At present, the company’s value-added products make up 12-15% of total sales and are projected to grow by 20% over the next two years. Additionally, Pansari Group anticipates a change in regional contributions, with the North predicted to represent 60% of the business, while the West and South regions are expected to contribute 40% collectively in the upcoming fiscal year.
Shammi Agarwal, the Director of Pansari Group, commented, “Despite facing challenges in international markets due to government regulations impacting wheat flour and rice duties, we stayed committed to diversification. We seized opportunities in the B2B segment, launching HoReCa International for our esteemed customers, and expanded into private-label offerings beyond commodities.”
The brand has recently launched its ‘Mojee’ cocktail syrups, along with Pansari Chai and the TVOY Green Tea range. It plans to focus on the TVOY tea line, targeting INR 100 crore in sales and a 70% year-on-year volume growth in the next two years.
Currently, the brand collaborates with over 800 distributors and strategically separates its distribution channels for commodities and value-added products to ensure streamlined operations.
Serena Williams, a former tennis player and entrepreneur, has teamed up with the content-to-commerce platform The Good Glamm Group to launch her beauty brand, “Wyn Beauty by Serena Williams,” in the US market.
WYN strives for inclusivity in skin tones and will therefore provide makeup products in 91 shades across 10 unique product lines for the face, lips, and eyes categories, the brand announced in a statement.
“As I developed and continued to be active on and off the court, I needed products that I could apply at 7 am before a hectic day of meetings, spending time with my family, making time for the things I love, and still look good at the end of the day,” Williams continued. What I really wanted was makeup that moved with me. The goal of WYN BEAUTY is for individuals to enhance their natural beauty and live in it every day of their lives.
Darpan Sanghvi, the founder of Good Glamm, commented, “It’s an honor to collaborate and embark on this joint venture with Serena, working together to realize her vision for WYN BEAUTY and crafting products that genuinely offer high performance, reflecting her values.”
Last year, actor Akshay Kumar partnered with Good Glamm to introduce a men’s personal care brand. Additionally, the company enlisted Dia Mirza as an investor in BabyChakra.
The Good Glamm Group was established in 2021 through the merger of three brands: MyGlamm, POPxo, and BabyChakra.
Sanghvi launched the D2C brand MyGlamm in 2017, Priyanka Gill founded the digital media platform POPxo in 2013, and Naiyya Saggi established the online parenting startup BabyChakra in 2015.
Since then, The Good Glamm Group has acquired nearly a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona.
According to sources, The Good Glamm Group is in the advanced stages of discussions to secure $70 million in funding for its Series E round, as it prepares for its upcoming initial public offering (IPO) next year. The round is anticipated to involve existing investors along with some new participants. This move is expected to value the group at $1.2 billion, the same valuation as its previous funding round.
Hypermarkets in malls are reducing their space, with some even closing down, as sales have dropped due to the growing popularity of quick commerce apps like BlinkIt and Zepto, according to three mall operators.
One mall operator mentioned that Spar India, part of the Landmark Group, has downsized stores and shuttered some locations in Delhi-NCR and Bengaluru due to declining sales. Another operator noted a similar trend with Reliance Smart Bazaar, experiencing a roughly one-third decrease in sales. Additionally, Deerika Hypermart, with outlets across Delhi NCR, has closed three stores. Despite inquiries, Reliance, Spar, and Deerika remained unresponsive.
According to Muhammad Ali, CEO of Retail at Prestige Group, impulsive purchases at hypermarkets have declined, with people now only purchasing essential items.
He said, “By reducing space, companies save on rent while sales remain the same.”
The Prestige Group manages Forum malls located in southern India.
According to a retail industry expert, buyers are no longer willing to tolerate the inconvenience.
The person remarked, “Who will endure traffic, parking, and queues for billing? Consumers’ shopping habits are evolving rapidly.”
Hypermarkets were originally envisioned as the main attractions in malls, drawing in crowds. However, this trend has changed. Numerous companies have opted to surrender 15-20% of the leased space in order to reduce rental expenses.
It’s reported that dining has become the new attraction factor.
“Restaurants are now the main drivers of foot traffic for malls and have taken on the role of new anchors,” stated Harsh V Bansal, co-founder of the Unity group, which oversees operations of over half a dozen malls in Delhi and Punjab. “With various delivery apps offering instant service, shoppers are hesitant to visit malls for grocery shopping.”
According to one mall operator, a hypermarket that previously recorded sales of INR 6 crore per month has now decreased to INR 3-4 crore. Another mall operator reduced the size of its hypermarket from 60,000 sq ft to 40,000 sq ft.
“Deerika hypermarket has temporarily closed three stores in Delhi, Ghaziabad, and Faridabad,” stated Abhishek Bansal, Managing Director of Pacific Malls, which manages multiple malls in the NCR region. “In general, the category now occupies less space compared to before.”
The Lulu Group from the UAE, recognized for its chain of hypermarkets, is expanding its operations by positioning its outlets as family-friendly destinations in Kerala and Uttar Pradesh. The company is contemplating the development of small-scale malls with a focus on hypermarkets in cities such as Prayagraj, Gorakhpur, Kanpur, and Varanasi.
In tier 2 cities, experts noted that hypermarkets are still regarded as destinations, but the trend has reversed in metro cities.
The same-store sales growth of the grocery leader Dmart was also affected by lower-than-anticipated festive season sales in non-FMCG (fast-moving consumer goods), alongside significant inflation within FMCG in agricultural staples.
As per the Boston Consulting Group, a deceleration in growth was evident across sectors in recent quarters, with grocery experiencing the most pronounced impact. Sales slowed to 16% in the March quarter from 23% in the corresponding period of the previous year.
In Q4FY24, the demand for FMCG products continued to face challenges, impacting volume growth, as reported by Elara Securities.
Factors like reduced farm income and the emergence of small regional competitors are negatively impacting larger companies. The brokerage also noted that a delayed winter could affect seasonal categories like beverages.
“It was observed that Chyawanprash sales slowed down in Q3 due to the delayed onset of winter, and there has been no significant recovery in Q4,” stated the report.
Food categories remain stronger performers compared to home and personal care products. The revival of rural demand is essential for the FMCG sector, and companies are banking on a favorable monsoon to boost the rural economy.
The report mentioned that regional companies, especially in sectors like biscuits and laundry, continue to pose challenges to larger competitors, benefiting from favorable commodity prices.
In Q4, essential commodities like crude oil and palm oil have seen a sequential rise. Nevertheless, the year-on-year growth has been modest, not significantly impacting margins. Companies have prioritized offering enhanced schemes to boost volume, without implementing any additional price reductions.
According to the brokerage, the FMCG coverage universe is anticipated to show a year-on-year revenue growth of 2.8 percent and volume growth of 3.6 percent in Q4FY24. This is compared to a five-year compound annual growth rate (CAGR) of 8.8 percent, slightly lower than the 9.0 percent recorded in Q3FY24.
Godawan, an artisanal single malt whisky that defies conventional norms while honoring tradition, has made a significant expansion by entering Punjab, Chandigarh, and Madhya Pradesh. This move strengthens its nationwide presence across seven markets in India, bringing its unique production techniques and accolades to a broader audience.
Conceived by The Good Craft Co. of Diageo India, Godawan is creating a unique single malt that pushes boundaries and breaks away from traditional whisky-making conventions.
Distilled in Alwar, an area traditionally not associated with whisky production, Godawan utilizes Rajasthan’s high temperatures, time-honored methods, and distinctive botanicals to produce a range of Indian single malts that cater to diverse tastes – from the delicate and floral to the fruity and spicy, the rich and rounded, and the full-bodied and smoky. Achieving this through a versatile and flavorful mother liquid, it is evident in each distinct expression. The brand has introduced two outstanding varieties – 01 Rich and Rounded and 02 Fruit and Spice – priced between INR 2800 and INR 6000.
“As India’s whisky craftsmanship garners global acclaim, maintaining innovation and consistently upholding exceptional quality standards is paramount. With Godawan, we are redefining whisky production through advanced techniques and unique ingredients, fostering a culture of exploration and innovation within the industry.
“We are excited to launch in Punjab, Chandigarh, and Madhya Pradesh, three important markets where customers continue to favour whisky. Our national expansion is well-timed, as the Indian single malt category is growing at a pace of 42 percent annually.
“Moving forward, our commitment lies in delivering superior product quality and strengthening our presence in crucial markets,” says Vikram Damodaran, Chief Innovation Officer of Diageo India.
Godawan made its global premiere at the 75th Cannes Film Festival in 2022, highlighting a major achievement in Indian craftsmanship and reinforcing the brand’s dedication to the Make in India initiative. Additionally, the brand has recently received two awards: one for Best Packaging – Graphics at the esteemed Ambrosia Awards and another Gold award for Best Use of PR for a Product Launch at AFAQS CommuniCon. These accolades further solidify its pioneering status in the Indian single malt industry.
Inspired by the methods of Rajasthani craft liqueur artisans, Godawan utilizes slow-trickle distillation from locally sourced six-row barley to achieve the best sensory qualities in the liquid. It undergoes a unique maturation process at temperatures surpassing 100°F, leading to a higher Angel’s Share (the portion of liquid lost to evaporation). This results in a whisky with a rich and intricate character. The spirit is then finished in specially treated casks infused with two Indian botanicals, Rasna and Jatamansi, chosen from over 5000 options for their ability to enhance the whisky’s flavor profile.
Godawan takes its name from the Great Indian Bustard, a majestic bird that was once abundant across India but is now classified as Critically Endangered on the IUCN Red List. With only around 150 remaining in India, these majestic birds have found their last sanctuary in Rajasthan.
With each bottle of Godawan purchased, the company contributes to the preservation of these birds’ habitats, aiding in their conservation and flourishing.
Tira, the omni-channel beauty retail platform by Reliance Retail, has launched its 11th store across the country, as announced by an industry official on social media. Situated on Peddar Road in South Mumbai, the new store is located within the Vama department store.
“Inaugurating our latest addition! The 11th Tira Store is now open at Vama, Peddar Road, South Mumbai. Tira extends its presence across South Mumbai,” shared Nirant Khedkar, Executive Director of The Othr Lab, in a LinkedIn post.
The Othr Lab is a Dubai-based retail consultancy specializing in developing, launching, and scaling emerging and niche beauty, wellness, and lifestyle brands with a focus on the Middle East and Indian Subcontinent.
The latest store features a carefully curated selection of brands spanning makeup, skincare, fragrance, and bath products. It offers innovative amenities including AI fragrance finders, smart mirrors, and personalized beauty and skincare consultations.
In February 2023, Reliance Industries Ltd.’s (RIL) retail division, Reliance Retail, introduced Tira as an online retailer. After that, in April, they opened its flagship shop at Jio World Drive in Mumbai’s Bandra Kurla Complex.
Tira’s second retail outlet within the city can be found at Infiniti Mall in Malad.
Recently, the beauty retailer broadened its presence into the Northern region by inaugurating a store at DLF Avenue Mall in Saket, New Delhi. This marked the milestone of Tira’s 10th store in India.
Tira currently offers over 150 Indian and international brands in its stores.
Reliance Retail Ltd. (RRL) is a subsidiary of Reliance Retail Ventures Ltd. (RRVL), which is the parent company for all RIL retail enterprises. The company maintains a huge network of over 18,771 stores and digital commerce platforms across a variety of industries, including grocery, consumer electronics, fashion & leisure, and pharmaceuticals, all within a perfectly integrated omnichannel framework.
As summer starts to set in, The BlueBop Cafe beckons with the perfect remedy to beat the heat: their homemade gelato. Renowned for its unique ambiance and unrivaled style, this beloved hotspot is ready to whisk your taste buds away on a delectable journey with its freshly churned gelato, beloved by patrons of all ages.
BlueBop Gelato is far from just another gelato brand. Its dense, silky, and smooth texture is sure to captivate anyone’s senses with delight. By using more milk and less cream, one can indulge with a touch less guilt. But that’s not all! What sets their gelato apart is the meticulous crafting process that employs only the finest and most authentic ingredients. Without any artificial flavors, it truly stands as a unique and exceptional treat. The divine gelato collection at The BlueBop Cafe is genuinely a tantalizing delight for anyone’s taste buds.
From classic favorites like Blueberry Cheesecake to innovative selections such as Almond Maple and Nutella Sea Salt, this menu truly offers something for everyone. For those with a discerning palate, the French Vanilla Gelato presents a sophisticated flavor profile that will undoubtedly leave one craving more. The Belgian Chocolate Gelato boasts a rich and creamy blend of 65% dark chocolate, while the Lotus Biscoff Gelato delivers a delightful crunch for Lotus Biscoff enthusiasts.
For those with dietary restrictions, there’s no need to worry! The BlueBop Cafe provides guilt-free options with their Vegan and Sugar-Free Chocolate Gelato, which is just as delectable as the rest. Rest assured, their gelato is churned fresh, ensuring the utmost in flavor and quality. They have also introduced a tantalizing seasonal Mango Gelato flavor.
Eesha Sukhi, the Director of The BlueBop Cafe, expresses her excitement, stating, “We are thrilled to receive such a positive response to our homemade Gelato at The BlueBop Cafe. This truly reflects our commitment to excellence and ensuring our customers experience the very best.”
Apparel exports are anticipated to experience a modest recovery with a projected growth of around 8-9 percent in revenues, according to ICRA. This revival is expected to be driven by increased demand for stock replenishment in the US and EU markets.
Retail apparel brands in the US and EU collectively represent nearly 55% of global apparel trade. They are anticipated to reduce their high inventory levels and place orders for the summer 2024 season in the first half of fiscal year 2025.
“Following a slight revenue dip in FY2024, ICRA anticipates apparel-exporting companies to show a rebound in FY2025 due to replenishment of stock in the US and EU regions,” stated Priyesh Ruparelia, Vice President and Co-Group Head of Corporate Sector Ratings at ICRA.
A challenging operating environment has delayed significant capital expenditure investments for many participants. Nevertheless, with the anticipation of demand resurgence in FY2025 and the strategic initiatives of industry players to leverage the China Plus One movement, ICRA anticipates an uptick in capital expenditure spending in FY2025.
The Red Sea conflict has not resulted in any immediate cost impacts on apparel exports, aside from shipment delays of 15 days from the original schedule.
Additionally, the report indicated that the PM Mega Integrated Textile Region and Apparel (MITRA) scheme will enhance India’s position in the global apparel trade by offering economies of scale and bolstering the country’s presence in the MMF supply chain.
Furthermore, the operating margins of apparel exporters are expected to decline to 9.8-10% in FY2024 from 11.3% in FY2023, attributed to a comparatively weaker operating performance in the first nine months of FY2024 and a reduction in volumes resulting in decreased operational efficiencies.
Avenue Supermarts Ltd. expects a 19.8% increase in revenue for the fourth quarter of fiscal 2024.
According to its quarterly business update released on Wednesday, the standalone revenue for the operator of the DMart retail chain is projected to rise to INR 12,393.5 crore during the January-March period, up from the same period last year.
Sequentially, the revenue is anticipated to decrease by 6.4% from INR 13,247.3 crore. However, the third-quarter performance was boosted by the festive season.
In Q4 FY24, DMart opened 24 new stores, bringing its total number of stores to 365.
Brokerages are optimistic about DMart. In March, CLSA upgraded the company’s stock twice within a week, maintaining its ‘buy’ recommendation. Meanwhile, ICICI Securities raised the stock to ‘Add’, anticipating that DMart would outperform Nestle India Ltd. in the medium term. This positive outlook is driven by several factors, including DMart’s attractive valuation, limited downside and business risk, accelerated pace of store openings, and consistent revenue growth.
Following the upgrades, the shares of Avenue Supermarts have rebounded.
DMart shares, which reached a 52-week low of INR 3,352 each on May 18 of the previous year, closed at INR 4,460.9 on the NSE in the latest session.
In the past year, the stock of the company founded by Radhakishan Damani has risen by 22.17%, while the benchmark Nifty50 has increased by 27.78%. Nonetheless, the stock has retreated from its peak of INR 5,900, reached on October 18, 2021.
Radisson Hotel Group has strategically positioned its hotels within every four hours of driving distance in India, as stated by a senior official. Moving forward, the esteemed hospitality chain aims for an even more extensive network, targeting a property within every two hours of driving distance.
Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group, announced that the company signed 21 new hotels in India last year, encompassing locations like Jhansi and Sonipat. Now, the plan is to continue this momentum by signing approximately 30 hotels each year in the country for the next five years.
Over the upcoming five years, India is poised to witness an unprecedented phase of expansion from global chains like Marriott, Hilton, IHG, and Wyndham. CEOs, regional heads, and industry insiders express their utmost confidence, asserting that this represents the most optimistic outlook they’ve ever held.
Younes stated, “Presently, 50% of our properties are located in tier-two and three cities in India, and we are actively leading the expansion in these markets.” “Inflation rates in India have remained relatively moderate in comparison to global standards, fostering a greater sense of optimism for new hotel developments here,” he continued. On the other hand, there is noticeably less new hotel development in developed markets like Germany, France, and the UK.
Rajeev Menon, President of Asia Pacific excluding China at Marriott International, disclosed that Marriott is set to inaugurate its 150th hotel in Katra next month. He expressed the company’s ambition to reach 250 operating hotels within the next five years, amounting to approximately 50,000 rooms.
On Wednesday, Marriott inked a fresh agreement for a JW Marriott Resort & Spa hotel in Alibag, alongside a recent deal for a Ritz Carlton in Jaipur a few weeks prior.
Shawn Hill, Chief Development Officer for Asia Pacific (excluding greater China) at Marriott, asserted that this represents the most robust growth in the pipeline to date. He emphasized, “We anticipate setting all-time high signing records in India this year.”
Hilton also affirmed that 2024 will mark its most formidable year in India to date, with plans to inaugurate and finalize agreements for more hotels than ever before. Alan Watts, APAC President at Hilton, highlighted, “India’s growth trajectory and macroeconomic strength as the world’s fifth largest economy present Hilton with substantial opportunities to expand our footprint in emerging cities and markets and diversify our brand portfolio.”
“We currently have 26 hotels in operation across India, with an additional 20 in the pipeline. Among these, 4 to 6 are slated to open this year, contributing 500 keys to our portfolio in 2024 and 1,500 keys by 2026,” he remarked. “With this momentum, we are poised to expand our India estate threefold, reaching 75 hotels by 2027.”
According to Manav Thadani, founder chairman of hospitality consultancy firm Hotelivate, there is a scarcity of hotel rooms in India, and global hotel chains appear to be striking considerably more deals than previously observed.
Sudeep Jain, Managing Director for South-West Asia at IHG Hotels & Resorts, expressed that the industry is currently experiencing its most optimistic outlook. “Every hotel company, including IHG, is thriving. Demand is expected to surpass supply in India in the near future, as it remains one of the least penetrated markets,” he stated. “Currently, we have 50 operating hotels and over 60 in the pipeline.”
Dimitris Manikis, President of Europe, Middle East, Eurasia, and Africa at Wyndham Hotels & Resorts, announced that Wyndham plans to inaugurate 150 hotels in India by the end of 2025. Presently, the company operates 62 hotels and is set to open an additional 14-15 hotels within the current year.
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