Yousta, the youth-focused brand under Reliance Retail, has opened its store in Pune’s Amanora Mall, as revealed by a top company executive in a social media post.
The latest store will provide amenities such as QR-enabled screens for sharing information, self-checkout counters, Wi-Fi access, and charging stations.
Surjit Singh Rajpurohit, CEO of Amanora Mall, Pune, shared on his LinkedIn post, “We’re delighted to unveil another remarkable addition to Amanora Mall, Pune – the inauguration of Yousta, Reliance Retail’s youth-focused fashion retail format! Yousta brings high-fashion to young consumers at affordable prices. Get ready to elevate your shopping experience and be part of this incredible journey!”
Recent Additions to Amanora Mall
The mall introduced several new outlets, including Nykd by Nykaa, Meena Bazaar, and Burger Singh, just a month ago.
Earlier, the company had inaugurated Yousta stores in Mahasharta, located at Phoenix Marketcity Pune, and Satyam Pride in New Panvel.
Reliance Retail launched its youth-focused fashion brand, Yousta, in August 2023, marking the opening of its first store at Sarath City Mall in Hyderabad. Presently, it spans across 15 states nationwide.
Reliance Retail Ltd (RRL), the retail subsidiary of Reliance Industries Ltd., operates a comprehensive omni-channel network comprising over 18,774 stores and digital commerce platforms.
Starbucks, a US-based coffee chain, has launched its first store in Greater Noida, as announced by a company official on social media. The new store is situated at Ithum Galleria near Delta 1 metro station in Uttar Pradesh.
“Greater Noida, we’re here! Our very first store in your city is now open at Ithum Galleria near Delta 1 metro station,” shared Rahul Chaudhary, Associate in Business Development at Starbucks India, on LinkedIn.
“The journey commenced about a year and a half ago, and it was truly rewarding,” he added.
Starbucks Operations in India
The Starbucks-branded coffee chain in India operates through a joint venture split equally between Seattle-based Starbucks Coffee Co. and Tata Consumer Products Ltd.
In 2023, Starbucks expanded its presence in India by entering 15 new cities, inaugurating a total of 71 new stores. Presently, the brand boasts a network of over 430 stores nationwide.
The company aims to achieve a milestone of operating 1,000 stores in India by 2028, with the strategy of opening a new store every three days.
The beverage giant has announced its intention to double its workforce, aiming for approximately 8,600 partners, up from the current 4,300. This expansion strategy encompasses entering tier 2 and 3 cities in India, along with extending services to drive-thrus, airports, and 24-hour store formats to meet the diverse needs of customers.
The company recently unveiled its first store within the premises of the Delhi High Court, marking its first establishment within a court in India.
Nykaa, the Mumbai-based e-commerce company which offers a wide array of beauty, fashion, and lifestyle products, has announced the appointment of brand consultant Santosh Desai as an Independent Director on its board, effective July 15, 2024, for a term of three years.
Nykaa’s board of directors currently consists of 10 members, each bringing expertise in various areas including business strategy, technology, entrepreneurship, finance, governance, regulation, human capital management, and corporate social responsibility (CSR).
“We firmly believe that Santosh’s strategic guidance will play a pivotal role in driving Nykaa’s brand equity forward and fortifying our current array of brands for sustained global triumph,” stated Falguni Nayar, Nykaa’s Executive Chairperson, Founder, and CEO.
Nykaa’s Additional Independent Directors
Additional independent directors of the digital beauty retailer include Milind Sarwate, Anita Ramachandran, Seshashayee Sridhara, and Pradeep Prameshwaram.
Desai held the position of chief executive officer at FutureBrands Consulting for close to 17 years. Additionally, he assumed the role of President at McCann, an advertising agency.
Currently, Desai holds board positions at Think9 Consumer Technologies, Dainik Jagran Group, and Breakthrough. Furthermore, he is an active member of the governing councils at Mudra Institute of Communication, Ahmedabad, and Praxis Business School, Kolkata. Previously, he served on the boards of ING Vysya Bank and Oxfam India.
“I am thrilled to become part of Nykaa as an independent director. Nykaa’s dedication to customer-centric retail has truly revolutionized the beauty and lifestyle landscape in India,” remarked Desai.
Established in 2012, Nykaa caters to 25 million consumers across India. Over time, Nykaa has diversified its portfolio, venturing into lifestyle and B2B sectors with the launch of online platforms such as Nykaa Fashion, Nykaa Man, and Superstore.
Prosus holds the largest stake in Swiggy, owning 32% of the startup. Additionally, it has played a significant role as an investor for Delivery Hero, a company that went public in Germany back in 2017.
“Prosus has been increasingly involved with Delivery Hero in recent months, and it’s been more engaged in supporting Swiggy, as well, obviously. With my appointment, we anticipate greater opportunities for collaboration between our businesses and the sharing of best practices,” Bloisi informed analysts during a conference call on May 17 following the announcement of his new role.
Bloisi is set to become an executive director on the Naspers board starting July 1, and will subsequently join the Prosus board following the AGM in August 2024.
It’s worth noting that Bloisi presently serves as the CEO of iFood, a prominent food delivery startup in Brazil. Although he didn’t disclose detailed plans for collaboration between Swiggy and Delivery Hero, he highlighted that Swiggy’s expertise in Instamart and quick commerce in India would benefit iFood.
“In India, we collaborate closely with Harsha [Sriharsha Majety, cofounder of Swiggy] and the Swiggy team. Our interactions with them have been highly informative, particularly in the realm of iFood. For instance, their success with dark stores in the grocery sector is something we’re closely studying,” he shared with analysts, drawing parallels between his experiences in Brazil and the potential contributions to Prosus’ ventures in India.
Although the potential partnership between Delhivery Hero and Swiggy remains in the realm of speculation, it raises the question of whether Swiggy intends to venture into international markets through such a collaboration. However, there have been no signals thus far indicating that the Bengaluru-based unicorn is considering an expansion abroad.
Considering Swiggy’s aims to reduce expenses, achieve profitability, and its recent filing of pre-IPO papers in India, any potential collaboration with Delivery Hero will be under close scrutiny.
Financial Performance of Swiggy
For context, in the fiscal year 2023, Swiggy reported a net loss of INR 4,179 crore, with operating revenue reaching INR 8,246 crore. According to reports, during the first nine months of fiscal year 2024 (from April 2023 to December 2023), the company recorded a loss of approximately $207 million (approximately INR 1,650 crore).
Given Zomato‘s less-than-impressive track record with global ventures, it’s intriguing to observe how Swiggy harnesses the potential synergies within Prosus’ portfolio. Delivery Hero, with its presence in 70 countries spanning Asia, Europe, MENA, and the Americas, offers a significant scope for exploration.
It’s worth mentioning that in 2019, Delivery Hero acquired Zomato’s UAE business, a direct competitor to Swiggy. Additionally, Delivery Hero invested $50 million in Zomato’s international operations, which is now a publicly listed food delivery powerhouse. Zomato, in its bid for global expansion, acquired several entities including Urbanspoon, Gastronauci, Cibando, MenuMania, and Lunchtime.
However, leading up to its initial public offering and shortly thereafter, the company opted to cease international operations in several regions, aiming to streamline its business operations.
Zomato, which made its debut on the stock market in 2021, reported its first-ever profit of INR 351 crore for the entire fiscal year of FY24.
The Gurugram-headquartered food delivery and quick commerce behemoth discontinued operations across nearly all international markets, such as the United States, United Kingdom, Singapore, and most recently Lebanon. Earlier this year, it also wound up its subsidiaries in Vietnam and the Czech Republic.
It remains to be seen whether Swiggy will reap any advantages from potential synergies with international players like Delivery Hero, particularly given Zomato’s previous unsuccessful experiences in similar endeavors.
In addition to discussing Swiggy, Bloisi announced that he would be visiting India in the coming weeks to further explore Prosus’s portfolio, which includes Meesho and PayU. “Therefore, you can anticipate that I will spend more time in India learning a great deal and considering how we can leverage our global structure to strengthen our position in India.
Boldfit, a Bengaluru-based health and fitness products company, has teamed up with the quick commerce platform Blinkit.
This partnership will enable Boldfit to deliver its range of products, including workout apparel, fitness equipment, accessories, and supplements, within 10 minutes to numerous cities across India.
Pallav Bihani, CEO of Boldfit, expressed, “Partnering with Blinkit marks a significant stride towards our objective. With Blinkit’s strong delivery network, we’re committed to enabling our customers to sustain their fitness and wellness regimens seamlessly.”
Established in December 2018, Boldfit is a direct-to-consumer fitness enterprise specializing in an array of products, including fitness gear, workout equipment, and dietary supplements. With aspirations to expand, the brand aims to inaugurate 100 stores across diverse formats within the next four years. Currently, it offers over 200 SKUs through various digital platforms.
Honasa Consumer Ltd., the holding entity of Mamaearth, The Derma Co., Aqualogica, and Dr. Sheths, has acquired the assets of CosmoGenesis Labs. Renowned for its expertise in cosmetic formulation and development, particularly in premium skincare solutions, CosmoGenesis Labs will significantly bolster Honasa’s research-driven innovation capabilities. This acquisition underscores Honasa’s steadfast dedication to pioneering product development tailored for the Indian consumer market.
Founded in 2011 by Rohini Manoj, CosmoGenesis has risen as a prominent player in cosmetic formulation and development within India. Fueled by a dedication to innovation and excellence, CosmoGenesis has played a pivotal role in crafting over 5000 cosmetic and personal care formulations for enterprises throughout the country.
Ghazal Alagh, CIO and Co-founder of Honasa Consumer Limited, commented, “Innovation has always been at the core of Honasa Consumer, and our data-driven consumer research has kept us ahead in the personal care segment. This strategic alliance with CosmoGenesis will significantly enhance our ability to research new trends more efficiently and help us create best-in-class products. It sets the foundation for transformative growth and innovation in profound ways. This acquisition empowers us to explore new sub-categories, leverage cutting-edge research and development, and ultimately deliver exceptional value to our consumers. With CosmoGenesis joining the Honasa family, we are confident that we will drive meaningful growth and make a lasting impact in the beauty industry, while staying true to our values of innovation, quality, and sustainability. Together, we are set to elevate skincare standards, providing unparalleled benefits to our consumers, employees, and stakeholders.”
R&D Expertise and Facilities at CosmoGenesis
The R&D team at CosmoGenesis boasts extensive expertise in cosmetics and significant experience in developing natural and organic formulations. With a state-of-the-art, fully equipped laboratory, CosmoGenesis demonstrates a commitment to excellence, offering global knowledge and support to both emerging companies and established brands worldwide.
“We’ve collaborated with Honasa Consumer for a while now, producing some remarkable innovations. Joining forces with Honasa fills me with excitement for the vast potential this partnership brings. Our mutual dedication to innovation and excellence, especially in botanical ingredients and natural beauty care, assures that we’ll keep crafting groundbreaking products our consumers can rely on,” expressed Rohini Manoj, Founder of CosmoGenesis.
Teaming up with CosmoGenesis, Honasa is committed to offering an extended range of groundbreaking, safe, and scientifically validated skincare solutions to modern and future generations of consumers.
Shivani Poddar and Anurag Murali, Co-Founders of High Street Essentials
High Street Essentials, the parent company behind women’s fashion labels Indya and FabAlley, has secured INR 50 Cr ($6 Mn) through a combination of equity and debt infusion in its latest funding round.
JSW Foundation chairperson Sangita Jindal spearheaded the round, with contributions from family offices of SRF Group, Cyient’s executive vice chairman and MD Krishna Bodanapu, and Pure Home + Living’s MD and CEO Timmy Sarna.
The infusion of fresh capital will support Indya in extending its footprint both within India and in global markets.
Established in 2012, High Street Essentials is a direct-to-consumer omnichannel fashion house specializing in women’s apparel. The company offers affordable western and ethnic-fusion wear under the FabAlley and Indya brands.
The infusion of funds is expected to propel the brand’s premium occasion-wear line, ‘Weddings By Indya,’ while simultaneously enhancing its presence in the occasion and wedding wear market.
Shivani Poddar and Anurag Murali, cofounders of High Street Essentials, expressed their vision, stating, “We perceive a significant opportunity to establish a formidable presence for Weddings By Indya within the $15 Bn wedding wear market, much of which remains unorganized.”
Indya asserts its collaboration with esteemed Indian designers, including Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, among others, to serve India’s thriving wedding wear market.
At present, Indya distributes its products through its website, online marketplaces, and 12 exclusive brand outlets situated in cities like New Delhi, Bengaluru, Chennai, Bhubaneshwar, Indore, and Ahmedabad.
Financial Performance and Targets
High Street Essentials asserts achieving EBITDA profitability in FY24, with a growth rate exceeding 30% year-over-year. The company targets achieving profit after tax (PAT) positivity and is aiming for a 50% year-over-year growth in FY25.
Listed companies and industry trackers have noted a slowdown in online consumption during the March quarter across various segments including electronics, wearables, and beauty products.
In the fourth quarter, Delhivery, a logistics firm, reported a 13% sequential decline in its express parcel shipments, which serve as a proxy for ecommerce delivery volumes, down to 176 million.
Sahil Barua, co-founder and CEO, pointed out that the decline in the March quarter followed a robust October-December period, typically marked by festive season sales on ecommerce platforms. Despite this, the company’s delivery volumes were down by 2% year-on-year.
In its analysis of Delhivery’s results, brokerage firm Citi acknowledged the subdued online consumption but expressed confidence that it wouldn’t jeopardize the long-term growth expectations of 15%-20% in ecommerce.
Nykaa, a beauty and fashion retailer, highlighted the trend of consumer brands reallocating their advertising budgets towards offering increased discounts to stimulate demand in the currently subdued market. During the post-earnings analysts call on May 22, Anchit Nayar, CEO of Nykaa E-retail, expressed optimism that brands would revert to investing in advertising once demand recovered.
Likewise, Honasa Consumer, the parent company of the beauty and personal care brand Mamaearth, observed single-digit growth for its flagship brand during fiscal year 2024. Consequently, it is adjusting its offline strategy to enhance both growth and margins.
Assessment of Overall Ecommerce Sales
According to an executive at a prominent third-party logistics firm, overall ecommerce sales remain lackluster, with growth likely to be below 15%, in contrast to the typical approximate 20% growth rate.
The logistics expert continued, “Due to the lack of big events and the large amount of sales made over the previous holiday season, apparel and smartphone shipments—which typically drive overall ecommerce growth—have not had the chance to develop significantly. But because of the early summer season, appliance sales have improved, which has provided some help.
According to reports, demand for air conditioners (ACs), fans, and coolers surged by 80%, 20%, and 45%, respectively, during March and April compared to the previous year on Amazon India. Meanwhile, on rival platform Flipkart, AC demand witnessed a 50-60% increase in March year-on-year.
According to a senior ecommerce executive, although the first quarter experienced a decline in consumption growth, volumes steadily improved on a month-on-month basis.
Regarding smartphones, the move towards offline purchases and the absence of significant releases have contributed to subdued sales. According to a report by market intelligence firm Counterpoint Research, Indian smartphone shipments recorded an 8% year-on-year growth from January to March. However, it’s worth noting that the low base of the corresponding period last year was a key factor driving this growth.
The report further noted that the offline share of total sales reached 64%, representing the highest quarterly figure since the onset of the Covid-19 pandemic.
Nevertheless, in the smartphone sector, premiumization persisted as the market experienced an 18% growth in terms of value. The premium segment, encompassing products priced above INR 30,000, accounted for 20% of the total sales volume and 51% of the total sales value for the quarter, marking its highest-ever contribution, as highlighted in the report.
“The trend we’re observing is that an increasing number of smartphone purchases appear to be upgrades, with users holding off for major discount periods, and this phenomenon is also reflected in the premiumization,” stated the logistics executive mentioned earlier.
According to data from research firm IDC, shipments of wearable devices such as earphones and smartwatches through online channels decreased by 14.1% year-on-year, marking the second consecutive quarter of decline.
A leading executive at a smartwatch manufacturer noted that during the December quarter, multiple brands shipped surplus inventory for the festive season, which unfortunately did not meet the anticipated demand levels.
“The January-March period didn’t witness significant shipments due to the high levels of inventory from the preceding quarter,” the executive explained. “This indicates insufficient demand as well. Additionally, it’s evident in the declining average selling prices (ASPs) of products like smartwatches and earphones.”
A venture investor specializing in consumer brands noted emerging macro indicators suggesting an uptick in demand in tier 2 and tier 3 cities.
“Some early indicators, such as increasing two-wheeler dispatches and FMCG sales in smaller towns, are becoming apparent,” he explained. “Once this trend gains momentum, discretionary spending will also rise, reflecting in ecommerce volumes across the board.”
Radisson Hotel Group, the second largest international chain in India by hotel network and room inventory, is set to open a new hotel every 20 days in the country this year, according to Nikhil Sharma, the chain’s new managing director and area senior VP for South Asia.
Sharma mentioned that the chain’s goal is to have a hotel within a two-hour driving radius throughout India. Additionally, they are expanding their footprint in religious destinations and plan to introduce the first globally branded hotels in markets like Vrindavan, Ujjain, and Guruvayur.
Sharma mentioned that the chain’s goal is to ensure a hotel within every two hours of driving distance throughout India. Additionally, they are expanding into religious destinations, with plans to introduce the first globally branded hotels in markets like Vrindavan, Ujjain, and Guruvayur.
“People are visiting religious destinations far more than they did before Covid times. We were pioneers in launching a branded hotel in Ayodhya prior to the Ram temple inauguration. During the first month, the hotel recorded an average daily rate of INR 1.15 lakh. Even now, it remains consistently booked out on most days, with the average daily rate standing at INR 30,000,” Sharma remarked.
Recent Openings and Future Developments
Last month, Radisson Hotel Group unveiled the 212-key Radisson Collection hotel in Srinagar, marking the largest hotel in the Jammu and Kashmir region. With a robust presence across over 70 locations, the chain boasts over 180 hotels operational or in the pipeline, totaling 13,700 rooms. Future developments include properties in Saputara (Gujarat), Dhanbad, Nainital, and Jamshedpur. Recent signings encompass new hotel agreements in Delhi, Bengaluru, Raipur, Sonamarg, Sonipat, Dera Bassi, Kevadia, Jhansi, Gopalpur, and Vizag. Approximately 50% of Radisson’s current hotel portfolio resides in tier two, three, and four locations.
“In India, Bharat extends beyond the metros. To thrive in this country, one must have a nationwide presence and focus on smaller cities. Our aim is to expand and ultimately become the largest international operator. Currently, we hold the second position in the country,” Sharma explained. “It’s imperative to look beyond tier two and three cities now. The market is ripe, with widespread internet access and increased spending capacity. Indians are eager for international standards in various locations. We aim to lead the way as the first international player to delve deeper into the country,” he emphasized.
Sharma stated that the chain plans to recruit a minimum of 3000 individuals for new positions this year, supplementing its current workforce of approximately 16,000 employees.
“These 3000 positions are new opportunities, not replacements. Our focus is on skill enhancement, and with each new hotel opening, we’re generating additional employment opportunities in the cities. This is of utmost importance,” he emphasized. “We’re witnessing a trend of team members migrating back to their hometowns from larger cities. They’re willing to accept slightly lower salaries for the comfort of being home. Job creation, skill enhancement, and reverse migration play significant roles in our growth strategy in India. It’s gratifying to see skilled professionals thriving in tier two and three cities, which wasn’t the case before,” he concluded.
Factors Driving Radisson’s Strategic Expansion
He highlighted that factors such as India’s GDP growth, the surge in domestic tourism, the expansion of the Indian middle class, the proliferation of airports and railway traffic, and the enhancement of road infrastructure are key drivers behind Radisson’s strategic decision to expand its network.
“All indicators point to India as a promising destination, and one of people’s top desires is to travel. ” Our aim is to ensure that we meet those needs,” he stated. “The market is poised for expansion. Apart from India, only three or four markets are experiencing similar growth, including Saudi Arabia and Indonesia. With a strong government in place this year, we expect even faster growth,” he said.
Sharma stated that the Indian hospitality market is expected to reach 200,000 classified rooms this year, with rates likely to hold steady. “The demand is projected to outstrip the supply. In my view, within the next seven to ten years, India will see a million classified rooms. This growth won’t be exclusive to international brands; domestic ones will also expand. There’s plenty of space for all of us to grow,” he emphasized.
IKP Knowledge Park in Bengaluru, a prominent science and technology hub, has teamed up with The Good Food Institute India (GFI India), the central expert organization, thought leader, and convening body in the Indian alternative protein sector, to unveil the nation’s first Centre for Smart Protein and Sustainable Material Innovation in Bengaluru. This groundbreaking collaboration stems from an MoU signed between the two entities last year, aimed at supporting smart protein startups with incubation and product development. The newly inaugurated facility is tailored to empower Indian smart protein startups by granting them access to cutting-edge equipment and expert guidance, dedicated to nurturing nascent concepts in smart protein innovation.
Facilities and Resources Available at the Centre
Situated in the vibrant hub of Koramangala, this center is fully equipped to aid startups specializing in fermentation-based, plant-based, and cultivated protein products and ingredients. The facility features a comprehensive range of cutting-edge equipment, including biosafety cabinets, shaker incubators, freezers, homogenizers, and two ISO7-clean rooms. Currently accepting memberships, the center can accommodate up to 20 startups, offering them round-the-clock access to its resources and amenities.
As part of the launch event, GFI India and IKP presented their report titled ‘Incubation Support for a Thriving Smart Protein Ecosystem’. This report underscores the significance of a robust incubation ecosystem for startups engaged in pioneering solutions across the value chain within the plant-based, fermented, and cultivated protein sectors. Drawing insights from the challenges experienced by entrepreneurs and innovators, the report offers tangible recommendations to assist both public and private entities interested in incubating smart protein enterprises.
During the launch of this one-of-a-kind innovation center, Deepanwita Chattopadhyay, chairperson and chief executive officer of IKP Knowledge Park, remarked, “As we inaugurate the Centre for Smart Protein and Sustainable Material Innovation at IKP Knowledge Park, we’re invigorated by the progress and potential of the pioneering smart protein startups, despite the challenges of limited ecosystem support. This burgeoning sector in India holds immense promise, poised to lead globally with the right backing. Leveraging India’s exceptional scientific talent and manufacturing capabilities, we aim to spearhead a transformative industry that ensures food security for all.”
Sneha Singh, Acting Managing Director of GFI India, expressed, “We’re thrilled to partner with IKP in advancing the development of the smart protein ecosystem. With over 113 startups dedicated to crafting sustainable alternatives to animal-based protein, there exists a clear opportunity and necessity for breakthrough innovations throughout the value chain. We extend our gratitude to IKP for acknowledging the sector’s potential and establishing a robust platform to address infrastructure gaps, provide specialized guidance, and facilitate commercialization. Collaborating with the right allies, GFI India is dedicated to fostering cutting-edge smart protein technologies that can profoundly impact India’s agriculture, climate resilience, nutritional security, and economic prosperity.”
In order to nurture the development of startups incubated within the center, IKP is providing elite mentorship programs across technical, intellectual property, regulatory, marketing, and business strategy realms. These initiatives are designed to guide and offer comprehensive assistance to innovators and startups within the incubator. Dedicated to accelerating the growth of the smart protein industry, IKP is actively looking for financing to expand the capabilities and services provided by the centre.
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