Trase co-founders reacquire footwear brand from Upscalio, secure $500K angel round for expansion

April 16, 2024

Jitin Goel and Dhruv Gupta, Co-Founders, Trase

The co-founders of Trase, a direct-to-consumer (D2C) footwear brand, Jitin Goel and Dhruv Gupta, have reacquired the brand from the roll-up company Upscalio. This strategic move was followed by a $500K angel round led by investors like Deep Bajaj and Mohit Bajaj, co-founders of Sirona Hygiene, as revealed by the brand’s co-founders.

Other investors who participated in the round include Shiven Malhotra, the founder of Strategic Investments by Design (SID), Vikas Gautam, CEO & Head of International Business at Aditya Birla Sun Life Asset Management Company, and Rohit Jain, former CEO of WTW.

The co-founders asserted that these funds will be utilized as working capital for team building, inventory management, and marketing purposes.

Founded in 2016, Trase achieved an Annual Recurring Revenue (ARR) of INR 18 crore by 2020, all while operating as a bootstrapped venture. In 2021, it became part of Upscalio’s acquisition strategy aimed at creating a diversified portfolio of brands in utility categories.

Continue Exploring: India’s footwear market set for double-digit growth, expected to reach INR 191K Crore by FY 2028: 1Lattice Report

“We sought a partner capable of assisting us in achieving a revenue milestone of INR 100 crore, leading us to form this partnership with Upscalio,” stated the co-founders.

As Upscalio shifted its focus from shoes to home and kitchen products, the founders and new investors reached an agreement to sell the footwear brand.

Even while Trase performed well while being managed by Upscalio, it did not fit into our long-term plan. The CEO of Upscalio, Gautam Kshatriya, stated, “We are happy to return it to its founders & new investors, who are well-positioned to grow the brand further.”

Before Covid, the brand was handling 2,000 orders per day and generating INR 14 crore in revenue annually, with a profitability ranging between 12-15 percent.

“Over the next 3 years, our goal is to achieve INR 100 crore in revenue, aiming for a 100 percent year-on-year growth. We project closing this fiscal year with INR 25 crore in revenue, reaching INR 50 crore by FY 25-26, and hitting INR 100 crore by FY 26-27,” stated Goel and Gupta.

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“Additionally, we anticipate reaching a monthly revenue of at least INR 1 crore until July, thereby enabling us to capitalize on sales during the latter half of the year,” they elaborated.

Currently, the brand provides a selection of 2,000 SKUs comprising comfortable footwear options for women and children.

“We believe that 75% of our revenue for the current fiscal year will come from the women’s segment, with the remaining 25 percent attributed to the children’s segment,” they said.

In addition to retailing on its own direct-to-consumer website and through marketplaces, the company plans to establish shop-in-shops this fiscal year to expand into the offline sector.

“We will start by testing the Delhi NCR area for offline retail. Co-founders stated, “By the end of this fiscal year, we anticipate that our D2C website will generate 25% of our revenue, marketplaces will account for 65%, and offline space will contribute the remaining 10%.”

The brand, with a focus on a purpose-driven approach, intends to donate one pair of shoes to the underprivileged for every 10 pairs sold.

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CG Group to take CG Hospitality Global and The Fern brand public, sets sights on aggressive growth

SnackTeam

April 16, 2024

CG Group, a multinational conglomerate, plans to gradually take its hospitality company CG Hospitality Global and The Fern brand public over time, according to Rahul Chaudhary, Managing Director of CG Hospitality Global and CG Corp.

“We aim to expand The Fern brand through various avenues. One approach involves utilizing the company’s earnings for investments in hotel ownership and revenue share agreements. Additionally, we are exploring the possibility of partnering with a strategic investor-operator to acquire a minority stake in our ventures,” he explained.

“We want to expand both our distribution network and our presence throughout India, which is why we are doing this. We intend to take the business public in the next two years as our EBITDA increases over time,” he continued.

According to Chaudhary, the company is using a comparable approach for CG Hospitality Global.

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“That’s also in line with our strategy. We aim to secure a strategic investor, primarily to institutionalize investments. Subsequently, we plan to lead CG Hospitality towards an IPO within the next few years. Both strategies are progressing concurrently,” he elaborated.

Concept Hospitality/Fern Hotels serves as the management company for CG Hospitality.

By 2025, CG Hospitality aims to manage over 200 hotels. Additionally, the company intends to introduce additional safari lodges throughout India, akin to those already established near Bandhavgarh, Kanha, Panna, and Pench national parks, in collaboration with IHCL.

CG Hospitality currently operates nearly 107 hotels across more than 75 destinations in India. In Gujarat alone, there are over 25 hotels under various brands including The Fern, Beacon, and Zinc.

“We aim to incorporate 20–25 hotels annually under the Fern brand, which translates to adding a new hotel every two weeks. Additionally, we’ve initiated a strategy to expand our safari lodge presence across India, with plans to introduce at least one or two new lodges each year. The safari lodge segment has been remarkably successful for us. It took us nearly 14 years to transform it into what it is today,” he explained.

In addition to this, the company intends to expand its comprehensive medical wellness brand, The Farm, currently established in the Philippines, to India within the coming years. Additionally, it will inaugurate two Taj properties in Bhutan this year. CG Hospitality is also set to debut another hotel in Dubai and has approximately six hotels in various stages of development in Nepal.

“CG Hospitality currently operates in 180 hotels spanning 12 countries. We acquired the two Fairmont hotels in Kenya, located in Nairobi and Masai Mara, prior to the COVID pandemic, and this investment has proven successful for us,” he elaborated.

Continue Exploring: Marriott International sees India as a ‘shining star’ for growth with plans to expand to 250 hotels in next five years

Chaudhary lamented that India’s approach to attracting international tourists has been relatively ineffective, especially given the country’s large population, diverse attractions, and unique locations.

“India must enhance its efforts. The current influx of tourists remains notably low. However, India has made remarkable strides in domestic travel and has shown significant improvement in infrastructure and connectivity.”

“The market dynamics have shifted. India boasts one of the largest middle-class segments, and they are increasingly exploring travel opportunities,” he remarked.

“Prices have surged by 30–40% nationwide. Particularly, rates are elevated for resorts and in less frequented destinations, yet travelers are still willing to pay,” he remarked.

Jewellery retailers embrace mall expansion as consumers flock to established brands

SnackTeam

April 16, 2024

The gleaming exteriors of jewellery shops are swiftly becoming a prominent sight in Indian shopping malls, emphasizing a shift in consumer preference towards established retailers.

According to five prominent mall operators overseeing over two dozen malls nationwide, each mall now hosts approximately 8-10 jewellery stores, a significant increase from just one or two in 2021. These stores now occupy nearly 5% of the total mall space, up from just 1% two years ago.

As more buyers transition away from smaller jewellers, the organized jewellery retail sector has been surpassing other consumer discretionary segments since April 2023. This trend is reflected in the jewellery segment contributing 15-20% of mall revenues, despite occupying only about 5% of the space.

As brands affiliated with the Tata Group, like Tanishq, expand their presence in shopping malls, others such as Reliance Jewels, Kalyan Jewellers, Malabar Gold & Jewels, and Joyalukkas are also launching new stores. Additionally, the Aditya Birla Group has revealed plans for a INR 5,000 crore investment to venture into this burgeoning segment.

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“At our malls, the proportion of jewellery stores has risen to 4-5%. The majority of these stores continue to perform strongly, attracting a respectable amount of foot traffic to our malls,” explained Pushpa Bector, Senior Executive Director at DLF Retail, overseeing premium malls in the Delhi-National Capital Region.

Certain malls anticipate that the percentage of jewellery stores could climb to as high as 8-9% in the near future, as new brands actively seek out space.

Suvankar Sen, the managing director and CEO of Senco Gold & Diamonds, a publicly listed jewellery firm, remarked, “We’ve established mall-based stores to enhance our brand visibility and attract new, younger customers.”

“Despite the surging price of gold, we maintain an optimistic outlook and plan to expand our store footprint to foster long-term business growth,” Sen affirmed.

In FY23, Senco had minimal presence in malls. However, in the following year, the jeweller opened a store in each of the following locations: Elantra Mall (Chandigarh), Mall of Asia (Bengaluru), Phoenix Mall (Indore), and Phoenix Wakad Mall (Pune). These stores vary in size from 2,103 sq ft to 3,090 sq ft.

Candere, the lifestyle brand under Kalyan Jewellers, currently operates in Infinity Mall in Andheri, Mumbai, and in Lulu Mall, Bengaluru. Collectively, Kalyan Jewellers occupies nearly 20,000 square feet of mall space throughout India. Candere intends to emphasize its presence in malls further and aims to inaugurate 50 outlets within this fiscal year.

“Previously, we only had one or two jewellery stores, but now jewellery has become a distinct category, necessitating the creation of a separate zone for them. While last year posed challenges for apparel stores, jewellery consistently attracts foot traffic and generates revenue,” remarked Ravinder Choudhary, Vice President of Vegas & Unity Group, overseeing operations across half a dozen malls in Delhi and Punjab.

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As real estate expenses represent just 1-2% of the total cost of opening a new store, jewellers are capitalizing on this opportunity to expand their reach by increasing investments in advertising and marketing efforts.

ICICI Securities has projected a 29% compound annual growth rate in standalone jewellery sales for Kalyan Jewellers and 20% for Titan over the period from FY24 to FY26, with both companies consistently reporting robust demand in the March quarter. Kalyan witnessed a 38% year-on-year growth in India jewellery revenue, while Titan recorded a 19% increase in domestic jewellery revenue during the same quarter.

The surge in new jewellery store openings persists despite a significant rise in gold prices, driven by buyers seeking safe-haven assets amid escalating geopolitical tensions in the Middle East.

Heinz and Mattel collaborate to unveil ‘Barbiecue’ sauce

SnackTeam

April 15, 2024

Heinz and Mattel have joined forces to introduce a special ‘Barbiecue’ sauce, a pink vegan mayo infused with barbecue flavors, marking the 65th anniversary of the iconic Barbie brand.

The sauce made its debut today in the UK and Spain, building on Heinz’s online teaser of the concept last year during the ‘Barbiecore’ trend ignited by the release of the Barbie movie.

The new dairy-free creation, infused with beetroot extract, achieves that iconic ‘Barbie pink’ hue. Thiago Rapp, the Director of Taste Innovation at Heinz, expressed that they felt compelled to bring it to life after witnessing the enthusiastic response from fans to its teaser on social media in 2023.

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He further stated, “Continuously seeking innovation and striving to deliver what our fans desire is paramount to us. We’re ecstatic to realize this iconic collaboration with Mattel.”

Ruth Henriquez, the Head of Consumer Products, Publishing, and LBE at Mattel EMEA, remarked, “Last summer, we swiftly collaborated with Heinz to materialize the concept of Heinz Classic Barbiecue Sauce in digital format. Now, it’s truly thrilling to see the physical product ready to grace our kitchen cupboards.”

“This partnership encapsulates the essence of innovation and enjoyment, which both Mattel and Heinz are renowned for. We’re eagerly anticipating fans’ delight in savoring this delectable and distinctive product.”

Heinz has released an initial batch of 5,000 bottles on its Heinz to Home website. A limited supply will hit Tesco shelves starting April 17, followed by Ocado and other retailers in May, priced at £3.39.

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

SnackTeam

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.

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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.”

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“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.

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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.

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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.

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