feat. “The cold chain & distribution pose unique challenges for ice cream,” Malhotra explained. Maintaining the required temperature for frozen products is crucial, and Tangelo has navigated these challenges with a focus on quality and customer satisfaction. “Ice cream is a fragile product where people, once they become loyal to a brand, can stick to it,” she added, highlighting the emotional and nostalgic connection many have with ice cream.

Continue Exploring: From scoops to sundaes: Ice cream sales set to soar 15-20% this summer

Shift to Online-First Strategy

Originally an offline-first brand, Tangelo has shifted its focus to online sales. “Since then, we’ve made a conscious effort to change it to an online-first brand,” Malhotra stated. This shift has paid off, with their online sales experiencing a significant boost. Tangelo has also expanded its presence through 10 dark stores across NCR, further enhancing their delivery capabilities.

While the main growth driver is online sales, Malhotra recognizes the importance of offline presence for building brand awareness. “Offline does help, but the growth comes from the online presence,” she noted. The new Golf Course Road outlet serves not just as a retail space but as a strategic point for enhancing customer experience and brand visibility.

Future Expansion Plans

Looking ahead, Tangelo plans to continue its expansion. “We want to expand our dark stores again to areas just on the outskirts of NCR,” Malhotra revealed. This cautious yet ambitious approach aims to maintain quality while reaching new customers. Additionally, Tangelo is set to launch two new products within the next quarter, keeping the brand fresh and exciting for consumers.

With this, the ice cream brand is also witnessing good repeat numbers.

Tangelo’s success isn’t just about numbers; it’s about the strong connection with customers, she said. “We have a high number of returning customers. I’m very pleased with that,” Malhotra said, with a 30% repeat customer rate indicating strong brand loyalty. This loyalty is built on delivering a product that people genuinely enjoy. “People see value in Tangelo,” she emphasized.

Among their offerings, chocolate flavors have been particularly popular. “We do vegan sugar and dairy sugar, and people can’t tell that it’s not a regular kulfi,” Malhotra shared, showcasing their ability to create healthy yet indulgent treats.

As Tangelo continues to innovate and grow, Malhotra remains optimistic about the future. “Every month since January we’ve been expanding,” she said. The brand is also exploring quick commerce options to enhance their delivery speed, aiming to offer an even better customer experience.

Continue Exploring: Iceberg Organic Ice Cream: Redefining the frozen treat market with A2 milk and dark model stores

Retailers and QSRs see slowest expansion rate in 5 years

SnackTeam

May 30, 2024

Over the past fiscal year, a dozen prominent retailers and fast-food chains experienced their most sluggish rate of store expansions in at least half a decade, with growth slowing to 9%. This downturn mirrors a waning appetite for discretionary and lifestyle goods among consumers.

According to their latest investor presentations, as of March 31, these companies, which include Reliance Retail, Aditya Birla Fashion & Retail, D’Mart, Tata’s Trent, Titan Co, and Starbucks, collectively operated 33,219 stores. This figure marks an 18% increase from the previous fiscal year’s count of 30,551 stores.

During the last fiscal year, these companies expanded their network by approximately 2,700 stores, averaging about 7 new stores per day. However, this figure is nearly halved compared to the 13 stores added daily during FY23.

The year-on-year retail sales growth rate experienced a decline in every month of the previous fiscal year, indicating subdued consumer sentiment across various sectors including apparel, footwear, and quick-service restaurants (QSR). The Retailers Association of India (RAI) reported that the slower growth rate of 4-7% observed in the previous fiscal persisted into the current year, with April recording a modest 4% increase, as per their survey of the top 100 retailers.

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Consequently, many retailers have closed numerous unprofitable stores, a trend anticipated to persist as companies aim to enhance profitability.

Selective Expansion Strategies Amid Market Dynamics

Lalit Agarwal, chairman of hypermarket chain V-Mart, stated to analysts, “We are not pursuing an overly aggressive strategy, but rather adopting a prudent and analytical approach. Our focus is on opening stores that can maintain the return on equity (ROE) and return on capital employed (ROCE) levels we anticipate. Therefore, we are being highly selective in our expansion efforts, as market dynamics have become somewhat distorted with competitors offering higher rentals and more favorable terms to consumers.”

The relaxation of pandemic restrictions witnessed a surge in sales across athleisure wear, apparel, and lifestyle products, fueled by pent-up demand as consumers refreshed their wardrobes following the reopening of offices and increased socializing and dining out. In response, retailers hastened their store launches, with many opting for larger spaces in prime locations to capitalize on the booming demand driven by revenge shopping.

Continue Exploring: Rapid growth of Zomato and Swiggy to dent QSR sales: BNP Paribas Report

Rajeev Varman, the CEO of Restaurants Brands Asia, which operates Burger King, stated, “Our guidance remains at 700 restaurants by FY 27, and we are steadfast in our commitment to this goal. We firmly believe in responsible growth and will always prioritize this principle. If we deem it necessary to moderate our growth rates in any given year, we will do so. Our approach is not reckless; instead, we emphasize responsible and disciplined growth, which we will uphold moving forward.”

Shift in Focus: Retail Sector’s Embrace of E-commerce

In 2023, the retail sector acquired 7.1 million square feet of space across the top eight cities, a figure expected to decline to 6-6.5 million square feet in 2024, as reported by CBRE, a commercial real estate services firm. Additionally, retailers are shifting their focus towards ecommerce, which now constitutes 8-10% of the total retail market, according to the India Phygital Report 2024, with projections indicating it will reach 14% by 2026-27. This increase in market share is attributed to a growing active user base, estimated to be between 275-312 million, which is anticipated to rise to 439 million by 2026-27, as outlined in the report.

The India Phygital Report was formulated through surveys conducted across 500 stores representing 200 brands, along with the analysis of 4.4 million e-commerce transactions from 350 brands. It revealed that apparel and accessories accounted for 18.8% of e-commerce penetration, while home furnishing stood at 6.1%. However, the penetration rate remained low for jewelry, at just 2.1%.

Continue Exploring: 90% of Indian retail market to stay offline despite digital surge, says Accel’s Prashanth Prakash

Bata India’s Q4 net profit slips by 3% to INR 63.6 Cr; revenue records a 2.5% rise to INR 797.8 Cr

SnackTeam

May 30, 2024

Bata India Ltd, a prominent shoemaker, has reported a 3.02 percent decline in consolidated net profit to INR 63.64 crore for the fourth quarter ended March 2024. According to a regulatory filing from Bata India, it had posted a net profit of INR 65.62 crore in the January-March period a year ago.

During the quarter under review, Bata India witnessed a 2.47 percent increase in revenue from operations, amounting to INR 797.87 crore. This marks a rise from INR 778.58 crore recorded in the corresponding period of the previous year.

In the March quarter, Bata India’s total expenses stood at INR 736.83 crore, reflecting a 5.22 percent increase.

“The results for the quarter showcase our resilience despite challenging demand conditions, driving sustainable growth with strong margin performance,” stated Bata India in an earnings statement.

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During the March quarter, Bata’s total income amounted to INR 736.83 crore, marking a 5.22 percent increase.

Commenting on the performance, MD and CEO Gunjan Shah remarked, “Bata India adeptly navigated through the unexpected market sluggishness, steering toward sustainable growth driven by brands supported by substantial investments in marketing and technology. Our strategies enabled us to maintain margins effectively.”

Annual Financial Highlights

In the financial year ended on March 31, 2024, Bata India witnessed a decline of 18.7 percent in its consolidated net profit, amounting to INR 262.51 crore compared to INR 323 crore in the previous year. Despite this, its revenue from operations for FY24 showed a marginal increase, reaching INR 3,478.61 crore compared to INR 3,451.56 crore in the previous year.

Bata has reiterated its commitment to a “positive outlook and accelerating growth” by maintaining significant investments in both the brand and technology.

In a separate filing, Bata India informed that its board, in a meeting held on Wednesday, has recommended a 240 percent dividend, amounting to INR 12 per equity share of INR 5 each, for the financial year ending March 31, 2024.

On Wednesday, shares of Bata India Ltd concluded at INR 1,373.50 on the BSE, marking a 1.23 percent increase.

Continue Exploring: Bata reports 31% drop in net profit due to muted demand for footwear

OYO reports first profitable fiscal year with INR 100 Cr net earnings; founder Ritesh Agarwal eyes global growth

SnackTeam

May 30, 2024

OYO, the hospitality and travel tech platform, reported its first profitable fiscal year in 2023-24 with a net earning of nearly INR 100 crore, founder Ritesh Agarwal said on Thursday.

Agarwal shared on social media platform X that he anticipates growth not only in India but also in OYO’s other key markets including the Nordics, South East Asia, the US, and UK.

Agarwal expressed, “While a delighted customer or a hotel partner brings the biggest smile to my face, our initial financial results for FY24 also humble me.”

“We achieved our first net profitable financial year at nearly INR 100 crore. This marks our eighth consecutive quarter of positive EBITDA, and we maintain a cash balance of around INR 1,000 crore,” he elaborated.

Continue Exploring: SoftBank-backed hospitality giant OYO withdraws IPO documents, shifts focus to $450M bond sale

He also emphasized that global credit rating firm Fitch has recognized OYO’s enhanced performance and robust cash flows, resulting in an upgrade to its credit rating.

“Emerging travel trends such as premiumization, spiritual travel, business travel, conferences, and destination weddings are fueling growth not only in our country, but also in our other key markets of the Nordics, South East Asia, the United States, and the United Kingdom. FY25 looks to be even more exciting,” said the OYO founder.

He added that while these figures are provisional, the audited financials are expected to closely align with them.

Earlier this week, Fitch Ratings announced the upgrade of OYO’s parent firm, Oravel Stays’ rating, attributing it to the hospitality company’s enhanced financial profile.

According to a statement, Fitch upgraded Oravel Stay’s long-term foreign and local currency issuer default ratings from ‘B-‘ to ‘B’, with a ‘Stable’ outlook.

The rating agency also raised the rating on the company’s $660-million senior secured term loan facility due in 2026 to ‘B’ from ‘B-‘.

Financial Performance in FY24

During FY24, OYO expanded its portfolio by approximately 5,000 hotels and 6,000 homes worldwide.

Continue Exploring: OYO in talks with family offices to raise $90 Million in down round

It also disclosed a PAT (Profit after Tax) of INR 99.6 crore ($12 million) and an adjusted EBITDA of INR 888 crore ($107 million) for the entire fiscal year, marking an increase from INR 274 crore ($33 million) in FY23.

EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, provides an alternative method of measuring profitability compared to net income.

Rebel Foods secures $13.2 Mn in debt funding from Alteria Capital and InnoVen Capital

SnackTeam

May 30, 2024

Kallol Banerjee and Jaydeep Barman, Co-Founders, Rebel Foods

Rebel Foods, a leading cloud kitchen unicorn, has secured 110 Cr ($13.2 Mn) in debt funding from Alteria Capital and InnoVen Capital.

According to documents filed with the Registrar of Companies (RoC), Rebel Foods’ board has approved a special resolution to issue 11,000 Series G1 and G2 non-convertible debentures, each valued at INR 1 Lakh, to raise a total of INR 110 Cr.

Alteria Capital Fund II injected INR 30 Cr, whereas Alteria Capital Fund III contributed INR 35 Cr to the round, both channeled through Orbis Trusteeship.

Continue Exploring: Rebel Foods to boost Oven Story Pizza’s reach with 250+ franchise outlets

Conversely, the InnoVen Capital India Fund has injected INR 45 Cr into the debt round through Vistra ITCL.

Entrackr was the first to report the development.

Previous Funding Rounds

In its previous debt funding round in April last year, Rebel Foods secured INR 75 Cr ($9.1 Mn) from Northern Arc and Stride Ventures. Preceding that, in 2022, it raised INR 55 Cr ($6.6 Mn) in debt funding from InnoVen Capital and Trifecta Capital.

Continue Exploring: Cloud kitchen brand Rebel Foods secures INR 75 crore in debt funding from Northern Arc and Stride Ventures

Established in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods hosts prominent QSR chains such as Faasos, Behrouz Biryani, Ovenstory Pizza, Mandarin Oak, The Good Bowl, and SLAY Coffee. The company runs more than 450 kitchens spread across 80 cities.

Apart from India, its brands also have a presence in the United Arab Emirates (UAE), Saudi Arabia, and the UK.

Continue Exploring: Rebel Foods expands to Saudi Arabia, aims for $100 Million food delivery enterprise in three years

Rebel Foods recently became a part of the open network for digital commerce (ONDC) to enhance its direct-to-consumer (D2C) offerings nationwide.

Continue Exploring: Rebel Foods joins ONDC to expand D2C presence and enhance consumer reach

Financial Performance

The company reported an operating revenue of INR 1,195.2 crore in FY23, marking a 39% year-on-year (YoY) increase. However, its losses also grew, widening by 23% YoY to INR 656.5 crore in the same fiscal year.

As part of an organizational restructuring effort, the startup laid off approximately 2% of its workforce in early 2023.

Continue Exploring: Rebel Foods surpasses INR 1,000 Cr operating revenue milestone, reports 39% YoY growth in FY23

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NewsHub

Product Varieties and Flavors

Product Range and Brands

Current Operations and Market Presence

Rapid Growth and Market Success

Shift to Online-First Strategy

Future Expansion Plans

Selective Expansion Strategies Amid Market Dynamics

Shift in Focus: Retail Sector’s Embrace of E-commerce

Annual Financial Highlights

Financial Performance in FY24

Previous Funding Rounds

Financial Performance