The international business constitutes 26 percent and has been consistently achieving a robust growth rate over the past three to four years.
“We are confident in sustaining double-digit constant currency growth in international markets. Additionally, we’re expanding our presence in the Middle East, North Africa, and South Africa markets. While we may consider strategic acquisitions in certain South Asian markets from an M&A perspective, we firmly believe in the potential for healthy growth within our existing business,” stated Pawan Agrawal, CFO of Marico Limited.
In 2022, Marico South-East Asia Corporation, a subsidiary of the Mumbai-based company, acquired full ownership of Beauty X, a company in Vietnam holding female personal care brands such as Purité de Prôvence and Ôliv, for INR 172 crore.
As per reports, the company is planning to expand its international business and grow its product portfolio for the Middle East and North Africa regions (MENA).
Marico Ltd recorded a 5.29 percent rise in its consolidated net profit for the quarter ended in March, reaching INR 318 crore compared to INR 302 crore in the corresponding quarter of the previous year. This marks a 16.9 percent decline from the net profit of INR 383 crore reported in the December quarter. Additionally, revenue from operations increased by 1.69 percent to INR 2,278 crore during the quarter, compared to INR 2,240 crore in the same quarter last year.
The company’s international business saw a 10 percent constant currency growth, driven by an 8 percent constant currency growth in Bangladesh. Meanwhile, the MENA region maintained strong growth momentum, achieving a 19 percent constant currency growth.
Saugata Gupta, MD & CEO of Marico Ltd, stated, “The expansion of our businesses in MENA and South Africa has significantly bolstered the growth framework of our international operations. We are committed to achieving robust revenue-driven earnings growth in the near and medium term, supported by the continually improving operating environment.”
McDonald’s will introduce a requirement for its US franchisees to contribute to a new digital marketing fund from 2025 onwards, as reported by CNBC. This move aims to bolster its digital business.
Outlined in a memo by McDonald’s US customer experience officer Tariq Hassan and chief information officer Whitney McGinnis, this strategic maneuver aims to modernize the company’s marketing strategies and enhance its competitive advantage.
The corporation intends to make substantial investments in enhancing its loyalty program and implementing additional ordering channels, such as web-based orders, eliminating the need for an app.
This investment aligns with McDonald’s strategy to revamp its marketing approach and uphold its competitive edge.
With loyalty program members driving over $6 billion in global sales in the first quarter of 2024, McDonald’s, boasting 34 million active digital customers in the US, aims to broaden its digital customer base.
The company’s goal is to achieve 100 million members in its loyalty program by 2027.
According to the memo from the fast-food giant, franchisees are advised to designate funds for the new digital marketing initiative from their current marketing budget, requiring a minimum expenditure of 4% of total sales.
This transition is expected to lead to a decreased emphasis on traditional marketing approaches like TV advertising, in favor of digital strategies that have a more direct impact on sales.
Beginning in 2025, US operators will need to allocate 1.2% of anticipated digital sales, including activities like loyalty program logins or delivery orders, to the fund.
Annually, this rate will be revised based on sales projections at the start of each year.
The implementation of the digital marketing fund is expected to increase cash flow for each US McDonald’s restaurant by around $2,600 starting in 2025, as the costs of digital investment will shift from franchisee profit and loss statements to the marketing budget.
Franchisees in the UK, Canada, Australia, and Germany will also participate in contributing to the fund, with other McDonald’s markets expected to join at a later time.
In the first quarter of 2024, the company disclosed a net income of $1.93 billion, marking a 7.04% rise from $1.8 billion the previous year. Its revenues also surged by nearly 5% to $6.16 billion from $5.89 billion in the first quarter of 2023.
Krispy Kreme, the renowned American doughnut and coffeehouse chain, has reported a net loss of $6.7 million for the first quarter (Q1) of 2024, a significant downturn from the $1.6 million net income recorded in Q1 2023.
However, the company experienced a 5.7% growth in net revenues, reaching $442.7 million in the quarter, up from $419 million.
The US market’s contribution to total revenues stood at $296 million, marking a 5.2% increase from the $281.3 million reported in Q1 2023.
International revenues surged by 11.4% to $124.7 million, compared to $112 million from the previous year.
In Q1 2024, the company’s operating income amounted to $11.9 million, reflecting a decrease of 20.3% from the $14.9 million reported in Q1 2023.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 6% year-on-year to $58.2 million.
CEO Josh Charlesworth of Krispy Kreme remarked, “Our first-quarter performance surpassed our expectations, propelled by heightened digital sales and robust consumer demand. This was particularly evident during Valentine’s Day, where specialty doughnuts were available in 33 countries worldwide, setting a new record.”
“Our initiative to enhance the global availability of fresh Krispy Kreme doughnuts is yielding remarkable outcomes. We are revolutionizing the production and distribution of doughnuts to ensure sustained, high-quality, and profitable growth. The expansion of our fresh daily delivery service is gaining momentum, reaching more grocery stores, convenience stores, and quick-service restaurants.”
“We are thrilled about our newly announced partnership with McDonald’s, which by the end of 2026 is anticipated to have more than 12,000 additional points of access in the US. Much of this countrywide deployment will be supported by our current capacity, and as we expand, we’ll add distribution through other significant clients.
Krispy Kreme has also released its financial outlook for 2024. The company anticipates net revenue growth to range between 5% and 7%, with adjusted EBITDA growth estimated to be between 8% and 11%.
Adjusted diluted earnings per share (EPS) are projected to fall within the range of $0.27 to $0.31, while capital expenditures are expected to constitute 7% to 8% of net revenue.
Gordon Ramsay and Fox Entertainment have collaborated to introduce Bite, a dynamic brand blending food and entertainment, showcasing culinary delights, lifestyle content, and an array of products.
Established through the partnership between Fox Entertainment and Studio Ramsay Global, a Gordon Ramsay production endeavor, Bite emerges as a platform delivering tantalizing culinary content. It also provides advertisers and brand partners with an extensive opportunity to connect with Ramsay and Fox’s expansive audience, boasting over 100 million fervent food enthusiasts.
“Bite is a dynamic amalgamation of my almost two decades-long partnership with Fox, combining all the adventures, thrills, rivalry, and individuality we’ve developed together under this unique, original culinary and lifestyle endeavour,” Ramsay said. “With a captivating array of series, captivating food stories, and endless online content that viewers everywhere will eat up, this fresh venture will cater to every flavour of food fan!”
Additionally, Bite unveils its inaugural consumer products collaboration with premier cookware brand HexClad. In a pioneering move marked by a strategic partnership and investment, HexClad assumes the role of an official sponsor across various Fox and Studio Ramsay Global-owned food content globally.
The brand’s digital and social content hub, Bite Digital Network, is home to several original series. These include Ramsay’s new digital culinary competition series, Idiot Sandwich, which is inspired by the chef’s viral meme; Next Level Kitchen, which is a digital companion series to Next Level Chef; and the new Bite Digital Originals banner, which showcases a roster of next-generation culinary creators and personalities, including Next Level Chef stars Tineke “Tini” Younger (Season 2) and the recently announced Season 3 champion Gabi Chappel.
Fox Entertainment CEO Rob Wade said “To food enthusiasts worldwide, the Bite kitchen is open. With Gordon and his team at Studio Ramsay Global assembling all the necessary components, there’s simply nobody better to serve up this vibrant, authentic feast of food-themed entertainment and experiences.” We are confident that viewers will love exploring and relishing every Bite as the most exciting, all-inclusive one-stop culinary destination in the world.
In the upcoming months, Bite is poised to broaden its influence across publishing, consumer goods, live events, immersive experiences, as well as apps and online platforms, as per Ramsay and Fox.
One of the insiders stated, “he upcoming funding round will be spearheaded by Elevation Capital, with continued participation from Nexus Venture Partners, an existing investor.”
The terms of the deal have been finalized, and the funding round will be closed soon, added the sources. However, the exact amount of capital the startup will be raising in this round couldn’t be ascertained.
According to the sources, the D2C startup plans to utilize the new funds for expanding its team and product portfolio, as well as increasing its inventory, among other purposes. Comet currently maintains a workforce of 10-20 employees.
The startup is also strategizing to initiate the opening of offline retail stores by early next year.
Established in 2022 by former Hotstar executive Utkarsh Gupta and ex-Urban Company executive Dishant Daryani, Comet was officially launched in 2023.
At present, the startup offers sneakers catering to both genders within the price bracket of INR 4,000 to INR 4,500. Additionally, it retails slides and shoe laces. Its primary sales channel is currently its own website.
Earlier, Comet had secured seed funding from Nexus Venture Partners.
Additionally, the startup collaborated with multidisciplinary artist Shantanu Hazarika earlier this year to release limited edition sneakers.
Apart from Comet, the Indian homegrown sneaker market boasts several startups such as 7-10, Neemans, and Rare Rabbit. However, Comet competes directly with brands like Puma, considering its price range.
Meanwhile, Elevation Capital’s portfolio also includes well-known D2C brands like The Souled Store, Sugar Cosmetics, and Bliss Club.
It’s worth noting that the past few years have witnessed the rise of numerous D2C brands across various sectors in the country. Moreover, these brands are garnering significant interest from investors.
Central to all these developments is the swiftly expanding D2C market. As per a report, D2C stands out as one of the fastest-growing subsectors within the ecommerce domain. Projections indicate that the country’s D2C market is set to achieve a remarkable CAGR of 19%, surpassing $400 billion by 2030.
The Courtyard by Marriott Aravali Resort is embracing #BusinessNotasUsual, rolling out exclusive offers tailored for its esteemed corporate clients. Meanwhile, the Four Seasons Mumbai is vying to become the ultimate choice for business travelers. They’re unveiling a meticulously curated business traveler package that promises to exceed expectations. This deluxe offer includes complimentary sparkling wines upon arrival and indulgent half-hour spa treatments, ensuring a stay that goes above and beyond.
Travel and hospitality companies have noted distinct changes in the preferences of India’s modern business travelers, extending far beyond basic hotel stays. There’s a noticeable surge in the desire for tailored amenities and services, a trend that companies are actively addressing.
Satyajeet Krishnan, the Area Director of Operations and General Manager at Taj Mahal Hotel, New Delhi, noted a substantial increase in business travel, both individual and group, compared to the previous year. The hotel has tailored offers for lawyers and diplomats in transition, alongside a focus on food and beverage, including express lunches and group dining specials.
Nitesh Gandhi, the General Manager of Four Seasons in Mumbai, highlighted a growing demand from corporate clients seeking to host evening events for their partners. In response, the hotel has introduced Cocktail Hours at Modernist for select companies. Gandhi emphasized their commitment to meeting the needs of busy executives with a tailored ‘Business Travelers Package,’ designed for a seamless and efficient stay. This package includes amenities such as airport transfers, laundry service, spa treatments, and more, aiming to enhance productivity during meetings and promote relaxation afterward. Additionally, the hotel is collaborating with large corporations to customize offerings to suit the specific requirements of their top-level executives who choose Four Seasons for their stays.
At Courtyard by Marriott Aravali Resort, guests have the opportunity to double their Marriott Bonvoy Points, unlock complimentary room nights, and secure upgrades at a ratio of 1:10.
Harsh Mahajan, the Director of Sales and Marketing at the property, added that guests can also enjoy a 10% discount on banquet bottle rates and complimentary usage of the conference venue. He extended an invitation to guests to make the most of the ongoing campaign, #BusinessNotAsUsual, tailored to elevate their experience.
In addition to F&B activities like culinary, mixology, and wine masterclasses, The Ritz-Carlton, Bengaluru, is extending invitations to its corporate guests to partake in experiences such as the Mashaal lighting ceremony ritual and the Yakshagana traditional dance. General Manager George Kuruvilla Bennet mentioned, “Guests can also enjoy a sensory art walk featuring 1,200 art installations, offering a distinctive and culturally enriching experience.” Furthermore, customized offers have been tailored for business travelers, catering to their specific needs. These offerings include laundry services, complimentary drinks at the rooftop bar – BANG – and hotel credits that can be utilized for various services.
Indiver Rastogi, President and Group Head of Global Business Travel at Thomas Cook (India) and SOTC, emphasized the specific demands of business travelers, which include location preferences and amenities such as gym, spa, wellness facilities, concierge services, access to the club and business lounge, among others. He noted, “The hotel expenditures for our corporate segment have seen a significant surge, exceeding 25% compared to pre-pandemic times.” Although the average stay remains between 2 to 3 nights, there’s been an uptick in bookings for longer-term accommodations spanning a week, fortnight, and beyond.
Rajeev Kale, Country Head for Holidays, MICE, and Visa at Thomas Cook (India), highlighted that food plays a crucial role in the decision-making process for Indian corporates. He noted that mega groups often request hotels to either employ in-house Indian chefs or permit chefs specially flown from India to operate in their kitchens.
The Spices Board has issued detailed guidelines for exporters to mitigate the risk of ethylene oxide (EtO) contamination in products exported from India. This move comes in response to quality concerns raised by certain countries regarding these goods. As per the guidelines, exporters must refrain from employing EtO as a sterilizing/fumigating agent or for any other purpose in spices. Additionally, they are required to ensure that EtO is not utilized by transporters, storage facilities, warehouses, or suppliers of packaging materials at any stage of the process.
Exporters are mandated to implement sufficient measures to guarantee the absence of ethylene oxide (EtO) and its by-products in spices and spice products across the entire supply chain.
They will additionally recognize this chemical as a hazard and integrate crucial control points to deter ethylene oxide (EtO) in their Hazard Analysis Critical Control Points and Food Safety Plan within their Food Safety Management System.
Exporters are required to conduct EtO contamination tests on raw materials, processing aids, packing materials, and final goods. The nine-page instructions stated that exporters must conduct a root cause analysis, put in place the necessary preventative control measures to stop future recurrence, and keep such records in the case that EtO is detected at any point in the supply chain.
They are advised to employ alternative sterilization methods such as steam sterilization, irradiation, and other techniques sanctioned by the food regulator FSSAI.
These guidelines were issued following the ban imposed by Hong Kong and Singapore on the sale of popular brands MDH and Everest due to the discovery of the carcinogenic chemical ethylene oxide in their products. Consequently, a mandatory recall from shelves was initiated.
It further stated that the establishment shall not accept spices, herbs, and their source plants known to harbor microbial contaminants that cannot be reduced to acceptable levels through regular processing procedures, sorting, or preparation.
It said that raw materials will be thoroughly examined, cleaned if necessary, and sorted before processing. “Special measures will be taken to turn down herbs exhibiting signs of pest damage as well as mould growth, so as to eradicate the potential hazard of mycotoxins such as aflatoxins,” it noted.
It urged the implementation of effective measures to prevent cross-contamination of spices and herbs through direct or indirect contact with potentially contaminated materials at every stage of processing.
Raw materials posing potential hazards should be processed in dedicated rooms or areas physically distinct from those where end-products are prepared or stored.
During the packaging phase, the guidelines recommend the use of non-porous bags/containers to safeguard spices and herbs from contamination, moisture, and infestation by insects and rodents.
“It is advised to utilize new bags or containers for food contact packaging that are in satisfactory condition. Spices and herbs, such as dried chili peppers, should not be sprayed with water to prevent breakage during packing, as this could lead to the growth of molds and microbial pathogens,” it further stated.
Additionally, for transportation, it emphasized that before bulk transport, products must be dried to a safe moisture level to inhibit the growth of mold and pathogens. Furthermore, vehicles designated for transportation should be clean, dry, odor-free, and devoid of infestation, ensuring prevention of cross-contamination from previously transported products.
It also recommended that during transportation, measures should be taken to prevent exposure to water/moisture and to ensure that pests or debris do not contaminate the commodity.
Spices rapidly absorb moisture if the bags become wet, leading to a significant rise in moisture content.
For products requiring extended transportation durations, temperature and humidity levels should be monitored using calibrated instruments, as necessary.
During 2023-24, India’s spice exports amounted to USD 4.25 billion, representing a 12 percent share of global spice exports.
With USD 1.3 billion in exports, chilli powder was the most popular spice from India. Cumin came in second with USD 550 million, turmeric with USD 220 million, cardamom with USD 130 million, mixed spices with USD 110 million, & spice oils and oleoresins with USD 1 billion.
Other significant exports included asafoetida, saffron, anise, nutmeg, mace, clove, and cinnamon.
In 2023, the global spice trade amounted to USD 35 billion. China emerged as the leading exporter, with exports reaching USD 8 billion during the same period.
According to data from the economic think tank GTRI, the leading exports include chili powder (USD 2.4 billion), ginger, turmeric (USD 2.2 billion), fresh and dried garlic (USD 1.6 billion), coriander, and cumin seeds (USD 800 million).
The fashion brand Powerlook is aiming to achieve a gross merchandise value (GMV) of INR 300 crore in the current financial year, marking a growth of over two times compared to the previous year, as stated by a senior official of the company. Powerlook, known for its presence on major ecommerce platforms such as Myntra and Flipkart, reported a GMV of INR 130 crore in the preceding financial year.
GMV denotes the aggregate worth of products or merchandise sold within a specific timeframe via a platform facilitating customer-to-customer transactions.
Additionally, the brand maintains a strong presence in the offline market, generating significant operating revenue.
According to Raghav Pawar, Co-Founder of Powerlook, the brand’s primary focus lies in ensuring customer satisfaction and timely delivery of products.
He further emphasized, “Through our dedication to providing top-notch products and tailored shopping experiences, we consistently strive to surpass the expectations of our customers.”
Pawar stated that the men’s fashion brand sustained a growth rate of 35-40 percent quarter-on-quarter throughout the previous year. It experienced a 30 percent increase in both sales and revenue on a quarterly basis.
Pawar attributed Powerlook’s growth to targeted marketing campaigns, strategic partnerships with well-known influencers, and an adaptable pricing strategy along with a strong customer retention policy.
The brand has utilized social media platforms like Instagram and Facebook to interact with its audience and establish a formidable online presence.
Konkan, renowned for its exquisite mangoes, is equally celebrated for its sprawling cashew orchards. However, the influx of subpar cashew imports from Tanzania, Mozambique, and Ghana has resulted in a decline in cashew prices within the region.
Cashew growers anticipated favorable prices for their produce due to a decrease in production. However, despite this decline, cashew prices remained unchanged, largely due to imports from Africa.
One producer mentioned that traders tend to buy them at a lower price and sell them at a higher price. “We find ourselves in a dilemma, caught between imported cashews on one side and local sellers on the other.”
As per the National Council of Applied Economic Research, Maharashtra accounts for one-third of the country’s total cashew production, with 60% of it originating from Ratnagiri and Sindhudurg districts. However, this year, only 30% of cashews were produced in Konkan since the cashew season commenced in January, as the weather was less cold in November and December. Rishikesh Paranjape, managing director at Paranjape Agro Products India Pvt., noted that this climatic variation significantly impacted cashew production.
A merchant pointed out that African nations produce half of the world’s cashews, with Vietnam leading in production. Although Konkan cashews boast excellent quality, they fall short of competing with the global market due to a lack of visibility, he noted.
Paranjape stated that African cashews are currently priced at INR 90 per kg, whereas those produced in India cost INR 110 per kg. This price differential has impacted cashew growers in Konkan.
The merchant mentioned that Vietnam exported cashews valued at 2.7 billion dollars, while India exported 339 million dollars’ worth. With significant drops in cashew prices, producers in Konkan are advocating for a guaranteed price.
Relaxo Footwears has reported a 3 percent decline in net profit for the March quarter to INR 61.39 crore, as against INR 63.3 crore in the year-ago period. According to a regulatory filing, the company’s revenue from operations declined to INR 747.21 crore from INR 764.94 crore in the corresponding quarter of the previous year.
In the full financial year 2023-24, its net profit surged to INR 200.47 crore, up from INR 154.47 crore in the preceding fiscal year.
According to the regulatory filing, its total expenses decreased to INR 669.98 crore in the January-March period, down from INR 683.85 crore a year ago.
On Thursday, Relaxo Footwears’ stock closed at INR 843.45, marking a 0.19 percent decline compared to its previous close on the BSE.
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