Luxury group Richemont sees Q4 sales slowdown, names Nicolas Bos as new CEO

May 18, 2024

Richemont acknowledged the deceleration in the luxury market as the proprietor of Cartier jewelry disclosed a 1% decline in its fourth-quarter sales.

The corporation, which additionally possesses prestigious Swiss watch labels like Piaget and Jaeger-LeCoultre, noted a decrease in sales to 4.80 billion euros ($5.21 billion) for the three months ending in March.

In terms of constant currencies, sales saw a 2% uptick, marking a deceleration from the 8% growth rate recorded in the preceding quarter, spanning the three months ending in December.

However, the fourth-quarter figure slightly surpassed the consensus forecast of 4.78 billion euros mentioned by RBC.

Continue Exploring: Swiss luxury brand HYT sets sights on India’s thriving watch market

Throughout the entire year until March’s conclusion, Richemont observed a 3% increase in sales, amounting to 20.62 billion euros. However, the full-year net profit for shareholders, totaling 2.36 billion euros, fell short of the consensus of 3.09 billion euros compiled by Visible Alpha.

In a statement, Chairman Johann Rupert noted that Richemont maintained a robust underlying performance, navigating through adverse foreign exchange fluctuations, challenging comparisons, and persistent macroeconomic and geopolitical uncertainties.

In a separate announcement, the company revealed the elevation of Nicolas Bos, the Chief Executive Officer of Van Cleef & Arpels, to the position of CEO of the entire group.

Richemont stated that Jerome Lambert, the current CEO who has been in his role since 2018, will transition to the role of Chief Operating Officer. He will report to Bos, who will assume his new position on June 1st.

The performance solidified a declining trend in the luxury sector, impacted by subdued Chinese demand and comparisons to the previous year, when the relaxation of COVID-19 restrictions in China greatly boosted sales.

Continue Exploring: Breitling’s revenue surges over 40% in India, eyes top three position in luxury watch market

On a global scale, consumers have grown increasingly discerning regarding pricey acquisitions amidst rising living expenses.

Updates on sales from various prominent luxury conglomerates have provided scant assurance that there’s a resurgence in Chinese appetite for high-end fashion.

Last month, the French conglomerate LVMH disclosed that its sales decelerated to 3% in the first quarter, attributing the slowdown to escalating prices, which deterred shoppers from splurging thousands of dollars on handbags and other accessories.

Unilever to keep Russian ice cream assets despite demerger plans

SnackTeam

May 18, 2024

Unilever reportedly plans to continue producing ice cream in Russia even after demerging the rest of the division from the business.

In March, the FMCG giant announced its intention to separate its ice cream business from the company.

Unilever stated that the demerger would transform the group into “a standalone, more focused business,” providing increased “operational and financial flexibility.”

Continue Exploring: Unilever announces spin-off of ice cream business, 7,500 job cuts planned in cost-cutting effort

The manufacturer of Ben & Jerry’s, the world’s largest ice cream producer, indicated that demerging the assets into a listed company was “the most probable route for separation.”

According to reports from media outlets such as The Telegraph newspaper in the UK, Unilever is purportedly excluding its Russian ice cream division from the demerger.

Consumer-goods companies have been under public pressure to cease operations in Russia due to its invasion of Ukraine.

Unilever has been listed among companies labeled as “sponsors of war” by the National Security and Defense Council of Ukraine. Upon Unilever’s inclusion on the list, the NACP noted that the company’s profits in Russia doubled from 2021 to 2022.

In July of last year, reports surfaced that Reginaldo Ecclissato, Unilever’s chief business operations and supply chain officer, had informed the campaign group the B4Ukraine Coalition that the company believed it was not appropriate to abandon their personnel in Russia.

Regarding the potential sale of the business, Ecclissato purportedly mentioned that they had not yet identified a solution “that prevents the Russian state from potentially gaining additional advantages while also protecting our personnel.”

He further stated that since the commencement of the war, Unilever had implemented stringent restrictions on its operations, including halting all capital flows to and from the country and suspending the import and export of its products.

Ecclissato was quoted as saying, “The Russian government has explicitly stated that employees of companies in Russia that abandon or reduce their operations could be subject to criminal prosecution. Closing our ice cream business could be interpreted as such a violation.”

Continue Exploring: HUL mulls independent ice-cream unit amid Unilever’s global spin-off, sale prospects loom large

Amazon Fresh sees 43% YoY growth in ice creams and dairy beverages sales

SnackTeam

May 18, 2024

This summer, there has been a significant surge in demand for mangoes, ice creams, and dairy products at Amazon Fresh. The company has noted a remarkable 30% growth in mango-flavored ice creams and mango-based dairy beverages such as lassi, yogurt, and shakes. Additionally, there has been a notable 43% year-on-year increase in units sold within the ice creams and dairy beverages categories.

Srikant Sree Ram, Director of Amazon Fresh India, commented, “We’ve seen our customer base grow, with a 20% increase in ice cream shoppers and a 33% surge in those buying dairy and dairy alternative beverages. In response to our customers’ varied preferences, we’ve curated a wide selection of products, from frozen desserts to premium natural fruit-based ice creams, as well as healthier options like sugar-free, vegan, and low-calorie alternatives, aligning with evolving consumer demands.”

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

He went on to mention that among cities, Delhi took the lead as the top consumer of ice creams, closely followed by Mumbai and Bengaluru. In terms of dairy beverage purchases, Mumbai ranked first, trailed by Delhi and Bengaluru. He also noted, “Vanilla emerged as the most beloved ice cream flavor, while Buttermilk stood out as the preferred beverage of the season among options like lassi, flavored milk, milkshakes, smoothies, and dairy alternatives such as almond and oats milk, among others.”

Amazon Fresh provides free delivery on all orders over INR 249. With enticing deals like “Buy More Save More,” super saver discounts, and regular cashback on weekly and monthly purchases, customers can enjoy substantial savings on their grocery shopping.

The company also enhances the shopping experience with a dedicated app-in-app for groceries, featuring convenient tools such as personalized widgets, a buy-again option, and reminders to help customers remember frequently purchased items. “Consumers cherish the straightforward selection and navigation,” said Ram. “Our recent introduction of various thematic stores and events, such as the mango store, summer store, and cricket store, provides them with the best value across our extensive selection of high-quality groceries.”

Continue Exploring: FMCG and dairy giants prepare for summer surge: PepsiCo and Coca-Cola ramp up production as heatwave looms, Dabur and Havmor expand capacity

Suniel Shetty-backed Aquatein leads the charge in tackling protein deficiency, delivers 21g of protein in a 500ml water bottle

SnackTeam

May 18, 2024

Aquatein Co-Founders, Mitisha A Mehta, Ananth B Prabhala with actor Suniel Shetty

Suniel Shetty, known for his grounded demeanor, may not be as prolific in films these days. However, he has found a prominent place on television screens. As an esteemed judge on the dance reality show “Dance Deewane 4”, he shares the limelight with the iconic Madhuri Dixit, affectionately known as the ‘Dhak Dhak’ girl.

It’s worth noting that Shetty is not only a talented actor but also a savvy businessman. He’s made strategic investments in several promising ventures. Recently, he shared insights on two startups he’s backing through a LinkedIn post. According to him, both ventures are thriving and align with his values of affordability and environmental sustainability.

He also commended the young entrepreneurs behind Aquatein and Regrip. He wrote, “They’re solving problems with both affordability as well as the environment in one mission. Both young, wild, and free. I say young, wild, and free after careful thought. When I think back to when I first became involved with both of these startups, there was one thing they had in common: they both saw problems they wanted to solve in a unique way.

Regarding the startup Aquatein, Shetty highlighted its mission to address protein deficiency in Indians through an innovative approach. He elaborated on the importance of protein intake, stating that the human body requires 1 gram of protein for every kilogram of body weight. Consequently, an average Indian should ideally consume around 75-80 grams of protein daily.

Continue Exploring: Majority of protein powders in India fall short on label accuracy and safety standards, reveals study

He went on to detail the protein content available in common foods. For instance, he noted that a single whole egg provides roughly 6 grams of protein, while 50 grams of sprouts offer about 5 grams. Additionally, he mentioned that 150 grams of paneer yields approximately 25 grams of protein, and a single scoop of protein powder contains around 25 grams as well.

“This is why many individuals struggle to meet their recommended intake. It boils down to the delivery method. For many, supplements lose their appeal over time and become less palatable, making it challenging to consistently meet their protein needs,” he expressed.

Shetty highlighted that the founders of Aquatein, Ananth B Prabhala and Mitisha A Mehta, have crafted a unique protein solution: 21 grams of protein conveniently packed into a 500ml water bottle.

“It’s low in calories, with zero carbs, zero sugar, lactose-free, and gluten-free. It ticks most boxes,” he remarked.

“It fills me with pride to see a product born in India, finding shelf space across the Middle East and European markets, with a rapidly growing domestic and international footprint,” Shetty said in the post.

Continue Exploring: Epigamia launches India’s first 25g protein milkshakes with zero sugar

Transitioning to the next startup he’s invested in, Suniel Shetty explained that this company focuses on ‘Re-engineered Tyres’.

“Out of the 1.5 billion tyres discarded each year, only 20% undergo recycling. The majority are simply discarded, often ending up in landfills, which have devastating consequences for our environment,” he highlighted.

Shetty highlighted that Tushar and his team at Regrip are spearheading the adoption of circular economy principles within the tire industry in India.

“Utilizing technology, they breathe new life into tires, prolonging their usability and diminishing the necessity for new tire manufacturing, thereby lessening the environmental impact. In cases where tires are beyond repair, they repurpose them into raw materials, effectively eliminating their presence in the environment and mitigating pollution,” he explained.

Suniel Shetty wrapped up the post by noting that both these young companies are still in their early stages, with much to achieve and numerous lessons to learn. Nevertheless, he emphasized the importance of occasionally pausing to reflect on the journey and acknowledge the progress made thus far.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

From Masala Chai’s comeback to Herbal Tea’s rise: Godrej Food Trends Report unveils emerging trends for International Tea Day!

SnackTeam

May 18, 2024

Tea, one of the world’s oldest and most cherished beverages, possesses an enduring charm that spans across cultures and generations. Celebrated annually on May 21st, International Tea Day is a global celebration of both tradition and innovation, uniting people through their shared love for this timeless drink. As the day approaches, tea enthusiasts worldwide gear up to honor this beloved beverage. Whether enjoying a soothing herbal infusion, a robust Masala Chai, or a refreshing tea-based fermented drink, there is something for every palate to celebrate on this special day.

To elevate your tea experience this year, the Godrej Food Trends Report 2024, curated by Godrej Vikhroli Cucina, offers invaluable insights into the latest trends shaping the tea industry. Compiled by over 190 thought leaders, including renowned celebrity chefs, influential bloggers, and expert nutritionists, this report serves as a comprehensive guide to savoring tea in innovative and delightful ways.

Emerging Tea Trends for International Tea Day:

Masala Chai and Its Variants: According to 73% of experts, Masala Chai is making a grand comeback, accompanied by an array of exciting variations. This beloved classic is poised to charm both traditionalists and adventurers, offering a delightful journey through a symphony of spiced flavors that evoke nostalgia while inviting exploration.

Continue Exploring: Dry spell dampens Darjeeling tea harvest, prices surge by 10-15%

Tea-Based Fermented Drinks: Well-being is taking center stage, with 64% of experts predicting a rise in tea-based fermented drinks. These gut-friendly beverages offer not only health benefits but also a unique and refreshing taste experience, making them popular among those seeking both wellness and flavor.

Herbal and Wellness Teas: With a focus on holistic well-being and tailored health objectives, the popularity of wellness teas is poised for a significant rise. As anticipated by 64% of experts, herbal teas are expected to thrive, presenting a diverse array of flavors and therapeutic advantages. Ideal for those seeking a delightful taste alongside holistic nourishment, these natural infusions offer a harmonious blend of flavor and wellness benefits.

Sustainable Packaging: The buzz around eco-friendliness is louder than ever, as 71% of experts stress the importance of sustainable packaging. This trend underscores an increasing environmental awareness and a move towards mindful consumption. Anticipate a surge in teas packaged using innovative, eco-conscious materials, showcasing a dedication to building a more sustainable tomorrow.

“Tea is more than a mere beverage; it serves as a cultural cornerstone, uniting individuals worldwide across generations and customs,” says Rushina Munshaw Ghildiyal, Managing Director of A Perfect Bite Consulting and Editor of the annual Godrej Food Trends Report.” “On International Tea Day, our report celebrates tea’s dynamic evolution, from the delightful revival of Masala Chai to the innovative rise of tea-based fermented beverages. By embracing sustainable packaging and the growing popularity of wellness teas, we not only honour tea’s diverse flavours and health benefits, but also reaffirm our collective commitment to a more mindful and interconnected world.

Continue Exploring: Commerce Ministry mandates auction route for dust tea sales in India

Amazon surpasses rivals as Gen Z’s top fashion destination in India, survey finds

SnackTeam

May 18, 2024

The e-commerce giant Amazon has emerged as the preferred online fashion platform for Gen Z (people born between 1995 and 2010) in India, surpassing other e-commerce sites, as per a recent poll on Hunch, a social discovery app.

Collectively, Amazon, Myntra, and Flipkart secure 58.1% of the votes from Gen Z. Among these, domestic platforms such as Myntra and Flipkart jointly hold 33.2% of the votes, while Amazon independently claims 24.9%.

Continue Exploring: Amazon launches ‘Bazaar’ to target price-conscious shoppers with unbranded fashion & home products

Factors such as the platform’s diverse fashion product offerings, competitive pricing, dependable delivery services, and intuitive interface are credited for this preference.

Traditional shopping venues like malls and department stores were favored by 35.5% of voters, while 6.5% found Instagram to be a convenient platform for purchasing fashion products.

Continue Exploring: Flipkart expands VIP subscription to eight new cities, intensifying competition with Amazon Prime

ONDC facilitates 7.22 Million transactions in April, onboards over 5 Lakh sellers

SnackTeam

May 18, 2024

The government-backed Open Network for Digital Commerce (ONDC) has facilitated 7.22 million transactions in April and onboarded over 5 lakh sellers, as reported by the Department for Promotion of Industry and Internal Trade (DPIIT).

Out of the 5 lakh sellers, more than 70 percent are small or medium-sized sellers.

Over 12 unicorns and more than 125 startups have committed to onboarding ONDC to date, as revealed during the ‘ONDC Startup Mahotsav’.

Continue Exploring: ONDC surpasses 7.1 Million orders milestone in February since inception last year

Rajesh Kumar Singh, Secretary of DPIIT, expressed, “The ONDC network has undergone significant growth and maturation in the past eighteen months, and today’s session underscores both DPIIT’s and the industry’s dedication to democratizing digital commerce in India.”

Around 5,000 startups participated in the event, utilizing a hybrid mode of engagement.

During the event, more than 125 stakeholders, including startups, unicorns, and high-growth businesses like EaseMyTrip, OfBusiness, Winzo, Livspace, GlobalBees, Pristyn Care, Cars24, Physics Wallah, PolicyBazaar, and Zerodha, signed a Letter of Intent (LoI).

T. Koshy, MD and CEO of ONDC, stated, “The ‘ONDC Startup Mahotsav’ signifies a crucial juncture in India’s digital evolution. Through nurturing collaboration and innovation within our ecosystem, we are enabling startups to reshape the dynamics of e-commerce.”

Since 2016, India has transformed into one of the foremost startup hubs, boasting over 1.3 lakh DPIIT-recognized startups, a significant leap from the approximately 300 startups back then.

Operating across more than 55 sectors, these startups are pioneering innovation in various domains and have generated over 1.3 million direct jobs in the country.

Continue Exploring: Govt-backed ONDC sees rapid adoption, CEO T. Koshy expects tenfold merchant growth in coming year

Oyo to resubmit IPO papers following $450 Million refinancing for Term Loan B

SnackTeam

May 18, 2024

Oyo, a SoftBank-backed hospitality and travel-tech firm, is reportedly preparing to refile the draft papers for its much-anticipated initial public offering (IPO) as the company finalizes its refinancing plans.

The firm aims to raise as much as $450 million by issuing dollar bonds, with JP Morgan poised to spearhead the refinancing endeavor. According to reports from the news agency PTI, the bonds are projected to bear an annual interest rate of 9-10%.

Continue Exploring: JP Morgan extends INR 200 Crore credit facility to fuel Oyo’s expansion

Oyo has already filed an application to retract its existing draft red herring prospectus (DRHP) with the markets regulator SEBI. The company intends to submit a revised version of the DRHP after finalizing its bond issuance.

“The refinancing process will lead to significant alterations in the company’s financial statements. Consequently, in accordance with current regulations, the company will be required to amend its submissions to the regulator,” stated a source quoted in the report.

Earlier, reports indicated that Oyo intended to raise as much as $450 million through dollar bonds to refinance its high-cost Term Loan B.

Continue Exploring: Oyo Hotels plans $450 Million bond sale for refinancing

Last year, Oyo repaid INR 1,620 crore (approximately $195 million) to buy back 30% of its outstanding Term Loan B (TLB). Nevertheless, approximately $465 million of the TLB remains outstanding.

The company took out the loan in 2021. As per the report, the refinancing will lengthen Oyo’s repayment timeline by five years. Initially, the company was expected to repay the remaining amount of the Term Loan B by 2026.

Term Loan B is a type of loan extended by financial institutions, commonly utilized by companies for diverse purposes such as acquisitions, recapitalizations, or refinancing existing debt.

Established in 2012 by Ritesh Agarwal, Oyo provides a range of accommodations including holiday homes, casino hotels, coworking spaces, budget hotels, and corporate stays. To date, the startup has amassed over $3.5 billion in funding, with investors including Peak XV Partners and Microsoft.

Earlier this year, CEO Agarwal announced that Oyo achieved a second consecutive profitable quarter in Q3 of the financial year 2023-24 (FY24), doubling its profit after tax to INR 30 crore.

Agarwal mentioned that Oyo experienced nearly a 10% year-on-year growth in revenue in Q3 FY24, alongside a 15% reduction in operating costs compared to the corresponding quarter of the previous year.

Last year, the startup submitted its draft red herring document (DRHP) for its initial public offering (IPO) through the confidential route. Additionally, it reduced the IPO size to $400 million to $600 million from the initial INR 8,430 crore ($1.2 billion) it intended to raise when it initially filed the DRHP in 2021.

Continue Exploring: OYO’s parent company Oravel Stays to unveil 13 self-operated upscale hotels under ‘Palette’ brand by year-end

Plain gold jewellery exports surge by 27.45% to $342.27 Million in April 2024

SnackTeam

May 18, 2024

The export of plain gold jewellery has seen a remarkable surge, climbing by 27.45% to reach USD 342.27 million in April 2024, compared to USD 268.56 million in the corresponding month of the previous year.

The collective exports of gems and jewellery experienced a decrease of 11.37% to USD 2074.85 million in April 2024 compared to the previous year. Despite this, the total export value of gold jewellery (both plain and adorned) showed a positive growth of 11.03%, reaching USD 718.34 million in April 2024, in contrast to USD 646.97 million during the corresponding period in the preceding year.

Continue Exploring: Indian diamond jewellery market set to soar, expected to reach US$ 17 Billion by 2031

Vipul Shah, the chairman of the Gem & Jewellery Export Promotion Council, emphasized the remarkable expansion of plain gold jewellery exports, particularly following the UAE CEPA. He underscored its enduring significance within the gem and jewellery sector. Anticipating additional advantages from the FTAs inked with the UAE, Australia, and EFTA, he foresees continued growth in the forthcoming years. Notably, in April 2024 alone, exports of plain gold jewellery surged by 27.45% to USD 342.27 million. Moreover, studded jewellery exports are displaying encouraging trends, nearly on par with last year’s April figures. Shah expressed optimism for the future, foreseeing growth in diamond and silver jewellery exports in the upcoming year.

Shah added, “We have developed a strong promotion plan, focusing on tapping into new markets, to further boost exports.” Furthermore, we are funding the general promotion of gold and diamond jewellery in association with the World Gold Council (WGC) and the Natural Diamond Council (NDC), respectively.

During April 2024, the overall export of studded gold jewellery witnessed a minor decrease of 0.62%, amounting to USD 376.06 million, in contrast to USD 378.41 million recorded in the corresponding month of the preceding year.

Continue Exploring: Bengaluru-based jewellery marketplace Eternz secures $1.15M pre-seed funding led by Kae Capital

Additional findings from the report indicate a drop in the total export value of cut & polished diamonds by 16.76% to USD 1154.8 million in April 2024, in comparison to USD 1387.38 million recorded in the same period of the previous year.

In April 2024, the total export of silver jewellery witnessed a notable decline of 32.98%, amounting to USD 43.63 million, compared to USD 65.11 million in the corresponding month of the previous year. Conversely, the gross export of platinum jewellery for April 2024 showed remarkable growth, soaring by 281.1% to USD 13.41 million, in contrast to USD 3.52 million in the same month of the preceding year.

Moreover, the total export of colored gemstones for April 2024 witnessed a decline of 35.39%, amounting to USD 24.8 million, compared to USD 38.38 million in the corresponding month of the previous year. Likewise, the gross export of Polished Lab Grown Diamonds for April 2024 experienced an 18.2% decrease, totaling USD 83.77 million, in contrast to USD 102.4 million in the same month of the previous year.

Continue Exploring: Titan’s CaratLane jewellery line to make US debut in FY25

IHCL to launch over 50 new hotels in next two years

SnackTeam

May 18, 2024

Indian Hotels Company Ltd (IHCL) is set to continue its expansion drive, with plans to open over 50 hotels across its various brands in the next couple of years. This ambitious growth is fueled by a strong pipeline of projects, supported by a promising demand outlook in the hospitality sector.

The company has surpassed the milestone of having a portfolio of over 300 hotels, encompassing all five brands – Taj, Vivanta, SeleQtions, Ginger, and Tree of Life. Currently, 218 hotels are operational, while approximately 92 hotels are in the pipeline for development. Puneet Chhatwal, MD & CEO of Indian Hotels Company Ltd, stated that last year they signed agreements for 53 hotels and opened 20 (excluding Tree of Life). This year, they aim to open at least 25 hotels, followed by a minimum of 30 hotels next year.

Continue Exploring: Hotel giants bet big on India: Radisson, Marriott, Hilton, IHG, and Wyndham compete in intense race for expansion

Chhatwal believes that despite facing temporary challenges, the hospitality industry’s upward cycle will endure for a considerable period, remaining robust and sustained.

The company, with a consolidated revenue of INR 6,952 crore, anticipates a capital expenditure of INR 2,500 crore over the forthcoming three years. This investment is aligned with its objective of deploying INR 3,500 crore for expansion between FY23 and FY25. Currently, it operates in over 130 cities across India.

The hotel supply is projected to expand at a compound annual growth rate (CAGR) of 8 percent over the upcoming three years, reaching approximately 2.41 lakh rooms by FY2027, compared to 1.88 lakh rooms in FY24. Around 60 percent of this supply is expected to be outside the top 10 destinations.

“Due to the increasing number of travelers, there’s a robust demand for hotel rooms, yet the supply is limited, resulting in higher occupancy rates. Increased occupancy enables higher pricing, consequently boosting profits. As profitability rises, so does reinvestment in the business,” he explained.

IHCL also intends to launch its latest brand – a reimagined rendition of Gateway, which will serve as a full-service hotel offering in the upscale segment. The introduction of this brand will kick off with 15 hotels, and the portfolio is anticipated to expand to 100 by 2030.

Continue Exploring: IHCL expands partnership with CG Hospitality, sets sights on 25 hotels in Indian sub-continent by 2025

1...477478479...1,397 Page 478 of 1,397

NewsHub

Emerging Tea Trends for International Tea Day: