IndiaMART announces top management shuffle: Jitin Diwan named CFO, Prateek Chandra as Chief Strategy Officer

April 8, 2024

IndiaMART InterMESH, a prominent B2B marketplace, has announced significant shifts in its top management. Effective from June 15, Jitin Diwan will assume the position of Chief Financial Officer (CFO), while Prateek Chandra will embark on a new journey within the company as Chief Strategy Officer.

Diwan will succeed Chandra, who previously held the position of CFO within the company.

“Following the nomination and remuneration committee’s recommendations, the board of directors has approved Prateek Chandra’s transition to a new role within the company as Chief Strategy Officer, effective from June 15, 2024. He will step down from his current positions as Chief Financial Officer and key managerial personnel by the end of June 14, 2024,” stated IndiaMART in a recent filing with the stock exchange.

“The board of directors has approved Jitin Diwan’s appointment as the senior management personnel designated as Chief Financial Officer, effective from May 15, 2024. He will officially assume the role of Chief Financial Officer and key managerial personnel of the company from June 15, 2024,” the company announced.

Continue Exploring: IndiaMART reports 27% YoY decline in Q3 net profit to INR 82 Crore, despite 21% rise in operational revenue

This follows shortly after IndiaMART’s board approved a scheme of amalgamation involving its three wholly-owned subsidiaries: Busy Infotech Private Limited (transferor company 1), Hello Trade Online Private Limited (transferor company 2), and Tolexo Online Private Limited (transferee company).

The company stated that the restructuring aims to streamline the group’s structure and optimize operations and costs across its wholly-owned subsidiary companies.

Meanwhile, IndiaMART has renewed the appointment of Dinesh Chandra Agarwal as MD and CEO for a five-year term, starting from January 8, 2025.

IndiaMART’s shares declined significantly last week, dropping by 3.8%. However, on Monday, the stock rebounded, trading 0.51% higher at INR 2,556.95 on the BSE as of 2:50 PM.

During the third quarter of fiscal year 2024, IndiaMART recorded a 27.4% decrease in consolidated net profit, amounting to INR 82 Cr.

Continue Exploring: Udaan undergoes executive leadership restructuring as Group CFO Aditya Pande resigns

Nykaa shares rally 6% as company anticipates ‘high-twenties’ revenue growth in Q4

SnackTeam

April 8, 2024

Shares of FSN E-commerce, the parent company of the major beauty and fashion ecommerce platform Nykaa, surged more than 6% in Monday’s trading session, buoyed by the company’s optimistic growth projections for Q4.

Nykaa’s shares were priced at INR 179.65 each at 12:40 PM on Monday, up from its previous closing price of INR 168.50.

Last week, the company announced its expectation of achieving a “high twenties” year-on-year revenue growth for the January-March quarter. Additionally, Nykaa recorded an “early thirties” growth in gross merchandise value (GMV).

“We anticipate a high twenties year-on-year growth in NSV and revenue for the quarter. As a result, our full-year revenue growth for 2024 is projected to be in the mid-twenties year-on-year,” stated the company.

Continue Exploring: Fashion, grocery, and general merchandise to dominate two-thirds of Indian e-commerce market by 2027: Nykaa CEO Falguni Nayar

During the quarter, Nykaa reported strong momentum across crucial aspects such as customer acquisition, platform conversion, and user growth. This has led to a significant increase in order volume, highlighting strong customer demand.

The company attributed the overall growth in beauty and personal care (BPC) to robust sales in key categories like makeup and skincare, as well as the highly successful ‘Pink Love Sale’ held during the quarter.

“Our GMV for the BPC vertical in the quarter is projected to increase by approximately thirty percent, and the NSV growth is anticipated to be in the mid-twenties year-on-year. We believe this outpaces industry growth,” stated Nykaa.

“Nykaa Fashion continues to grow at a robust rate over the last two quarters in the fashion business, despite the industry’s mild expansion. With year-over-year NSV growth expected to be in the mid-20s, the fashion vertical’s GMV is expected to rise in the high 20s for the quarter,” according to the company’s detailed projections.

The ecommerce startup reported that its consolidated net profit surged to INR 17.4 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24), more than doubling from INR 8.5 Cr in the same quarter of the previous year. This growth was driven by a significant expansion in its fashion business and improved margins.

Continue Exploring: Nykaa’s Q3 results ignite bullish sentiment, shares jump 6%

Nykaa’s operating revenue rose by more than 22%, reaching INR 1,788.8 Cr compared to INR 1,462.8 Cr in the same quarter of the previous year.

The BPC category remained the largest contributor to Nykaa’s total sales, accounting for 84% of the total operating revenue.

Meanwhile, the fashion segment generated an operating revenue of INR 152.6 Cr during the quarter, marking a 20% growth from INR 127.5 Cr in the corresponding period last year.

Continue Exploring: Nykaa’s fashion vertical takes the lead with anticipated 40% YoY GMV growth in Q3 FY24

Tod’s expands presence in India with new boutique at Mumbai’s Jio World Plaza

SnackTeam

April 8, 2024

Tod’s, the Milano-based luxury goods and jewellery brand, has opened a new boutique in Mumbai’s Jio World Plaza, as announced by its franchise partner in India, Reliance Brands Ltd., on social media.

Reliance Brands Ltd. shared on LinkedIn, “Tod’s unveiled its newest boutique at Mumbai’s Jio World Plaza, showcasing the brand’s iconic pieces and latest collection. Guests and friends of the house congregated to commemorate this momentous occasion, indulging in the opulent ambiance and splendid collections showcased.”

Continue Exploring: Titan’s CaratLane jewellery line to make US debut in FY25

According to details provided on Tod’s website, the brand maintains a global presence and runs approximately five stores across India, situated in cities such as Delhi, Mumbai, and Kolkata.

Media reports from 2022 indicate that Reliance Brands Ltd. entered into a multi-year franchise agreement to distribute Tod’s products in India. Under this extensive agreement, the company positioned itself as the authorized retailer of the brand, covering all categories such as footwear, handbags, and accessories within the Indian market.

Reliance Brands Ltd. (RBL), a subsidiary of Reliance Retail Ventures Ltd., commenced its operations in 2007. The current array of brand partnerships within its portfolio includes Armani Exchange, Balenciaga, Bally, Bottega Veneta, Brooks Brothers, Burberry, Canali, Coach, Diesel, Dune, EA7, Emporio Armani, G-Star Raw, Gas and more. Presently, RBL operates over 2,212 outlets, consisting of 919 standalone stores and 1,293 shop-in-shops across India.

Continue Exploring: D2C jewellery brand Kushal’s raises $34 Mn in Series B funding from Lighthouse’s fourth PE fund

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

SnackTeam

April 8, 2024

India’s footwear market is expected to experience double-digit growth, reaching a market size of INR 191K crore by FY 2028, according to a report from the market research firm 1Lattice.

According to the report, the footwear market stood at approximately INR 123.5K crore in FY2024.

“The footwear industry finds itself at a pivotal juncture, shaped by evolving consumer tastes, swift technological progress, increasing calls for sustainability, and the rise of the resale market. With a projected Compound Annual Growth Rate (CAGR) of approximately 13%, the industry is set to soar, reaching INR 191K Cr by FY28. Looking ahead, there exists immense potential for substantial growth and expansion, benefiting both newcomers and established brands,” remarked Ashish Dhir, Senior Director at 1Lattice.

The surge in growth can be traced back to pivotal factors such as escalating disposable incomes, advancements in technology, the upscale trajectory of the industry, evolving consumer preferences, and the expanding scope of urbanization.

Continue Exploring: Indian footwear industry set for exponential growth, projected to reach $90 Billion by 2030: GTRI Report

Observing the trend towards premiumization, the report indicated that a focus on elevating quality would propel the premium footwear market share from 47 percent in FY2021 to 49 percent by FY2025. Furthermore, it anticipates that the Consumer Price Index (CPI) will drive footwear prices upward, consequently fostering growth within the footwear industry. Over the past three years, India has experienced an average CPI of 5.5 percent, according to the report.

Regarding challenges, factors such as counterfeit products, inefficient inventory management, low margins, and labor-intensive manufacturing processes serve as key growth barriers for retailers.

According to the report, approximately 70 percent of the footwear industry operates in an unorganized manner, presenting challenges for organized retailers to effectively compete in terms of pricing and market presence.

Furthermore, intense competition from established brands and the influx of new entrants result in price wars and exert pressure on profit margins.

Continue Exploring: Reliance Retail’s Lee Cooper enters women’s footwear segment

Shedding light on emerging trends within the footwear sector, the report underscored a growing consumer awareness regarding the environmental repercussions of their purchases. Consequently, footwear companies are actively investigating the utilization of recycled materials, vegan leather, and sustainable manufacturing techniques to mitigate environmental harm. Notably, there’s a discernible shift towards non-leather footwear, attributed to its cost-effectiveness, durability, and adaptability.

In terms of technology, brands are actively exploring the integration of virtual try-on and augmented reality (AR) technologies to enhance the online shopping experience.

Additionally, the report underscored the growing trend of collaborations between fashion and luxury brands with athletic footwear companies, alongside the flourishing sneaker culture, resulting in the proliferation of limited editions and the resale market.

Hilton expands footprint in India with new flagship hotel in Lucknow

SnackTeam

April 8, 2024

Hilton today announced the signing of its flagship brand hotel in Lucknow, Uttar Pradesh’s capital city. Hilton Lucknow will be built in collaboration with Amrit Bottlers Private Limited as part of a cluster complex that already contains Hilton Garden Inn Lucknow, which Hilton currently administers under the same ownership.

Set to open in the first quarter of 2025, Hilton Lucknow is strategically located in the heart of Gomti Nagar, Lucknow’s prime area, and aims to set a new standard for hospitality excellence and innovation. This expansion enhances the brand’s footprint in Uttar Pradesh’s administrative capital and reaffirms Hilton’s dedication to expanding in India’s most populous state.

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

Hilton Lucknow boasts a prime location near government and commercial offices as well as the city’s railway station, and it is just 23 kilometres from the commercial airport. Once completed, the hotel will offer 140 guest rooms that combine local touches with modern design elements. Additionally, the hotel will provide extensive event spaces spanning 17,000 sq ft, including a banquet terrace garden, a ballroom, and meeting rooms, making it well-equipped to host large social and corporate events. Guests can also enjoy culinary experiences at three distinct food and beverage venues, including a specialty bar and a chic lobby lounge.

“We are thrilled to bring the world-class hospitality of Hilton to Uttar Pradesh’s largest metropolis. As we expand Hilton’s footprint in North India, Lucknow, with its wealth of historical and cultural significance as well as its modern appeal, offers a great location. Zubin Saxena, Senior Vice President and Country Head, Hilton, India, said, “We are appreciative of the chance to strengthen our relationship with Amrit Bottlers Private Limited and are prepared to meet the changing needs of our visitors.

Rajesh Ladhani, Director at Amrit Bottlers, expressed, “Our enduring partnership with Hilton, demonstrated through the successful establishment and operation of Hilton Garden Inn within the same complex, reflects our commitment to fortify our position in the thriving hospitality industry and broaden our reach in key areas like Gomti Nagar. With Lucknow emerging as a prominent destination catering to both domestic and international travelers, we believe Hilton Lucknow will elevate the city’s vibrant hospitality landscape.”

With 26 operational hotels in India and an additional 19 in the development pipeline, Hilton is set to triple its presence in India to a total of 75 operational and planned hotels in the upcoming years.

Continue Exploring: Sarovar Hotels accelerates expansion drive, aims for 150 properties by 2025

Credo launches India’s first fashion incubation centre in Kolkata

SnackTeam

April 8, 2024

The Credo Centre of Excellence, in collaboration with the Apparel Skill Council, has launched the country’s inaugural fashion incubation centre in Kolkata. This initiative aims to bolster West Bengal’s INR 40,000 crore textile industry, as announced by an official.

“This marks India’s first fashion incubation centre and the first centre under the Public-Private Partnership (PPP) model authorised by the Apparel Made Ups Home Furnishing Sector Skill (AMHSSC) Council, an entity under the Ministry of Skill Development and Entrepreneurship,” said Pinaki Roychowdhury, trustee of the Credo “Additionally, the council maintains three more centres in Gurugram, Guwahati, and Tripura, focusing on basic tailoring training and entirely government-owned,” he stated.

West Bengal boasts a significant number of MSME-based garment manufacturers; however, exports are limited due to a deficiency in modern manufacturing, design, and supply chain ecosystems.

Continue Exploring: Apparel exports set for 8-9% growth in FY2025: ICRA

During the event, A Sakthivel, Padmashree awardee and chairman of AMHSSC, commented, “The objective of this program is to foster innovation and skill development within the home furnishing and apparel manufacturing sectors.”

“The main objective of the Centre of Excellence is to enhance the skills of workers in the clothing, makeup, and home furnishings industries through high-quality training. We aim to bridge the skill gap in the sector, equipping employees with the expertise required to excel in their roles,” Sakthivel stated.

Roychowdhury stated that Credo will provide incubation support, encompassing firm incorporation, assistance with design and manufacturing, and market access support for entrepreneurs for a minimum of 2-4 years, until they achieve the necessary momentum to operate independently.

“Credo’s various hybrid fashion design and entrepreneurship programs blend online learning with practical offline training, offering a contemporary and pertinent approach to skill development. This is complemented by industrial internships and entrepreneurship opportunities through its fashion business incubation program,” commented Dominic Savio, principal of St. Xavier’s College Kolkata.

Continue Exploring: California lifestyle apparel brand Dockers makes big bet on Indian market, plans five store openings in first year

Jewellery brand Zavya appoints former Snapdeal executive Ravi Malani as new Co-Founder

SnackTeam

April 8, 2024

Zavya, a jewellery brand, has appointed Ravi Malani, a former senior executive from Snapdeal, as its new Co-Founder.

Ravi Malani, the new Co-Founder of Zavya, stated, “I’m excited to join Zavya in its mission to make everyday fine jewellery both accessible and elegant for every woman. The Indian fine jewellery market offers a fantastic opportunity for Zavya. Through this partnership, I aim to enhance our current silver jewellery offerings and explore new avenues in the gold and lab-grown diamond sectors.”

Continue Exploring: Jewellery brand A Little Extra secures INR 60 Lakh investment deal on Shark Tank India Season 3

Zavya plans to launch strategic initiatives to strengthen the brand identity, cultivate valuable partnerships with celebrities, and streamline the omnichannel retail experience. The company anticipates that Malani’s varied experience at Snapdeal, where he managed performance marketing and led projects in analytics and growth strategies, will greatly contribute to Zavya’s strategic direction and team leadership.

Zavya’s Founder and CEO, Poem Kabra, said, “I’m thrilled to welcome Ravi as Zavya’s co-founder and COO. His proficiency in e-commerce aligns with our mission and will help Zavya become a leader in the fine jewellery industry. My abilities are complemented by Ravi’s, who supports our decisions to diversify and expand our product offering, form important alliances, and give our clients a smooth omnichannel experience. We have faith that Ravi’s successful track record at Snapdeal will play a key role in Zavya’s inventive success within the sector.”

Continue Exploring: Titan Company reports strong double-digit revenue growth of 17% YoY in Q4 2024, driven by jewellery and emerging businesses

Bakingo plans INR 40 Crore investment for expansion, targets omnichannel growth and INR 1,000 Crore national brand status in 5 years

SnackTeam

April 8, 2024

Himanshu Chawla, Co-Counder & Director of Bakingo

Bakingo, an online bakery, is planning to invest INR 40 crore to expand its production capacity along with going omnichannel, according to Himanshu Chawla, Co-Founder & Director of Bakingo, as reported by ET.

The company is aiming to expand its production infrastructure in urban centers such as Bengaluru, Delhi, Kolkata, and Mumbai.

“Currently, we operate a 10,000 sq ft manufacturing facility in Bengaluru, with plans to extend it to 25,000 sq ft. Likewise, we already possess a 25,000 sq ft unit in Delhi, and our intention is to establish an additional unit covering 15,000 sq ft,” he explained.

We currently operate with modest facilities in Mumbai and Kolkata. We want to open new 10,000- and 15,000-square-foot production facilities in each city this fiscal year,” he clarified.

Continue Exploring: Bakingo unveils cutting-edge ‘super kitchen’ in Gurugram, marking a milestone in its 2024 expansion plans

Currently, the brand’s existing manufacturing units have the capability to produce 1,000 cakes per day. With the expansion of the production facilities, the goal is to increase this capacity to 3,000 cakes per day.

By October, the brand aims to inaugurate 30 to 40 Exclusive Brand Outlets (EBOs) within the span of a year.

“We are set to launch takeaway Quick Service Restaurants (QSRs) spanning 500-600 sq.ft. Initially, our focus will be on metro and tier I cities, followed by expansion into tier II and beyond,” he emphasized.

The capital expenditure (CAPEX) necessary for developing these company-owned and operated outlets will be between INR 70 and 80 lakh. The company plans to provide over 100 Stock Keeping Units (SKUs) in these Exclusive company Outlets (EBOs).

Additionally, the brand is strategizing to broaden its footprint in cities such as Kolkata, Chennai, Pune, Kanpur, Agra, Patna, Ludhiana, Patiala, Jalandhar, Ahmedabad, Indore, and Bhopal. Moreover, it aims to escalate its dark kitchens from 75 to 150, effectively doubling their number.

“We don’t have any plans on securing additional funds, as the $16 million raised from the private equity firm Faering Capital in November 2023 will be sufficient to drive our expansion initiatives,” he stated.

Continue Exploring: Bakingo bolsters expansion plans with $16M investment from Faering Capital

“Ultimately, our vision is to establish a INR 1,000 crore national brand within the next five years,” he added.

At present, the brand operates in cities such as Gurgaon, Delhi, Noida, Bangalore, Hyderabad, Mumbai, Jaipur, Chandigarh, Lucknow, Meerut, Panipat, Karnal, and Rohtak.

In response to shifting consumer demands, the brand is also exploring menu expansion by introducing a range of savory options.

The brand, which concluded FY23-24 at INR 210 crore and FY22-23 at INR 140 crore, aims to achieve a growth rate of 50-60 per cent in the current fiscal year.

“At present, our EBITDA profitability is at 2-3 per cent, with an equal contribution of 50 per cent revenue each from both D2C and marketplaces,” he said.

The brand, which generates 40 per cent of its revenue from North India, experiences a 45 per cent rate of repeat orders on any given day.

Presently, its Customer Acquisition Cost (CAC) is INR 450 for an average order value of INR 1,000.

Continue Exploring: Bakingo makes a sweet entrance into Mumbai, bringing gourmet cakes to the city

Rising cocoa prices squeeze profits of chocolate and ice cream giants: Amul, Baskin Robbins, and Havmor navigate pricing challenges

SnackTeam

April 8, 2024

In the realm of chocolates and ice creams, a harsh reality is becoming evident: the skyrocketing prices of cocoa are starting to affect the profits of major industry players. Not just traditional chocolate manufacturers like Amul, but also leading ice cream brands such as Baskin Robbins and Havmor, are facing challenges due to the increased cocoa expenses.

Amul, a major player in the chocolate industry, is considering a substantial price increase for its chocolate products. Jayen Mehta, the Managing Director of Gujarat Cooperative Milk Marketing Federation (GCMMF), the parent organization of Amul, highlighted that the price of cocoa beans in India has surged to INR 800 per kg, up from its earlier range of INR 150-250. Mehta stressed the necessity of transferring this cost increase to consumers, anticipating a rise of 10-20% in chocolate prices over the next two months.

Given the challenges of tweaking prices for seasonal commodities, Amul intends to maintain the same rates for its ice creams and beverages in spite of the upcoming price hike for chocolates. Mehta expressed assurance in the competitiveness of their offerings, implying that the impact on market share would be minimal.

Continue Exploring: Global cocoa supply shortage pushes Cadbury and major chocolate brands to consider price hikes

Similarly, the rising cost of cocoa is exerting pressure on Baskin Robbins, a well-known American ice cream brand in India. Prices for components containing cocoa have increased by 70–80%, according to Mohit Khattar, CEO of Graviss Foods, the master franchise operator of Baskin Robbins in India. However, the business has decided to absorb these additional expenses for the time being in order to prevent a sudden increase in consumer pricing. Remaining optimistic about sales performance, Khattar proposed that they reassess the issue after the summer season.

Havmor Ice Cream, which had previously revised its prices earlier in the year to counter inflation, is also devising strategies to lessen the effects of the cocoa price increases. Komal Anand, the Managing Director of Havmor, emphasized the ice cream market’s sensitivity to price adjustments. Anand disclosed that the company had taken proactive measures by securing long-term pricing contracts in anticipation of these challenges, with the goal of sustaining current price levels despite the rise in cocoa costs.

As cocoa prices persistently rise, chocolate and ice cream brands are treading carefully to balance profitability with preserving consumer loyalty. The choices made by industry frontrunners such as Amul, Baskin Robbins, and Havmor are expected to influence pricing trends in the upcoming months, affecting consumer preferences in the chocolate and ice cream sections.

Continue Exploring: Pricey cocoa, coffee, palm oil, and sugar spike dining costs: Restaurant bills set to increase by 5-8%

Swiggy expands services to deliver food directly to houseboats on Dal Lake in Srinagar

SnackTeam

April 8, 2024

Swiggy, the online food delivery platform, announced on Monday that it now offers delivery services to tourists staying on houseboats on Dal Lake in Srinagar.

The company has collaborated with Shikara operators, who will help local delivery partners deliver orders directly to the doorsteps of the houseboats.

“The houseboat delivery by Swiggy exemplifies our commitment to providing unmatched convenience to consumers, wherever they may be,” stated Sidharth Bhakoo, National Head of Business for Swiggy Food.

“Our Shikara-based food delivery initiative underscores our dedication to catering to the varied requirements of our customers, whether they are wandering the city streets or unwinding on a houseboat,” he added.

Continue Exploring: Swiggy & IRCTC join forces to offer food delivery service on trains

Furthermore, the company stated that local delivery partners will be adequately compensated for their time, considering that these deliveries may take longer than standard on-road deliveries.

Swiggy stated that this provides restaurants with new opportunities to reach customers in distinctive locations and deliver their delectable dishes directly to their doorstep.

Swiggy, which launched its operations in Srinagar in 2022, boasts a platform with over 300 restaurants offering a diverse range of cuisines to both locals and tourists.

With a broad presence in the food delivery sector, Swiggy Food has partnered with close to two lakh restaurants across over 600 cities.

Continue Exploring: IPO-bound Swiggy appoints Titan’s Suparna Mitra as independent director

1...546547548...1,401 Page 547 of 1,401

NewsHub