In this agreement, RBI is obtaining all remaining shares of Carrols, not currently owned by the company or its affiliates, at $9.55 per share in cash, totaling a valuation of Carrols at around $1.0 billion.
By acquiring the largest Burger King franchisee in the United States, RBI expands its portfolio in line with the “Reclaim the Flame” strategy. As stated earlier, RBI intends to inject an extra $500 million to expedite the refurbishment of more than 600 Carrols eateries. Once the renovations are complete, RBI aims to transfer ownership of most acquired establishments to new or current smaller franchisees within the next seven years.
For the acquisition’s financing, RBI subsidiaries obtained a modification to their current credit arrangement, boosting their borrowing limit by $700 million to reach $5.9 billion in total. These funds, combined with existing cash reserves, facilitated the completion of the acquisition, encompassing the settlement of Carrols’ credit arrangement and the redemption of its outstanding debt.
Radico Khaitan Limited, a leading IMFL company, has achieved a remarkable milestone with its flagship brand, Magic Moments Vodka. In the fiscal year 2024, the brand exceeded expectations by selling over 6 million cases, totaling sales worth INR 1000 Crores. This achievement signifies a substantial growth for Magic Moments Vodka compared to the previous fiscal year’s sales of 5.2 million cases.
Since Radico Khaitan introduced Magic Moments Vodka into the premium category in 2006, it has swiftly become a favorite among consumers, firmly establishing itself as India’s premier vodka brand and the 7th largest globally until last year. With forthcoming rankings, it is poised to climb higher this year. Currently commanding a nationwide market share of 60%, the brand has witnessed an impressive 21% volume growth compared to the previous year, a testament to its strong appeal and consumer preference. Magic Moments Vodka’s success can be attributed to its ability to captivate consumers with its smooth and refined flavor, coupled with innovative marketing strategies, resulting in unprecedented sales figures.
Expanding its range of spirits, Magic Moments made a splash with the recent introduction of Pink Vodka and the Holi Hai Edition towards the close of the financial year. The enthusiastic response from consumers underscores the brand’s keen market insight, making substantial contributions to its overall sales. Magic Moments Vodka offers a wide range of products in both the Semi-Premium and Premium Vodka categories, including Magic Moments Remix, Verve, and Dazzle. Additionally, the brand offers a selection of ready-to-drink vodka-based cocktails, catering to the diverse palate preferences of its consumers.
Moreover, favorable word-of-mouth endorsements have bolstered the brand’s reputation and widespread acclaim. Given that newcomers to the liquor scene frequently seek recommendations, Magic Moments Vodka’s well-established name and exceptional quality have positioned it as a top choice for first-time liquor consumers, thereby playing a crucial role in its sustained success within the vodka market.
Abhishek Khaitan, the Managing Director of Radico Khaitan, expressed his enthusiasm, stating, “This milestone is a testament to Radico Khaitan’s unwavering dedication to delivering excellence to our consumers, as well as the relentless efforts of the Magic Moments team. It’s more than just a celebration for our brand or the company; it’s a tribute to the remarkable support and loyalty of our consumers. Their trust and backing have elevated Magic Moments Vodka to become a household name in India’s liquor industry, crafting memorable experiences for consumers across the nation.”
He further commented, “Throughout the years, Magic Moments Vodka has shown unwavering commitment as the country’s premier vodka brand, constantly innovating with new products, implementing strategic and relevant marketing campaigns, and cultivating a mutual passion for music, all to provide captivating consumer experiences.”
As temperatures rise across the country, everyone is wondering: how can we beat the heat KFC India has the perfect solution: four uniquely refreshing beverages that not only beat the heat but krush it! These icy cold drinks are a must-try this scorching summer.
Cool off with the classic Krush Lime, the perfect blend of Indian masala and lemony zest.
For those who enjoy minty flavors, try the Virgin Mojito, a refreshing mix of lemon, muddled mint, and chilled soda.
Next on the summer beverages menu is the Masala Pepsi, a spicy twist on the cult classic. Finally, there’s the Mountain Dew Mojito, a tangy blend of mint and lime topped with refreshing Mountain Dew.
Starting at just INR 59, KFC’s new range of refreshing summer drinks is the perfect way to beat the heat.
Beat the heat at a nearby KFC restaurant and sample all four beverages through dine-in or takeaway.
Indian authorities have engaged with top spice brands Everest and MDH, which have faced bans in Singapore and Hong Kong due to the detection of ethylene oxide. Inspections of their manufacturing facilities have been conducted, and recommendations for corrective actions have been made. “We have held three consultations with the industry,” a senior official noted, emphasizing the industry’s earnest approach in addressing the issue and ensuring compliance with maximum residue limits. It was noted that certain export samples failed to meet standards in the aforementioned countries, prompting the recommendation of corrective actions based on these findings.
“We are ensuring that supply chain issues are addressed so that those products can be traced to countries, and country-specific guidelines are met with,” said the official. They emphasised that the testing, storage, transportation, and production of spices were all covered by the inspections. All spices exported to Hong Kong as well as Singapore must now undergo an ETO test, according to a statement made earlier this month by the Spices Board of India, the main organisation in charge of spice exports. In 2022, the ministry also required ETO testing for spices going to European markets. In addition, the board has released extensive guidelines that cover this matter and include alternate sterilisation techniques like irradiation and steam sterilisation.
The guidelines also outline standards for packaging, transportation, sample handling, and testing. Non-compliance with ETO regulations by Everest and MDH in Singapore and Hong Kong resulted in the recall and ban of certain batches of their products from these markets.
Hong Kong prohibits the presence of ETO in its food products, while Singapore maintains a limit of 50 parts per million. In the EU, the allowable limit ranges from 0.02 to 0.1 mg per kg. The American Spice Trade Association has acknowledged that ETO is permitted for use in spices. According to US regulations, 7 ppm of ETO and 940 ppm of 2-chloroethanol (2-CE) are allowed. “There is a lack of standardization in ethylene oxide limits or testing protocols globally,” added another official.
Yousta, Reliance Retail‘s youth-focused fashion brand, has launched its first store in North India, situated in Prayagraj at SP Marg, Civil Lines. This significant expansion was highlighted by the presence of Bollywood actor Rajkumar Rao, who inaugurated the store, bringing a touch of celebrity to the event.
At the launch event, Rajkumar Rao delved into the extensive collection, appreciating the stylish and budget-friendly fashion choices offered by Yousta. His presence emphasized Yousta’s commitment to providing trendy yet affordable clothing tailored for fashion-forward youth.
Since its establishment in August 2023, Yousta has swiftly expanded its presence across India, establishing stores in Maharashtra, Telangana, Chhattisgarh, Kerala, Tamil Nadu, Jharkhand, West Bengal, and now Uttar Pradesh. Yousta’s goal is to captivate young shoppers with a broad array of complete outfits, unisex apparel, character-themed merchandise, and weekly fashion additions featured in its “Starring Now” collection. These offerings are priced below INR 999, with the majority of items available for under INR 499.
The fresh outlet in Prayagraj boasts a contemporary, technology-integrated shopping ambiance, equipped with self-checkout stations and charging points, guaranteeing a smooth shopping journey for customers. Yousta places a strong emphasis on community involvement and environmental consciousness. By partnering with local non-profit groups, the store encourages patrons to contribute old garments, aligning with their dedication to community welfare and eco-friendly practices.
Pizza Hut has appointed Kalen Thornton as its global chief brand officer. Thornton will join the company, reporting to Pizza Hut Division Chief Executive Officer, Aaron Powell, effective June 10.
Taking on this position, Thornton will spearhead Pizza Hut’s worldwide brand strategy, directing marketing efforts across 110 markets and territories. Additionally, Thornton will steer the brand towards a fresh era of significance, leveraging strategic and compelling customer engagements both offline and online. This entails ensuring Pizza Hut’s enduring status as a cultural emblem remains intact.
In his previous role, Thornton served as vice president of sports and entertainment marketing at PepsiCo North America. Leading partnerships and fostering brand affinity across sports and entertainment properties, he utilized media, content, and activation investments to drive growth for the beverage portfolio. Within PepsiCo, Thornton also assumed the role of Chief Marketing Officer of Gatorade. Prior to his tenure in the beverage industry, Thornton held various marketing leadership positions at the Nike and Jordan brands over nearly ten years, where he played a key role in implementing transformative brand initiatives.
“He is an innovator and an established leader who knows exactly how to deliver memorable moments for customers,” Powell stated. “Kaleen is the ideal leader to help us connect with a new generation through a shared love of pizza, as she has a proven track record of building renowned international businesses. His joining our team to help us advance Pizza Hut makes me very happy.”
“I strongly believe that ingenuity community, as well as culture are strong catalysts for bringing people together,” Thornton stated. The opportunity to contribute to Pizza Hut’s illustrious history as a company that transcends boundaries fills me with great pride. I’m excited to contribute to the legendary brand’s continued relevance and growth.”
GST authorities are developing a framework to address taxation and registration concerns pertaining to shared warehouses operated by e-commerce firms, an official said. These warehouses serve as storage spaces for goods from multiple suppliers, thereby presenting unique challenges for taxation and registration.
The taxation quandary concerning warehouses has surfaced due to multiple suppliers geo-tagging the same warehouse as their ‘additional place of business’ under Goods and Services Tax (GST) regulations.
The official stated, “We are exploring the feasibility of implementing a ‘shared workplace’ or ‘coworking space’ concept for warehouses managed by e-commerce companies, where goods from multiple suppliers are stored.”
According to Goods and Services Tax (GST) regulations, suppliers to an e-commerce platform can store their goods at a shared warehouse. Nevertheless, these suppliers are mandated to include the warehouse as an additional place of business in their GST registration.
The official explained that when multiple taxpayers register at a single warehouse, the geo-tag displays the same address for all. This alerts tax officers to the possibility of fraudulent registration, as it suggests numerous taxpayers operating from a single location.
Another concern is that the warehouse, where multiple suppliers store their goods, should not bear responsibility for the default of a single supplier. Furthermore, the official added, there is a risk that tax officers could link such liabilities to the e-commerce operators themselves, potentially impacting their businesses.
Earlier this month, Central and state GST officers convened to discuss the registration of warehouses managed by e-commerce companies.
“The concept is currently under discussion. The feasibility of implementing a shared workplace model for e-commerce warehouses will be deliberated upon by the law committee, and subsequently presented to the GST Council,” stated the official.
The law committee within the GST Council consists of officers from both central and state tax departments.
Rajat Mohan, Executive Director at Moore Singhi, noted that the evolution of e-commerce has compelled numerous companies to operate shared warehouses, catering to multiple suppliers, with some facilities accommodating thousands of suppliers.
Recently, GST authorities introduced geo-tagging, mandating taxpayers to furnish geo-tags for all registered premises. This enables tax officers to precisely locate the registered taxpayers’ premises.
Mohan emphasized that a situation where multiple taxpayers share the same address could result in unwarranted scrutiny for both the taxpayers and the companies overseeing these warehouses. This poses a substantial challenge that requires resolution at the industry level.
He suggested that GST authorities ought to contemplate establishing a mechanism to distinguish warehouses separately and train tax systems to prevent merging the tax payment record of these facilities with those of the registered suppliers therein.
Mohan added that an enhanced tax system should allow geotags to clearly distinguish between warehouses and individual taxpayers. This distinction would enable tax officers to conduct more precise risk assessments and reduce undue harassment.
The International Society for Krishna Consciousness (ISKCON) has teamed up with the indigenous logistics platform Shiprocket to distribute the Prasad to devotees and seekers nationwide.
T. Koshy, MD and CEO of ONDC, an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), commented, “The presence of ISKCON’s ‘Maha Prasad’ on the ONDC network exemplifies the evolving digital commerce landscape, blending sacred traditions with contemporary convenience.”
Shiprocket has affirmed its commitment to providing a seamless and dependable delivery service, ensuring that devotees receive the Maha Prasad with the same reverence and sanctity experienced at ISKCON temples worldwide.
“In the realm of material perception, ‘Prasadam’ serves as both sustenance and remedy, silently leading us towards inner peace and contentment,” expressed Gauranga Das from ISKCON.
“The network advises to visit the Paytm and Mystore buyer apps on ONDC to place an order for Maha Prasad,” stated the network.
Established on December 31, 2021, ONDC has devised a facilitative model aimed at revolutionizing digital commerce, significantly enhancing the penetration of retail e-commerce throughout India.
During April, ONDC successfully facilitated 7.22 million transactions and onboarded over 5 lakh sellers.
Avantra by Trends, an ethnic wear brand under the vast umbrella of Reliance Retail, has inaugurated its 73rd retail outlet in Hyderabad, marking another milestone in its nationwide expansion, as announced by a company official on social media.
Situated at Aparna Neo Mall, Nallagandla, the recently unveiled store represents the seventh establishment of the brand in Hyderabad and the tenth within Telangana.
“Incredibly excited to unveil Avantra’s grand debut at Aparna Neo Mall, Nallagandla, Hyderabad. We’re committed to delivering an unparalleled shopping journey,” shared Sudhir Dnyanval, Head of Business Development at Avantra by Trends, in a post on LinkedIn.
The brand provides a wide array of products, encompassing sarees, lehengas, blouses, kurtas, dress materials, bridal collections, traditional jewelry, and accessories.
The retailer opened its 72nd store three months ago at LuLu Mall Thiruvananthapuram, Kerala, following the launch of its 71st store at Phoenix Marketcity Mall, Kurla West, Mumbai.
Reliance Retail introduced Avantra by Trends in September 2021, establishing it as an exclusive concept store for sarees and women’s ethnic wear in Bengaluru.
Presently, the company operates in more than nine states, spanning Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, Kerala, Odisha, West Bengal, Assam, and Uttar Pradesh.
Established in 2006, Reliance Retail is an Indian retail company and a subsidiary of Reliance Industries. It offers a diverse range of products including food, grocery, jewelry, apparel, footwear, toys, home improvement items, electronics, and agricultural implements under different sub-brands. Together with other subsidiaries and affiliates of Reliance Retail Ventures Ltd (RRVL), it runs an integrated omni-channel network comprising over 18,836 stores.
The company possesses and manages fashion and lifestyle labels such as Reliance Trends, Trends Footwear, Reliance Jewels, Azorte, Centro, Fashion Factory, Yousta, and Ajio.
Ethnix by Raymond, a brand specializing in ethnic wear, is on a trajectory for rapid expansion, aiming to significantly boost its retail presence to 250 stores across India by the end of the fiscal year 2024-25, as stated by a senior company official.
Bidyut Bhanjdeo, the Chief Business Officer of Ethnix by Raymond, mentioned that the ethnic wear brand is targeting the launch of more than 130 stores this fiscal year. Their emphasis lies on regions with a dense presence of ethnic wear consumer brands, especially in tier 2 and 3 cities, constituting approximately 85 percent of the market.
During the previous fiscal year, the company opened 56 stores, bringing the total to 114 as of March 31st, 2024, according to a regulatory filing. Looking ahead, the main strategy for expanding the retail store network is through an asset-light franchise model.
Bhanjdeo mentioned that currently, approximately 20 percent of the stores are company-owned and company-operated, requiring significant capital expenditure. The rest are franchise-operated.
In discussing the brand’s investment strategies, he highlighted marketing, expanding the footprint, technology, and team building as the key pillars of the company’s investment focus.
He shared, “Our focus this year will be on significantly increasing investments in marketing campaigns. Cinema, being a significant medium for us, allows us to showcase brand ads on 700 screens across India.” Ethnix is also directing investments towards attracting young talent and improving its technology infrastructure.
Within the ethnic wear category, Ethnix by Raymond mostly serves the mainstream luxury market. Bhanjdeo stated that although the company intends to grow, there are no urgent plans to enter the women’s division in the next three to four years. Instead, strengthening the men’s segment and expanding into smaller markets continue to be the major priorities.
The ethnic wear market is undergoing a transition from being largely unorganized to becoming more organized.
Approximately 65% of the market is currently engaged in unorganised business activities. Nonetheless, a 15% increase in the organised sector’s share is predicted. While Ethnix’s share in this market is still in the single digits, organised companies are expected to capture half of the market by 2027, according to Bhanjdeo.
Although digital penetration in the ethnic wear segment lags behind offline sales due to the product’s nature, Ethnix maintains a strong omnichannel presence. “We’ve established a significant digital footprint through partnerships with influencers,” Bhanjdeo elaborated. Nonetheless, the core business remains centered around physical stores, with the digital strategy primarily focused on brand building rather than direct sales.
Ethnix by Raymond is aiming to double its sales every 2-3 years, with a vision of eventually running 450 stores, subject to market conditions and the impact of inflation. “Our aspiration is to sustain growth and secure a greater market share in the organized ethnic wear segment,” Bhanjdeo concluded.
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