In an effort to bridge the void left by Patron XO Café’s exit from the UK market, LWC Drinks recently introduced Black Gold XO Café, a new coffee tequila brand.
The British independent drinks wholesaler endeavors to deliver a top-tier coffee tequila, promising consumers a comparable flavor profile and a “luxury experience” akin to the beloved Patron XO Café, all at the same price point. Bacardi-owned Patron XO Café ceased production in 2021 and was recently reintroduced in the US earlier this month.
According to LWC, Black Gold XO Café has been meticulously crafted, boasting a “silky smooth, rich, and full-bodied” profile with a subtle note of roasted coffee beans and a “warm, lingering finish.”
Now accessible at all LWC depots, this 34% ABV beverage comes adorned in a striking gold, amber, and black color scheme, exuding a “luxurious” visual appeal. The bottles are crafted from post-consumer recycled glass and boast a biodegradable closure along with a stopper fashioned from recycled materials.
Nic Ponticakis, spirits category manager at LWC Drinks, remarked, “Recognizing the clamor on social media and petitions urging the return of Café Patron, we understand the lingering void in the UK coffee tequila market. With Black Gold XO Café, we’re confident we’ve successfully addressed this demand.”
He further stated, “We’re also optimistic about the market’s direction, as CGA data indicates that sales of coffee-flavored spirits reached £20.9 million in the fourth quarter of 2022, marking a 54% increase compared to the same period in 2019. We anticipate this upward trend to persist.”
Sainsbury’s, the UK supermarket chain, saw a 6.8% increase in retail sales for the fiscal year 2023/2024, reaching £30.61 billion ($38.24 billion) compared with £28.66 billion in FY 2022/2023.
The company’s grocery sector spearheaded growth with a 9.4% increase in sales, while general merchandise saw a modest 1.2% rise. Conversely, clothing sales witnessed a 6.4% decline over the year.
The retailer’s underlying operating profit for the 52 weeks ending on March 2, 2024, stood at £966 million, reflecting a 4.3% increase from £926 million in the previous year.
This profit surge was fueled by the growth in grocery profits and cost savings, although it was partly counterbalanced by weaker General Merchandise profits.
Sainsbury’s underlying profit before tax reached £701 million for FY 2023/24, marking a marginal 1.6% increase from £690 million in 2022/2023.
However, the statutory profit before tax fell by 15.3% to £277 million from £327 million a year earlier.
The basic earnings per share for the fiscal year were 5.9p, marking a 34.4% decline from 9.0p in 2022/2023.
The company managed to reduce its net debt, including leases, by £790 million to £5,554 million through robust cash generation and a significant property transaction.
Sainsbury’s CEO Simon Roberts emphasized, “We committed to reinstating food as the focal point of Sainsbury’s, and we’ve delivered on that promise. Our food business is performing exceptionally well. With a winning blend of value and quality, we’re attracting customers from across our main competitors, leading to consistent growth in volume market share. More customers are choosing us for their regular shopping needs as well as special occasions.”
The retailer anticipates robust profit growth in the upcoming year and aims to surpass market growth in grocery volumes, capitalizing on profit expansion.
Augmented by additional contributions from Nectar and a steadfast performance from Argos, complemented by continuous cost-saving measures, Sainsbury’s foresees a retail underlying operating profit ranging from £1.01 billion to £1.060 billion, reflecting a growth of 5% to 10%.
After three Indian delicacies secured spots on the Taste Atlas global ranking of the top 10 rice puddings, the spotlight now shifts to the latest evaluation of the finest stews globally. In the most recent update for April 2024, the renowned food guide incorporated nine Indian culinary delights into its compilation of the top 50 stews. While this marks the most extensive representation from a single country, it’s worth noting that Taste Atlas encompasses various dishes under the category of “stews,” some of which may deviate from the traditional understanding of the term.
The beloved keema, a savory dish crafted from minced meat, has earned its place in the top 10, securing the 6th position. Another Indian culinary gem featured in the roster of ‘Best Stews In The World’ is chingri malai curry from Bengal, claiming the 18th spot. Additionally, korma, comprising meat or vegetables simmered with yogurt, water, or stock, has clinched the 22nd position.
Another entrant into the top 30 is vindaloo, a famed Goan specialty celebrated for its fiery flavor, claiming the 26th position. Among them is dal tadka, a comforting lentil-based dish seasoned with a fragrant tempering, securing the 30th spot. Saag paneer takes the 32nd rank, while shahi paneer follows closely at 34th. Maharashtra’s misal, often enjoyed with pav, earns the 38th position, with Indian dal (collectively) rounding off the list.
What’s remarkable about the list is its representation of dishes from various corners of the country – North, South, East, and West – highlighting the diverse spectrum of Indian cuisine. Leading the lineup is phanaeng curry from Thailand, crafted with dried red chili peppers, galangal, lemongrass, coriander root, shrimp paste, and an array of other aromatic ingredients.
Costa Coffee, the UK-based coffee chain, is bringing back its Iced Whipped Latte selection, now featuring fresh flavors just in time for the approaching summer season.
Starting May 2nd, the chain will introduce its range of refreshing beverages, featuring enticing flavors such as salted caramel and Choco, along with the latest addition of white chocolate.
The renowned Iced Whipped Latte selection, distinguished by its velvety whipped coffee topping, offers the option to personalize your drink with either dairy milk or a plant-based alternative.
According to the company, each flavor is elevated with a selection of sauces, such as creamy white chocolate, indulgent salted caramel, or a tempting chocolate option.
Costa Coffee’s summer menu isn’t just about the Iced Whipped Latte lineup; it also showcases a mix of both new and returning beverages.
Among them are the recently introduced Raspberry Mini-Bubble Frappe and Blueberry Burst Bubble Tea, alongside familiar favorites like the Blueberry Bubble Frappe, Tropical Mango Bubble Frappe, Mango Berry Bubble Tea, and an array of refreshing lemonades and refreshers.
Sandra Ferreira, the Beverage Innovation Director at Costa Coffee, expressed, “Responding to the desires of our customers, we’re thrilled to reintroduce our Iced Whipped Latte range, now featuring the delightful addition of white chocolate flavor.”
“We’re certain that our customers will rediscover their affection for this range once more. With anticipation building, we’re thrilled to reintroduce these iconic drinks just in time for the sunny days ahead,” stated Ferreira confidently.
In February, the coffee chain broadened its selection by introducing a new menu for Spring 2024, featuring the revival of the popular Kit Kat-themed drinks range.
The Spring lineup featured the Kit Kat Frappé, Kit Kat Mocha, and Kit Kat Hot Chocolate, each garnished with Light Whip and Kit Kat morsels.
A recent study published this week in the peer-reviewed journal Science Advances pinpointed some of the major brands responsible for plastic pollution across six continents.
The researchers, employing a team of over 100,000 volunteers, documented over 1.8 million pieces of plastic waste. Within the study, 28,570 brand names were identified on plastic debris collected from various locations, spanning beaches, rivers, and parks across 84 countries.
They discovered that the leading five companies accounted for 24% of the branded plastic, while a total of 56 companies were accountable for more than 50% of the branded plastic.
As per the research, thirteen companies have contributed at least 1% of the total branded plastic seen in the audit events. Each of the 13 businesses manufactures tobacco, beverage, or food products. The Coca-Cola Company, the world’s largest corporation, was accountable for 11%, which was significantly higher than any other company.
Following Coca-Cola in the top ten plastic polluters were other F&B giants such as PepsiCo, Nestlé, Danone, Bakhresa Group, Unilever, Wings, Mayora Indah, Mondelēz, Mars, and Salim Group. PepsiCo accounted for 5% of the identified plastic goods, while Nestlé and Danone each contributed 3% with their products.
The report emphasized, “It’s crucial to acknowledge that the contributions of the top companies could be underestimated due to unattributed brands and numerous unbranded items.” This statement was made in light of the fact that over 50% of the plastic waste discovered was unbranded.
Food and beverage products “tend to have a shorter duration of use before disposal, including a higher percent of single-use items,” according to the researchers.
The report additionally pointed out that “food and beverage products are more likely to be consumed on-the-go” compared to household and retail products, which are “more commonly consumed within buildings, reducing the likelihood of escaping materials management infrastructure and leaking into the environment.”
The researchers indicated that the findings imply a need for a “paradigm shift” in how companies report their plastic production. They emphasized that whether voluntarily or mandated by governments or international agreements, such reporting can effectively address the issue. They urged producer brand managers and policymakers to prioritize solutions aimed at reducing plastic production.
The study reached the conclusion that to tackle global plastic pollution effectively, corporate producers of plastic waste should take several key actions. These include phasing out nonessential and avoidable single-use products, adopting safe and sustainable product designs to reduce global demand for new items while enhancing reusability, repairability, and recyclability. Additionally, investing in non-plastic alternatives with superior safety and environmental profiles is essential. Lastly, supporting alternative distribution models, like refill-reuse systems, can significantly reduce pollution.
Nestlé provided a statement saying, “Over the past five years, we have reduced our use of new (virgin) plastic by 14.9%. Since initiating our voluntary commitments to tackle plastic waste five years ago, we have notably surpassed the industry average in reducing virgin plastic usage and enhancing recyclability, as per the latest report from the Ellen Macarthur Foundation.”
The statement continued, “We are in Ottawa this week for the UN Treaty discussions and we support a globally enforceable legal regulation on plastic waste. Nestlé has over 220 initiatives aimed at creating efficient garbage collection, sorting, and recycling programmes throughout North America, South America, Asia, Europe, and Africa. Our efforts to maintain packaging materials out of the environment and within the circular economy will not stop.
A representative from Coca-Cola’s UK division conveyed, “We prioritize minimizing the environmental impact of every beverage we offer, actively striving to decrease our reliance on plastic packaging. Our ambitious objective is to retrieve and recycle a bottle or can for each one sold by 2030. Furthermore, we endorse well-structured ‘Deposit Return Schemes’ throughout Europe, recognizing their potential to facilitate the return of our packaging.”
Danone also issued a statement, expressing, “Packaging plays a crucial role in delivering convenient, high-quality food and beverages to people worldwide while maintaining the integrity and safety of the contents. Across the entire Danone family of companies, we are firmly committed to initiatives aimed at curbing plastic waste by advancing recycling and reuse efforts. We remain dedicated to reducing our own plastic footprint, achieving an 8% reduction in plastic usage between 2018 and 2023, amounting to 62,000 tons, and enhancing the recyclability of our packaging (currently at 84% recyclable, reusable, or compostable).”
Danone echoed the sentiments expressed by both the researchers and Nestlé, underscoring the necessity of collaborative action. The dairy company stated, “While we persist in supporting and advocating for enhanced collection and recycling systems to facilitate consumer recycling, it’s imperative to address systemic obstacles hindering plastic waste reduction. These challenges include the underdevelopment of reuse, collection, and recycling infrastructures, as well as the limited availability of recycled materials. Therefore, Danone has been a staunch advocate for an ambitious and binding UN Global Plastic Treaty, which presents a significant opportunity to catalyze and expedite progress toward circularity in plastics.”
Domino’s Pizza, the American multinational pizza restaurant chain, has introduced a fresh program called ‘You Tip, We Tip’, designed to incentivize customers who tip their delivery drivers.
Customers showing appreciation to their delivery drivers with online tips will be rewarded with a $3 discount on their next online delivery purchase. This promotion kicks off on April 29th.
However, this promotion exclusively applies to customers who tip $3 or more.
The ‘You Tip, We Tip’ campaign is valid only when ordering through Domino’s channels.
In July 2023, Domino’s inked a deal with Uber, enabling US customers to place orders via its platforms Uber Eats and Postmates.
With this new initiative, Domino’s takes the lead as the first quick-service restaurant to enable customers to tip their drivers.
Kate Trumbull, Domino’s senior vice president and chief brand officer, expressed, “Domino’s drivers have been dedicated to delivering hot, delicious pizzas since 1960, and we appreciate customers tipping them for their exceptional service since day one.”
“Nowadays, tip screens seem to pop up everywhere you go. The expectation to tip is tangible, even without any additional service. Thus, we’ve chosen to change the narrative and express our gratitude by tipping customers in return.”
Supporting its delivery drivers is one of the key focuses of this promotion.
Domino’s has encountered difficulties in maintaining adequate levels of labor, especially within its driver workforce. This tipping incentive is a component of a larger initiative aimed at enhancing employee support and retention.
Domino’s has been actively creating tools to improve its management of the workforce.
In late 2023, the company disclosed intentions to unveil a new labor tool, as reported by Nation’s Restaurant News. This tool is set to complement an existing forecasting tool, aiming to enhance scheduling and flexibility for its employees.
The government anticipates a decrease in food prices after the India Meteorological Department (IMD) predicted an above-normal monsoon, as stated in the recent monthly economic review by the Ministry of Finance.
The report indicated that above-normal rainfall would result in increased crop production.
“Further relaxation of food prices is on the horizon as IMD expects above-normal rainfall during the monsoon season, which is likely to contribute to higher production,” the finance ministry’s March 2024 monthly economic review stated.
In India, food inflation dipped to 8.5 percent in March from 8.7 percent in February. The rise in food inflation is mainly attributed to higher prices of vegetables and pulses. To tackle this challenge, the government has taken steps such as imposing stock limits to curb hoarding, bolstering reserves of essential food commodities, and periodically releasing them into the open market.
Additionally, it has relaxed imports of vital food items and directed supplies through specified retail channels.
Sources within the government have disclosed ongoing negotiations with emerging markets like Brazil and Argentina for securing long-term contracts pertaining to the importation of pulses. Notably, discussions are nearing finalization for the import of around 20,000 tonnes of urad from Brazil, while negotiations for importing arhar from Argentina are also advancing toward conclusion.
The government has additionally entered contracts with Mozambique, Tanzania, and Myanmar for the importation of pulses.
Regarding vegetables, a recent report by CRISIL suggests that prices will decrease after June. The report highlights, “The IMD has forecasted an above-normal southwest monsoon in 2024. This bodes positively for vegetable prices, though the monsoon’s distribution remains critical. IMD anticipates above-normal temperatures until June, potentially maintaining elevated vegetable prices for the coming months.”
In March, vegetable inflation stood at 28.3 percent, a decrease from February’s 30 percent but significantly higher than the 8.4 percent deflation observed a year prior. Fiscal year 2024 witnessed substantial volatility, ranging from a low of -7.9 percent in May 2023 to a peak of 37.4 percent in July 2023.
The volatility, as measured by standard deviation, reached 15.4, marking the highest level since fiscal 2020.
In fiscal year 2024, vegetables accounted for approximately 30 percent of food inflation, significantly surpassing their 15.5 percent share in the food index.
The RBI’s monetary policy has also expressed concerns regarding the rising food prices, stating that “Although a record Rabi crop is expected to alleviate cereal prices, the growing frequency of weather-related shocks presents an upward risk to food prices. Geopolitical tensions, along with their impact on oil prices, further compound this risk. Nonetheless, early indications suggest promising prospects for the Kharif crop, given the India Meteorological Department’s forecast of above-normal monsoon conditions this year.”
High food inflation continues to pose a challenge in several major economies worldwide. For example, countries like Germany, Italy, South Africa, France, and the United Kingdom are currently facing elevated food prices.
Globally, there is a pressing need for continued efforts to address food price pressures.
The U.S. FDA is currently gathering information on products from Indian spice makers MDH and Everest after Hong Kong halted sales of some of their products for allegedly containing high levels of a cancer-causing pesticide.
An FDA representative said, “We are aware of the reports & are currently collecting more details about the situation.”
Hong Kong has stopped sales of three MDH spice mixes and one Everest spice mix for fish curries. Singapore issued a recall of the Everest spice mix, alleging that it consists of high quantities of ethylene oxide, which is unsafe for human ingestion and poses a cancer risk with long-term exposure.
MDH and Everest did not respond to requests for comment.
MDH and Everest spices, highly regarded in India and distributed across Europe, Asia, and North America, are now under scrutiny by Indian regulators for compliance with quality standards, following actions taken by Hong Kong and Singapore.
Lenskart, the omnichannel eyewear retailer, saw its consolidated operating revenue more than double to INR 3,788 crore in FY23 from INR 1,502 crore a year earlier. The Gurugram-based company reduced its losses from INR 102 crore in FY22 to INR 64 crore in FY23.
Expenses surged in tandem with the company’s expanding operations, reaching INR 4,025 crore in FY23, up from INR 1,726 crore in the previous fiscal year.
Despite facing a net loss, Lenskart disclosed earnings before interest, taxes, depreciation, and amortization (EBITDA) of INR 404 crore in FY23, a significant increase from INR 1 crore in the preceding fiscal year.
According to regulatory filings sourced from Tofler, a substantial portion of the expenditure was allocated to the cost of materials consumed, totaling INR 1,132 crore, accompanied by additional expenses amounting to INR 1,438 crore.
Lenskart remained profitable on a standalone basis, posting a net profit of INR 138 crore in FY23, marking a significant 25-fold increase from the previous fiscal. Standalone operating revenue amounted to INR 2,375 crore.
Snackfax reported on Thursday that Singapore’s Temasek and US-based asset manager Fidelity are in advanced talks to invest approximately $200 million in Lenskart through a secondary share sale, valuing the company at about $5 billion. Although Lenskart is projected to have concluded FY24 with a revenue of INR 5,500 crore, audited financials have not yet been filed with the Registrar of Companies.
Established in 2010, the company runs approximately 1,500 retail outlets across the country, in addition to its own online platform. Lenskart has inaugurated its largest manufacturing facility in Rajasthan.
In March of last year, Lenskart secured a total of $600 million in funding, marking one of the largest funding rounds for an Indian venture in 2023. The investment came from Abu Dhabi Investment Authority and ChrysCapital. This round comprised a notable secondary component, and it involved early investors like Chiratae Ventures selling their stake in Lenskart.
According to data from research firm Tracxn, the startup has accumulated a total funding of $1.7 billion, which includes proceeds from secondary share sales.
Lenskart runs approximately 1,500 retail outlets across India, in addition to its online platform. In 2022, the company executed a significant acquisition by purchasing Japan’s Owndays, with the objective of expanding into other Asian markets.
In September of last year, Lenskart’s subsidiary Neso Brands made a $4 million investment to acquire a “significant stake” in the Paris-based omnichannel eyewear brand Le Petit Lunetier. This acquisition aligns with Neso’s strategy, and Lenskart anticipates retailing such global brands across all its markets.
In December 2023, it was reported that Lenskart is strategizing to launch 300-400 stores in Southeast Asia within the following two years. At that time, the company had already established 70 stores in Singapore and intends to broaden its presence into Thailand and the Philippines.
Despite sluggish demand and restrained consumer spending, Tata‘s Trent is expected to have outperformed other Indian apparel chains last quarter by rapidly opening more of its youth-focused, low-priced stores.
Zudio, offering a range from dresses to perfume priced under INR 999 rupees ($12), appeals to young consumers seeking frequent wardrobe updates within a constrained budget.
Meanwhile, competitors have had to increase prices to offset rising costs, with shoe retailer Metro Brands even removing footwear priced below INR 1,000 rupees from its shelves. These price hikes further dampen sales, especially as consumers remain cautious about spending due to persistent inflationary pressures.
Arvind Singhal, chairman of business management consultancy Technopak Advisors, said, “A strong performance by Trent positions it as a standout, especially when compared to the underwhelming performance of its direct and indirect competitors.”
Three analysts surveyed by LSEG anticipate that Trent, the operator of Westside department stores, will experience a notable 46.1% surge in revenue to 31.90 billion rupees for the March quarter. This growth would signify the 11th consecutive quarter of surpassing expectations.
HDFC Securities remarked earlier this month that the organic growth in apparel and footwear, excluding Trent, continues to show a subdued trend.
In recent quarters, other apparel retailers such as Shoppers Stop and Tommy Hilfiger-licensee Arvind Fashions have reported modest growth compared to Trent, which introduced Zudio in 2016.
As of December 31, Zudio has expanded its presence with 460 stores across India, contributing to Trent’s total store count of 715.
In contrast, Shoppers Stop operated 105 department stores, Aditya Birla Fashion and Retail, the owner of Pantaloons, managed 4,753 stores, and V-Mart Retail, the operator of Unlimited, had 454 stores.
According to Singhal from Technopak, Trent’s competitors have attempted various formats instead of maintaining a clear focus, whereas Zudio is adopting a more gradual approach, first establishing itself in clothing before venturing into footwear.
Analysts anticipate that the introduction of new stores by Reliance Industries and Aditya Birla offering affordable apparel will not impact Trent’s growth trajectory.
Axis Securities analyst Preeyam Tolia mentioned that Trent is poised to maintain robust double-digit growth due to its expansion strategies, with newer players expected to capture market share from independent stores, which constitute the majority of Indian apparel sales.
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