Sainsbury’s, the renowned supermarket chain, has entered into a five-year strategic partnership with Microsoft to harness AI in enhancing both customer and colleague experiences.
This partnership will bolster and accelerate Sainsbury’s Next Level strategy, geared towards achieving more robust shareholder returns.
Combining the retailer’s datasets with Microsoft’s AI and machine learning (ML) capabilities is anticipated to streamline store operations, enhance efficiency for colleagues, and provide customers with more effective service.
Store associates will also gain from real-time data and insights, enabling smarter shelf replenishment processes.
Utilizing AI to integrate diverse data inputs like shelf-edge cameras, store associates will be guided to areas requiring restocking.
This not only saves time but also allows colleagues to dedicate more time to customer service.
Microsoft Azure will underpin all these advancements within Sainsbury’s cloud ecosystem.
Clodagh Moriarty, Sainsbury’s Chief Retail and Technology Officer, stated, “Partnering with Microsoft will expedite our goal of becoming the UK’s premier AI-enabled grocer.”
“This collaboration stands as one of the crucial avenues through which we’re investing in transforming our capabilities over the course of the next 3 years, allowing us to make major advances in productivity and efficiency, maintain our commitment to exemplary customer service, and generate returns for our shareholders.”
In March, Sainsbury’s unveiled plans to streamline its operations, leading to an estimated reduction of 1,500 jobs.
Burberry, the renowned luxury fashion brand, saw its profits dwindle by 44% to £271 million ($342 million) in the fiscal year 2024 (FY24), down from £492 million in FY23.
In FY24, the retailer experienced a significant 40% drop in its profit before taxation (PBT), falling to £383 million from £634 million in FY23.
The retailer saw a 36% decrease in its reported operating profit, dropping to £418 million in FY24 from £657 million the previous year. Additionally, its adjusted reported operating profit fell by 34% to £418 million at the reported rate in FY24, down from £634 million in FY23.
For the period ending on March 30, 2024, Burberry disclosed revenue of £2.96 billion, marking a 4% decline at the reported rate compared to £3.09 billion in FY23.
Comparable store sales for the fiscal year experienced a 1% decrease, characterized by a robust 10% rise in the first half, which was mitigated by an 8% decline in the latter half.
In FY24, the retailer’s basic earnings per share (EPS) stood at 74.1 pence, while the diluted EPS was 73.9 pence. This contrasts with FY23 figures of 126.9 pence for basic EPS and 126.3 pence for diluted EPS.
During the latest fiscal year, more than half of Burberry’s stores were either newly opened or refurbished, strengthening its distribution network.
As of March 30, 2024, Burberry operated 422 directly managed stores alongside 33 franchise stores.
Jonathan Akeroyd, Burberry’s CEO, remarked, “Navigating our strategy amid a slowdown in luxury demand has posed challenges. Despite our FY24 financial results falling short of initial projections, we’ve advanced in reshaping our brand identity, refining our product offerings, and enhancing distribution, all while implementing operational enhancements.”
“We’re leveraging insights gained over the past year to refine our strategy, while remaining adaptable to external circumstances. We maintain confidence in our approach to unlock Burberry’s potential as a contemporary British luxury brand and in our capability to navigate this phase successfully.”
Based on foreign exchange rates as of April 25, 2024, Burberry forecasts a currency headwind of £30 million to revenue and £20 million to adjusted operating profit in FY25.
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.
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.
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 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.”
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.”
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.”
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.”
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.
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.
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.
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.
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.
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%.
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.
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.
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%.
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.
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.
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