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

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.

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“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.

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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.

Zomato faces yet another GST notice, Gurugram Authority demands INR 11.8 Crore

SnackTeam

April 20, 2024

Zomato, a foodtech giant, has received a fresh Goods and Services Tax (GST) notice amounting to INR 11.8 crore from the Gurugram GST authority.

The order includes a GST demand of INR 5.9 Cr and an accompanying penalty of INR 5.9 Cr.

As per the exchange filing on Friday (April 19), the company stated that it had received a tax order from the additional commissioner of central goods and services tax, Gurugram, for the period spanning July 2017 to March 2021. The order entails a GST demand of INR 5,90,94,889, along with corresponding interest and penalty charges of the same amount.

This comes weeks after Zomato received two consecutive tax notices of INR 23 Cr and INR 92 Cr from the Karnataka tax authority earlier this month.

Continue Exploring: Zomato’s GST saga continues: Karnataka tax authority slaps INR 23 Crore demand

In the filing, Zomato stated that the latest demand order pertained to the GST on export services provided by the company to its subsidiaries located outside India between July 2017 and March 2021.

Zomato stated that it received the demand order, asserting that the services provided didn’t meet the criteria for classification as export of service under GST.

According to the exchange filing, the company responded to the show cause notice by providing clarification on the allegations, supported by documents and legal precedents. However, it seems that the authorities did not fully appreciate this when issuing the order.

Zomato anticipates no financial repercussions for the company as a result of the tax penalty.

It’s worth mentioning that Zomato is currently facing various tax-related challenges. In March, the leading foodtech company received a penalty notice from the Deputy Commissioner of State Tax in Gujarat for the fiscal year 2018-19.

Last December, Zomato was served with a show cause notice amounting to INR 401.7 crore from the Directorate General of GST Intelligence, Pune Zonal Unit. This notice pertained to unpaid taxes on delivery charges collected from customers spanning from October 29, 2019, to March 31, 2022.

Despite these tax notices, the company’s stock performance appears largely unaffected. Zomato shares have shown significant momentum in recent months, driven by robust financial results and optimistic forecasts from D-Street regarding Blinkit’s growth prospects in the mid to long term.

Continue Exploring: Zomato’s shares surge to record high, nearing INR 200 mark as Kotak raises price target to INR 210

Zomato’s shares have surged nearly 53% year-to-date and are presently trading at INR 189.2 on the Bombay Stock Exchange (BSE).

Carlsberg Asia teams up with Grab to fuel transformation and growth in Southeast Asia

SnackTeam

April 20, 2024

Carlsberg Asia has signed a Memorandum of Understanding (MoU) with Southeast Asia’s everyday superapp, Grab, marking the beginning of a strategic partnership that will revolutionize how consumers enjoy their beer. This collaboration will encompass awareness and promotional campaigns on GrabAds across four key countries in Southeast Asia (SEA) – Cambodia, Malaysia, Myanmar, and Singapore. It will commence with the launch of an exciting football season campaign featuring Liverpool Football Club and a joint Responsible Drinking campaign. Additionally, the partnership will see the establishment of a virtual store for Carlsberg on the Grab app in Singapore and Malaysia, streamlining the process for consumers to order and receive their favorite Carlsberg beers.

Both Carlsberg and Grab wield considerable influence in Southeast Asia, boasting substantial consumer overlap. According to an internal survey by Grab, 61% of its user base across the region partake in alcohol consumption. Moreover, over 90% of users opt for Grab’s ride-hailing services due to motivations related to responsible drinking and safety concerns rather than driving their own vehicles. Leveraging Grab’s expansive ecosystem and localized insights, Carlsberg endeavors to broaden its digital presence in the region, extending accessibility of its product range to a wider audience.

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Arindam Varanasi, Vice President, Commercial Asia at Carlsberg, expressed, “As part of Carlsberg Group’s Accelerate SAIL strategy, this dynamic partnership is poised to propel digital transformation and foster growth in the region, transcending traditional retail channels. Together, we aim to amplify drinking occasions for consumers, offering seamless access to Carlsberg’s diverse portfolio of local and international beers and Beyond Beer brands, all delivered conveniently and safely to their doorstep. This collaboration underscores Carlsberg’s steadfast commitment to promoting responsible drinking.”

The partnership is set to commence in the second quarter of 2024, offering exclusive promotions, dine-in specials, and rewards accessible to legal drinking-age consumers through the Grab app. To kickstart this endeavor, Carlsberg and Grab will roll out an engaging campaign coinciding with the UEFA Euro 2024 season in the summer. With a longstanding partnership of over three decades, Carlsberg has been a key sponsor of Liverpool Football Club (LFC) since 2010, and this football season, it aims to amplify the excitement for LFC fans across the Southeast Asia (SEA) region by utilizing Grab’s extensive online and offline platforms. Furthermore, Carlsberg will collaborate with GrabAds, Grab’s advertising division, on a Responsible Drinking campaign later in the year, promoting responsible alcohol consumption and prioritizing safety by encouraging the use of GrabCar services.

Continue Exploring: Alaska Airlines launches exclusive craft beer ‘Cloud Cruiser’ in collaboration with Fremont Brewing

Ken Mandel, Regional Head of GrabAds and Brand Insights, expressed, “We are truly honored that Carlsberg, a renowned global brewery brand, has selected GrabAds, Grab’s advertising division, to enhance their brand presence through meaningful consumer campaigns – the LFC partnership and the Responsible Drinking Campaign. This collaboration highlights not only the extensive and impactful reach of GrabAds’ online-to-offline touchpoints but also underscores GrabAds’ ability to effectively engage with valuable consumers who utilize Grab for daily interactions and transactions with brands and merchants.”

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