Reliance Retail‘s Tira Beauty has introduced its latest private label brand, ‘Nails Our Way.’ This fresh addition to their beauty arsenal presents a diverse selection of high-quality nail colors and care essentials.
Nails Our Way offers a unique approach to nail care, presenting a selection of nail enamel collections including Gel Well, Swift Dry, Breathe Away, and Treat Coat. These collections feature an extensive range of colors to suit any mood or occasion. Furthermore, the brand provides essential nail care products such as No Bump Base, Cuti Care, and Toughen Up, ensuring the nourishment, strength, and protection of your nails.
Expanding the selection are mild yet powerful nail enamel removers such as the innovative 2-toned Vanisher and the acetone-free Squeaky Clean. The brand also offers comprehensive manicure products and convenient kits like French ‘Em Up and Nailed It. Customers can explore the entire ‘Nails Our Way’ collection on its official website.
Launched in April 2023 by Reliance Retail Ltd, Tira stands as the new omnichannel beauty retail platform, driven by technology and tailored experiences.
In the vibrant Indian retail fashion jewellery market, PNGS Gargi Fashion Jewellery Ltd (Gargi) showcased a remarkable financial performance during the fiscal year spanning April 2023 to March 2024. Experiencing a notable upswing, the company’s annual sales surged by 76.07 percent to reach INR 50.48 crore, compared to INR 28.67 crore in the preceding year.
Moreover, Gargi maintained its upward momentum throughout the year, with its net profit escalating by 80.38 percent to INR 8.46 crore for the year ending March 2024, as opposed to INR 4.69 crore in the previous fiscal period.
In the quarter ending March 2024, Gargi demonstrated exceptional growth, achieving sales of INR 15.38 crore, marking a remarkable growth rate of 116.93 percent. This quarter also witnessed a substantial increase in net profit, which surged by 74.07 percent to INR 2.35 crore compared to the previous quarter ended March 2023.
Aditya Modak, Co-Founder of Gargi by PNGS, expressed excitement, stating, “We are delighted to observe such impressive growth in both sales and net profit, showcasing the dedication and effort of our team, along with the trust and backing of our customers. These outcomes emphasize our dedication to providing outstanding products and experiences.”
Sporting a portfolio of more than 15,000 SKUs, Gargi has reached notable milestones, witnessing exponential growth in its inaugural year with a sixfold revenue increase. Its listing on the Bombay Stock Exchange (BSE) has further cemented its status as a market frontrunner, drawing in customers and propelling expansion. With a fourfold surge in customer base, Gargi holds strong confidence in the trust and loyalty its clientele bestows upon the brand.
Operating in 18 locales across 10 metro cities and 6 states, Gargi is positioned for continued growth and success, with solid plans in place for the financial year 2024-25.
VLCC, a renowned beauty and wellness brand, is strategizing to broaden its retail footprint by launching more than 100 beauty and wellness clinics across the nation.
Anand Wasker, the president of global services at VLCC, expressed, “Our ambitious expansion plans underscore our dedication to revolutionize beauty and wellness throughout India. By establishing over 100 beauty and wellness clinics nationwide, we aim not only to broaden our reach but also to strengthen our bond with our esteemed clientele.”
With a range of new clinics in development, each will showcase VLCC’s comprehensive services, covering skincare, haircare, and wellness treatments. Each clinic will ensure a personalized experience, with skilled consultants available to offer tailored guidance and recommendations, addressing individual preferences and concerns.
VLCC has broadened the retail presence of its personal care products business in India, utilizing a weighted distribution strategy across general trade and modern trade/assisted channels. This expansion extends to over 100 clinics nationwide.
The company offers a variety of dermatological solutions, including skin rejuvenation and anti-aging treatments, through its team of 200 dermatologists.
Founded by Vandana Luthra and Mukesh Luthra in 1989 as a hub for beauty and weight management services, the VLCC Group was officially incorporated in 1996. Currently, VLCC operates across 310 locations in 139 cities and 11 countries, namely India, Sri Lanka, Bangladesh, Nepal, Singapore, Thailand, UAE, Oman, Bahrain, Qatar, Kuwait, and Kenya. Its team comprises over 3,000 professionals, including medical doctors, nutritionists, physiotherapists, cosmetologists, and wellness counselors.
Dabur India Ltd, a prominent homegrown FMCG company, reported a 16.2 percent surge in its year-on-year (YoY) net profit, totaling INR 349.53 crore for the quarter ended on March 31, 2024. This marks a significant increase from the company’s net profit of INR 300.83 crore in the corresponding period last year.
In the March 2024 quarter, the revenue from operations of the homegrown Ayurveda major saw a 5.3 percent year-on-year (YoY) increase, reaching INR 2,814.64 crore. This is compared to its topline of INR 2,672.80 crore in the corresponding quarter of the previous fiscal year.
According to the company’s announcement in the exchange filing, the board of directors at Dabur India has recommended a dividend of INR 2.75 per share, amounting to INR 4871.31 crore for the shareholders. However, it noted that the dividend payout is subject to approval by the shareholders. The announcement also mentioned that the record date for this dividend will be announced later.
During the quarter, Dabur India’s operating profit has shown a 13.9 percent improvement.
In the entire fiscal year, Dabur India’s FMCG business registered a volume growth of 5.5 percent. Key brands and products within the Indian market exhibited category-leading growth, leading to market share gains across 95 percent of the portfolio. Dabur highlighted its investment in expanding its presence in rural areas.
Throughout the financial year 2024, Dabur India disclosed a net profit of INR 1,843 crore, marking a 7.9 percent year-on-year increase from INR 1,707 in FY23. The company’s consolidated revenue also saw a rise of 7.58 percent, reaching INR 12,404 crore in FY24, compared to INR 11,529.89 crore in the previous fiscal.
After the results were announced, Dabur India’s shares surged by 5.65 percent to INR 536.20 on Thursday, resulting in a total market capitalization of more than 93,000 crore.
In a strategic maneuver geared towards broadening its market footprint, SLN Coffee has named Sahib Singh as its new CEO.
Bringing a wealth of experience from his tenure at Hindustan Unilever Limited (HUL) and Unilever, Sahib Singh is poised to harness his expertise in bolstering SLN Coffee’s market position and propelling its brand Levista to new heights. Levista’s robust presence in South India, alongside its burgeoning popularity in the Far East and Middle East, highlights its significant global potential.
Sahib Singh expressed his enthusiasm upon joining the SLN Coffee Group, stating, “I am thrilled to be part of the team. Levista has already made remarkable strides in the market, and I am eager to propel this momentum forward. My aim is to guide SLN Coffee Group towards achieving multinational success, emphasizing world-class operations, harnessing the brand’s strengths, and venturing into new avenues for growth.”
SLN Coffee’s decision to appoint Sahib Singh underscores its commitment to harnessing top-tier talent to drive its ambitious growth. SLN Coffee directors, SLN Sathappan and SLN Vishwanath, emphasized Singh’s industry knowledge, strategic acumen, and leadership qualities, citing him as the ideal candidate to lead Levista into its next phase of expansion.
Capitalizing on Levista’s innovative product offerings and cafes, SLN Coffee endeavors to solidify its position as a market leader in shaping the future of coffee consumption.
Amul, the renowned Indian dairy company, will sponsor the USA and South Africa teams in the upcoming T20 World Cup in June, as announced by the cricket boards of the respective nations on Thursday.
The USA will make their tournament debut as co-hosts beginning June 1. Additionally, parts of the event, including the semifinals and finals, will be held in the Caribbean.
Amul has been chosen the Lead Arm Sponsor for both the USA as well as South African squads. On June 1, the United States and Canada will play their World Cup opener.
The Indian dairy giant, known for its global presence, has previously sponsored cricket teams such as the Netherlands, South Africa, and Afghanistan. Additionally, Amul milk is now available for sale in the USA.
The USA recently secured a 4-0 victory over Canada in a bilateral series.
“Inspired by the goodness of Amul Milk, we believe the USA Cricket team will triumph in winning hearts and accolades worldwide. Our heartfelt wishes go out to the team for the forthcoming ICC T20 World Cup 2024,” stated Jayen Mehta, Managing Director of Amul.
Regarding the partnership with the Proteas, he remarked, “Amul has previously collaborated with the South Africa team during the 2019 ODI series and the 2023 ICC Cricket World Cup. We take pride in deepening our bond with the South Africa men’s cricket team and extend our best wishes to them for the T20 World Cup.”
South Africa’s World Cup campaign will kick off with a match against Sri Lanka on June 3rd.
“Amul, one of India’s most iconic and trusted dairy brands, will proudly adorn the primary sleeve of the Proteas’ World Cup playing kit,” stated Cricket South Africa.
Ayush Baid and Riddhima Khandelwal, Co-Founders, Ellementry
Ellementry, a leading brand in homeware and gifting with a dedication to sustainable living, has successfully closed its latest funding round spearheaded by She Capital. This infusion of capital aims to propel the company’s growth initiatives, enhancing its product portfolio, bolstering production capabilities, and expanding its market footprint both domestically in India and abroad.
Founded in 2018 by Ayush Baid and Riddhima Khandelwal, Ellementry swiftly rose to prominence as an innovator in the homeware sector. Their mission to craft top-tier products that seamlessly combine practicality with visual charm has earned them widespread praise. Utilizing in-house manufacturing techniques across a range of materials including terracotta, ceramic, wood, and papier mâché, the brand has garnered acclaim for its dedication to sustainability and designs that prioritize the needs of the consumer.
Ellementry operates through a combination of online and offline channels, boasting a presence in 16 stores across 13 Indian cities, as well as on various online platforms including Amazon, Tata Cliq, and Myntra. Since its establishment, the company has successfully processed over 400,000 orders and cultivated a customer base of over 250,000. Extending its reach to 12 countries across the USA, Europe, and the Middle East, Ellementry has set its sights on doubling its customer base within the next 12 months.
Ayush Baid, Founder and CEO of Ellementry, expressed, “We eagerly anticipate this partnership and the opportunities it presents. Our focus remains on innovation and crafting handcrafted homeware and gifting solutions for people to cherish and enjoy. We’re excited for more individuals to discover all that Ellementry has to offer.”
Anisha Singh, Partner at She Capital, remarked, “Ellementry’s commitment to design, functionality, and ethical standards resonates strongly with the increasing demand for conscious consumerism, especially among women. We believe Ellementry is poised to emerge as the premier choice for individuals seeking to cultivate elegant and sustainable living spaces.”
Looking ahead, Ellementry is set to introduce new products in the textile and home decor segments ahead of Diwali. Leveraging its in-house manufacturing units, the brand can seamlessly expand its product collection, which currently boasts over 1000 SKUs. Despite prevailing market challenges, Ellementry has achieved a double-digit growth percentage in the last financial year, demonstrating its resilience and potential for further expansion in India’s vibrant homeware retail sector.
The newly acquired funds will be directed towards expanding the team, enhancing technology, and introducing new product lines.
Kacholia expressed, “The F3 team is addressing a significant challenge for fresh fruit retailers by managing their sourcing logistics and improving their quality of life. Rohit and his team’s extensive knowledge in this field and their emphasis on unit economics convinced us to invest.”
“Our plans to grow rapidly in New Delhi/NCR are in line with our ambition of becoming the largest Fresh Fruits company in India. By year’s end, we hope to reach an annual recurring rate of INR 100 crore,” said Fresh From Farm Founder Rohit Nagdewani.
Fresh From Farm operates as a fresh fruit demand consolidation service. Presently, the brand delivers to over 300 locations daily, emphasizing waste reduction. F3 manages the entire operational process for retailers, encompassing procurement, handling, sorting, and distribution, thereby allowing them to concentrate on sales.
Inflection Point Ventures partner Vikram Ramasubramanian stated, “F3 bridges the gap between affordability & profitability by empowering retailers to market quality produce at fair prices through transparency and efficiency.”
Inflection Point Ventures is an angel investing platform that unites over 14,000 CXOs, HNIs, and professionals to collectively invest in startups. The platform has announced the introduction of Physis Capital, a $50 million category 2 Alternative Investment Fund, aimed at funding pre-Series A to Series B growth-stage startups.
The ongoing controversy involving MDH and Everest spice companies has the potential to jeopardize over half of India’s spice shipments, as per a report. It underscores the urgent need for the country to address the quality issue.
As per the Global Trade Research Initiative (GTRI), an economic think tank, every day, new countries have been raising concerns about the quality of Indian spices.
The report also emphasized the necessity for immediate attention and action to uphold the reputation of India’s spice industry.
The report stated that with nearly USD 700 million worth of exports to crucial markets at risk, and potential losses escalating to over half of India’s total spice exports due to regulatory actions in numerous countries, the integrity and future of India’s spice trade are delicately balanced.
“Swift investigations and the prompt publication of findings are imperative to restore global confidence in Indian spices. Companies found to be in error must face immediate consequences,” it added.
Following the alleged detection of the carcinogenic chemical ethylene oxide in their products, popular Indian spice brands MDH and Everest faced bans on sales in Hong Kong and Singapore. This prompted a mandatory recall from store shelves.
The report highlighted that the primary infractions in these incidents were the discovery of salmonella contamination, a common bacterial source of foodborne illnesses, and ethylene oxide, a carcinogenic substance employed as a fumigating agent.
“If the European Union, which regularly rejects Indian spice shipments over quality concerns, takes similar action, this situation could exacerbate. A rejection across the EU could affect an extra USD 2.5 billion, raising the total potential loss to 58.8 percent of India’s global spice exports,” stated GTRI Co-Founder Ajit Srivastava.
Referring to specific reports, the GTRI indicated that the US, Hong Kong, Singapore, Australia, and now Male have all raised concerns about the quality of spices provided by prominent Indian companies such as MDH and Everest.
“In the fiscal year 2024, India exported spices worth approximately USD 692.5 million to these countries,” Srivastava emphasized, highlighting the high stakes involved.
“If China, guided by steps in Hong Kong & ASEAN based on Singapore’s precedents, decides to enact similar regulations, Indian spice exports may plummet dramatically. The potential consequences might harm exports worth USD 2.17 billion, accounting for 51.1% of India’s global spice exports,” he stated.
Srivastava remarked that thus far, Indian authorities have provided a lukewarm and predictable response.
After facing international criticism, both the Spices Board and the Food Safety and Standards Authority of India (FSSAI) initiated routine sampling. However, according to him, neither these nor any other government agencies have made clear statements regarding the quality of spices.
He expressed disappointment over the absence of transparent communication, particularly considering the extensive laws and protocols established for quality assurance. Despite the assertions of innocence by major companies such as MDH and Everest, their consistent rejections by international entities ought to have alerted both the Spices Board and FSSAI much earlier, he remarked.
He warned that if the quality of products from leading Indian firms is in doubt, it raises concerns about the integrity of spices in the Indian market as a whole.
According to the GTRI report, the current circumstances necessitate a fundamental change in India’s approach to food safety. Transparency, rigorous enforcement, and effective communication are deemed essential for reinstating and upholding the integrity of both its exports and domestic products.
It further emphasized the necessity for fundamental changes in the operations of agencies responsible for regulating quality.
Spices, which encompass dried portions of plants such as seeds, roots, bark, and fruits, are esteemed for their diverse flavors, fragrances, and preservative attributes. Popular examples comprise cloves, cinnamon, ginger, black pepper, cumin, and coriander. Not only do spices enrich taste and imbue dishes with vibrant hues, but they also occasionally mask unpleasant odors, thereby playing a pivotal role in culinary traditions worldwide.
During the fiscal year 2023-24, India’s spice exports reached a sum of USD 4.25 billion, representing a 12 percent slice of the worldwide spice export market.
India’s primary spice exports comprised chili powder leading the roster with USD 1.3 billion in exports, trailed by cumin at USD 550 million, turmeric at USD 220 million, cardamom at USD 130 million, mixed spices at USD 110 million, and spice oils and oleoresins at USD 1 billion.
Aside from cloves and cinnamon, other noteworthy exports were asafoetida, nutmeg and saffron.
India spent USD 1.5 billion on spices imports. The most popular imports were asafoetida ($110 million), coriander and cumin ($210 million), cinnamon and cassia ($270 million), nutmeg ($118 million), and spice oils as well as oleoresins ($354).
India’s main buyers were Bangladesh ($339), the US ($574), and China ($928), which imported spices valued at USD 574 million.
Additional notable purchasers comprised the UAE (USD 256 million), Thailand (USD 193 million), Malaysia (USD 147 million), Indonesia (USD 137 million), UK (USD 122 million), Australia (USD 63 million), Singapore (USD 50 million), and Hong Kong (USD 5.5 million).
The global spice trade reached a value of USD 35 billion in 2023, with China emerging as the leading exporter, boasting exports totaling USD 8 billion in the same year.
According to the GTRI, the top exports include pepper powder (USD 2.4 billion), turmeric, ginger, and fresh and dried garlic (USD 1.6 billion), coriander, as well as cumin seeds (USD 800 million).
Restaurant Brands International (RBI), a multinational fast food corporation, has reported a net income attributable to common shareholders of $230 million for the first quarter (Q1) of 2024, marking a 21.7% increase from $189 million in the same period of 2023.
In the first quarter of 2024, diluted earnings per share amounted to $0.72, compared to $0.61 in Q1 2023.
Revenue surged by 9.4%, reaching $1.74 billion in Q1 2024, up from $1.6 billion in the preceding year.
For the quarter ended on March 31, 2024, income from operations amounted to $544 million, marking a 21.7% increase compared to the $447 million recorded in the prior year. Additionally, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 6.6%, reaching $627 million, up from $588 million.
The company’s presence extended as the consolidated restaurant count reached 31,113 by the end of the March 2024 quarter, a 3.9% increase from 29,956 a year earlier.
Comparable sales for the consolidated entity increased by 4.6% year-on-year, while system-wide sales for the consolidated group expanded by 8.1%.
Restaurant Brands International CEO Josh Kobza expressed pride in the diligent efforts of their teams and franchisees in delivering high-quality products, excellent service, and an attractive value proposition for guests consistently.
“Our performance mirrors their dedication and the robust groundwork we’ve laid, positioning us to advance ongoing enhancements in franchisee profitability and fulfill our long-term vision.”
RBI provided long-term guidance spanning from 2024 to 2028, projecting over 3% growth in comparable sales, over 5% net restaurant expansion, and over 8% growth in system-wide sales.
Additionally, the company revealed its investment in the Burger King brand, allocating an extra $300 million to the Long-Term Royal Reset program in the US.
This investment is part of the broader “Reclaim the Flame” strategy, which commenced with a $250 million investment in September 2022 focused on modernizing Burger King restaurants, encompassing technology installations and kitchen equipment upgrades.
The new funding for Royal Reset 2.0 comes after Burger King’s announcement in January 2024 of its acquisition of Carrols Restaurant Group for $1 billion.
The acquisition entails a renovation initiative for 600 Burger King restaurants, aimed at modernizing their appearance. RBI intends to transition nearly all of these establishments to smaller, local operators through refranchising between 2026 and 2030.
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