McDonald’s has ended its partnership with its franchisee in Sri Lanka, leading to the shutdown of all 12 locations in the country, according to a spokesperson from the U.S. company.
McDonald’s attorney Sanath Wijewardane said, “The parent company decided to end the agreement with the franchisee due to compliance issues.” They are not currently conducting business in the country. But, they might think about coming back later on with a different franchisee.”
He mentioned that although the deal was canceled on Wednesday, the stores remained operational for a few days thereafter.
A representative for the local partner, Abans, chose not to provide a comment.
Wijewardane chose not to specify the issues, but according to local media, McDonald’s reportedly took legal action against Abans due to concerns about inadequate hygiene.
According to its website, Abans states that it initially partnered with McDonald’s in 1998.
Sri Lanka, an island nation in the Indian Ocean with a population of 22 million, is currently recovering from a severe financial crisis.
Farmley Co-founders Akash Sharma and Abhishek Agarwal
Farmley, a health-focused snack brand, is expanding its physical retail presence and anticipates this channel to account for approximately 30-40% of its total business in the upcoming 2-3 years. After securing $6.7 million in funding in December, the brand has surpassed INR 300 crore in annual recurring revenue (ARR).
Utilizing its strong connections with over 5,000 farmers and its own production facilities, the brand provides a variety of products, including raw dried fruits and nuts, trail mixes, foxnuts, and natural desserts, among others.
Akash Sharma, the co-founder of Farmley, stated, “At present, our products are available in over 5,000 retail stores. We plan to broaden our offline footprint to encompass 60,000-70,000 outlets. While the online channel currently makes up a significant portion of our business, as we expand, we anticipate the offline channels to account for 30-40% or possibly even 50% of our total business in the next 2-3 years.”
In December, the brand secured $6.7 million in its pre-Series B funding round, with BC Jindal Group leading the investment. Existing investors DSG Consumer Partners, Omnivore, and Alkemi Partners also joined in this funding round.
Sharma pointed out that Indian consumers are increasingly seeking guilt-free healthy snack options.
“We aim to provide delicious, satisfying, indulgent yet guilt-free snack choices. The recent funding infusion is enabling us to expand our reach and enhance our visibility,” he elaborated.
Last year, the brand enlisted Rahul Dravid as its brand ambassador.
Discussing the brand’s growth, Sharma commented, “We are currently operating at an annualized run rate of INR 300 crore. We anticipate a growth of INR 60-70 percent in the next fiscal year. While we have experienced some profitable months, we project to achieve overall profitability by the following financial year.”
While raw dried fruits and nuts make up a significant portion of the overall business, the brand is also experiencing robust growth in segments like trail mixes, flavored foxnuts, and flavored dried fruits. Sharma highlighted that the company is also placing a strong emphasis on the on-the-go snacking category by providing products at competitive price points.
The brand is also exploring a regionalization strategy.
“We have started exploring the introduction of products tailored for niche markets. These products will target specific regions, taste preferences, and demographics,” Sharma elaborated.
This summer, Mother Dairy plans to introduce 30 new products, primarily focusing on the ice cream and yogurt categories, anticipating a 25-30% surge in consumer demand, according to a senior company executive. As a prominent milk provider in Delhi-NCR, Mother Dairy operates nine company-owned dairy processing facilities with a total daily capacity of more than 50 lakh litres.
Manish Bandlish, the Managing Director of Mother Dairy Fruits and Vegetables Pvt Ltd, expressed, “For our business, summer is the most eagerly awaited season, particularly for categories such as ice creams, curd, and beverages.”
“Given the Indian Meteorological Department’s (IMD) forecast of above-normal temperatures and a hot summer ahead, we anticipate a significant increase in demand for these categories,” he added.
Bandlish noted that there has already been an increase in ice cream sales compared to the previous year.
He mentioned that the company is fully equipped to meet this rising demand and has invested up to INR 50 crore to expand capacities, ensuring ample availability of its products.
“As we enter the season, we are fully prepared to delight consumers in our golden jubilee year with a lineup of over 30 new enticing products. In addition to Greek yoghurts and other dairy products, the upcoming line will feature about 20 new ice cream flavours”, stated Bandlish.
Overall, he expressed that the company is highly optimistic about the season.
“We anticipate a 25-30% increase in demand for our dairy products compared to last season,” Bandlish commented.
Mother Dairy has also unveiled its expansion plans for both the dairy and fruits and vegetables (F&V) sectors.
The company plans to invest INR 650 crore in establishing two new processing plants for milk and fruits and vegetables.
Additionally, the company will invest an extra INR 100 crore to enhance the capacities of its current plants, bringing the total capital expenditure to INR 750 crore.
“In our efforts to broaden our distribution network and connect with consumers, we have allocated a capital expenditure (capex) budget of more than INR 750 crore to improve our dairy and fruits and vegetables processing capabilities across strategic locations,” Bandlish remarked.
Mother Dairy is establishing a large dairy plant in Nagpur with an investment of approximately INR 525 crore.
The new plant will have a daily processing capacity of 6 lakh litres of milk.
In addition, Bandlish stated, “we plan to set up a new fruit processing facility in Karnataka with a budget of over INR 125 crore, operating under our Safal brand.”
These two plants are expected to be completed in approximately two years.
For the horticulture (fruits and vegetables) segment, the company operates four of its own plants, and for edible oils, it produces through 15 affiliated plants.
Mother Dairy recorded a turnover of approximately INR 14,500 crore in the fiscal year 2022-23.
Regarding the anticipated turnover for this fiscal year, Bandlish commented, “Despite facing a challenging year and a lackluster summer season last year, along with deflation in the edible oil sector, the company is expected to conclude 2023-24 with a modest growth rate of approximately 7-8% in volume terms.”
Mother Dairy was established as part of ‘Operation Flood’, the world’s largest dairy development program aimed at making India self-sufficient in milk production.
Mother Dairy, a prominent player in India’s dairy industry, produces, markets, and distributes a range of milk and milk-based products, including cultured items, ice creams, paneer, ghee, and more under the brand name ‘Mother Dairy’.
The company also boasts a diversified portfolio, offering edible oils under the ‘Dhara’ brand, and fresh fruits & vegetables, frozen vegetables & snacks, unpolished pulses, pulps & concentrates, and more under the ‘Safal’ brand.
It operates numerous milk booths and Safal retail outlets in the Delhi-NCR region.
Mother Dairy sells over 35 lakh litres of fresh milk (both pouched and token milk) daily in the Delhi-NCR region.
Nestle has introduced two fresh initiatives in collaboration with suppliers Cargill and ETG | Beyond Beans. These projects aim to aid in the restoration of deteriorated lands surrounding cocoa farming communities through reforestation efforts.
The initiatives are part of Nestle’s broader pledge to achieve net zero emissions by 2050. These five-year partnerships are designed to diminish and eliminate carbon emissions from Nestle’s supply chains while expediting the shift to regenerative agriculture.
The initiatives are part of Nestle’s broader pledge to achieve net zero emissions by 2050. These five-year partnerships are designed to reduce and eliminate carbon emissions from Nestlé’s supply chains while expediting the shift to regenerative agriculture.
Farmers will receive various multi-purpose species of shade trees along with training on tree planting and pruning techniques. These shade trees serve multiple functions such as mitigating the harsh effects of the sun and creating moisture-rich environments essential for cocoa crop survival during dry spells. Additionally, they contribute to improved water management, on-farm biodiversity, and the absorption of carbon from the atmosphere.
Collectively, the projects are projected to eliminate more than 500,000 metric tonnes of carbon over a span of 20 years. This will be achieved by planting over two million shade trees on land tended by nearly 20,000 farmers across Ghana and the Ivory Coast.
Community-owned fallow land will be designated for reforestation efforts, starting with the setup of tree nurseries. These nurseries will cultivate seedlings for transplantation onto farmland. Farmers willing to participate will voluntarily sign up and should already be enrolled in Nestle’s Cocoa Plan program.
Farmers will be provided with incentives for planting the seedlings and nurturing them during the crucial initial years, vital for the trees’ survival and the project’s overall success. Regular farm visits will enable monitoring, with technical guidance and assistance offered as needed.
Monitoring strategies will oversee both the quantity of trees planted and the associated amount of CO2 sequestered. Additionally, non-carbon benefits arising from the projects, such as the impact, suitability, effectiveness, and efficiency of natural landscape restoration efforts, will be monitored.
High-resolution satellite imagery will be employed for ongoing monitoring to ensure the sustained growth and prosperity of the planted trees over the long haul.
According to Darrell High, Nestle’s global cocoa manager, “These projects represent significant milestones in our path towards achieving net zero emissions. We are committed to addressing our emissions right from the farms we source from.”
“The preservation of forests for sustainability depends greatly on suppliers like Cargill and ETG | Beyond Beans showing full commitment. Equally important is the active engagement of local communities, whose direct influence over forest areas is vital for tailoring land-use solutions to meet local needs.”
Over two-thirds of Nestle’s greenhouse gas (GHG) emissions originate from ingredient sourcing. Nestlé has pledged to plant and cultivate 200 million trees in the regions from which it sources globally by 2030. It targets a 20% reduction in absolute GHG emissions compared to its 2018 baseline by 2025, and a 50% reduction by 2030. In 2023, the company achieved a net reduction in emissions of 13.58%.
S-Ventures, a UK-based food investor, has initiated negotiations regarding the potential sale of its subsidiaries to listed investment group Riverfort Global Opportunities (RGO).
S-Ventures stated that it was “in talks” to sell 100% of its assets to the London-based investor.
If finalized, the agreement would constitute a reverse takeover, transitioning RGO from “an investing company into an operating business,” as stated in its own stock-exchange filing.
The proposed deal would value S-Ventures at £3.5 million ($4.4 million).
S-Ventures has chosen to divest its operational subsidiaries, aiming to grant them “enhanced access to capital to bolster their investment and growth endeavors.”
In addition to the ongoing discussions about the potential sale, the investor has obtained two rounds of funding loans from RGO and current shareholder Sherwood International Holdings, totaling £2 million.
Both loans will be extended for a duration of 12 months each, carrying a 15% interest rate and a 5% arrangement fee. They are stipulated as “repayable on maturity.”
S-Ventures announced it has received a £1 million bridging loan from “a Middle Eastern family office.” Initially scheduled for repayment in May, the loan has been extended until November.
S-Ventures further stated that “The lender has also been provided with the option to convert the loan into equity” should RGO’s acquisition proceed. S-Ventures noted that Sherwood has also concurred with these terms regarding its loan.
S-Ventures initiated a fundraising campaign last October, expressing its aim to raise more than £2.5 million at that time.
It sought £1.25 million to “accelerate progress, consolidate costs, and achieve efficiencies,” along with an additional £1.25 million to address “deferred consideration” expenses stemming from its acquisition of the gluten-free brand Juvela in December 2022.
The group’s quest for funding came amidst “a combination of factors, including inflationary pressures and higher interest costs,” as outlined in its 2022 annual report.
S-Ventures also attributed a portion of its losses to the German free-from pasta and bread brand Lizza, which it acquired in 2022 and subsequently filed for insolvency the following year.
Aside from Juvela, S-Ventures’ array of investments includes Purely plantain chips, known for their healthy snacking appeal, Pulsin protein shakes and powders, Plant Punk specializing in plant-based meat products, and Market Rocket, a digital marketing agency.
S-Ventures CEO Scott Livingston expressed his delight in announcing this funding facility and proposed transaction, which have developed “against the backdrop of a highly challenging environment in capital markets over the past twelve months.”
He elaborated, saying, “The integration with RGO would secure us a spot on AIM and bolster our ability to acquire new capital, facilitating the expansion and progression of SVEN enterprises. The commitment of our shareholders and directors to this initiative underscores our belief in the businesses’ potential.”
Mars has announced a significant investment of over $70 million into its facility in Hackettstown, New Jersey, USA, aimed at boosting innovation and manufacturing capabilities.
The company plans to set up an R&D innovation studio, complete with a new test kitchen and packaging lab. Additionally, the investment will target enhancements in manufacturing efficiencies and food safety at the Hackettstown facility.
The R&D innovation studio will feature a new prototyping kitchen, packaging lab, and collaborative workspace, with the goal of accelerating innovation and development to align with changing consumer preferences.
The studio’s functionalities will bolster the production of Mars Wrigley products made in the US, including iconic brands like M&M’s, Snickers, Twix, Milky Way, Skittles, Starburst, Extra, and Altoids, while also driving fresh product innovations. Furthermore, the revamped packaging studio will prioritize the development and testing of sustainable packaging materials, aligning with Mars’ dedication to a circular economy.
Anton Vincent, the president of Mars Wrigley North America and Global Ice Cream, emphasized, “For over a century, Mars has prioritized quality and innovation. Our ongoing investment in the Hackettstown site reaffirms our dedication to innovation in New Jersey and to enhancing the skills of our associates with state-of-the-art facilities. Our aim is to continually bring more moments of everyday happiness to our consumers.”
A recent study by Worldpay reveals a notable increase in the adoption of digital wallets, signaling a transformative change in the global payments landscape.
The Global Payments Report 2024 underscores the rising consumer preference for digital wallets, citing reasons like ease of use, accessibility, and improved security features.
The report states that digital wallets contributed an impressive $13.9 trillion to global transaction value in 2023, making up half of all online transactions and 30% of consumer spending at point-of-sale (POS).
The findings indicate that this trend is expected to persist, with digital wallets forecasted to exceed $25 trillion in global transaction value by 2027, making up 49% of all online and POS sales combined.
The study highlights several factors driving the swift adoption of digital wallets.
The convenience provided by these platforms, combined with growing consumer trust due to improved security measures, has fueled their broad acceptance.
Furthermore, the report highlights that the Covid-19 pandemicacted as a catalyst for the rapid adoption of digital wallets, propelling them into the mainstream as consumers looked for contactless payment alternatives.
Although digital wallets have gained popularity worldwide, the report points out regional differences in payment preferences.
In markets like the US, where consumers have a strong affinity for credit and debit cards, they often link these cards to their digital wallets.
On the other hand, in countries like Brazil and India, where cash-based economies are transitioning to digital payments, instant-payment services like Brazil’s Pix are becoming popular due to their convenience and reliability.
Gabriel de Montessus, head of Global Enterprise at Worldpay, highlighted the importance of understanding consumer preferences to drive payment innovation.
He emphasized the role of digital wallets in enhancing payment experiences, both online and in-store, and encouraged stakeholders throughout the payments ecosystem to collaborate in providing increased payment flexibility for consumers and merchants.
The report also emphasizes the increasing importance of alternative payment methods, like account-to-account (A2A) transactions, especially in regions where governments have invested in building the required infrastructure.
In nations like Brazil, India, and the Netherlands, A2A payments are expected to have a substantial impact on the future of e-commerce transactions, highlighting the changing dynamics of the global payments landscape.
Pernod Ricard has introduced an orange peel flavor to its Absolut Nights shots lineup.
Absolut Nights offers a dynamic and daring collection of shots, inspired by local cultures and tastes to craft immersive drink experiences for party enthusiasts around the globe.
Absolut Nights Orange Peel combines oriental orange peels with coffee. Drawing inspiration from Chenpi, a traditional local dried orange rind flavor, this drink features a harmonious mix of sweet and sour tones with a spicy tangerine twist. A touch of coffee enhances the flavor profile of this Absolut Vodka-based beverage.
Made with Absolut Vodka and natural ingredients, this beverage has a 35% ABV and is recommended to be savored neat and cold.
The new product is presented in a 700ml orange glass bottle, representing the vibrant neon lights synonymous with Asia’s nocturnal cityscapes. The urban-inspired X-symbol embodies “high-energy nights and experiences,” according to the company.
The orange peel variety joins the brand’s lineup of existing flavors, such as Smoky Piña, inspired by Mexico, and Nordic Spice, influenced by Scandinavia.
Louis Chang, VP of Marketing at Pernod Ricard China, commented, “Absolut Nights Orange Peel honors Chinese culture, and its flavor profile is perfectly tailored for the Asian market.”
“Drawing inspiration from Chenpi, a staple in Chinese desserts, cuisine, and candy, adding orange peel to our portfolio in China marks the next stage in the transformation of nightlife for the next generation. This reflects our commitment to reshaping nightlife by blending local culture with global trends, crafting captivating, authentic, and immersive experiences.”
Absolut Nights Orange Peel is set to debut in China on March 30th.
DoorDash, a food delivery platform, has partnered with Alphabet’s Wing to initiate a drone delivery pilot program in the US, specifically catering to the fast-food chain Wendy’s.
The initiative comes after the successful collaboration between DoorDash and Wing in Australia, which started in November 2022 and has now grown to include three locations with 60 participating merchants.
The pilot program in the US has been initiated in Christiansburg, Virginia, allowing local customers to order from Wendy’s via the DoorDash platform for drone delivery.
Customers eligible for the service will see the drone delivery option on the DoorDash app’s checkout page.
After the rollout in Christiansburg, DoorDash and Wing are exploring the possibility of expanding the drone delivery pilot to more US cities later this year.
Harrison Shih, the Senior Director at DoorDash Labs, stated, “We are thrilled to broaden our collaboration with Wing in the US by incorporating drone delivery into DoorDash’s services. At DoorDash, we are dedicated to enhancing last-mile logistics through a multi-modal delivery platform that benefits all participants in our marketplace.”
“We are certain that drone delivery will improve our platform by offering customers more economical, environmentally friendly, and practical delivery options.”
Customers in Christiansburg choosing drone delivery can anticipate their meal to be delivered in 30 minutes or less.
Wing has mentioned that its drones will fly at approximately 65mph (104km/h), then decelerate and hover to carefully lower the order at the customer’s doorstep using a tether.
The new delivery method complements the current driver-based service, providing a fast and eco-friendly option for small, short-distance orders.
Cosimo Leipold, Head of Partnerships at Wing, stated, “The expansion of our partnership with DoorDash and the launch in the US stem directly from the success of our initial collaboration in Australia. There, Wing has served tens of thousands of customers through the DoorDash app for over a year.”
“Wing has shipped more than 350,000 items in three different nations. Moving forward, our priority is to offer a fast, affordable, and secure service to our partners, enabling them to enhance their customer experience. This milestone marks a significant expansion of our service in the US and aligns with our mutual objective to improve the last-mile delivery ecosystem.”
Subway has been making significant strides lately, and it’s now unveiling one of its most substantial announcements in years by expanding into grocery stores with its fast-food sauces. Despite being one of the nation’s favorite chains for decades, Subway faced challenges in the late 2010s, experiencing consecutive years of store closures, which led to the lowest number of retail locations in 20 years by 2023.
However, the company made a comeback last year and resumed its expansion. Additionally, Subway refreshed its menu by introducing new deli-sliced sandwiches. This was further complemented at the start of this year with the exciting launch of attention-grabbing Subway footlong treats, such as churros and a 12-inch version of its beloved chocolate chip cookie. Now, Subway is exploring a fresh approach to package its fan favorites by bottling four of its most sought-after sauces for retail sale.
In a strategic collaboration with the T. Marzetti Company, the renowned sandwich chain is expanding its offerings beyond the restaurant setting. Starting the week of March 25, 2024, consumers will be able to purchase 16-ounce bottles of these Subway restaurant-inspired sauces at major retailers like Walmart, Kroger, and Albertson’s, with plans for broader distribution in the near future. The quartet of sauces making its market debut comprises Sweet Onion Teriyaki, Roasted Garlic Aioli, Baja Chipotle, and Creamy Italian MVP. The first three are inspired by some of Subway’s top-rated sauces, while the Creamy Italian MVP offers a new twist on the MVP Parmesan Vinaigrette.
While the biggest news from a food perspective is the at-home availability of these Subway sauces, the company is also launching new products to support its Fresh Start Scholarship Fund, according to the press release. This program offers $2,500 in tuition assistance to Subway Sandwich Artists and restaurant employees for their secondary education, and it has already helped over 1,700 people so far.
Paul Fabre, Senior Vice President of Culinary and Innovation at Subway, shared his excitement, saying, “This partnership elevates our sauces and allows our fans to enhance their culinary creations from average to exceptional, all while supporting a meaningful cause.”
Carl Stealey, President of Retail Business at T. Marzetti Company, expressed a similar sentiment, recognizing Subway’s iconic position in the fast-food industry. “We’re proud that Subway chose T. Marzetti to contribute to that legacy and make their sauces available in kitchens nationwide.”
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