Meritage Hospitality swings to profit in Q1 2024, marking significant turnaround

April 15, 2024

Meritage Hospitality Group, a US-based restaurant operator, has disclosed a net earnings of $1.6 million for the first quarter of 2024, contrasting sharply with the $1.5 million loss recorded in 2023.

For the quarter ended on March 31, 2024, the company witnessed a significant surge in operational earnings, with a remarkable 306.9% increase to $3.9 million, compared to $0.9 million for the same period last year.

For the most recent quarter, sales experienced a 3.3% growth, reaching $162.8 million compared to $157.7 million in the corresponding period of 2023.

During the same period, the company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 82.4% to $9.9 million, up from $5.4 million in the prior year’s corresponding period.

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

Meritage is aiming for robust earnings growth, with sales expected to increase by 5% to 10% in the remainder of 2024.

The company aims for a net income surge ranging between 145% and 155%, along with a 65% to 75% boost in earnings from operations.

For the year, it has established an EBITDA growth objective of 30% to 40%.

The company is actively bolstering its portfolio of US restaurants by renovating existing ones and constructing new establishments as per its current development agreements.

Meritage CEO Robert Schermer noted, “Earnings from operations for the company surged notably in the first quarter compared to the previous year, propelled by profitable value menu sales and reduced inflation in food, paper, and labor costs.”

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

“Profit signifies growth within our Wendy’s business, and we’re enthusiastic about the new leadership vision at Wendy’s, focusing on digital investments and technology to bolster restaurant margin expansion.”

FMCG manufacturer Parsons Nutritionals secures INR 700 Crore investment from Lighthouse Funds

SnackTeam

April 15, 2024

Lighthouse Funds, a private equity firm, has injected INR 700 crore into Parsons Nutritionals, a contract manufacturer operating in the FMCG sector.

In addition to Lighthouse, significant co-investors such as the International Finance Corporation (IFC), Evolvence India, HDFC AMC’s Fund of Funds, and other prominent family offices joined in the funding round, though precise information about the investment remains undisclosed.

Parsons Nutritionals specializes in the production of a wide array of packaged food and beverages, ranging from cookies and biscuits to chocolates, confectionery, malted beverages, and ready-drink mixes.

Significantly, the company has broadened its portfolio to encompass personal care items like shampoos and soaps. With manufacturing facilities situated in five states, Parsons has positioned itself as a preferred collaborator for top Indian and global FMCG firms.

Continue Exploring: Rural FMCG sales outpace urban growth for first time in three years, signaling demand recovery

With this fundraising round, Parsons will be able to increase its manufacturing capacities in both new and existing product categories for both its present and potential new clients. This is the first time the company has raised outside capital from a private equity investor.

S.S. Mann, the promoter and chairman of Parsons Nutritionals, expressed, “As we progress in our journey as an organization, partnering with Lighthouse at this juncture aligns perfectly with our growth trajectory. Their enduring vision and familial ethos resonate deeply with the core values ingrained within Parsons.”

“Given the robust momentum in the Indian manufacturing sector, our emphasis lies in strengthening our capabilities and extending our profound partnerships to a broader spectrum of leading brands,” stated Swapandeep Mann, promoter and CEO of Parsons Nutritionals.

Acting as the exclusive financial advisor, The Rainmaker Group facilitated the transaction, reinforcing the strategic partnership between Parsons Nutritionals and Lighthouse Funds, aimed at fostering continuous growth and innovation in the FMCG sector.

Continue Exploring: FMCG companies and Kirana stores gear up for summer: Dairy and beverage sales spike across India

Pret A Manger continues growth in India, unveils 14th store in Noida’s DLF Mall of India

SnackTeam

April 15, 2024

Pret A Manger, the popular chain renowned for its freshly made food and organic coffee and operated by Reliance Brands in India, has opened its 14th store in the country at the DLF Mall of India, Noida, as announced by a top company official on social media.

“In Noida, a new star has emerged! Our 14th Pret store opened yesterday, and Noida showered us with tremendous love. Thank you! Even Hamley & Hattie made an appearance to extend a warm welcome to their favorite coffee from London,” Sumeet Yadav, CEO of Hamleys/Pret India, Reliance Brands Limited, shared on LinkedIn.

The newly opened store can be found adjacent to Satya Paul and Zara, situated on the ground floor of the Mall of India.

Pret A Manger has ventured into India through a collaboration with Reliance Brands, the retail arm of Reliance Industries.

Continue Exploring: Reliance Retail launches 13th Pret A Manger store in India

In April, Reliance launched the first Pret A Manger café at Maker Maxity in Mumbai, covering 2,567 square feet and faithfully capturing the essence of the brand’s renowned London establishments. Following this, in the same month, Pret A Manger inaugurated its second Mumbai outlet at Phoenix Palladium Mall.

As of today, the café chain has active stores in various cities, including Mumbai, Gurugram, Noida, and Delhi.

Reliance Brands, a subsidiary of Reliance Retail Ventures Ltd., commenced its operations in 2007 with a mission to introduce and cultivate global brands in the luxury to premium sectors within the realms of fashion and lifestyle.

The company has established enduring exclusive partnerships spanning various sectors with both global and Indian brands, including Ritu Kumar, Bottega Veneta, Tiffany & Co., Valentino, Armani, Balenciaga, Boss, and many more.

Continue Exploring: Reliance ventures into the coffee industry with the opening of Pret A Manger’s first shop in Mumbai

Deepika Padukone’s 82°E joins forces with Reliance Retail’s TIRA for nationwide retail expansion

SnackTeam

April 15, 2024

82°E, the self-care brand founded by Bollywood actor Deepika Padukone, has announced a strategic partnership with Reliance Retail’s cutting-edge beauty platform, TIRA. This partnership marks a substantial shift for 82°E, transitioning from its thriving direct-to-consumer model to a dynamic retail venture, encompassing both online and offline realms across the nation. By joining hands, 82°E remains steadfast in its dedication to embedding the ethos of self-care into the fabric of everyday life for the TIRA community, fostering simplicity, joy, and efficacy along the way.

Having championed Simplified Skincare (Cleanse – Hydrate – Protect) over the past year, while solidifying product efficacy and fostering a dedicated global community, 82°E is now poised for rapid expansion through its transformative partnership with TIRA. This collaboration sees 82°E broadening its horizons, offering its sought-after Skincare, Body Care, and Men’s range, featuring popular items like Ashwagandha Bounce, Lotus Splash, and Turmeric Shield, on the TIRA platform. Previously exclusive to the D2C realm, 82°E products will now reach even more consumers through TIRA, with select products making their offline debut in handpicked TIRA stores across key markets in North, West, and South India.

Continue Exploring: Reliance Retail’s Tira brand steps into beauty accessories market with ‘Tira Tools’

The objective of this partnership is to make high-quality skincare products accessible to a broader audience, embracing Co-founder Deepika Padukone’s comprehensive wellness vision while utilizing Reliance Retail’s vast offline and online network as well as technological prowess.

In reference to the collaboration, Isha M Ambani, Executive Director of Reliance Retail Ventures Limited, expressed enthusiasm, stating, “We are thrilled to join forces with 82°E, a brand celebrated for its dedication to self-care and holistic well-being. This partnership advances TIRA’s mission of making attainable yet inspiring beauty accessible to all Indians, enabling us to offer our customers a selection of premium skincare products. Together, our goal is to enhance the self-care journey for consumers worldwide, introducing 82°E products to offline retail for the inaugural time.”

In regards to the collaboration, 82°E co-founder Deepika Padukone stated, “We’re excited to announce that 82°E is now available on TIRA, Online, and In-Stores.” Our common objectives of simplifying skincare and integrating self-care into daily life are what led to our collaboration. We are thrilled to provide our customers nationwide with the best of 82°E Skin care, 82°E Body Care, and 82°E Man in addition to 82°E’s Bestsellers & award-winning Formulations through TIRA’s Online and Offline platforms.

Continue Exploring: Deepika Padukone’s skincare brand 82°E set to expand product lines, channels, and global footprint in 2024

TIRA, Reliance Retail’s omnichannel retail platform, provides tailored experiences for customers and boasts a carefully curated selection of premier global and local brands, positioning itself as the ultimate beauty destination. Meanwhile, 82°E endeavors to establish itself as a premier modern self-care brand, offering meticulously sourced products spanning skincare and body care, with a focus on trustworthiness and efficacy.

Consumers can conveniently acquire 82°E products through the Tira app, website, and at designated Tira outlets.

Fashion brand Rareism opens third outlet in Hyderabad, scaling nationwide presence to 30 stores

SnackTeam

April 15, 2024

Rareism, the women’s fashion brand by Bengaluru-based fashion retailer The House of Rare, has recently opened its third outlet in Hyderabad.

The inauguration of this new outlet signifies a noteworthy achievement for the brand, as it brings the total store count to 30 throughout India. Spanning 650 sq. ft., the store is meticulously crafted to deliver a distinctive shopping ambiance for women, showcasing an expansive array of trend-setting attire tailored to their varied tastes and requirements.

The store’s architecture evokes the ambiance of a contemporary palace, characterized by its majestic moving pillars, delivering an immersive and extraordinary experience. Its interior, illuminated by a soft, pristine white glow and adorned with elegant, cloud-like curves, eloquently exhibits our fashion statements.

Continue Exploring: Reliance Retail’s youth-centric fashion brand, Yousta, unveils its first high-street store in Mumbai

Renowned for its seamless desk-to-dinner concept, Rareism anticipates that the new outlet will bolster its market standing. As a subsidiary of Radhamani Textiles Pvt Ltd, Rareism was established in 2016 by Akshika Poddar, whose visionary leadership has been pivotal in shaping the brand’s trajectory. Grounded in a commitment to excellence and innovation, Rareism has cultivated a robust presence in the fashion realm, underscored by the inauguration of this new outlet as a testament to its achievements.

Abhishek Srivastava, Business Head of Rareism, articulated the brand’s vision, stating, “Rareism epitomizes India’s response to European fashion. We perceive ‘multifaceted’ not merely as a term but as emblematic of womanhood, and our ambition is to emerge as a comprehensive destination for women.” He further extended his gratitude to Sreeleela for her support, expressing the brand’s enthusiasm for expanding its footprint in Hyderabad.

The recently opened Rareism outlet is conveniently located on the ground level of InOrbit Mall in Madhapur, Hyderabad. It boasts an extensive selection of chic and fashionable attire tailored for women. Among its offerings is the Desk to Dinner Approach collection, encompassing both formal and casual wear. Rareism is acclaimed for its distinctive designs that embrace diversity in body types, earning it a dedicated following among style-savvy women.

Continue Exploring: Amazon launches ‘Bazaar’ to target price-conscious shoppers with unbranded fashion & home products

Haldiram’s launches exclusive Navratri menu to elevate Chaitra Navratri celebrations

SnackTeam

April 15, 2024

As the Chaitra Navratri celebrations kick off in full swing, Haldiram’s, India’s leading multinational sweets brand and chain of restaurants, has unveiled the specially curated all-new Navratri Menu. Chaitra Navratri, which spans nine nights, is a traditional festival that honours Goddess Durga‘s holy essence through various rituals, fasting, & spiritual activities.

In harmony with the festive spirit, Haldiram’s has introduced a delightful array of dishes designed to satisfy the appetites of devout fasters. Featuring a blend of cherished classics and inventive delights, Haldiram’s Navratri Menu offers a culinary adventure brimming with delicious flavors and tantalizing textures to enhance the festive fervor. Enthusiastic food enthusiasts can savor timeless favorites like Sabudana Tikki alongside enticing newcomers like the Paneer Combo, Papdi Chaat, Tandoori Sizzler, and the elaborate Navratra Thali, encompassing both fasting and non-fasting options, among other delectable choices.

Continue Exploring: Haldiram’s Nagpur launches luxury chocolate brand ‘Cocobay’ catering to Indian taste buds

Highlighting the cultural and spiritual importance of Navratri, Kailash Agarwal, President of QSR Retail at Haldiram’s, emphasized, “Navratri holds immense significance for millions across India, and at Haldiram’s, we pay homage to these traditions with our meticulously curated Navratri Menu. Our culinary experts have meticulously crafted each dish to perfection, aiming to satisfy both the palate and the soul of devotees. We warmly welcome our patrons to partake in the celebration of Navratri’s essence with our lavish offerings at Haldiram’s Restaurants throughout northern India.”

Customers can also enjoy the convenience of having their favorite dishes from Haldiram’s delivered directly to their homes via Zomato and Swiggy during this festive season.

Royal Orchid Hotels expands presence in East India, launches Regenta Central as first property in Odisha

SnackTeam

April 15, 2024

Expanding its footprint in the eastern region of India, Royal Orchid Hotels Ltd (ROHL) has established its presence in Odisha by inaugurating Regenta Central in the picturesque coastal city of Puri. This marks ROHL’s debut property in the state and its fourth venture in East India.

Positioned to cater to tourists embarking on spiritual, wellness, or cultural journeys from all corners of the nation, Regenta Central in Puri is set to emerge as the favored accommodation choice. Nestled just 50 meters away from the Golden Beach, ROHL’s latest addition to its portfolio offers guests an ideal setting to delve into the abundant heritage of Odisha.

Chander K Baljee, Chairman & Managing Director of ROHL, expressed, “The inauguration of Regenta Central in Odisha signifies a major milestone as we propel ourselves into an assertive expansion phase for this fiscal year. With recent announcements of hotel openings and signings in Kasauli, Surat, and Mumbai within the last 10-15 days, and more on the horizon, we are committed to our aggressive growth strategy.”

“Puri, celebrated for its illustrious history and economic dependence on tourism, coupled with the religious eminence of landmarks such as the ancient 12th-century Jagannath Temple, contributes to the burgeoning tourist landscape of the state,” Mr. Baljee remarked. “This further strengthens our portfolio in the Eastern region of India.”

Continue Exploring: Royal Orchid Hotels to expand footprint in India with 30-35 new properties in the coming year

The hotel boasts 55 beautifully crafted rooms spread across four unique categories, each featuring balconies or sit-outs that offer delightful sea views. Conveniently situated just 5 kilometers away from Puri Railway Station and the revered Lord Jagannatha Temple, also known as Srikhetram locally, which serves as a spiritual cornerstone in Puri, the hotel provides guests with a truly holistic experience during their visit to the city.

Arjun Baljee, President of ROHL, expressed, “We are delighted to announce the inauguration of Regenta Central in Puri. This addition propels us toward our goal of launching 35 new hotels this year. It underscores our commitment to expanding the brand nationwide, offering our guests innovative and distinctive hospitality experiences across the country.”

Guests at Regenta Central enjoy convenient access to nearby attractions such as Pratyush Ocean World and Raghurajpur Artist Village, situated just 6 km and 10 km away, respectively. Moreover, renowned destinations like Baliharachandi Beach, Konark Sun Temple, Pipili, and Udayagiri & Khandagiri Caves are also easily reachable. Whether traveling for business, leisure, or religious reasons, Regenta Central Puri ensures a delightful and unforgettable stay for its guests.

Philip Logan, COO of ROHL, emphasized the commitment to setting unmatched benchmarks in the hospitality industry. Regarding the opening of Regenta Central Puri, he expressed confidence that the property would not only contribute to boosting the local economy but also play a pivotal role in elevating the city’s hospitality sector, enhancing its appeal to leisure and tourism.

Continue Exploring: ITC Hotels charts course for expansion, targets 70 new properties within next five years

Erratic weather drives 10% increase in potato prices: Supply shortage felt nationwide

SnackTeam

April 15, 2024

Potato prices have spiked dramatically owing to diminished yields caused by crop damage from erratic November rains last year.

Data from the Department of Consumer Affairs revealed that the all-India retail price of potatoes stood at INR 26 per kg on Saturday, marking a 10.18% increase month-on-month and a 32% rise year-on-year.

Potato traders noted that the wholesale prices of this kitchen essential reached INR 1,944 per quintal on Saturday, reflecting an 11.44% increase month-on-month and a 33.18% surge compared to last year. They attributed this rise to a decrease in output in two key producing states, Uttar Pradesh and West Bengal.

Continue Exploring: Vegetarian thali prices surge 7% in March on onion, tomato, potato costs; non-veg thalis drop 7%: Crisil Report

Gopal Sharma, a potato trader from Uttar Pradesh, mentioned that the current loading in cold storage is reportedly 10-12% lower. He added that farmers, due to reduced production, are holding back on selling their stocks immediately, anticipating a rise in prices.

According to traders, potato prices are anticipated to remain elevated this year due to an anticipated low overall yield. The agriculture ministry’s initial advance estimate for 2023-24 suggests that potato production is projected to decrease to approximately 58.99 million tonnes from around 60.14 million tonnes in the previous year.

Late November rains damaged the newly planted crops, prompting farmers to replant in December. However, recent April rains have caused damage to the crops that were ready for harvest.

Continue Exploring: Retail food inflation eases to 8.52% in March 2024 as prices of pulses and oils decline marginally

FSSAI directs food outlets to clearly display nutritional data

SnackTeam

April 15, 2024

Food safety is a paramount concern across India, prompting the Food Safety and Standards Authority of India (FSSAI) to undertake various initiatives aimed at controlling food contamination and adulteration, both of which can result in serious health issues. In a recent endeavor, the food safety regulator has directed food service establishments to strictly adhere to regulations governing the display of information at their outlets.

As per the report, the mandate specifies that food outlets must prominently display the calorific value, allergens, and nutritional information of all the foods they offer. This initiative follows reports of discrepancies in information display across different states, prompting the regulatory body to take action.

Continue Exploring: FSSAI directs e-commerce companies to stop labeling dairy and cereal-based beverages as ‘health’ or ‘energy’ drinks

Additionally, the report highlights that the FSSAI has provided clarification regarding the flexibility granted to food outlets in utilizing different display options to present the nutritional information of their offerings. According to the regulation, “A licensee operating food outlets at 10 or more locations must display the calorific value alongside the food items listed on menu cards, boards, or booklets.”

Moreover, they are required to include details regarding allergens and nutritional value, and affix vegetarian and non-vegetarian labels next to each food item showcased on menu cards or boards.

The FSSAI emphasized that e-commerce food aggregators must procure essential information from restaurants and display it on their platforms wherever applicable.

Continue Exploring: FSSAI greenlights amendments for single food certification authority

Magnum kicks off 2024 ice cream season with innovative mood-inspired flavors

SnackTeam

April 15, 2024

Magnum has kicked off the 2024 ice cream season with its first lineup of mood-inspired flavors. These innovative creations blend decadent chocolate, creamy ice cream, and a delightful surprise at the core. With this range, Magnum aims to carve out a slice of the €85 billion market, capitalizing on the 75% of consumers eager for fresh and exciting ice cream adventures.

Magnum’s ice creams have long been crafted for pure pleasure. However, their 2024 ice cream innovation, a trio of mood-inspired flavors known as Magnum Pleasure Express, seeks to elevate their premium portfolio to new heights.

Research conducted by cocoa supplier Barry Callebaut reveals that 75% of consumers globally are eager to explore new and exhilarating ice cream offerings. To capitalize on this market, the integration of fresh flavors and innovative formats is essential.

If executed correctly, the ultimate reward is a portion of the €85 billion ($91 billion) estimated global retail sales in the ice cream sector for 2024, as projected by Euromonitor.

Continue Exploring: Unilever announces spin-off of ice cream business, 7,500 job cuts planned in cost-cutting effort

“Magnum has continuously led the way in ice cream innovation. Our yearly breakthroughs significantly fuel the brand’s growth. The 2023 Sunlover & Starchaser duo from Magnum doubled the turnover achieved by our 2021 innovation,” notes Ben Curtis, Global Magnum and Luxury Brands Lead.

Ben elaborates, “Our latest flavors have been in development for two years.”

In a groundbreaking move for the brand, Magnum has combined its iconic cracking chocolate with novel ice cream flavors featuring unexpected cores. “Our aim is to whisk ice cream enthusiasts away on a journey where each bite brings a fresh sensation,” Ben remarks.

Magnum Pleasure Express marks the debut of Unilever’s first ice cream range tailored to match three distinct moods.

Magnum Euphoria draws its inspiration from happiness. This variant combines zesty lemon ice cream with a revitalizing raspberry sorbet core. Adding texture and excitement, its dense white chocolate shell is adorned with popping candy.

Chocolate, caramel, toffee, and molasses, commonly referred to as brown flavors in the food industry, are presently gaining traction among all consumers. Magnum Wonder aims to leverage this popularity by blending toffee-flavored ice cream with the surprising sweetness of a date ice cream core, all enveloped in golden chocolate and caramelized almonds.

Magnum Chill draws its flavor inspiration from blueberries. This vegan offering pairs vanilla-biscuit flavored ice cream with a blueberry sorbet core and crunchy cookie pieces, all enrobed in a luxurious vegan chocolate couverture.

Continue Exploring: Baskin Robbins expands beyond ice cream: Introduces all-day snacking options and new flavors for summer

The introduction of these ice creams in stores marks just one phase of a multi-channel customer journey.

Magnum’s acclaimed advertisements play a pivotal role in driving engagement and purchase intent. This year’s innovations will be bolstered by a media campaign showcasing Magnum enthusiasts boarding the ‘Pleasure Express’ train. The whimsical train journey culminates with an invitation for consumers to embrace the motto, “wherever pleasure takes you”.

Ben concludes, “This campaign has garnered the highest consumer test scores in Magnum’s history. It underscores our dedication to flavor innovation, our market insight, and serves as a strong indicator that we are fulfilling consumer demand.”

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