Britannia ramps up distribution network, reaches 27.9 Lakh outlets in FY24

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May 4, 2024

Britannia Industries, the bakery food company, has significantly expanded its distribution network, reaching approximately 27.9 lakh outlets directly and has added around 2000 rural distributors over the past year, as stated in a regulatory filing on Friday.

During the fiscal year 2023-24, Britannia Industries observed an increase in its market share. This was attributed to strategic pricing measures aimed at maintaining competitiveness and increased investments in brand development, supported by the expansion of its distribution network.

The company emphasized its commitment to ongoing investment in its brands and maintaining competitive pricing, with a clear objective of increasing market share while also sustaining profits.

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

Nevertheless, according to the BSE filing, the company has recorded a 3.76% decline in consolidated net profit, amounting to INR 536.61 crore in the fourth quarter (Q4) ended March 2024, compared to INR 557.60 crore net profit in the corresponding period of the previous year.

During the entire fiscal year 2023-24, Britannia reported a 3.5% increase in consolidated revenue, reaching INR 16,546 crore, alongside a 10.1% growth in operating profit despite a subdued consumption environment. In comparison, its consolidated revenue for the preceding fiscal year stood at INR 15,985 crore.

According to the filing, total expenses for the fourth quarter of FY24 increased to INR 3,388.28 crore, compared to INR 3,322.48 crore in the fourth quarter of FY23.

Regarding the company’s performance, Varun Berry, vice chairman and managing director, commented, “We remain attentive to commodity prices and the changing geopolitical environment in terms of cost and profitability. Our ongoing cost efficiency program consistently delivers operational savings of approximately 2% of revenues, thereby maintaining robust operating margins.”

Berry added, “We have strengthened our capabilities to leverage rapidly expanding channels such as Modern Trade and E-commerce, both of which witnessed double-digit growth compared to the previous year.”

Furthermore, as stated in the BSE filing, the Board of Directors has proposed a final dividend of INR 73.5 per share, with a face value of INR 1/- each.

Continue Exploring: Britannia NutriChoice launches NutriPlus app for holistic health monitoring

Barbeque Nation Hospitality plans aggressive expansion, targets 100 new stores in three years

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May 4, 2024

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Barbeque Nation Hospitality, a publicly traded company on the Indian stock market, with operations spanning across India and a strong brand presence in international markets, is planning to expand its brands in the next three years. According to Rahul Agrawal, CEO of the food service company, they are aiming to add 100 additional stores across brands in both domestic and overseas markets.

At present, the company manages approximately 216 stores across four portfolio brands: Barbeque Nation India, Barbeque Nation International, Toscano, and Salt. Barbeque Nation International operates 8 stores, with 7 located in the GCC region and one lone outlet in Malaysia. Within India, Barbeque Nation dominates operations with approximately 186 establishments, followed by Toscano (16) and Salt (6).

Agarwal mentioned that both Toscano and Salt, recently acquired by Barbeque Nation Hospitality, have operated as regional brands thus far. The vision is to gradually expand their presence across India. “Toscano achieved INR 100 crore last year,” he noted. “Salt has also begun yielding promising results.”

Continue Exploring: Barbeque Nation expands footprint with grand opening at Nexus Ahmedabad, marking fourth venture in Gujarat

He plans to introduce Toscano in Delhi, Mumbai, and Hyderabad shortly, as well as expanding Salt, an Indian a la carte brand currently limited to Chennai, into the Hyderabad market. Agrawal expressed confidence in Toscano’s ability to expand to the top 30 cities nationwide and evolve into a brand with 80 to 100 stores in the coming years.

Regarding Barbeque Nation International, Agrawal mentioned they are exploring expansion into new territories and aim to open 3 to 4 new stores this year. He added that discussions are currently underway.

Agrawal mentioned that while the company plans to maintain the expansion and independent operation of its brands in the domestic market, they are open to exploring the possibility of expanding their Italian cuisine brand, Toscano, through a franchise model in international markets.

“The company is still called Barbeque Nation Hospitality, but we are a diversified business and the biggest player with a presence throughout India,” he stated.

When asked about the financial performance of the company, he highlighted a notable improvement between Q2 and Q3 of the previous fiscal year, particularly evident in the Q3 same store sales growth (SSSG). He mentioned ongoing efforts to restore growth and margin rates, assuring that the outcomes will become apparent shortly.

Regarding format, consumers have warmly embraced the all-you-can-eat style of the Barbeque Nation brand, according to Agrawal. He mentioned their ongoing efforts to delight customers with various food festivals. Agrawal also noted that the brand’s new design, introduced two years ago, has been adopted by over half of the outlets, reflecting a “young and trendy” aesthetic. Additionally, he informed about a two-fold increase in live counters in recent years.

Discussing challenges, Agrawal highlighted the high mortality rate in the restaurant business. Consequently, the focus has consistently been on maintaining momentum rather than widespread store openings.

Continue Exploring: P.F. Chang’s continues Indian expansion with second restaurant opening in Gurugram’s CyberHub!

Wendy’s Q1 2024 net income surges 5.5% to $42 Million

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May 3, 2024

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Wendy’s, the American fast-food restaurant chain, has reported a net income of $42 million for the first quarter of 2024, reflecting a 5.5% increase compared to the $39.8 million reported a year earlier.

In the quarter ending on March 31, 2024, total revenue reached $534.75 million, marking a 1.1% increase from the $528.8 million reported in the same period of 2023.

However, operating profit saw a decline of 3.9%, dropping to $81.15 million from $84.47 million in the first quarter of 2023.

Continue Exploring: Delight Restaurant Group acquires 65 Wendy’s outlets across US

The decrease in operating profit primarily stems from heightened investments in breakfast advertising, increased depreciation, and elevated general and administrative expenses.

In the first quarter of 2023, the company’s diluted profits per share increased by 5.3% to $0.20 from $0.19.

Adjusted EBITDA for the quarter increased by 1.8% to $127.8 million from $125.6 million compared to the previous year.

In Q1 2024, Wendy’s disclosed a 2.6% increase in system-wide sales worldwide. The US market experienced a 1.7% growth, while international markets witnessed a notable 8.8% surge.

From the first quarter of 2023 to the first quarter of 2024, the company’s global system-wide sales increased from $3.36 billion to $3.44 billion.

In the first quarter of 2024, Wendy’s reported a global increase of 0.9% in same-restaurant sales, with the US witnessing a 0.6% rise and international markets enjoying a 3.2% increase.

Wendy’s president and CEO, Kirk Tanner, expressed, “The momentum we’ve generated across our business in the first quarter positions us well to meet our 2024 targets and move forward in realizing the full potential of the formidable Wendy’s brand.”

Continue Exploring: Wendy’s appoints former PepsiCo executive Kirk Tanner as new CEO

“We achieved growth in global same-restaurant sales, with a two-year acceleration of 120 basis points compared to the previous quarter. Factors contributing to this included high-single-digit year-on-year growth in US breakfast sales and a global digital sales mix approaching 17%.”

“This performance facilitated a 60-basis point increase in the margin of US company-operated restaurants compared to the previous year, demonstrating the advantages of these profitable initiatives. Our focus remains on executing our plans and investments with a customer-centric approach, bolstering our capacity to generate long-term value for shareholders.”

Continue Exploring: Wendy’s partners with PAR Technology to boost customer engagement through AI-powered loyalty program

Wonderchef taps Unicommerce to revolutionize e-commerce operations and post-purchase experience

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May 3, 2024

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Wonderchef, a renowned brand in home appliances and cookware, has collaborated with Unicommerce for product shipments and managing post-purchase activities.

Unicommerce operates as a Software as a Service (SaaS) platform for e-commerce enablement. This partnership is geared towards optimizing Wonderchef’s e-commerce supply chain, elevating the post-purchase journey for its customers, and efficiently handling return orders.

Wonderchef has implemented Unicommerce’s multichannel order management system to automate order processing across its own brand website and various online marketplaces.

Continue Exploring: Wonderchef records 54% YoY sales growth, aims INR 700 Crore turnover by 2024

Ravi Saxena, CEO of Wonderchef, said, “With the assistance of Unicommerce reliable platform, we are positive of staying ahead of the competition as our innovative offerings are already seeing favourable response in Indian as well as overseas markets.”

“Unicommerce is dedicated to improving Wonderchef’s customers’ post-purchase experience. The Unicommerce platform will act as a catalyst in propelling their e-commerce activities with their cutting-edge items and effective distribution plan, according to Kapil Makhija, CEO and managing director of Unicommerce.

Unicommerce’s SaaS solutions facilitate comprehensive management of e-commerce operations for brands, retailers, marketplaces, and logistics service providers. By the quarter ending September 2023, Unicommerce had surpassed an Annual Transaction run-rate exceeding 750 million. With a clientele of over 3500 customers, it oversees operations in more than 8000 warehouses and processes orders from over 1900 stores through its platform.

Continue Exploring: Wonderchef unveils 26th exclusive store in India, sets ambitious target of 50 stores by 2025

Indian diamond jewellery market set to soar, expected to reach US$ 17 Billion by 2031

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May 3, 2024

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Gems & Jewellery — (Representative Image)

The Indian diamond jewellery market is expected to grow to US$ 17 billion by 2031, contributing significantly to India’s total gem and jewellery sector, which is projected to reach US$ 120 billion from $ 79 billion in 2021. In 2024, gold mine production is forecasted to hit record highs, with jewellery demand remaining firm yet sensitive to gold price fluctuations.

This was revealed by Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC), during the GJEPC’s InnovNXT Forty Under 40 summit. He articulated the ambitious target of achieving USD 75 billion in gem and jewellery exports by 2030, expressing confidence in the talent, drive, and determination of the young leaders present at the event.

Nirav Bhansali, the Convener of National Exhibitions at GJEPC, emphasized, “In the gems and jewellery sector, our role extends beyond luxury provision; we are stewards of tradition, custodians of culture, and advocates of craftsmanship. To uphold our esteemed heritage, we must adapt to evolving times. Presently, we are amidst the finest minds and most promising talents within our industry.”

Continue Exploring: Lab-grown diamond brand Solitario unveils its first Chennai store, marking 15th retail outlet in India

Milan Chokshi, Convener of Promotions & Marketing at GJEPC and the Founder of Moksh, a couture jewellery brand, highlighted, “The concept of storytelling has long been ingrained in Indian jewellery, with our pieces carrying profound symbolic significance, meaning, and narratives. While traditionally designed, the emergence of design-focused jewellers is propelling storytelling into new dimensions. What’s remarkable about jewellery is its ability to spark conversations; any captivating piece or design serves as a catalyst for dialogue. The storytelling inherent in a piece extends beyond the designer’s inspiration or reverence; it encompasses the personal narratives and meanings attributed to it by the owner.”

During the discussion on Global & India Gold Demand Trends, Kavita Chacko, Research Head for India at the World Gold Council (WGC), remarked, “2024 is poised to witness a historic peak in gold mine production. While jewellery demand in 2024 is anticipated to remain robust, it remains susceptible to fluctuations in gold prices. Investments in bars and coins are expected to sustain their strength, driven by elevated prices and geopolitical factors. Central banks are projected to continue purchasing gold at a notable pace. Despite a notably high-price environment, global annual jewellery demand remained steady around 2200 tonnes in 2023. Gold’s performance in 2023 was buoyed by heightened geopolitical tensions, consumer demand, and central bank acquisitions, resulting in a 4% increase in annual gold demand, reaching an unprecedented 4,930 tonnes. Notably, the contributions of jewellery demand and central bank acquisitions underscored their stability and significant impact.”

During the discussion on Diamond Consumption Patterns in India, Amit Pratihari, Vice President of De Beers Forevermark, said, “The Indian diamond jewellery market is set to expand to US$ 17 billion by 2031, constituting a significant portion of India’s total gem & jewellery sector valued at US$ 120 billion, up from $79 billion in 2021. Global jewellery brands are increasingly leveraging Indian celebrities to connect with Indian consumers. Amit identified key market drivers for 2024, noting that 13% of Indian customers surveyed express a desire for diamond jewellery as a gift, while 51% incorporate diamond jewellery into their daily wear. Additionally, 12% aspire to self-purchase jewellery featuring natural diamonds, while 23% acquire such diamonds to commemorate relationship milestones or express affection. Another 22% seek natural diamonds to celebrate personal milestones or for future readiness. Amit also predicted that the Indian luxury market will swell to 500 million by 2030, up from 400 million in 2022, primarily fueled by a projected 20% rise in middle and high-income consumers from 2022 to 2030.”

Continue Exploring: Desi jewellery brands bet big on US market expansion, targeting diaspora demand

Swiss Military to invest INR 56.5 Cr in first fully owned manufacturing unit in Haryana

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May 3, 2024

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Swiss Military, a renowned global lifestyle brand, is set to establish its first fully owned manufacturing unit in India in Haryana with an initial investment of INR 56.5 crore. Swiss Military Consumer Goods Ltd said that it plans to establish its first fully owned manufacturing facility for luggage as well as travel gear in Faridabad, Haryana.

Covering an expanse of 1.21 acres with a constructed area spanning approximately 85,000 square feet, the envisioned facility will boast a production capacity of 1 million pieces per year, as stated.

The targeted completion for the manufacturing unit is within 8 months, expected to be achieved by December 31, 2024, with an initial investment of INR 56.50 crore.

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

“By leveraging our own manufacturing capabilities, Swiss Military aims to underscore its dedication to modernizing the travel gear sector in the Indian market and streamlining the introduction of new products,” remarked Anuj Sawhney, Managing Director of Swiss Military Consumer Goods Ltd.

Additionally, he emphasized, “This initiative will substantially enhance our standing in the fiercely competitive global travel gear market. We firmly believe that this new facility will serve as a cornerstone in our pursuit of enduring growth and industry leadership.”

Sawhney noted that as domestic and international leisure and business travel make a vigorous comeback, the company has witnessed exceedingly robust growth in the luggage and travel gear segment.

He added, “This new initiative by Swiss Military is in line with our future vision of expansion both in India and abroad, while also contributing to the ‘Make in India’ movement.”

With a 30-year heritage as a global lifestyle brand, Swiss Military delivers premium and innovative products in 26 countries, boasting a diverse range of over 3,000 products across multiple sectors.

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

Menswear brand Powerlook continues expansion with opening of flagship store in Pune

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May 3, 2024

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Powerlook, the renowned menswear brand, is excited to announce the grand opening of its new store in Pune, Maharashtra. Located at Phoenix Mall, Viman Nagar, Pune, this marks the seventh milestone for the brand.

The brand is further gearing up to launch 50 outlets nationwide by the end of 2027. With a robust presence in locations including Bandra West, Vashi East, Thane, and others, Powerlook is all set to serve today’s youth across India, covering cities like Bangalore, Hyderabad, Ahmedabad, Indore, and Surat.

“The launch of our flagship store in Pune marks a significant stride in our endeavor to expand Powerlook’s presence across India. We are excited to introduce our distinctive blend of fashion-forward apparel to the dynamic city of Pune,” expressed Raghav Pawar, co-founder of Powerlook.

Continue Exploring: Menswear brand DaMENSCH raises INR 21.62 Cr from existing investors

The Indian men’s wear market is witnessing an extraordinary surge and is projected to reach a valuation of INR 330,000 crores by 2028. With approximately half of the population under 30 years old, the youth in the country are driving this flourishing trend forward, displaying an increasing appetite for stylish menswear.

Amar Pawar, co-founder of Powerlook, remarked, “The latest collection from Powerlook epitomizes the essence of smart casual fashion, resonating with the vibrancy of today’s youth. Our designs reflect our dedication to providing trendsetting apparel that enables individuals to showcase their distinctive style.”

The grand opening of Powerlook’s flagship store in Pune was a resounding success, with over 50 percent of its inventory sold on the inaugural day. The event was graced by the presence of over 100 influencers, including esteemed guest Danny Pandit.

Continue Exploring: D2C menswear brand XYXX launches first-ever ESOP buyback program for employees

Zydus Wellness enters RTD market with Glucon-D Activors pilot launch

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May 3, 2024

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Zydus Wellness, a leading FMCG company known for its science-backed products, is expanding its iconic Glucon-D brand into the electrolyte energy ready-to-drink (RTD) beverage segment with the pilot launch of Glucon-D Activors.

In today’s fast-paced world, where consumers lead busy lives, there’s a growing demand for convenient on-the-go energy options, which is transforming the landscape of ready-to-drink (RTD) beverages. In India’s FMCG sector, the RTD electrolyte beverage category stands out as one of the fastest-growing segments, valued at approximately INR 1200 crore. Southern India particularly contributes a significant portion to this volume, accounting for nearly 50 percent of nationwide sales.

Leveraging this promising opportunity and the brand’s strong presence in the energy market, the company has initiated the launch of Glucon-D Activors in Telangana and Andhra Pradesh as a pilot program.

Continue Exploring: Kylie Jenner enters beverage alcohol sector with ‘Sprinter’ RTD brand launch

Infused with three essential electrolytes – Sodium, Potassium, and Chloride – along with Vitamins C, B3, B5, and B6, Glucon-D Activors is crafted with an Electro Smart formula designed to replenish, re-energize, and revitalize the body.

Tarun Arora, CEO of Zydus Wellness, remarked on the launch, stating, “As we aim to double our sales within the next 3-5 years, we’re swiftly expanding our wellness range globally to support consumers in living healthier lives. The pilot introduction of Glucon-D Activors marks a strategic move for Glucon-D, a long-standing leader in its category and a symbol of ‘Energy of India’ for decades. This initiative also positions us uniquely to understand the consumer’s instant energy needs, capitalize on our R&D expertise, and provide a convenient ready-to-drink beverage for people on the move.”

Additionally, the brand has launched a new TVC campaign in Telangana and Andhra Pradesh aimed at enhancing brand visibility. Centered on a storyline depicting the busy and active lives of individuals, the commercial begins with a tired young news reporter and his perspiring cameraman concluding their news coverage on a scorching summer afternoon. Seeking a revitalizing boost, the reporter and his colleague rejuvenate themselves with a sip of Glucon-D Activors.

Given consumers’ attraction to RTD beverages for their convenience and diverse flavor options, Glucon-D’s electrolyte energy RTD beverage will be offered in three flavors: Mango, Apple, and Orange. It will be priced at a maximum retail price of INR 45 (inclusive of all taxes) for a 200ml tetra pack.

Continue Exploring: Diageo’s Captain Morgan unveils exciting line of RTD cocktail-inspired malt beverages!

The Derma Co. collaborates with Dr. Vanita Rattan to introduce Skin Renew range for Indian consumers

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May 3, 2024

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In a notable partnership within India’s retail skincare industry, The Derma Co. teams up with Dr. Vanita Rattan (known as Dr. V) from the UK, renowned for her skincare formulation prowess. This alliance heralds the introduction of Skin Renew by The Derma Co. X Dr. V, an innovative skincare line meticulously designed by Dr. V to cater to the specific needs of Indian consumers.

This distinctive collaboration not only showcases a profound grasp of the changing demands of modern consumers but also marks a groundbreaking moment as an Indian brand joins hands with an international cosmetic formulator to create a skincare range tailored exclusively for the Indian market. As consumers increasingly gravitate towards expert-guided solutions, this partnership arrives at an opportune moment, harnessing Dr. V’s esteemed reputation and expertise to bolster credibility.

Continue Exploring: Honasa Consumer’s skincare brand The Derma Co hits INR 500 Cr ARR milestone

The Skin Renew Range comprises five indispensable products – Face Wash, Toner, Moisturizer, Retinol Cream Serum, and Exfoliator – each designed to target vital areas including barrier repair, brightening, and anti-acne solutions. Infused with potent ingredients like peptides, retinol, vitamin C, niacinamide, and glycerin, the range tackles challenges posed by elements such as heat, pollution, and UV rays, providing comprehensive solutions for skin revitalization.

Tailored to address prevalent issues like hyperpigmentation, dullness, and acne in India’s tropical climate, this range incorporates ingredients like salicylic acid, lactic acid, and retinol to effectively unclog pores, balance skin tone, and thwart breakouts, fostering clear, blemish-free skin.

“We are thrilled to join hands with Dr. Vanita Rattan in this one-of-a-kind collaboration along with the launch of a range crafted for Indian skin & weather,” stated Ghazal Alagh, Chief Innovation Officer & Co-Founder of Honasa Consumer Limited. “The Skin Renew by Dr V series has been developed in collaboration with Dr Vanita, utilising premium components suitable for Indian consumers. This partnership demonstrates our dedication to giving our customers the best products possible. We have no doubt that this partnership will strengthen our dedication to the highest standards in the skincare sector.”

Dr. Vanita Rattan (Dr. V) remarked, “I’ve always harbored a passion for formulating skincare products suited to colored skin, and the collaboration with The Derma Co. has turned my vision of crafting for India into reality. Over the past eighteen months, we’ve devoted ourselves to creating the Skin Renew Range, tailored specifically for Indian consumers. The selection of ingredients is unprecedented, offering a unique fusion in formulations and textures, perfectly suited for this climate. What distinguishes us is our range, incorporating a blend of ten essential and potent actives in precise proportions, expertly packaged and layered in the correct sequence, effectively addressing the skincare needs of today’s consumers. I am confident that consumers will embrace these products and relish their journey towards skin renewal.”

Continue Exploring: VLCC set to expand retail footprint with over 100 new beauty and wellness clinics nationwide

Raymond re-appoints Gautam Hari Singhania as Managing Director

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May 3, 2024

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Raymond has announced the re-appointment of Gautam Hari Singhania as the company’s managing director for a five-year term starting from July 1, 2024, according to an exchange filing.

“The re-appointment of Mr. Gautam Hari Singhania as Managing Director is contingent upon approval from the Company’s Members and adheres to the stipulations outlined in Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19, both dated June 20, 2018,” stated the company.

It further noted that Singhania’s re-appointment as Managing Director is subject to retirement by rotation.

Singhania, a graduate in commerce from the University of Mumbai, assumed the role of Chairman & Managing Director at Raymond Limited in September 2000. Since then, he has spearheaded the strategic restructuring of the Raymond Group, overseeing the divestment of non-core businesses such as Steel, Cement, and Synthetics. Following the divestments, the Group has solidified its position with a targeted, market-oriented strategy.

Continue Exploring: Raymond Group’s Q3 profits surge, nearly doubling to INR 185 Crore amidst strong segment performances

“The group has achieved significant strides under Mr. Singhania’s leadership, with his vision aimed at elevating the Raymond Brand from one of India’s most respected to among the finest in the global markets,” stated the company.

“Driven by a passion for innovation and brand creation, Mr. Singhania has actively engaged in launching new products, effectively steering the Group towards enduring growth. Additionally, under his guidance, the Group has made a noteworthy entry into the real estate sector,” the statement continued.

Nawaz Modi-Singhania was ousted from the boards of three privately held companies within the Raymond Group: JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserve.

The decision was reached during an Extraordinary General Meeting (EGM) held on March 31, as confirmed by the companies on Thursday. Despite challenging her removal from the boards of two of these companies, Modi-Singhania’s efforts were unsuccessful.

Modi-Singhania, caught in a contentious settlement dispute with her estranged husband and Raymond Group chief Gautam Singhania after their divorce announcement in November 2023, had been serving as a director in JKI since June 2015, in RCCL since December 2020, and in Smart Advisory & Finserve since October 2017.

Upon being informed of her removal from Smart Advisory and Finserve, as well as Raymond Consumer Care, Modi-Singhania voiced her grievances, declaring, “I have faced mistreatment ever since I began exposing Singhania for his wrongdoings. First the assault, and now the expulsion.”

“Smart Advisory and JK Investors (Bombay) are closely held businesses. In a letter to the firms, their shareholders expressed their lack of trust in Nawaz Modi-Singhania as a director and made a request for a shareholder meeting to be called in order to remove her from the boards. The boards of these businesses, which included Mrs. Singhania, got together on March 31 and scheduled Thursday’s shareholder meetings. As per the legal procedure, she has been dismissed from her position as a director,” a representative for JK Investors (Bombay) and Smart Advisory said.

Continue Exploring: Raymond redefines retail with its largest ‘The Raymond Shop’ in India

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