The IPO was entirely an OFS (Offer For Sale) of equity shares by promoters and other selling shareholders.
The price range for the offer was at INR 381-401 a share.
Founded in 1999, Gopal Snacks is a fast-moving consumer goods company in India, offering Namkeen, western snacks, and other products across India and internationally.
As of September 2023, the Namkeen makers’ products were sold in 10 states and 2 union territories. It has a network of 3 depots and 617 distributors.
The company operates three manufacturing facilities — Rajkot and Modasa in Gujarat, and Nagpur in Maharashtra.
Furthermore, it runs three ancillary manufacturing facilities that mostly produce ‘besan’, raw snack pellets, seasoning, and spices.
These are mainly used internally to make finished products like namkeen, gathiya, and snack pellets.
Capitalising on the Indian consumers’ love for all things Korean, ranging from K-drama to K-pop to K-cuisine, ITC Bingo has partnered with South Korean singer Aoora to introduce savory snacks inspired by the flavors of Korea.
ITC Bingo!’s newest release, Bingo! 2X Hot and Spicy Korean-style chips, have hit the market alongside Aoora’s latest track – “Maeun Maeun,” translating to “Spicy, Spicy” in Korean.
The catchy song aligns with the “vibe of the brand,” according to the brand.
With a comprehensive 360-degree media campaign, Bingo! aims to engage its audience across a multitude of platforms. Leveraging social media channels, the brand endeavors to spark excitement prior to the launch. Furthermore, Bingo! will feature prominently in K-Pop and Gen Z music lineups on major platforms like Spotify and YouTube. Strategic placement of promotional content, showcasing the brand’s song, will span movie, music, and general entertainment channels. Additionally, the brand has partnered with 15 influencers, including Korean influencers in India, Indian influencers in Korea, and food vloggers, to amplify awareness about the upcoming product.
Famed for its inventive snacking offerings, ITC Bingo! has pioneered numerous industry-first products such as Mad Angles! and Hashtags!, delivering a fusion of distinctive textures and flavors to consumers. Acknowledging the increasing consumer inclination towards exploring diverse flavors, particularly those of Korean origin, Bingo! strives to cater to this demand with its range of Korean-style chips.
Research indicates an increasing interest among consumers, particularly Gen Z females, in exploring Korean flavors and culture. This aligns with Bingo!’s strategy to introduce a product that authentically captures the fiery essence of Korean-style flavors fused with the familiar taste of Bingo!’s potato chips.
Suresh Chand, VP and Head of Marketing, Snacks, Noodles and Pasta, ITC Foods, said, “The Korean culture has significantly penetrated in India especially among the GenZ audience. We, too, noticed that our consumers are seeking Korean experiences in snacking. Catering to this demand, we have launched the all new first-of-its kind spicy, tangy Korean-Style Chips in the Indian market. Infused with Korean-inspired flavours tailored to the spice-loving palates of India, we are confident that this range will delight our consumers.”
Spokesperson from Tonic Wordwide said, “This collaboration between Bingo and Aoora is twice as spicy. ‘Maeun’ means spicy in Korean. The new flavour is so spicy that we had to add another ‘Maeun’! As an agency, we are obsessed with the consumer, their behaviour, so when it came to launching a product that is for the GEN-Z, we wanted to do it in their language. K-Pop, is way beyond a music genre for the audience, it’s a part of their culture. The catchy song captures the core essence of the new flavours Korean style. Super excited!”
The funds will be utilized to support brand-building initiatives and augment the existing capacities and distribution network. With a strong foothold already established across the country in the HoReCa (hotels, restaurants, and cafes) segment, the company is now focusing on expanding its distribution and establishing a presence in India’s retail market.
Darius Pandole, MD and CEO of Private Equity of JM Financial said, “The Indian bottled water market is highly under-penetrated and fragmented, and we are witnessing a structural shift in consumption from the unorganized to the organized market, owing to factors like hygiene, and a general rise in health awareness in a post covid world.”
This marks the fifth investment made by JM Financial India Growth Fund III. The fund, a sector-agnostic growth-capital private equity entity, targets high-growth-oriented companies within the small to mid-market space. Its investment focus spans across various sectors including financial services, consumer goods, IT/ITeS, infrastructure services, and manufacturing.
Nayan Shah, Founder and CEO of Energy Beverages said, “Pioneering vertical labelling, square-shaped bottles, I demonstrate our commitment to innovation. The capital infusion and partnership with JM Financial Private Equity will help us fast-track our current and future expansion plans.”
Decathlon, the global sports goods company, is embracing a new strategy focused on digital innovation, sustainability, and promoting health and diversity.
The new strategy hones in on three primary areas: enhancing customer experience, promoting sustainability and modernization, and streamlining and digitizing the entire business model.
The company aims to go beyond conventional product offerings and engage customers in a holistic journey. As part of this initiative, Decathlon has unveiled a fresh brand identity and logo.
The newly crafted identity, a project that Decathlon and its team have been diligently refining since 2022, portrays Decathlon as a global multi-specialist sports brand.
The new logo incorporates the company’s wordmark along with a fresh symbol dubbed the Orbit.
The second pillar of Decathlon’s ambitious new strategy is sustainability. The company is actively working on developing circular business models and reimagining product design with a focus on environmental impact.
The company will concentrate on innovating its production processes and integrating new renewable materials.
The third area entails modernizing, streamlining, and digitizing the entire business model.
Decathlon, operating as an end-to-end business, seeks to revolutionize processes from idea inception to product re-utilization.
The retailer is additionally launching an enhanced digital shopping experience with upgraded features on Decathlon’s e-commerce platforms.
The UK has introduced its redesigned e-commerce website, with plans for other countries to follow suit.
Stores worldwide will also reflect the new identity through signage and layout, offering immersive experiences to all customers.
Decathlon’s stores will include showrooms, discovery stations, circular hubs for repairs, second-life products, rental options, and lockers for order pickups.
Decathlon Global CEO Barbara Martin Coppola said, “At Decathlon, we believe that sport has a vital role to play in helping societies to be healthier and happier. Sport helps us to reconnect with our humanity, with the planet and with our physical selves. So, we took a moment to ask ourselves who we really want to be, and why we exist as an organisation.
“From this, we wrote our North Star. This is our long-term ambition and our guiding light to have all the positive impact we can have in the world. Guided by the North Star, a new purpose was born, to Move People Through the Wonders of Sport.
“We are all incredibly excited and proud to share with you the new chapter of Decathlon. One that will help many people around the world experience the wonders of sport.”
Decathlon boasts a workforce of 100,000 teammates and operates 1,700 stores spanning across 70 countries and regions.
In February 2024, the retailer unveiled the release of an immersive shopping app tailored for Apple Vision Pro.
Hyatt Hotels Corporation has unveiled its strategy for expanding the Hyatt brand portfolio within the India and Southwest Asia region. The corporation disclosed that it has a lineup of eight new hotels set to open in diverse leisure and urban locales throughout 2024.
The hospitality chain stated that this expansion aligns with the expected resurgence of both leisure and business travel in the country and the subcontinent.
The chain said that in 2024, its brand expansion in India and Southwest Asia will continue, featuring its Hyatt Regency, Hyatt Place, and Hyatt Centric brands.
Hyatt recently inaugurated Ronil Goa, marking the entry of the JdV by Hyatt brand into India. This addition makes the JdV by Hyatt brand the ninth Hyatt brand to be introduced in the country.
The chain emphasized that the Hyatt Regency brand serves as a pivotal growth catalyst for Hyatt in the region, highlighting upcoming openings of Hyatt Regency Kasauli and Hyatt Regency Ghaziabad.
The Hyatt Place brand is anticipated to enter three new locations in the region, featuring Hyatt Place Aurangabad, Hyatt Place Haridwar, and marking its debut in a new country with Hyatt Place Dhaka Uttara (Bangladesh).
The Hyatt Centric brand is set to broaden its portfolio with the anticipated launches of Hyatt Centric Hebbal Bengaluru and Hyatt Centric Ballygunge Kolkata.
“Southwest Asia continues to demonstrate high growth potential and is among the top global growth markets for Hyatt. We have strong expansion plans for 2024 across our portfolio encompassing our legacy brands like Hyatt Regency, Hyatt Place and Hyatt Centric across destinations that will strengthen our brand presence in key markets. This expansion represents our strong commitment and confidence in the Southwest Asia region,” said Sunjae Sharma, managing director, India and Southwest Asia, Hyatt.
“Complementing our current portfolio of Hyatt brands in the country, the introduction of the JdV by Hyatt lifestyle brand in India signifies a strategic milestone in Hyatt’s thoughtful expansion within the leisure and business segments. We look forward to further enhancing our distinctive brand footprint throughout the sub-continent,” Sharma added.
In 2023, Hyatt expanded its brand presence in India with the inauguration of Hyatt Place Bodh Gaya, Hyatt Place Vijaywada, Hyatt Place Goa Candolim, and Hyatt Centric Rajpur Road Dehradun. The chain emphasized that this expansion across leisure, corporate, and spiritual tourism segments has fortified Hyatt’s brand presence in India and the Southwest Asian region, providing travelers and World of Hyatt members with increased options to stay at Hyatt hotels.
With these new additions, Hyatt’s portfolio in India and Southwest Asia will encompass nine distinct brands: Andaz, Alila, Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Centric, Hyatt Place, and JdV by Hyatt.
NITI Aayog has suggested a range of initiatives aimed at enhancing exports from micro, small, and medium enterprises (MSMEs). These measures include establishing a comprehensive trade portal, facilitating ease of merchandise exports, improving access to export finance, and establishing a centralized information hub for exporters, among other strategies.
In its report titled “Boosting Exports From MSMEs,” NITI Aayog stated that to enhance ecommerce exports, it is crucial to create a distinction between “exporter on record” (EOR) and “seller on record” (SOR), allow a reduction in invoice value without any percentage ceiling for all ecommerce exports, introduce an annual financial reconciliation process for ecommerce exporters, exempt import duties on rejects/returns, consider an exemption on reconciliation requirements for shipments up to $1000 until the “National Trade Network” (NTN) is implemented, and create a “green channel” clearance for e-commerce exports.
The report also presents six overarching recommendations aimed at boosting MSME exports, advocating for “green channel” clearances for MSME ecommerce exporters to tackle India’s lag in ecommerce utilization compared to China.
In 2022, China’s MSME ecommerce exports soared to $200 billion, significantly surpassing India’s figures. The report pinpoints intricate compliance procedures, especially payment reconciliation, as a major hurdle for small exporters.
Regarding the facilitation of merchandise exports, the Aayog has suggested easing compliance requirements for MSMEs for a limited period while implementing a system for timely disbursement of incentives. This approach aims to prevent the blocking of working capital for MSMEs.
The Aayog underscored the notable contribution of MSMEs to employment generation, exports, and overall economic growth, highlighting that exports represent a substantial yet underutilized opportunity for the sector.
In its report, the Aayog highlighted that MSMEs make a substantial contribution to employment generation, exports, and overall economic growth.
According to the report, MSMEs play a critical role in India’s economy, offering significant employment opportunities and contributing to exports and overall growth. With over 110 million jobs and constituting 27.0% of GDP, the sector comprises approximately 64 million MSMEs, engaging 23.0% of the labor force and ranking as the second-largest employer after agriculture.
Despite their significance, MSMEs encounter difficulties accessing export markets due to their limited scale.
“However, the rise of ecommerce platforms presents an opportunity to overcome these barriers. By improving the business environment and easing regulatory hurdles, India can transform its MSME sector into a potent engine for growth,” the report said.
Despite their significance, MSMEs encounter difficulties accessing export markets due to their limited scale.
Moreover, the report underscores sectors such as handicrafts, handloom textiles, ayurveda and herbal supplements, leather goods, imitation jewellery, and wooden products as promising opportunities for Indian MSMEs in export markets, with a combined global value exceeding $340 billion.
Furthermore, it suggests the establishment of a comprehensive national trade portal (NTN) to streamline the export process for MSMEs, enabling seamless operations and enhancing competitive advantage.
The report highlights that access to finance poses a significant challenge for MSMEs. It proposes the promotion of Export Credit Guarantee to improve working capital availability, with the goal of increasing uptake from 10% to over 50% through government incentives.
The proposal suggests the creation of a unified marketplace for export credit providers to foster competition and reduce costs for MSMEs.
The National Company Law Tribunal‘s Ahmedabad bench has accepted an insolvency resolution application against Jatin Rajnikant Mehta, the personal guarantor of the insolvent Winsome Diamonds and Jewellery, for a default amounting to INR 457 crore.
Mehta is believed to be located in St. Kitts and Nevis, a Caribbean island nation.
Winsome Diamonds, formerly known as Su-Raj Diamonds and Jewellery, has admitted liabilities totaling INR 12,668 crore.
“It is noted under Section 128 of Indian Contract Act, 1872 that when a default is committed, the principal borrower and surety are jointly and severally liable to the creditor and the creditor has the right to recover its dues from either of them or both of them simultaneously,” observed a division bench of judicial member Shammi Khan and technical member Sameer Kakar in its order of March 11.
On September 1, 2020, the tribunal mandated the liquidation of the company due to the absence of any workable resolution plan. Mehta had stood as a guarantor for the repayment of the debt owed to the State Bank of India.
Prior to the tribunal’s ruling, the lender, represented by counsel Nipun Singhvi, contended that the personal guarantor (Mehta) had been declared a ‘fugitive economic offender’ under the Fugitive Economic Offenders Act, 2018. Consequently, they argued that the response of the personal guarantor should not be considered under Section 14 of the aforementioned Act.
Nonetheless, the tribunal noted that despite requesting the lender to present the court order declaring Mehta a fugitive economic offender, the lender failed to provide it. Consequently, the tribunal proceeded with its proceedings in the absence of such documentation.
Representing Mehta, senior counsel Manish Bhatt contended that the personal guarantor had relocated from India, and therefore, the application’s service was incomplete. Bhatt stated that the personal guarantor had surrendered his Indian passport in 2012 and obtained citizenship in St. Kitts and Nevis, a matter previously communicated to the financial creditor.
In 2016, Winsome Diamonds was classified as a wilful defaulter.
Presently, Mehta and his family members are under investigation by at least four central agencies: the Enforcement Directorate (ED), the Central Bureau of Investigation (CBI), the Serious Fraud Investigation Office (SFIO), and the income tax department.
The recent Ambani pre-wedding celebrations in Jamnagar have captured headlines in more ways than one. The array of premium handcrafted jewellery worn by the guests has stoked enormous interest, especially on social media, prompting top jewellers to focus on such ornaments studded with emeralds, sapphires, rubies, and diamonds.
“We have just launched a new line with platinum, crafted in a pattern with emeralds and diamonds,” said Rajiv Popley, director of Mumbai-based Popley & Sons that sells high-end jewellery. “Demand has picked up for this kind of jewellery after the pre-wedding bash. Indian customers can relate to what had been worn… It’s all over social media.”
According to Popley, prices typically start from INR 5 lakh and can reach up to INR 1 crore.
“A pair of earrings from our new line of jewellery studded with emerald and diamonds costs INR 7 lakh,” he said.
Chairman Joy Alukkas revealed that his chain will be launching a gemstone-studded premium line, inspired by the Ambani celebrations, by the end of next month.
“We are working on the designs,” he said.
This represents a change for Joyalukkas, known for its range dominated by gold and diamonds, although the retail chain does offer affordable, gem-studded ornaments in its north India stores.
The blue sapphire utilized in this type of jewellery originates from Sri Lanka, with prices commencing at INR 2 lakh. Rubies are sourced from Mozambique, while emeralds hail from Zambia and Colombia. The price increases corresponding to the stone’s quality.
“This pre-wedding (bash) was like dopamine,” said a prominent retail industry veteran. “It has changed the psyche of upwardly mobile India, (those who) want to follow trends they consume on social media.”
Ishu Datwani, the founder of Anmol Jewellers based in Bandra, mentioned that posts about the pre-wedding event garnered record views on Instagram, reigniting interest in grand statement jewellery and gemstones, particularly emeralds, for weddings.
Datwani has received numerous calls from clients urging him to introduce a new line.
“Looking at the increased demand for emerald jewellery after the Ambani pre-wedding (party), we have launched the ‘evergreen emeralds edition’ by Anmol,” he said. “Each piece is überluxe and ideal for a high-society gala or an elegant soirée. The price of the range starts from INR 10 lakh and can (go up for) the finest quality emeralds.”
Tanishq has also launched a premium jewellery collection, Ethereal Wonders, made of the “rarest blue sapphire, emeralds and diamonds,” the company said in a release.
This line consists of necklaces that will not be accessible at stores but exclusively at exhibitions in selected cities.
“This collection, which is rare, offers ultra-luxurious fusion of tradition and modernity,” said Revathi Kant, chief design officer at Titan.
Nevertheless, not all products are targeted towards the affluent.
“Even the middle class is eyeing gemstone-studded jewellery,” said Colin Shah, managing director of Kama Jewellery, which is also launching a gemstone-studded line. “In the current financial year, demand has shot up by 40% from FY23 for gemstone-studded jewellery and the middle class has contributed quite a good portion of this.”
According to figures from the Gem & Jewellery Export Promotion Council, the import of rough gemstones increased by 7.33% to INR 3,039 crore during April 2023 to January 2024, up from INR 2,831.6 crore in the corresponding period last year.
Tropicana, the renowned juice brand, is introducing two fresh products in the ambient category. These new offerings follow the brand’s successful entry into the ambient juice sector last year, where it experienced significant market growth.
The newest releases, Tropicana Rise & Shine and Tropicana Fruit Sensation, are currently accessible in Tesco stores across the UK.
Tropicana Rise & Shine tackles a primary consumer concern: sugar content. Acknowledging that sugar intake is a significant deterrent to purchasing, especially for health-conscious families, this line provides a 30% reduction in sugar compared to other juice options. It is offered in Smooth Orange and Pressed Apple varieties.
Meanwhile, Tropicana’s Fruit Sensation line is crafted to explore fresh consumption opportunities beyond breakfast. Its flavors encompass Apple Cucumber & Lemon with a touch of elderflower, Orange & Mango with yuzu undertones, and Peach & Raspberry with a hint of vanilla.
Elizabeth Ashdown at Tropicana Brands Group, added, “Until now, the ambient juice category has been highly private label driven with a lack of quality juice options for consumers. These new launches will positively expand the ambient juice category by better meeting consumer needs for more natural and healthier refreshment throughout the day and will set a new quality benchmark in juice drinks.”
Tropicana Rise & Shine comes in a 0.85cl carton priced at £2 MSRP, while Tropicana Fruit Sensation is offered in a 1-liter bottle at an RRP of £1.75.
German online fashion retailer Zalando anticipates a return to growth this year, with plans to open up its logistics business to more players, raising hopes of a performance boost and lifting its shares.
The company’s stock surged by up to 18.5% following the announcement late Tuesday that it would initiate a share buyback program of up to 100 million euros ($109 million), commencing from March 13th.
On Wednesday, Zalando projected a growth in gross merchandise value (GMV), a crucial metric gauging the total value of goods sold, ranging between 0% and 5% for the current year. This comes after a 1.1% decrease to 14.6 billion euros in 2023.
The company announced its aim for a compound annual growth rate of 5-10% for both GMV and revenue up to 2028. This update coincided with the refinement of strategies for its fashion/lifestyle business and infrastructure business (B2B) in preparation for Capital Markets Day on Wednesday.
In the B2B realm, Zalando is extending its logistics network, software, and services to facilitate e-commerce transactions for brands and retailers, irrespective of whether they occur on its platform.
By doing so, “Zalando seems to be reckoning that the historical growth story relying on even-increasing online fashion penetration is now close to the glass ceiling,” said Bryan, Garnier & Co analyst Clement Genelot.
“In other words, the growth potential has been reduced. Hence the shift towards a logistician business to address the over-capacity issue in its existing fulfilment network.”
Zalando anticipates revenue growth of 0% to 5% for the current year, following a 1.9% decline to 10.1 billion euros in 2023.
“The wider range reflects the continued uncertainty we see in the market,” finance chief Sandra Dembeck told reporters.
Zalando, a multi-brand platform specializing in clothing, footwear, and accessories, is encountering a slowdown in demand following a surge in growth during the pandemic. This decline is attributed to consumers, dealing with inflation and high interest rates, reducing their spending and opting for more affordable alternatives provided by fast-fashion competitors such as Shein, a China-based company.
At 0823 GMT on Wednesday, its shares surged by 15% to 22 euros.
The company anticipates adjusted earnings before interest and tax to range between 380 million and 450 million euros for the current year, marking an increase from 350 million euros in 2023.
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