D2C luggage brand ICON secures $1.2M seed funding led by DSG Consumer Partners

May 7, 2024

Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, Co-Founders, ICON

ICON, a D2C luggage and travel accessories startup, has secured $1.2 million (around INR 10 crore) in seed funding. Led by DSG Consumer Partners, with participation from a group of angel investors, this funding marks a significant milestone for the company.

The startup plans to utilize the funding for expanding its product line, growing its team, and strengthening its distribution network.

Established in 2023 by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, ICON operates as an internet-first direct-to-consumer brand. It serves the mass premium segment within the luggage and travel accessories industry, offering a diverse product range including hard luggage, backpacks, and handbags.

Speaking about the ecosystem and its growth prospects, cofounder and CEO Patel remarked, “The rise in consumer spending on lifestyle, rising per capita income, and the uptick in both business and leisure travel are among the several factors propelling this consumption category.”

Continue Exploring: D2C luggage brand Mokobara secures $12 million in funding from Peak XV Partners, existing investors

Similar to its counterparts in the industry, ICON seeks to seize the opportunities presented by the post-pandemic surge in travel and tourism. It asserts that this sector is set for robust growth, projecting a range of 12%–15% in fiscal year 2025, while the Indian luggage market is estimated to reach a market size of INR 20,000 crore.

Hariharan Premkumar, MD and Head of India at DSG Consumer Partners, stated, “By 2030, India is poised to rank as the world’s fourth-largest spender in travel. Both domestic and international tourism are expected to experience significant growth in the forthcoming decades. The escalating demand for stylish, practical, aspirational products remains largely unmet.”

Continue Exploring: India set to become a major manufacturing hub for global luggage giant Delsey Paris

As a newcomer in the luggage and travel accessories sector, ICON contends not only with emerging brands like Nasher Miles, Mokobara, Acefour, and Wildcraft, but also with established global players such as VIP, American Tourister, Safari, and others.

Investors have demonstrated significant interest in both sectors. Safari, one of ICON’s competitors, recently secured $27 million in funding from Lighthouse Canton. Additionally, in February, Mokobara secured $12 million in funding led by Peak XV Ventures.

Continue Exploring: Safari Industries raises INR 229 Crore in funding from Lighthouse’s AIF, eyes expansion in Indian luggage market

Athleticwear brand New Balance opens first Mumbai store with Cricket star Pat Cummins

SnackTeam

May 7, 2024

New Balance (NB), the renowned global athleticwear brand, inaugurated its first store in Mumbai, India, marking a significant step in its strategic expansion plans for the country.

Located on Linking Road, the new store showcases a distinctive retail concept aimed at nurturing a lively community hub for its customers.

At the heart of the store’s design is a central seating area, fostering an inviting ambiance where patrons can engage, exchange experiences, and find inspiration. This emphasis on community resonates with NB’s fundamental principles, prioritizing a comprehensive perspective on health and wellness that transcends mere physical activity.

Cricket sensation Pat Cummins, a steadfast athlete with New Balance, played an integral role in the launch festivities. Cummins engaged with the press, interacted with enthusiasts, and joined in a friendly match, reinforcing the brand’s dedication to forging connections with its loyal customer community.

Continue Exploring: Athleisure brand Edrio opens first offline store in Amritsar

Radeshwer Davar, Country Manager for New Balance India, expressed excitement about reaching this significant milestone, stating, “We’re thrilled to inaugurate our first store in Mumbai, located on Linking Road, alongside one of the world’s premier athletes, Pat Cummins. At New Balance, we envision ourselves at the crossroads of Sports and Culture, and Mumbai epitomizes this fusion, making it an ideal fit for our expansion journey in India. We believe that New Balance will not only serve as a destination for those seeking the latest in fashion and performance footwear but also as a hub for community engagement and inspiration. We extend our gratitude to Pat Cummins for his integral role in our brand’s launch in India, and we warmly invite the people of Mumbai to experience New Balance firsthand.”

Pat Cummins, Australian Cricket Star and Ambassador for New Balance, shared his enthusiasm for joining the launch festivities of New Balance’s Mumbai store, stating, “I’m delighted to be part of the celebration surrounding the opening of New Balance’s Mumbai store. It’s thrilling to witness New Balance’s expansion in India, a development that should energize all sports enthusiasts. Our shared commitment to leveraging the power of sports to effect positive change in the world has been the cornerstone of our enduring partnership. I extend my best wishes to the New Balance team here, confident that the brand will ignite the aspirations of the next generation of sports talent in India.”

The launch in Mumbai represents a strategic step forward for the sports apparel manufacturer in the Indian market. The brand’s dedication to delivering an exceptional retail experience serves not only fashion-conscious consumers but also serious athletes in search of top-tier performance equipment.

Established in 1906, New Balance stands as a premier brand in athletic footwear and apparel. Renowned for its emphasis on comfort and quality, especially evident in its running shoes, NB also boasts a diverse selection of athletic apparel and fashionable sneakers.

In the current Indian Premier League (IPL) 2024 season, the Cummins-led Sunrisers Hyderabad (SRH) have secured the fourth position on the points table. The Orange Army is prepared for a pivotal match against the Mumbai Indians (MI) tonight at the Wankhede Stadium.

Continue Exploring: Agilitas Sports steps into consumer market with acquisition of Lotto brand license, aims for 2025 debut

Hershey India marks entry into value-molded chocolate sub-segment with Choco Delights launch

SnackTeam

May 7, 2024

Hershey India Pvt Ltd, a prominent global snacking and confectionery company, has unveiled Choco Delights—a delectable milk chocolate bar with a delightful crunch. This introduction bolsters the company’s chocolate range in India and signifies its entry into the value-molded chocolate sub-segment.

“Hershey’s Choco Delights uniquely offers a fusion of smooth, melt-in-your-mouth chocolate and crunchy delights, providing the classic ‘chocolatey’ experience at an affordable price. It underscores our dedication to enhancing our chocolate selection in India and pioneering innovation to engage a wide range of consumers. With this debut, we aspire to establish a substantial presence in the thriving chocolate market, addressing various occasions cherished by chocolate aficionados,” remarked Luigi Mirri, General Manager of Hershey India and APAC, during the launch.

Continue Exploring: Britannia eyes diversification into chocolates, salty snacks, and fresh dairy through joint ventures, unveils aggressive growth strategy

Hershey’s Choco Delights addresses the growing demand for unique snacking experiences, accessible at reasonable price points. Crafted with the evolving snacking preferences of Gen Z, Millennials, and value-conscious consumers in mind, this product is curated to meet diverse demands in the snacking landscape.

The introduction of Choco Delights by Hershey’s marks a noteworthy achievement for the company, signaling its endeavor to broaden the brand’s influence in the chocolate segment within the country. Building upon prior successes with variants such as Hershey’s Kisses, Hershey’s Exotic Dark, Hershey’s Bars, and Hershey’s Choco Tubes, this launch further solidifies Hershey’s commitment to offering diverse and appealing chocolate options to its customers.

Continue Exploring: Chocolate giants Hershey and Cadbury plan price hikes as cocoa prices skyrocket

THSC successfully concludes track 2 of IndiaSkills 2024 Hospitality Competitions

SnackTeam

May 7, 2024

IndiaSkills 2024 Hospitality Competition

The Tourism & Hospitality Skill Council (THSC) is delighted to announce the successful completion of Track 2 in the IndiaSkills 2024 Hospitality Competitions, held from April 27th to May 1st, 2024.

This significant event is an essential part of the Ministry of Skill Development & Entrepreneurship’s IndiaSkills 2023-24 program, conducted in collaboration with the National Skill Development Council (NSDC). IndiaSkills 2024 serves as a crucial stepping stone to the prestigious WorldSkills competition, often referred to as the “Olympics of Skills.”

After undergoing a thorough selection process, which involved assessments based on multiple-choice questions and practical competitions, eight finalists emerged from a talent pool of 194 individuals. These finalists vied for victory in five primary hospitality skill categories: Bakery, Cooking, Restaurant Services, Hotel Reception, and Patisserie & Confectionery.

Continue Exploring: THSC to host IndiaSkills 2024 Hospitality Competitions in Delhi, spotlighting emerging talent

Rajan Bahadur, CEO of THSC, exuded profound pride on behalf of the organization for hosting this event. “Experiencing the outstanding talent our nation harbors has been truly uplifting,” he commented. “On behalf of the Tourism and Hospitality Skill Council, we offer sincere congratulations to every participant for their exceptional displays during the competitions. Their dedication, resilience, and fair play have truly stood out, and we are immensely proud.”

In order to showcase the talents of these professionals, competitions were organized at various venues in New Delhi. The Institute of Bakery and Culinary Arts oversaw Cooking, Bakery, and Patisserie & Confectionery, while Hotel Saket 27 facilitated Hotel Reception and Restaurant Service skills. These competitions rigorously followed Occupational Standards in each skill area. Participants demonstrated their skills with fervor and commitment, leaving a memorable mark on the judges.

THSC aims to utilize the IndiaSkills platform to foster the growth and cultivation of the upcoming generation of hospitality professionals in India.

Continue Exploring: Ajeenkya DY Patil University brings Young Chef Young Waiter Competition 2024 to India, fostering next-gen hospitality stars

Marico sets sights on doubling foods portfolio by FY27

SnackTeam

May 7, 2024

Marico Limited aims to double the size of its foods portfolio by FY27. Additionally, it anticipates that the domestic revenue share from both its foods and personal care segments will increase from approximately 20 percent to 25 percent within the same timeframe.

The foods division witnessed a remarkable 24 percent year-on-year (YoY) growth in value, concluding the year at nearly four times its scale in FY20.

The FMCG company also targets “continuous enhancements in profitability” as its various segments, such as Foods and Digital-First, expand and become increasingly significant.

“In pursuit of this objective, targeted initiatives have resulted in a substantial Gross Margin expansion of approximately 800 basis points in the Foods portfolio in FY24 alone,” stated its quarterly update.

Continue Exploring: Marico’s consolidated PAT surges 5% YoY to INR 320 Crore in Q4 FY24

The company reported a 5 percent year-on-year (YoY) increase in its consolidated net profit for the March quarter, reaching INR 320 crore. This compares to INR 305 crore in the same period of the previous fiscal year.

Sequentially, it decreased by 17% compared to the INR 386 crore posted by the company in Q3FY24.

Saffola Oats, a key brand within Marico’s Foods portfolio, continued to dominate the market, retaining its position as a leader in its category.

During the quarter, Marico announced a strategic move to enhance its flavored Oats range by introducing four gourmet-style flavors.

Continue Exploring: Marico’s Saffola introduces four exciting gourmet flavors to its oats range, catering to diverse palates and preferences

Marico’s other brands, such as True Elements and Plix, have also maintained strong growth momentum, making a positive contribution to the company’s overall performance.

The company is confident in achieving a Compound Annual Growth Rate (CAGR) of over 20 percent in the foods category “following successful initiatives aimed at refining supply chain and go-to-market strategies during FY24.”

Marico’s MD & CEO, Saugata Gupta, stated, “In our domestic business, we anticipate a steady enhancement in growth trajectory within core categories through continuous efforts to boost GT channel partner profitability and a transformative expansion in direct reach via Project SETU, while concurrently pushing for the profitable expansion of our Foods and Digital-first brands.”

Continue Exploring: Marico’s digital-first brands on track to achieve ‘meaningful profitability’ by 2027, CEO Saugata Gupta sets ambitious goal

FMCG firms eye volume growth rebound in FY25 with hopes pinned on lower inflation, favorable monsoon

SnackTeam

May 7, 2024

After experiencing sluggish volume growth over the past two years, FMCG companies are now squarely focused on achieving volume growth recovery for FY25. They’re pinning their hopes on a reduced inflationary environment, favorable monsoon forecasts, and a promising rabi crop to drive higher volume growth. Companies such as Britannia Industries, Nestle India, Dabur India, and Parle Products have stated that they are looking to bolster volume growth this fiscal year.

On Monday, during an investor call, Britannia Industries’ management articulated their aim for “double-digit volume growth in FY25” following the elections and monsoon season, according to an analyst report from Nuvama Institutional Equities.

Mayank Shah, Vice-President of Parle Products, explained, “During FY23, FMCG companies grappled with high-base effects in the post-Covid era, impacting volumes. In FY24, challenges such as unprecedented inflationary pressures, particularly driven by edible oils, and erratic monsoons resulted in sluggish volume growth. To manage this inflation, FMCG companies had to implement multiple price hikes. Now, with a more stable inflationary environment, favorable rabi crop conditions, and positive monsoon forecasts, most major FMCG companies are targeting increased volume growth.”

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

He noted that companies have been prioritizing price reductions and increasing promotional efforts in an attempt to boost volumes.

“Numerous major FMCG companies, including ours, which experienced low single-digit volume growth in FY24, are targeting an average volume growth in the range of 9-12 percent,” Shah added.

Last week, Suresh Narayanan, CMD of Nestle India, stated, “Our company’s strategy has been centered around penetration. Therefore, my primary aim is to significantly increase volume growth swiftly, without lingering on value growth.” The leading packaged food company achieved a 4-5 percent volume growth in the March quarter. Narayanan mentioned the company’s anticipation of stable commodity prices for items like edible oils and wheat. Although facing considerable inflationary pressures concerning cocoa and coffee, the company is endeavoring to minimize the necessity for price hikes.

During an earnings call on Friday, Dabur India CEO Mohit Malhotra stated, “Strong volume growth is essential for our growth trajectory. We are targeting a mid to high single-digit volume growth. We anticipate that our growth for this fiscal year will primarily be driven by volume expansion.”

Continue Exploring: Good monsoon, improved macro indicators to drive consumer demand for FMCG products

Wildcraft eyes growth with INR 80 Crore investment in new warehouse facility

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SnackTeam

May 7, 2024

Wildcraft, an indigenous brand specializing in adventure and outdoor products, has allocated INR 80 crore to establish a warehouse in Sira, Karnataka, spanning over 3.5 lakh square feet, according to Gaurav Dublish, Co-Founder of Wildcraft.

In the coming 18-36 months, the brand aims to invest an additional INR 40 crore to enhance its production capacity adjacent to this warehouse facility.

“The funding for the greenfield warehouse came from internal accruals and available debt lines. By July, we plan to merge our four current warehouses, each spanning 1.5 to 2 lakh square feet, into the new facility, which boasts an area of 3 to 3.5 lakh square feet,” he stated.

“After achieving stability, we will initiate the second phase of the project. Once established, the project is expected to create job opportunities for approximately 5,000 individuals. This will also position us favorably for the next 5-10 years,” he elaborated.

Continue Exploring: Safari Industries raises INR 229 Crore in funding from Lighthouse’s AIF, eyes expansion in Indian luggage market

Currently, the brand’s production capacity is 5 million units, and it is operating at maximum capacity.

“We foresee the demand increasing to 10 million units within the next 2-3 years,” he clarified.

The brand features its own R&D lab and production unit, established in 2008. At present, 75 percent of its offerings are manufactured at its production facility, with 20 percent sourced domestically and the remaining 5 percent imported.

At present, the brand has a product lineup of 1,300 items spanning three categories: clothing, footwear, and accessories.

“Currently, accessories account for 50-60 percent of the revenue, followed by clothing at 30 percent, with footwear making up the remainder,” he stated.

“Up until 2018, 70-75 percent of our revenue came from accessories,” he added.

With its current network of 220 stores, the brand aims to inaugurate an additional 50 stores this fiscal year.

“Currently, we manage 160 company-owned, company-operated stores alongside 60 franchise stores. In the previous fiscal year, we launched 40 new stores. This fiscal, we intend to allocate INR 25 crore to bolster our offline retail footprint,” he elaborated.

“Of the 50 stores slated for opening this fiscal year, we will directly operate 35, while the remaining 15 will be managed by franchise partners,” he further explained.

The brand aims to achieve a total of 350 stores by the year 2026.

Currently, one-third of the brand’s stores are located in malls, while the remaining two-thirds are situated on high streets.

Continue Exploring: D2C luggage brand Mokobara secures $12 million in funding from Peak XV Partners, existing investors

“Our exclusive retail channels generate 25 percent of the brand’s revenue, online purchases account for 20 percent, and distribution channels contribute the remaining 50 percent,” he noted.

The brand is present in 7,500 retail outlets across 600 cities and is supported by a network of 140 distributors.

When questioned about the brand’s revenue growth, he responded, “As a privately held company, we do not disclose specific revenue figures. Nevertheless, over the past 10-11 years, the brand has maintained a growth rate of 25 percent CAGR with positive EBITDA.”

BAT to stay off ITC Hotels’ board amid demerger plans

SnackTeam

May 7, 2024

ITC‘s soon-to-be-demerged hotel business will not include any board representation from its largest shareholder, BAT, as indicated in the company’s demerger document sent to shareholders. According to insights from an industry executive, this absence signals BAT’s potential disinterest in the hotel sector, possibly leading to the sale of its stake in ITC Hotels after the company’s anticipated listing in the next 4-6 months.

The document released on Friday reveals that BAT will hold a direct ownership stake of 15.32% in ITC Hotels through foreign direct investment, positioning it as the largest public shareholder after ITC’s promoter holding of 39.93%.

Tadeu Marroco, the CEO of BAT, said in December that ITC’s hotel sector is not of interest to the British tobacco company. Despite this, the document showed that BAT voted in favour of the demerger. Even after selling its whole investment, BAT will retain an indirect interest in the company through ITC’s ownership of the hotel company.

ITC’s board currently includes two representatives from BAT, namely Sunil Panray and Atul Singh. In March, BAT executed a block deal selling a 3.5% stake in ITC to institutional investors for INR 16,690 crore, reducing its holding to 25.51%.

Continue Exploring: ITC board approves hotel business demerger, expects ROCE to improve significantly

According to the document, the proposed board will feature ITC chairman Sanjiv Puri, who will assume the role of chairman and non-executive director within the new entity. Additionally, three other senior executives from ITC will join as non-executive directors: Anil Chadha, the chief executive of the hospitality business; Supratim Dutta, the executive director and chief financial officer; and RK Singhi, the company secretary. PR Ramesh, a former partner at Deloitte Haskins & Sells LLP, will also join as a non-executive director. The mentioned executive suggested that the board of ITC Hotels might expand post-listing. Furthermore, Puri is expected to retain his position as chairman, and Chadha could potentially be appointed as the managing director of the new company.

He mentioned that this decision will be made by the board of ITC Hotels following the listing. Nevertheless, he expressed doubt that BAT would assume a board position at that time as well.

Following the listing, BAT is expected to engage a merchant banker to facilitate the sale of its stake in ITC Hotels.

Continue Exploring: BAT set to divest up to 3.5% stake in ITC through block trade transaction

An analyst remarked that BAT’s departure from ITC Hotels is inevitable. “There are no significant hurdles for BAT to divest its stake in ITC Hotels, given that regulations in the hotel sector are not as stringent as those in tobacco,” the analyst explained. Responding to inquiries, a spokesperson for ITC mentioned that a meeting of the company’s ordinary shareholders has been scheduled for June 6 to approve the scheme of arrangements regarding the demerger of the hotel business.

FMCG giant Godrej Consumer Products reports INR 1,893 Crore net loss in Q4

SnackTeam

May 7, 2024

Godrej Consumer Products (GCPL) recorded a consolidated net loss of INR 1,893 crore for the quarter ended March 31, 2024, compared to a net profit of INR 452.14 crore in the year-ago period.

The company additionally announced an interim dividend of INR 10 per share for the fiscal year 2024-25. The record date to determine eligible shareholders for the dividend is Tuesday, May 14, 2024. The dividend is scheduled to be disbursed on or before Wednesday, June 5, 2024.

The company’s revenue from operations for the reported quarter reached INR 3,365.11 crore, marking a 6% increase over the INR 3,172.21 crore recorded in the same period last year.

During the preceding quarter, the company registered a profit after tax (PAT) of INR 581.06 crore, with revenue from sales of goods totaling INR 3,172.21 crore.

Continue Exploring: Godrej Family splits group amicably: Adi-Nadir to control listed entities, Jamshyd Godrej to oversee Godrej Enterprises

The total revenue from operations, including revenue from sales of products and other operating revenue, amounted to INR 3,385.61 crore. Of this, INR 2,033.59 crore was attributed to the Indian segment, while the contributions from Indonesia and Africa were INR 498.34 crore and INR 593.69 crore, respectively. The remaining revenue stood at INR 290.03 crore.

The loss in the January-March quarter was primarily due to exceptional items, with the company facing losses amounting to INR 2,375.65 crore. According to its filing with the exchanges, during the fiscal year that ended on March 31, 2024, the company encountered exceptional items, including a loss of INR 792.6 crore from the sale of investment in Godrej East Africa Holdings Limited, and an impairment provision of INR 273.9 crore related to the devaluation of investment in Godrej Mauritius Africa Holdings Limited, prompted by shifts in business model and a long-term strategy revamp for Africa.

The exceptional items also encompassed stamp duty payment and other costs associated with the acquisition of Raymond Consumer Care Business, totaling INR 87.8 crore, along with INR 0.8 crore designated for other restructuring expenses in the standalone financial results.

In the fourth quarter of fiscal year 2024, consolidated volume saw a 12% increase, driven by a 15% growth in the India business volume and a 12% growth in Indonesia volume. Additionally, consolidated EBITDA witnessed an 18% year-on-year growth in the same period.

The home care category experienced a 6% growth, while personal care saw a 4% increase, driven by growth in volume.

The earnings were disclosed after the market closed, with the share closing at INR 1,228.85 on the NSE, marking a decrease of INR 22.35 or 1.79% from the Friday closing price.

Continue Exploring: Godrej Consumer Products reports 6% YoY rise in Q3 consolidated net profit to INR 581 Crore

Clothing brand Being Human marks milestone with 100th store opening in Jaipur

SnackTeam

May 6, 2024

The renowned clothing brand, Being Human, has just unveiled its 100th store in the lively Pink City of Jaipur, Rajasthan. This milestone in the brand’s history was celebrated with the presence of notable personalities including Sohail Khan, Alvira Khan Agnihotri (Managing Director of Being Human Clothing), Beena Kak, Awez Darbar, Sanjeev Rao (CEO of Being Human Clothing), Vivek Sandhwar (COO of Being Human Clothing), and the brand’s leadership team.

Situated in Jaipur’s prime shopping district, the flagship store spans over 2100 square feet, offering easy accessibility and housing an impressive collection of Being Human clothing and accessories.

Continue Exploring: Salman Khan’s Being Human Clothing shines bright: Scoops five awards at India Fashion Forum 2024

“It’s really heartwarming how welcoming the locals have been. Their support and passion attest to Jaipur’s suitability as a home for Being Human. Bollywood actor Sohail Khan said, “As we begin this project in Jaipur, it’s not just about opening a store; it’s about reaching out with friendship and solidarity to the wonderful people of this city.”

“We’re excited at Being Human to bring our iconic brand within reach of the Jaipur community. The inauguration of our 100th store in this historic city highlights our dedication to broadening our presence throughout India, providing our discerning customers with access to our latest collections in an enchanting retail setting,” said Sanjeev Rao, CEO of Being Human.

With the inauguration of its flagship store in Jaipur, Being Human further extends its footprint across India. The company is set to unveil several more stores across Rajasthan in the coming months.

Continue Exploring: Tata Group eyes expansion with potential stake purchase in Fabindia’s apparel business

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