BIS standards enforcement to affect water bottle availability

April 22, 2024

Starting from June ’24, reusable insulated water bottles, flasks, and containers crafted from copper, stainless steel, and aluminum may no longer be available on both retail shelves and online platforms. This change is expected because the Ministry of Commerce and Industry is set to enforce a mandate requiring these products to obtain certification from the Bureau of Indian Standards (BIS) in order to be sold.

According to a report by ICICI Securities, currently, the majority of major players, including the listed Cello, import these water bottles since there are hardly any manufacturing facilities for them in India. The report suggests that companies might face additional duties if they continue importing or decide to establish manufacturing units in India to source locally, which could have a near-term impact on existing players.

Cello, Milton, and Prestige are prominent players in the production of these items.

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Given that most players presently import copper, stainless steel, and aluminum water bottles, setting up manufacturing units in India may become necessary for them.

“The BIS directive mandating the use of standard marks could expedite sector formalization and provide competitive advantages for larger, compliant players,” stated the ICICI report.

Should the center not grant any further extensions to comply with the deadline and if additional customs duties are imposed, companies might be required to either pay extra duty for imports or establish manufacturing units in India to procure locally.

For the three months that ended on December 31, 2023, Cello World recorded a revenue from operations of INR 527.1 crore and a net profit of INR 84.9 crore. A request for comments from the company via email was not answered.

Efforts to reach Hamilton Housewares, the manufacturer of Milton bottles and Treo cookware, for comment were unsuccessful.

“The impact will be far higher for smaller & unorganised businesses, who make up over 30% of the market. An official from a mid-sized manufacturer of insulated flasks & bottles stated, “We are hoping for an extension, but that seems unlikely now.”

In July last year, the Ministry of Commerce and Industry issued an order mandating the inclusion of a standard mark, obtained through a license from BIS, on all insulated flasks, bottles, and containers intended for domestic use. Initially projected for implementation within six months, the order is now anticipated to take effect by June of the current year.

Continue Exploring: JM Financial Private Equity invests INR 45 Crore in ‘Clear Premium Water’ to accelerate growth and market expansion

Mamaearth parent Honasa Consumer plans merger of two subsidiaries to eliminate cost duplication and enhance efficiency

SnackTeam

April 22, 2024

Honasa Consumer, the Delhi-NCR based parent entity of D2C brand Mamaearth, has announced that its board has approved the integration of two of its wholly owned subsidiaries – Just4Kids Services Private Limited and Fusion Cosmecutics Private Limited – into itself.

In a filing with the exchange, Honasa mentioned that the proposed merger scheme would be contingent upon obtaining several regulatory approvals, including those from the National Company Law Tribunal benches in New Delhi and Chandigarh.

Honasa stated that the amalgamation aims to eliminate cost duplication and enhance financial efficiencies. “The anticipated streamlined operations are poised to significantly improve cost-effectiveness, thereby maximizing shareholder value and bolstering the competitive standing of the merged entity,” the company remarked.

Moreover, the amalgamation will eliminate redundant hierarchical layers, enhance managerial focus, and contribute to improved efficiency in cash management, the company added.

Continue Exploring: Honasa Consumer enters color cosmetics market with Staze brand launch, targets Gen Z consumers with affordable quality products

Fusion Cosmecutics, the parent company of Dr. Seth’s, focuses primarily on formulating and trading skincare products. Mamaearth acquired a controlling interest in Fusion Cosmecutics in May 2022, valuing the company at INR 28 Cr. During the initial nine months of 2024, Fusion Cosmecutics recorded a revenue of INR 76.6 Cr.

Conversely, Just4Kids serves as the parent company of Momspresso, providing mothers with parenting tips and pregnancy guidance in multiple languages, such as English, Hindi, and eight additional regional languages.

It’s worth mentioning that Momspresso marked Mamaearth’s initial acquisition at INR 167.9 Cr. Prior to its IPO, Momspresso’s website was taken offline and remains inaccessible to this day.

In July last year, it was reported that Mamaearth was discontinuing two verticals of Momspresso – Momspresso MyMoney and its brand marketing division. Prior to closing these segments, the startup had laid off 80-100 employees earlier in 2023.

According to Mamaearth’s red herring prospectus (RHP), the startup’s board, during a meeting in March 2023, resolved to “scale down” a significant portion of Momspresso’s business verticals.

Additionally, Honasa incurred a goodwill impairment loss of INR 136 Cr in FY23, leading to a net loss of INR 151 Cr for the year. Mamaearth also wrote off goodwill amounting to INR 136 Cr for Just4Kids.

Continue Exploring: Honasa Consumer expands offline presence with multi-brand outlet in Bengaluru

Overall, the company reported exceptional items before tax of INR 155 Cr in FY23, largely due to the impairment of goodwill and other intangible assets. Excluding these, the startup would have reported a net profit of about INR 3.7 Cr during the year under review.

In the initial nine months of FY24, Just4Kids recorded a revenue of INR 4 Cr.

On the BSE, Honasa’s shares concluded Friday’s session up by 0.9% at INR 385.75.

Spanish beauty giant Puig sets stage for €14bn IPO, Europe’s largest of the year

SnackTeam

April 20, 2024

Puig, the renowned Spanish beauty conglomerate known for beloved brands such as Paco Rabanne and Charlotte Tilbury, is gearing up for its debut on the stock market through an initial public offering (IPO). This IPO is set to be the largest in Europe this year.

According to the Financial Times (FT), the company aims for a valuation of up to €14 billion ($14.92 billion).

Puig is slated to commence trading on May 3rd, with an expected market capitalization ranging between €12.7 billion ($13.54 billion) and €13.9 billion ($14.81 billion).

The IPO will entail the sale of €3 billion ($3.2 billion) worth of shares, accounting for 21% to 24% of the company’s ownership.

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The Puig family founders will maintain majority control.

With its headquarters in Barcelona and a rich heritage spanning over 110 years, Puig will list its shares on the Madrid Stock Exchange in addition to other Spanish exchanges.

The IPO process is being spearheaded by investment banking giants Goldman Sachs and JPMorgan.

The company plans to utilize the raised capital for “general corporate purposes,” which may include funding additional acquisitions.

The primary offering of the IPO comprises approximately €2.6 billion ($2.77 billion) in shares, with Goldman Sachs granted an additional allotment option of €390 million ($415.66 million).

The bookbuilding process, which assesses investor interest, concludes on April 30th.

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The ultimate share price will be established upon the conclusion of the bookbuilding process.

“We believe that being a family-owned company with market accountability will enable us to remain competitive in the market throughout the next phase of the company’s development,” said Marc Puig.

The IPO sets Puig up for substantial expansion and reinforces its status as a key player in the global beauty industry.

Costa Coffee expands to Italy, unveils first store at Fiumicino Airport

SnackTeam

April 20, 2024

Costa Coffee has ventured into the Italian market with the opening of its first retail store at Fiumicino Airport.

The coffeehouse chain collaborated with Avolta, a global travel retailer operating in 64 countries, to inaugurate the store.

Situated in the airport’s non-Schengen zone, the new store offers Costa’s signature coffees alongside a variety of locally sourced artisanal delicacies.

The collaboration between Avolta and Costa Coffee symbolizes a strategic step to expand the Costa Coffee brand into new and unexplored territory.

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Massimiliano Santoro, CEO of Avolta Italy F&B, expressed delight in partnering with Costa Coffee, a prominent international entity. He emphasized the company’s dedication to evolving its offerings and utilizing global partnerships to provide travelers with an exceptional experience.

“We extend our gratitude to Aeroporti di Roma for hosting our new venue, where we enhance our presence in Italy’s most significant airport. Here, we engage with a diverse array of travelers daily, providing solutions tailored to their every need, taste, and trend.”

At the grand opening of the store, visitors enjoyed a captivating Latte Art Show and got to indulge in a variety of delicious food and drink offerings from Costa Coffee.

In addition to Costa’s signature coffees, the store’s menu features traditional Italian espresso and cappuccinos, an array of refreshing cold beverages, and plant-based options.

The selection extends to a variety of pastries like croissants, cakes, and muffins, alongside savory options such as wraps, sandwiches, and bagels.

Continue Exploring: Costa Coffee and BOSH! team up to introduce delectable plant-based delights across the UK

Sam O’Brien, Managing Director of Costa Coffee EMENA, expressed, “The opening of our first store in Italy is truly exhilarating. It was the Costa brothers’ passion for Italian coffee and their quest to find it in their adopted home, England, that sparked the inception of Costa Coffee.”

“Every day, their Italian heritage as well as entrepreneurial spirit inspire us to create fresh coffee experiences for coffee aficionados.”

“We are thrilled to collaborate with Avolta in Fiumicino, enriching the journeys of travelers to and from Italy by imparting our Italian heritage to new customers.”

UK-based Shicken eyes profitability by 2025 following successful US expansion

SnackTeam

April 20, 2024

Shicken, a UK-based producer of vegan ready-meals, is targeting profitability by 2025 after its recent expansion into the US market earlier this year.

According to Shicken’s co-founder Parm Bains, the company projects a fivefold revenue increase, setting a revenue target of £5.6 million ($7 million) following its recent listing in the US.

The US has become Sprouts Farmers Market’s sixth overseas area with the launch of the plant-based ready-meals in 410 stores nationwide.

“What we’ve seen is actually greater opportunity from a global perspective because the domestic market has become oversaturated,” stated Bains, who created Shicken with his wife Satvinder. There are many competitors in the plant-based market, regardless of whether products are chilled or frozen.

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“One of our main advantages is that we can produce 20,000 metric tonnes of volume at our current manufacturing facility in Dartford, Kent. Only 15% of the factory’s capacity is being utilised. Thus, there is room for us to keep expanding in the plant-based industry, both locally and globally.”

The co-founder stated that 70% of the business will be directed towards international markets, with the remaining 30% focused on the domestic market.

In its second round of funding, the business secured £4 million ($5 million) from vegan investment fund Veg Capital, bringing the total invested capital since Shicken’s establishment in 2020 to £6 million.

According to Bains, the main goal of this new money is to keep investing in our facility, in our personnel, and in helping them develop. That will enable Satvinder and me to carry on with our global expansion.

“Our ultimate goal is to leave this business to our children, so we intend to stick with the longer-term plan of continuing to have an effect on animals in the supply chain as well as to produce durable, ethical products.”

He further mentioned that Veg Capital, established by Veganuary campaign co-founder Matthew Glover, now holds a “significant stake” in Shicken, although specific details were not disclosed.

Shicken offers a variety of plant-based options, including Indian-style curries and vegan kebabs, alongside their plant-based chicken alternative, crafted from a blend of soya, wheat, and pea protein.

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Bains mentioned that the Dartford-based company is also receptive to own-brand and private-label manufacturing, and is currently “exploring various opportunities for late 2024 and even into 2025.”

The company has already established a presence in foodservice channels, partnering with US-based Sysco and discount retailer Costco in various European markets, such as the UK, Iceland, Sweden, France, and Spain.

Regarding the current state of the plant-based sector, Bains remarked, “The market was inundated with numerous plant-based products, but what we’ve witnessed in the last 18-24 months is its maturation. There’s been a shift towards higher quality offerings in the category, with lower quality products fading out. For us as a business, focusing on quality is paramount moving forward.”

According to him, the current climate has caused consumers’ behaviour to alter, and as a result, they have less money to spend. This is in addition to the category maturing and going through a phase of extremely quick growth. The use of that money has been really judicious on their part.

“I believe the problem for the manufacturers and brands in the plant-based community is that everyone is vying for the same place at the moment. In addition, we want to make sure that we are presenting our items to customers and conversing with them.”

Continue Exploring: Costa Coffee and BOSH! team up to introduce delectable plant-based delights across the UK

Subway brings back Honey Oat Bread and Creamy Sriracha Sauce across the US!

SnackTeam

April 20, 2024

Subway is reintroducing its Honey Oat Bread, making a comeback after four years of absence. This delectable option will be available for a limited time at all Subway locations across the United States.

At the same time, the sandwich chain has decided to permanently include its Creamy Sriracha sauce on the menu.

The sauce, famed for its fusion of fiery red chili essence and smooth creaminess, used to be available only at specific locations.

Moreover, Subway has partnered with Miss Vickie’s to introduce an exclusive chip flavor.

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Subway now exclusively offers Baja Chipotle-flavored kettle-cooked potato chips in its restaurants. This chip collaboration marks a milestone for the sandwich chain.

Miss Vickie’s Baja Chipotle flavored chips blend their iconic crunch with the robust smokiness and spice reminiscent of Subway’s Baja Chipotle sauce.

Paul Fabre, Senior Vice President of Culinary and Innovation at Subway, expressed, “These recent enhancements to Subway’s menu are sure to please sandwich enthusiasts seeking bold and distinctive flavors, whether they prefer something light and sweet or crave a bit of heat.”

“Our fans adore our Honey Oat Bread and Creamy Sriracha sauce, but I’m excited for them to experience the innovative twist we’ve put on our signature Baja Chipotle Sauce through our collaboration with Miss Vickie’s.”

Earlier this month, Subway introduced a fresh selection of lavash-style wraps at its restaurants across the US.

Continue Exploring: Subway unveils new lavash-style wraps, expanding bread lineup for first time in three years

This marked the brand’s first new bread option in three years.

Drawing inspiration from Middle Eastern cuisine, the lavash-style flatbread accommodates more ingredients compared to a traditional wheat tortilla. Its soft, bubbly texture can easily contain a footlong protein serving within a six-inch wrap.

Next Century Spirits bolsters portfolio with acquisition of six Southwest Spirits & Wine brands

SnackTeam

April 20, 2024

Next Century Spirits (NCS) has announced the acquisition of six brands previously owned by Southwest Spirits & Wine (SSW).

As per the company’s statement, the acquisition signifies a pivotal step in NCS’s aim to broaden its brand portfolio and strengthen its position as one of the top suppliers in the industry.

In this deal, NCS will take ownership of the Nue Vodka brand, known for its annual sales volume of about 220,000 9-liter cases spanning 29 states. Furthermore, NCS will also acquire The Other 49 Bourbon, Sixty Men Bourbon, Calamity Gin, Henderson Whiskey, and George Ocean Rum.

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These brands become part of NCS’ portfolio, complementing offerings like Bear Fight American Single Malt Whiskey, Numbskull Cool Mint & Chocolate Flavored Whiskey, Creek Water American Whiskey, and the ready-to-drink Caddy Cocktails.

Anthony Moniello, co-CEO of NCS, expressed excitement, stating, “We’re delighted to broaden our portfolio with these brands, notably Nue Vodka. Our goal is to establish ourselves as a reliable, enduring spirits partner with a varied portfolio, and the recent acquisition of SSW brand assets enables us to diversify our business and expedite our timeline.”

Rob Mason, co-CEO of NCS, chimed in, saying, “We’re enthusiastic about enlarging the Next Century Spirits portfolio to cater to consumer needs. The Southwest Spirits portfolio comprises an impressive array of youthful brands that align with significant consumer trends, propelling us significantly into the vodka, gin, and bourbon categories.”

The specifics of the transaction were not revealed.

Continue Exploring: US non-alcoholic spirits market projected to soar to $13 Million by 2027: GlobalData Report

Starbucks expands footprint in Chile, opens first store in Osorno

SnackTeam

April 20, 2024

Starbucks Chile has strengthened its presence in the country by opening its first store in Osorno as part of its expansion strategy.

The company’s authorized partner Alsea operates the new establishment.

It will offer customers a variety of hot and cold coffee drinks, sandwiches, and desserts.

Claudia Aburto, Starbucks South America director, expressed, “We are thrilled to introduce the Starbucks Experience to Osorno, furthering our reach in southern Chile. Our store designers have crafted a space that showcases iconic landmarks of the region, like the Osorno volcano and Lake Llanquihue, fostering moments of connection over coffee, cherished by many of our customers.”

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According to the company, the design of the Osorno store mirrors the city’s heritage, incorporating elements like the kingfisher and Maitén leaves indigenous to the region.

In 2003, Starbucks entered Chile, establishing its presence in Santiago.

This latest store represents the 163rd Starbucks outlet in the country and will be staffed by a team of 14 employees.

Claudia further commented, “Expanding within the Chilean market remains a key focus for Starbucks. We intend to unveil additional stores in the upcoming months, emphasizing our joint dedication to generating local employment prospects and providing distinctive experiences for consumers.”

Continue Exploring: Starbucks reports robust 22% sales growth in the UK, plans to open 100 more stores

Last month, Delosi, the operator of the coffee chain in Peru, opened its first drive-through facility in Lima’s urban district.

The El Ejercito store, located on Pérez Araníbar Avenue in the San Isidro district, marks the second of its kind in the country, following the debut of the Starbucks Panamericana Sur store in 2018.

Jack Daniel’s Country Cocktails unveils refreshing hard tea lineup, offering a taste of Southern tradition with modern flair

SnackTeam

April 20, 2024

Jack Daniel’s Country Cocktails is renowned for delivering delicious beverages with Southern charm and time-honored flair. Embracing its Southern roots, Jack Daniel’s Country Cocktails proudly unveils its latest creation this spring: a refreshing hard tea tailored for today’s discerning palate. Crafted with the finest black tea, authentic fruit essence, and a harmonious sweet note, this Hard Tea embodies the essence of Southern tradition with a contemporary twist.

The Hard Tea will be available in four tantalising flavours: original, peach, raspberry, and blackberry, providing tea connoisseurs with an exciting and tasty voyage. Whether you’re lazing on the porch or having a spirited discussion, each different flavour offers a pleasurable sipping experience, enhancing every moment with its robust and refreshing aroma.

Continue Exploring: Jack Daniel’s maker, Brown-Forman, appoints Gaurav Sabharwal as MD for India and South Asia

“We are excited to be joining this rapidly growing market. We’ve created a new take on the beverage that honours its traditional southern roots through our partnership with Brown-Forman and the iconic Jack Daniel’s brand,” says Keith Cunningham, vice president of partnerships at Pabst. All four of our delicious flavours are standouts in their own right. Although it will be difficult to pick a favourite, each flavour will provide customers with a smooth, vibrant, and revitalising experience.

At launch, customers can enjoy all four flavors of Jack Daniel’s Country Cocktails Hard Tea in a convenient twelve-pack of 12oz cans, available at retail and convenience stores across thirteen states. Additionally, the Original and Peach variants will be offered in single-serve cans of 16oz and 23.5oz sizes exclusively in those limited states.

Jack Daniel’s Country Cocktails represent top-tier malt beverages within the Jack Daniel’s Family of Brands. Introduced in May 1992, Jack Daniel’s Country Cocktails, along with their distinct flavor names, are registered trademarks.

Continue Exploring: AB InBev and PepsiCo collaborate to launch alcoholic 7Up in Canada

Oyo Hotels plans $450 Million bond sale for refinancing

SnackTeam

April 20, 2024

Oyo Hotels is looking to secure up to $450 million through dollar bonds as it aims to replace an existing high-cost loan amid delays in its stock-market debut, Bloomberg reported, citing a person close to the matter.

According to the report, Oravel Stays Ltd, the parent company of Oyo, is in discussions with bankers to raise between $350 million and $450 million to repay its term loan B, which is set to mature in 2026.

Oyo declined to comment on this development.

The refinancing will extend the repayment timeline to five years, with the company aiming to finalize this process by the September quarter.

Continue Exploring: JP Morgan extends INR 200 Crore credit facility to fuel Oyo’s expansion

It’s worth noting that in 2021, the company secured $660 million in term loan funding from global institutional investors.

Towards the end of last year, OYO finalized payments totaling INR 1,620 Cr (around $195 Mn) to repurchase 30% of its outstanding Term Loan B (TLB). Nonetheless, there is still an outstanding balance of approximately $465 Mn.

Term Loan B is a category of loan extended by financial institutions, commonly utilized by companies for purposes including acquisitions, recapitalizations, or refinancing existing debt.

This comes after weeks of discussions wherein the hotel giant was in talks to secure close to $400 million in a funding round from the Malaysian sovereign wealth fund Khazanah Nasional Berhad.

Continue Exploring: Oyo Hotels in advanced talks with Khazanah Nasional Berhad for $400 Million funding boost

It’s worth mentioning that OYO last secured a primary round from Microsoft in 2021, valuing the company at over $9 billion.

The startup has been asserting improvements in its financial health.

It’s noteworthy that in September, its founder and CEO, Ritesh Agarwal, indicated that OYO was on course to declare its first profitable quarter in Q2 of the financial year 2023-24 (FY24).

The startup saw a 34% reduction in its net loss to INR 1,286.5 Cr in FY23 from INR 1,941.5 Cr, with expenses decreasing slightly despite business expansion.

In 2023, OYO downscaled its IPO size from $1.2 billion to $400-$600 million and submitted its DRHP to the Securities and Exchange Board of India (SEBI) via the confidential pre-filing process.

Continue Exploring: IPO-bound OYO’s Q3 FY24 profit doubles QoQ to INR 30 Cr

Last year, OYO saw the departure of several key executives, including Ankit Gupta, OYO’s India CEO, and Mandar Vaidya, the head of OYO Europe.

During that same year, OYO promoted Rakesh Kumar from deputy chief financial officer to chief financial officer, with a focus on driving finance and operational growth.

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