Korean skincare brand Skin1004 makes exclusive debut in India via Reliance Retail’s Tira Beauty platform

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March 19, 2024

Skin1004, a renowned Korean skincare brand, has exclusively launched its products in the Indian market on Reliance Retail‘s beauty platform, Tira Beauty.

“At Tira, our aim is to offer a curated assortment with the best of global and homegrown brands, catering to the growing demands of India’s booming beauty market. This exclusive partnership with Skin1004 allows us to offer their award-winning Korean skin care products to Indian consumers looking for formulations infused with natural and safe ingredients,” said Bhakti Modi, co-founder of Tira Beauty.

The products will be offered for purchase both online via the Tira app and offline at select Tira stores. This comprehensive product line includes cleansers, toners, serums, creams, masks, and more.

“We like to keep our finger on the pulse of the newest, most impactful and hottest brands across the world and we truly believe that Skin1004 is the next big thing in K-beauty,” said Suhrid Thacker, founder of Katalysst, an e-commerce partner for brands across marketplaces in India, which is also the exclusive India partner of the Skin1004.

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“Its powerhouse star ingredient and diverse range of products make me confident in the success of this brand, as we launch exclusively via Tira Beauty, in the Indian market,” added Thacker.

‘1004,’ when pronounced in Korean, sounds like the word ‘angel’ and the brand is often referred to as ‘skin angels’.

“India is an exciting new market for us as we see the Indian consumer becoming more receptive to K-beauty and appreciative of clean beauty brands. With partners like Tira Beauty, the platform on which we are exclusively launching, and Katalysst, which is helping us navigate our India entry, we are confident of the brand’s success and look forward to a warm welcome from Indian beauty enthusiasts,” said Jake Kwak, owner of Skin1004.

In February 2023, Reliance Retail, the retail arm of Reliance Industries Ltd (RIL), launched Tira as an e-commerce platform. Following this, in April, they inaugurated their flagship store situated at Jio World Drive within the Bandra Kurla Complex in Mumbai.

Currently, Tira retails over 150 Indian and international brands in its stores.

Continue Exploring: Reliance Retail ventures into beauty and personal care with Tira, targets 100 locations nationwide

FMCG stocks plunge as sectoral index drops 1.9%: Nestle, Colgate Palmolive lead losses

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March 19, 2024

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Fast Moving Consumer Goods (FMCG) stocks are trading weak on Tuesday with the sectoral index down 1.9 per cent.

FMCG index is among the top sectoral losers. Sensex stock Nestle is down more than 3 per cent.

Colgate Palmolive is down almost 4 per cent. Honasa Consumer is down 3.7 per cent, Tata Consumer is down 3.4 per cent, Patanjali Foods is down 3.2 per cent, United Breweries is down 3 per cent, Godrej Consumer is down more than 2 per cent, Britannia is down more than 2 per cent.

Continue Exploring: FMCG growth to remain sluggish in current year: Emkay Global Report

BSE Sensex is down more than 600 points on broad based selling. Most sectoral indices are trading in the red.

Corporate commentary on the FMCG sector has highlighted the muted demand setting prevailing in Q4FY24, which has been projected by data agencies for CY24, Emkay Global Financial Services said in a recent report.

Nielsen, which tracks retail data, is building a case of 4.5-6.5 per cent value growth for the sector. Kantar, which tracks household consumption data, echoed the same muted outlook, the report said.

With the El-Nino effect remaining till May-24 (agri growth is projected at 1.8 per cent in FY24; a seven-year low), and expectation of no material shift in consumption from elections (as in the past), demand outlook remains weak for 1HFY25, Emkay Global Financial Services added.

Continue Exploring: FMCG sector to experience subdued growth until September quarter in 2024: Kantar

Iconic Brazilian brand Tramontina makes Indian market debut

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March 19, 2024

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Tramontina, a renowned name in household products, boasting a century-long Brazilian legacy, is making its much-anticipated debut in the Indian retail market. With a footprint in over 120 countries, the brand aims to bring its hallmark quality and innovative offerings to India, offering specially curated product lines that cater to the preferences of Indian consumers.

The debut of Tramontina in India signifies a significant milestone in the company’s journey of growth and expansion, following successful ventures in North America, Latin America, and Europe. With a focus on health and safety, the brand will initiate its Indian operations by introducing a line of cookware free from toxins, with plans for rapid expansion into a comprehensive range of household solutions, including cookware, tableware, cutlery, furniture, and more. Simultaneously, Tramontina aims to forge strategic partnerships to establish a cutting-edge manufacturing facility in India, further solidifying its presence and broadening its product portfolio.

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Marcelo Borges, CEO of Tramontina US said, “With our foray into the dynamic Indian retail landscape, we are excited to extend Tramontina’s legacy of craftsmanship and innovation to discerning Indian consumers. Our diverse product portfolio caters to a wide array of household needs, blending practicality with elegance, and we are confident of a warm reception in India. We are assembling a seasoned leadership team in India, led by Aruni Mishra, to oversee operations and ensure an unparalleled experience for our Indian clientele.”

Aruni Mishra, CEO of Tramontina India said, “I am delighted to embark on this new chapter with Tramontina as we enter the vibrant Indian market. With a burgeoning young demographic in the country, there is a growing inclination towards cooking and embracing a healthy lifestyle. Tramontina is well-positioned to meet this evolving demand by offering Indian consumers durable products that prioritize health and safety, ensuring a 100 percent worry-free cooking experience.”

Founded in 1911 in Carlos Barbosa, South America, Tramontina has become a household name over the past century. With a vast product range of more than 22,000 offerings spanning cookware, furniture, appliances, and more, the brand’s meticulous manufacturing processes ensure products that are not only aesthetically superior but also durable.

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To showcase its dedication to sustainable practices, Tramontina maintains an extensive Environmental Management Program. This program ensures the careful utilization of natural resources, emphasizing the brand’s commitment to environmental responsibility.

As it enters the Indian market, Tramontina plans to introduce an initial lineup featuring a “worry-free” cookware range and its acclaimed knife collection. Subsequent phases will include offerings of flatware and tableware assortments. Engineered to meet the demands of everyday home cooks and professional chefs alike, this professional-grade cookware is crafted without toxins and PFAS, ensuring safety and preference among Indian households. Tramontina aims to enhance household experiences for Indian consumers, striving to establish itself as an indispensable part of Indian homes for generations to come.

Delhi govt extends existing excise policy for fiscal year 2024-25

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March 19, 2024

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The Delhi government has extended its prevailing excise duty based policy for the coming financial year 2024-25, officials on Monday said.

The competent authority has granted approval for continuation of the excise duty based policy, for 2024-25, to grant wholesale licenses on basis of same terms and conditions of Licensing Year 2023-24, said an order issued by the government’s excise department.

The wholesale licenses are allowed on same terms and conditions of excise duty based policy that is in effect from October 1, 2023, till March 31, 2024, said the officials.

Also, the terms and conditions of all licenses that are renewable every year, are also continued for Excise Year 2024-25, the excise department order said.

Continue Exploring: ISWAI presses for immediate rationalization of excise duties on alco-bev sector

The necessary circulars for these retail and HCR (hotel, club and restaurant) category licenses will be issued in the next few days, added the officials.

The excise duty-based policy regime, under which retail liquor business shifted from private firms to Delhi government enterprises, was implemented in September 2022 and was extended twice earlier in April 2023 and again in October 2023.

The policy was brought after the Delhi government’s ambitious excise policy 2021-22, implemented on November 17, 2021, ran rough weathers due to allegations of irregularities in its formulation and implementation.

Continue Exploring: New excise policy maintains liquor prices except for country-made; premium outlets at transit hubs approved

The policy was scrapped by the Arvind Kejriwal government days after Delhi LG VK Saxena recommended a CBI probe in the alleged irregularities.

The government had promised to bring a new excise policy that has yet not been ready, the officials said.

A committee formed by the government has readied a draft for the new policy that is yet to be taken up by the government, they said.

Under the existing excise policy, four Delhi government corporations run 684 liquor stores across the city.

Continue Exploring: Delhi’s excise department rides high on soaring liquor sales, notching a 9% revenue surge in Q3 2023-24

upliance.ai hits 5 million sales mark in just 30 days following Shark Tank appearance

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March 19, 2024

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The innovators behind India’s first AI Cooking Assistant, upliance.ai, have witnessed a notable surge in demand following their recent feature on Season 3 of Shark Tank and a timely infusion of INR 34 crore funding from Khosla Ventures. With sales of over 200 units priced at INR 23,999 each, the brand has experienced a remarkable 243 percent increase in sales, now valued at INR 143 crore, surpassing its initial valuation of INR 100 crore.

Continue Exploring: Upliance.ai raises INR 34 Crore in seed funding led by Khosla Ventures, valuation soars to INR 143 Cr

After their feature on the investment show, the company garnered significant attention across various online platforms, especially among the customer community and digital Key Opinion Leaders (KOLs). Website traffic skyrocketed by 13 times in unique visitors, while social media engagement surged, witnessing a 120-fold increase in monthly followers on Instagram alongside a notable spike on their YouTube channel.

Mahek Mody and Mohit Sharma, Co-Founders said, “We are thrilled to witness the heightened interest in our products following our feature on Shark Tank. The substantial increase in both sales and social media engagement serves as a strong affirmation of the value we bring to Indian homes, reinforcing our steadfast vision for the future. This positive momentum propels us towards an expansive trajectory; our goal is comprehensive growth. Looking ahead, our focus is on expanding into new markets, increasing revenue, and achieving economies of scale, ultimately driving profitability company-wide.”

Continue Exploring: India’s first AI Cooking Assistant, upliance.ai sets sights on 10X growth and INR 150 Crore revenue after star performance on Shark Tank

Having already sold over 900 units and firmly establishing its position in the market, the Bengaluru-based brand is now strategically focused on accelerating product expansion. This involves making significant investments in tooling and advanced manufacturing techniques. With the capital raised, the company intends to build a flexible and skilled team while also exploring partnerships with content creators to enhance its marketing efforts. The strategic expansion plan includes scaling up manufacturing operations and establishing a robust presence in over 10,000 retail stores nationwide, complemented by 30 company-owned experience centers. This forward-thinking strategy marks the next significant chapter in upliance.ai’s journey within the dynamic realm of innovative home tech solutions.

Backed by prominent investors such as Rainmatter, Rukam Capital, Draper Associates, and most recently Khosla Ventures, upliance.ai stands ready to establish itself as India’s leading Direct-to-Consumer (D2C) hardware startup, primed for rapid growth.

Continue Exploring: A-Listers Spice Up Their Portfolios with Bold Bets on India’s Booming F&B Startups

The Pantry launches ‘Wellness Menu’ in collaboration with celebrity nutritionist Neha Sahaya

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March 19, 2024

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The Pantry has launched its ‘Wellness Menu,’ in collaboration with celebrity nutritionist and wellness expert Neha Sahaya.

“We are very excited to introduce this new wellness menu to all our loyal patrons. Our collaboration with Neha Sahaya signifies our dedication to providing our customers with not only delicious and healthy food options but also meals that are nutritionally balanced and nourishing,” says Pankil Shah, co-founder, of The Pantry Guilt-free Goodness.

“We believe that food should not only taste good but should also make you feel good, and this menu exemplifies that ethos,” adds co-founder, Sumit Gambhir.

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Drawing upon her profound expertise in food and lifestyle habits, Neha Sahaya specializes in addressing life-altering illnesses such as PCOS, diabetes, thyroid issues, high blood pressure, and weight gain. She skillfully combines her knowledge of healthy eating practices with the potency of nutritious ingredients to craft innovative dishes that emphasize nutritional value without sacrificing taste. Neha Sahaya’s collaborative endeavors include partnerships with notable figures such as Sunil Shetty, Baba Ramdev, and various Bollywood celebrities like Kajal Agarwal and Tanisha Mukherjee, as seen in initiatives like Mission Fit India.

“It has been an absolute pleasure collaborating with The Pantry to create this menu. By combining culinary creativity with evidence-based nutrition, we have crafted dishes that offer a perfect marriage of taste and health. I am confident that these offerings will not only tantalize taste buds but also support individuals in their journey towards optimal health,” said Neha Sahaya.

With a focus on flavor, freshness, and wellness, the menu is conveniently available on Swiggy and Zomato, allowing for easy ordering from the comfort of one’s home or on-the-go. From vibrant salads brimming with seasonal ingredients to nourishing bowls, desserts, and protein-rich shakes, this menu promises to tantalize taste buds while nourishing the body.

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Kadamba single-malt whisky shines on global stage, named ‘Emerging Brand of the Year’ by Ambrosia Magazine

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March 19, 2024

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In a significant milestone highlighting India’s growing presence in the global spirits industry, Kadamba Single-Malt Whisky has secured prestigious accolades from three of the world’s foremost industry publications. Among them is Ambrosia, Asia-Pacific’s oldest and most widely circulated magazine, which awarded Kadamba Single-Malt Whisky the title of “Emerging Brand of the Year” during a recent illustrious awards ceremony.

These accolades not only honor the rich heritage of the Kadamba dynasty, from which the whisky draws its name and symbolizes the Golden Age of Goa, but also firmly establish India as a producer of world-class single-malt whiskies.

“Kadamba’s victory in bagging several medals is a testament to its exquisite craftsmanship, incorporating the bountiful harvest of Indian barley-malt and achieving a unique zest that captivates with every sip,” said Dr. Mohan Krishna, Founder of Cheers group.

Continue Exploring: Kadamba Whisky wins prestigious title of ‘Best Indian Single-Malt’ at Icons of Whisky awards

Ashwin Balivada, CEO of Cheers group, said, “Aged in a mix of bourbon, sherry, and virgin American oak casks, Kadamba’s Signature Expression delivers a complex, velvety, and full-bodied flavour profile, earning it top honours in its category.”

Dr. Divya Balivada, Global Creative Director of Cheers group, said, “Kadamba, leisurely aged Indian single-malt is nothing short of spectacular. The classic, earthy peat notes are balanced with a touch of salty Goan ocean breeze, it’s a smooth, warm blend that allows all the flavours to dance synchronously.”

Continue Exploring: Rising tide of Indian single malts disrupts Pernod and Diageo in booming spirits market

Kadamba lives up to its hype. Its aroma is richly oaked and intricate, making it perfect for whisky enthusiasts who appreciate malty and nuanced flavors. Exhibiting a pronounced peaty taste, it also carries a subtle hint of sherry trifle, harmonizing the oak, vanilla, and fruit undertones. The whisky culminates in a satisfying spicy finish, offering a distinctive mouthfeel.

Kadamba, meticulously crafted at the prestigious distillery of the Cheers group near the historic town of ‘Kadamba’ in North Goa, stands as an exceptional single malt whisky. Remarkably, it undergoes triple cask maturation, a rarity in the world of whisky, embodying the essence of royalty. It’s akin to discovering a hidden gem, a whisky that astonishes with its complexity and magnificence!

Continue Exploring: Indian alcoholic beverages industry set for margin improvement and sales surge in FY2025: ICRA

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

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March 19, 2024

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Unilever Plc plans to separate its ice cream division, which includes renowned brands like Ben & Jerry’s and Magnum, into a standalone business as part of a cost-cutting program that would also result in 7,500 job losses.

The separation process will begin immediately and is anticipated to conclude by the end of 2025.

“The separation of Ice Cream and the delivery of the productivity programme will help create a simpler, more focused, and higher performing Unilever. It will also create a world-leading ice cream business, with strong growth prospects and an exciting future as a standalone business,” said Ian Meakins, Chair of Unilever.

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In a broader initiative to boost growth, CEO Hein Schumacher is overseeing the streamlining of the UK consumer-goods giant. The company has emphasized that the job reductions are integral to its Growth Action Plan, targeting €800 million in cost savings over the next three years.

The Unilever Board holds the view that the company should concentrate on a portfolio of exceptionally superior brands within highly appealing categories, supported by complementary operating models. With the Ice Cream business boasting its own unique operating model, the Board has concluded that separating this division will enhance future growth prospects for both Ice Cream and Unilever, as stated in a release.

The company announced that it will explore various options for the separation, with a demerger likely resulting in the establishment of a new publicly listed company being the most probable outcome.

Unilever, known for brands such as Hellmann’s mayonnaise and Domestos cleaners, disclosed that its ice cream business accrued sales of €7.9 billion ($8.6 billion) in 2023.

After the separation of the Ice Cream business and the implementation of its productivity program, Unilever envisions attaining a “structurally higher” margin. Subsequent to this division, the company forecasts achieving mid-single digit underlying sales growth and modest margin improvement.

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“The separation of Ice Cream will assist Unilever’s management to accelerate the implementation of its GAP, announced in October 2023, which is focused on doing fewer things, better, with greater impact to drive consistent and stronger topline growth, enhance productivity and simplicity, and step up Unilever’s performance culture,” it said.

Building on the initial advancements of the GAP initiative, Unilever stated that it has pinpointed additional opportunities for improving efficiency, which can now be accelerated.

“The proposed changes are expected to impact around 7,500 predominantly office-based roles globally, with total restructuring costs now anticipated to be around 1.2% of Group turnover for the next three years (up from the around 1% of Group turnover previously communicated),” the company added.

Livpure reports robust Q3 financial growth, achieves remarkable revenue surge across key segments

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March 19, 2024

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Livpure, a prominent player in India’s home and living consumer product sector, has reported impressive financial results for the third quarter of the fiscal year 2023-24. The company achieved a remarkable 77 percent quarter-over-quarter revenue growth in its Water-as-a-Service (WAAS) category, reaffirming its pioneering role in the water subscription segment.

Throughout the quarter, the company’s range of products demonstrated substantial growth across multiple segments. Specifically, the water purifier category recorded a notable 61 percent increase, while the air cooler and sleep categories experienced impressive growth rates of 171 percent and 91 percent, respectively. This robust performance highlights Livpure’s ongoing commitment to innovation and its mission to deliver high-quality products that address the varied needs of consumers.

Continue Exploring: Livpure launches Allura line of water purifiers, setting new industry standard with 30-month free maintenance

The growth trajectory traversed all sales channels, showcasing significant increases. Notably, general trade witnessed a robust 52 percent growth, while e-commerce experienced an astonishing surge of 336 percent. Modern trade and exports similarly enjoyed substantial growth, with increases of 181 percent and 289 percent, respectively. These figures highlight Livpure’s strategic expansion endeavors and its proficiency in connecting with consumers through diverse avenues.

Continue Exploring: Livpure records 70% e-commerce growth in H1 FY24, solidifying its position as a premier choice in the water purifier market

Rakesh Kaul, MD of Livpure said, “We are delighted with the remarkable growth achieved in the third quarter, particularly in our flagship Water-as-a-Service category. Our achievement is a result of our steadfast commitment to innovation, quality, and customer satisfaction. We remain dedicated to providing cutting-edge solutions that enhance the well-being of our customers and contribute to a healthier and more sustainable future.”

Among the notable highlights of the quarter was Livpure’s first export of air coolers to Nepal, benefiting over 6 million satisfied consumers to date. Additionally, the successful introduction of new products, including Hydroboost, new air cooler models, and the integrated UTC-Stealth, greatly bolstered the company’s growth. Furthermore, Livpure expanded its retail presence by forging partnerships with renowned chains such as Aditya Vision, Maharashtra Elect, Surya Electronics, Reliance Digital, and JioMart.

With its innovative product lineup, expanding distribution network, and unwavering commitment to customer satisfaction, Livpure continues to reinforce its position as a leader in the home appliance industry. The company remains dedicated to driving sustainable growth and establishing new benchmarks for excellence in the retail sector.

Continue Exploring: Livpure sets sights on kitchen market expansion, unveils strategic plans for FY24

Indian alcoholic beverages industry set for margin improvement and sales surge in FY2025: ICRA

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March 19, 2024

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The Indian alcoholic beverages industry is set for margin improvement and higher sales in the fiscal year 2025, as reported by ICRA, a credit rating agency.

ICRA anticipates a revenue increase of 8-10% for the sampled domestic alcohol beverages (alcobev) companies in FY2025. IMFL companies are expected to undergo revenue expansion ranging from 11-13%, driven by the increasing demand for premium offerings and an estimated volume growth of about 3-5%.

Beer companies are anticipated to witness a year-on-year revenue growth of 9-11%, chiefly attributed to a 4-6% increase in volumes.

“In addition to the healthy demand, the industry is expected to benefit from the moderation in input costs, especially packing material (such as glass bottles), which accounts for ~60-65% of an alcobev manufacturer’s cost, even though grain prices, particularly non-basmati rice, are not depicting a favourable trend,” said Kinjal Shah, Vice President and Co-Group Head – Corporate Ratings, ICRA.

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ICRA anticipates a favorable season ahead for beer in Q1 FY2025, expecting warmer weather compared to the previous fiscal year, which was marked by unexpected rainfall.

“The OPM for ICRA’s sample set companies is expected to increase by ~50-100 bps in FY2025, owing to moderation in packaging material costs, coupled with price hikes approved by the state governments, partly offset by the increase in grain prices,” Shah added.

Despite potential challenges such as the rise in minimum support price (MSP) and increased procurement rates for recent crop arrivals, ICRA forecasts a steady outlook for barley prices, a crucial raw material for beer production. Nevertheless, factors such as the diversion of grains towards ethanol production could maintain elevated prices for extra neutral alcohol (ENA).

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In terms of packaging materials, ICRA observes that while there were spikes in aluminium and soda ash prices in previous periods due to increased demand and coal price hikes, there has been a slight decline in aluminium prices and a correction of about 20% in soda ash prices on a year-on-year basis in the first nine months of FY2024.

Additionally, ICRA predicts a decrease in working capital needs for the companies sampled in FY2024 and FY2025, mainly due to lower input costs and diminished funding requirements. This optimistic trend is likely to uphold robust credit metrics for ICRA’s sample companies, fueled by sound earnings and minimal debt accumulation in the absence of substantial capital expenditure initiatives.

Continue Exploring: Premiumization trend to fuel India’s soaring liquor industry, Crisil Report reveals

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