Barista Coffee, a homegrown coffee chain, has launched its largest café in the country in Srinagar.
Spanning more than 4,000 square feet, the latest establishment sits adjacent to Dal Lake, marking the fifth Barista Diner venue in the city. With seating for over 100 patrons, it offers ample space for coffee lovers to relax and enjoy.
Rajat Agrawal, CEO of Barista Coffee, said, “We’re excited to introduce the opening of Barista Diner, our latest and most expansive café situated at Dal Lake, Srinagar. Nestled in a prime spot with breathtaking views of The Dal, and offering exceptional culinary delights, we believe Barista Diner at Dal Lake will quickly establish itself as a favored destination for both locals and tourists exploring Kashmir.”
Barista Diner stands as the premier establishment among Barista’s locations, with presence in Noida, Gurgaon, Chandigarh, and Kapurthala.
Established in 2000, Barista Coffee Company Ltd has expanded its presence beyond India to include Sri Lanka and the Maldives.
In April, India’s palm oil imports surged by 34.11% year-on-year, reaching 684,000 tonnes, buoyed by a decline in global prices, as per the Solvent Extractors’ Association of India (SEA). This accounted for 52% of India’s total edible oil imports of 1,304,409 tonnes in April, with sunflower and soybean oils contributing 620,315 tonnes, according to the trade body’s statement.
When considering non-edible oils, the overall import of vegetable oils in April saw a notable increase of 26%, totaling 1,318,528 tonnes compared to 1,050,189 tonnes a year earlier.
The Solvent Extractors’ Association of India (SEA) mentioned that subdued global prices prompted increased imports of refined, bleached, and deodorized (RBD) palmolein and crude palm oil (CPO), with a decrease of nearly USD 100 per tonne noted last month.
It further added that soybean oil prices experienced a global decline of USD 40 per tonne, whereas the sunflower oil rate saw a comparatively smaller drop of just USD 15 per tonne over the past month.
Regarding palm oils, imports of RBD palmolein rose to 124,228 tonnes compared to 112,248 tonnes during the same period last year.
Shipments of CPO (crude palm oil) surged by 36% to reach 536,248 tonnes, up from 393,856 tonnes, while imports of crude palm kernel oil experienced a remarkable nearly 6-fold increase, soaring to 23,618 tonnes from 3,990 tonnes.
In the category of soft oils, imports of soybean oil witnessed a surge to 385,514 tonnes from 262,455 tonnes, while inflows of sunflower oil slightly decreased to 234,801 tonnes from 249,122 tonnes.
SEA reported that as of May 1, India’s edible oil stockpiles amounted to 2.245 million tonnes.
India stands as the largest importer of edible oil globally. Indonesia and Malaysia serve as the primary sources of RBD palmolein and CPO, while soybean oil originates from Argentina and Brazil, and sunflower oil from Russia, Romania, and Ukraine.
Fashion label Beyoung has announced its entry into physical retailing with its first store, as part of its plan to open 300 outlets within the next three years.
Thus far, the brand has secured a substantial portion of the online market in tier 2-4 cities. It aims to bolster its omnichannel presence by extending its reach across both online and offline platforms. Shivam Soni, the Founder of Beyoung, expressed, “This marks a significant stride in our offline expansion journey within tier 2, 3, and 4 cities. We eagerly anticipate delivering quality products to numerous additional cities and expanding our product categories in the upcoming year.” Beyoung, which inaugurated its debut store in Bhilwara, Rajasthan, is poised for further growth.
Established by Shivam Soni, Shivani Soni, Sakshi Soni, and Shankar Mali in 2018 in Udaipur, Rajasthan, Beyoung currently boasts a Gross Merchandise Value (GMV) of INR 200 crore. The brand has set its sights on reaching a GMV of INR 650 crore within the next three years.
India, the world’s second-most populous country, presents an enticing market for apparel brands, particularly as younger demographics show growing enthusiasm for western fashion trends. Notably, within the apparel sector, prominent brands like H&M and Puma derive more than 40-50% of their revenues from online sales, highlighting a heightened preference for e-commerce channels following the pandemic.
Experts predict that by 2027, the fashion and lifestyle e-commerce sector will burgeon into a $35-40 billion market. Within the Direct-to-Consumer (D2C) segment alone, there exists an addressable market of at least $15-20 billion, they suggest.
As Direct-to-Consumer (D2C) brands progress and broaden their reach, the fusion of online and offline channels becomes a strategic necessity. This integration facilitates increased consumer interaction and broader market access.
At the Phygital Retail Convention held in Mumbai, Mandar Dandekar, Partner at Sorin Investments, remarked, “Seven years ago, numerous brands operated solely or primarily online, but to achieve significant growth, they must adopt an omnichannel approach.”
Driven by approximately 200 million digital shoppers in the country, India’s Direct-to-Consumer (D2C) market is poised for exponential growth, projected to reach a size of $100 billion by 2025, following significant expansion in recent years.
Numerous malls are now embracing Direct-to-Consumer (D2C) brands, inviting them to showcase their products across their outlets. This shift comes as established brands in these segments transition offline following their online success. India currently hosts over 100 thriving D2C brands.
India plans to expedite the utilization of artificial intelligence (AI) within the food processing sector, officials announced on Wednesday. This initiative aims to enhance efficiency, increase farmers’ incomes, and reduce environmental impact.
During a conference convened by the National Institute of Food Technology Entrepreneurship and Management (NIFTEM) to explore the integration of frontier technologies in the sector, senior bureaucrats and government advisors emphasized the necessity for a strategic roadmap to implement AI tools. They highlighted that despite being in a nascent stage, these tools hold immense potential within India’s expansive food processing industry.
“We, as an industry, must develop a roadmap. The MEITY secretary has expressed commitment to this cause. I am confident that his involvement will greatly bolster our efforts,” stated Anita Praveen, the Food Processing Secretary, in reference to the secretary of the Ministry of Electronics and Information Technology (MEITY).
S. Krishnan, the Secretary of MEITY, advocated for broader integration of AI, noting that while some progress had been made in agriculture, the food processing sector was still in its nascent stages regarding the adoption of such technologies.
Ramesh Chand, a member of NITI Aayog, highlighted that effective food processing practices are “climate-smart,” as they contribute to increased farmer incomes, consumer satisfaction, and environmental sustainability, especially in the face of growing challenges posed by climate change.
He proposed leveraging AI to create user-friendly, portable devices for assessing the quality of agricultural produce, which he deemed as potentially providing significant benefits to the nation. Chand urged consideration of small-scale devices for evaluating produce quality, emphasizing that without such tools, the focus remains primarily on quantity over quality.
The officials highlighted that AI tools have the potential to enhance the overall efficiency of the sector, aligning with India’s goal to achieve net zero emissions by 2070.
Lightbox Jewelry, the wholly-owned lab-grown diamond jewelry brand by De Beers Group, has announced a permanent price reduction, lowering its Standard range of lab-grown diamonds to as low as $500 per carat from the previous price of $800 per carat.
After months of testing lower prices and conducting research in the lab-grown diamond jewelry sector, Lightbox Jewelry is implementing a price reduction. The brand will now offer three distinct price points: $500 per carat for IJ color stones, $600 per carat for GH color stones, and $900 per carat for the highest quality stones of DEF color, down from $1,500 per carat. Each stone comes with a guaranteed minimum ‘very good’ cut and VS clarity, with DEF stones featuring an ‘excellent’ cut.
Sandrine Conseiller, CEO of De Beers Brands, expressed, “The wholesale prices of lab-grown diamonds in the jewelry sector are steadily decreasing, and we’re glad to extend these savings to our customers. These reduced prices will maintain the brand’s competitiveness in this rapidly changing sector, while ensuring the continued provision of high-quality lab-grown diamonds manufactured with 100% renewable energy. Lightbox has consistently upheld linear pricing, aligning with the linear production costs, and has remained transparent about the nature of lab-grown diamonds – and equally importantly, what they are not.”
“Consumers are becoming more aware that natural and lab-grown diamonds are fundamentally different items as a result of the rapid price gap between them at retail. Currently, a Lightbox lab-grown diamond of the greatest quality, weighing two carats, costs around 10% less than a comparable-sized, natural diamond of the same quality. This pricing trend confirms our long-held belief that fashion jewellery will present the biggest market for lab-grown stones because lower price points will allow for inventive and vibrant designs like the pink and blue Lightbox stones. Since labgrown diamonds do not have the same lasting value as natural diamonds, we think it is crucial that jewellery buyers recognise that labgrown diamonds are a separate product category.”
Armani Exchange (A|X), the renowned Italian fashion brand, has unveiled its latest store in Bengaluru, situated within the Phoenix Mall of Asia, as confirmed by a post from a mall representative on social media.
“Inaugurating its newest outlet at Phoenix Mall of Asia, Armani Exchange brings forth the epitome of fashion,” stated Shailja Ruia, Senior General Manager of Leasing at The Phoenix Mills Ltd., in a recent LinkedIn update.
Armani Exchange caters to a broad demographic, ranging from late teens to those in their mid-thirties, providing trendy streetwear clothing and accessories designed for both men and women.
Established in 1991, Armani Exchange represents Giorgio Armani’s mass-market sub-brand, appealing to the fashion-savvy demographic. Upon its inception, A|X absorbed elements from both the Armani Jeans and Armani Collezioni lines. With a presence in over 31 countries and online, its products are easily accessible to consumers worldwide.
In October 2016, Armani Exchange debuted its inaugural store in India at the Select Citywalk Mall located in New Delhi. The brand’s entry into the Indian market was facilitated through a collaboration with Reliance Brands Ltd. (RBL), a subsidiary of Reliance Industries Ltd., led by billionaire Mukesh Ambani.
Presently, Armani Exchange boasts a network of more than 26 stores across various cities in India, including Hyderabad, Kolkata, Bengaluru, New Delhi, Indore, Ahmedabad, Dehradun, Pune, Mumbai, Chennai, and Kochi.
Throughout its history, RBL has introduced numerous international brands to India, featuring names such as Bottega Veneta, Giorgio Armani, Balenciaga, Boss, and Zegna, among others.
Reliance has been in discussions with the Milan-based luxury company to introduce its acclaimed Armani/Caffè to India since 2020. The café chain is set to mark its Indian debut at Reliance’s Jio World Plaza in the coming months. The shopping center has allocated approximately 1,000 square feet for this upscale café.
On Wednesday, the food safety regulator of New Zealand announced that it’s probing potential contamination in spice products from prominent Indian brands MDH and Everest, following scrutiny in other nations.
After Hong Kong suspended sales of three MDH spice blends and one from Everest last month due to high levels of the cancer-causing pesticide ethylene oxide, the United States and Australia initiated investigations into contamination. Singapore also mandated a recall of the Everest spice mix.
New Zealand Food Safety, in a statement to Reuters, acknowledged being informed about the recalls conducted overseas.
Jenny Bishop, the acting deputy director general of the regulator, stated, “Ethylene oxide, a known carcinogen, has been phased out for food sterilization in New Zealand and various other countries. Since MDH and Everest spices are sold in New Zealand as well, we are actively investigating this matter.”
MDH and Everest did not provide comments in response to requests. However, they have previously stated that their products are safe for consumption.
Following global scrutiny, regulatory authorities in India have inspected MDH and Everest plants and sent samples for testing. However, the results have not been released to the public as of now.
MDH and Everest have been well-known household brands in India for decades. Additionally, their products are exported to various regions including the United States, Europe, Southeast Asia, the Middle East, and Australia.
An analysis of U.S. Food and Drug Administration data has revealed that since 2021, MDH has experienced an average rejection rate of 14.5% for its shipments to the United States due to the presence of salmonella bacteria.
The company noted that rural markets continued to show encouraging signs of demand recovery, outpacing urban areas in growth.
The filing mentioned that the company maintained its investment in brand building, with advertising spending increasing by 18% in the fourth quarter compared to the same period in the previous year.
Colgate-Palmolive (India) reported a robust growth in its Profit After Tax (PAT) for the fiscal year ended March 31st. The figure surged by 26.4% year-on-year, reaching INR 1,323.7 crore, compared to INR 1,047.1 crore in the preceding year.
It added that in FY24, there was an 8.8% increase in net sales, amounting to INR 5,644.2 crore, compared to INR 5,187.9 crore in FY23.
The company achieved a domestic growth rate of 9.5%, driven by double-digit growth in the toothpaste category.
It stated that its robust performance in FY24 stemmed from the successful execution of strategic objectives. These included accelerating growth in the core portfolio, enhancing premium offerings through science-based innovation, stimulating growth in the toothbrush category, and expanding into the personal care sector.
“Looking at it from a geographical perspective, our rural segment has outpaced urban growth, and we’re maintaining strong performance in modern trade and e-commerce platforms,” remarked Prabha Narasimhan, Managing Director & CEO of Colgate-Palmolive (India).
Regarding the outlook, Narasimhan expressed optimism, stating, “In the upcoming year, we anticipate market recovery, further enhancement of our already robust brand, and the introduction of innovative products, including the pioneering ‘Tooth Whitening Booster’ in our ‘Visible White’ range.”
The board of the company has announced a second interim dividend of INR 26 per share with a face value of INR 1 each.
Furthermore, the board has authorized a one-time special interim dividend of INR 10 per share to acknowledge the “outstanding performance” for the fiscal year 2023-24. As per the filing, the total dividend payout to shareholders will amount to INR 979.2 crore.
AbCoffee, a Mumbai-based tech-enabled coffee restaurant chain, has launched a new coffee counter, as announced by a senior company official in a social media post.
The latest coffee outlet is situated in the ground floor Lobby of Max Life Insurance, situated in Udyog Vihar, Sector 18, Gurugram.
“We are excited to unveil our 38th deck across the country, marking our 12th in the vibrant hub of Delhi NCR. Our latest AbCoffee deck is primed to concoct aromatic delights and offer scrumptious bakes to delight our guests. Let’s spread the message and keep brewing happiness together,” stated Anuj Rohila, Project Assistant Manager at AbCoffee, in a LinkedIn post.
This marks the brand’s 12th point of sale in Delhi-NCR and its 38th nationwide.
Radico Khaitan Ltd, a liquor manufacturer, has reported a 26.43% rise in consolidated net profit, reaching INR 53.91 crore for the quarter ending March 2024. According to regulatory filings, this marks a significant increase from the INR 42.64 crore consolidated net profit reported in the corresponding quarter a year ago.
The consolidated revenue from operations for the reviewed quarter amounted to INR 3,894.64 crore, surpassing the INR 3,375.36 crore recorded in the corresponding period of the previous year.
During the fourth quarter, the overall volume of Indian-made foreign liquor (IMFL) stood at 7.16 million cases, marking a slight decrease of 1.2 percent. Conversely, the volume of prestige and above brands reached 2.92 million cases, exhibiting a notable increase of 14.2 percent, according to the company’s report.
Total expenses rose to INR 3,820.3 crore from INR 3,325.37 crore in the same period last fiscal year.
As per the filing, the consolidated net profit for the fiscal year ending on March 31, 2024, surged to INR 262.17 crore from INR 220.35 crore in the preceding fiscal year.
In the fiscal year 2024, the consolidated revenue from operations totaled INR 15,483.88 crore, marking an increase from INR 12,743.91 crore in the fiscal year 2023.
The total volume of Indian Made Foreign Liquor (IMFL) for the year was 28.73 million cases, representing an increase of 1.7 percent. Moreover, the volume of prestige and above brands reached 11.26 million cases, demonstrating a growth of 20.3 percent, as reported by the company.
“For us, the fiscal year 2024 has been a year of consolidation. Despite a challenging socioeconomic climate, we achieved strong operational performance throughout the year,” according to Lalit Khaitan, chairman and managing director of Radico Khaitan.
Regarding the outlook, he commented, “With increasing affluence, low per-capita consumption levels, and a notable premiumization trend, we hold confidence in the mid-to-long-term prospects of the Indian alcobev sector.”
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