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Branded retailers ride high on rising demand for wedding accessories

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Wedding Accessories
(Representative Image)

From traditional safa and mala to modern jooti and brooch, an Indian wedding is no longer complete without a touch of royalty for the groom, as well as his immediate family and friends. These accessories have become indispensable additions for wedding collection brands, often defining the overall look and feel of the celebration.

“While it (accessories) accounts for just 7-8% of the wedding collection sales, customers will just walk off the store if these products don’t match their outfits worth a few lakhs. These accessories are a make or break for brands,” said Mayank Mohan, owner of ethnic menswear brand Mohanlal Sons. “While we sell mala, we had discontinued imitation jewellery earlier, but are now planning to reintroduce them.”

In the past, occasion wear was predominantly catered to by local shops or made-to-order services. However, in the last decade, brands like Manyavar, Mohanlal, Tasva, and Ethnix by Raymond have introduced a level of consistency in the celebration wear segment, particularly in terms of delivery and execution. What initially began with apparel has now extended to include accessories that customers choose to complement their attire.

Continue Exploring: Hotel chains ride the wave of India’s wedding tourism surge with innovative offerings

Pearl necklaces (moti malas) and turbans (safas) have emerged as essential elements in enhancing the groom’s appearance on his special day. Consequently, these styling items offer a compelling rationale for wedding attire brands to broaden their product portfolios. Additionally, even friends and guests are adorning themselves with these accessories at Indian weddings, further emphasizing their significance in the celebration.

“We are not in the business of just selling sherwanis, kurtas, jootis and stoles, and instead focus on the entire look,” said Sunil Kataria, chief executive of Raymond Lifestyle that owns Ethnix. “As part of the selling process, this is an important part of training. It is a must for the groom because his entire ensemble hinges on the accessories. So, when you are selling a sherwani or occasion wear, the whole outfit as a style goes together. If these don’t match, then the sale gets rejected,” he said.

As per the analysis by management consulting firm Wazir Advisors, the apparel and accessories market in India reached an estimated value of $75 billion in FY23, with the ethnic wear sector accounting for approximately 30% of this total, equating to $22 billion.

“This branded play within men’s ethnic is marked by both strong regional players as well as select national players,” said Pakhi Saxena, retail and CPG (consumer packaged goods) practice head at management consulting firm Wazir Advisors. “These players shall continue to garner share of the wedding and celebration accessories category as it lends to increase in basket size, average ticket value and most importantly enhances the customer engagement through offering of ensemble and curation. Accessories enable them to upsell by curating and customising the look,” she said.

Continue Exploring: Wedding-related expenditure remains subdued in FY24, luxury products buck trend, says industry executives

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BAT set to divest up to 3.5% stake in ITC through block trade transaction

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ITC
ITC

British multinational BAT PLC is set to sell up to a 3.5 percent stake in India’s ITC Ltd to institutional investors through a block trade.

In a statement, British American Tobacco PLC (BAT), the single largest shareholder in ITC Ltd (ITC), said its wholly-owned subsidiary Tobacco Manufacturers (India) Ltd (TMI) intends to sell up to 43,68,51,457 ordinary shares in the Indian diversified entity to institutional investors by way of an accelerated bookbuild process (block trade), subject to customary closing conditions.

Based on Tuesday’s closing price of INR 404.25 per share, the value of the total ITC shares planned to be sold by BAT is around INR 17,659.72 crore.

Continue Exploring: ITC’s emphasis on premium products propels personal care business, doubles sales contribution to 38%

“The block trade shares represent up to 3.5 per cent of ITC’s issued ordinary share capital,” it said, adding, following completion of the proposed block trade, BAT will remain a significant shareholder of ITC, with 25.5 per cent holding.

BAT’s initial investment in ITC dates back to the early 1900s and the two companies have a longstanding, mutually beneficial relationship, the statement said.

The company said it intends to use the net proceeds of the block trade to buy back BAT shares over a period ending December 2025, starting with 700 million pound in 2024. It will also continue to allocate operating cashflow to fund investment in its transformation and to further deleverage.

“I am confident that ITC, under the stewardship of its current management, will continue to create further value for its shareholders. We look forward to remaining important shareholders in ITC as it continues its journey of growth,” BAT Chief Executive Tadeu Marroco said.

He further said, “With this transaction BAT can accelerate the start of a sustainable buyback, while enabling us to continue to deleverage towards a new target range of 2-2.5x adjusted net debt/adjusted EBITDA.”

Continue Exploring: ITC sees untapped market potential for YiPPee! Noodles, aims for further growth in the North region

“ITC is a valued associate of BAT in an attractive market with long-term growth potential where BAT benefits from exposure to the world’s most populous market,” the company said.

As one of India’s leading FMCG enterprises, ITC has delivered significant value for its shareholders and BAT continues to be fully supportive of ITC’s management team, performance and strategy, the statement by BAT said.

BAT is into multi-category consumer goods business. Its strategic portfolio comprises global cigarette brands and a growing range of nicotine and smokeless tobacco products, including vapour brand Vuse; heated product brand ‘glo’ and Velo, a modern oral (nicotine pouch) brand.

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Apparel Group’s Aldo continues collaboration with Bollywood stars Janhvi Kapoor and Aditya Roy Kapur

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Aditya Roy Kapur and Janhvi Kapoor
Aditya Roy Kapur and Janhvi Kapoor

UAE-based fashion and retail conglomerate Apparel Group is continuing its collaboration with Bollywood actresses Janhvi Kapoor and Aditya Roy Kapur for its footwear and accessories brand Aldo, the company has confirmed.

“This partnership has significantly expanded Apparel Group’s reach. This collaboration not only deepens consumer trust in our brand Aldo but also fortifies Apparel Group’s standing commitment towards their consumers in the Indian market,” said Tushar Ved, president, Apparel Group India Pvt Ltd.

The retail giant has strategically selected celebrities who resonate with its customers, leveraging their popularity to extend Aldo’s reach across its 70 stores nationwide.

Continue Exploring: Apparel Group India signs Aditya Roy Kapur and Janhvi Kapoor as faces of ALDO’s new collection

“The collaboration with the talented duo, Janhvi Kapoor and Aditya Roy Kapur, underscores our commitment to authenticity and style at Aldo India. Their active energy and flair strengthen our brand’s credibility and resonate strongly with our consumers. With continued engagement, we look forward to even greater success in the future,” said Abhishek Bajpai, chief executive officer of Apparel Group India.

Recently, Aldo unveiled its Spring ’24 collection, offering a range of products in which each shoe is crafted with Pillow Walk technology for comfort.

“As we unveil Aldo’s captivating Spring ’24 collection, I’m thrilled to be part of a journey that merges style and comfort seamlessly. Each pair tells a unique story, inviting everyone to embrace their individuality with every step,” said Kapur about the collaboration.

Aldo ventured into the country’s market with the launch of its first physical store at Phoenix High Street in Mumbai in May 2005.

Apparel Group oversees a network of over 2025 retail stores, representing more than 80 brands across various platforms, and employs a multicultural workforce of over 20,000 individuals. Among the brands are Bath & Body Works, Tim Hortons, Tommy Hilfiger, Nine West, it Spring, Charles & Keith, Inglot, La Senza, Beverly Hills Polo Club, and Victoria’s Secret.

The company has established a strong presence in the GCC and developed successful avenues for market expansion in India, South Africa, Singapore, Indonesia, Thailand, Malaysia, and Egypt. Moreover, there are ongoing strategies to enter emerging markets like Hungary and the Philippines.

Continue Exploring: Aldo expands presence in India with grand opening of 4th store in Hyderabad, marking 66th outlet in the country

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FSSAI to introduce stricter regulations for nutraceuticals and health supplements amid rising concerns over non-compliant products

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Nutraceuticals
Nutraceuticals

The Food Safety and Standards Authority of India (FSSAI) is working on making regulations for nutraceuticals and health supplements more stringent after finding many non-compliant products in the market, according to officials.

Nutraceuticals are products derived from food sources that are believed to provide extra health benefits beyond the basic nutritional value found in foods. They can be available in the form of pills, syrups, capsules, powders, gummies, and chewables.

“The popularity of these products has increased manifold as consumers have become more health conscious,” said a senior FSSAI official, who did not wish to be identified. “We want to make the standards more stringent for the safety of consumers.”

Continue Exploring: Govt panel explores shifting nutraceutical regulation from FSSAI to CDSCO

According to the official, the authority had received numerous complaints regarding non-compliant health supplements being sold in the market. Subsequently, it initiated a nationwide drive to inspect nutraceuticals and health supplements, ensuring quality and safety throughout their manufacturing and sale process.

The issue was discussed by the scientific panel of the food authority recently, as stated by the official. They highlighted that due to the availability of health supplements over the counter, there is a risk of consuming multiple nutrients whose actions might antagonize each other.

He mentioned that because of the unsupervised usage of supplements, individuals often consume them alongside medications, leading to potential interactions that could result in adverse effects.

According to a survey conducted by research firm Pronto Consult, which analyzed nearly 13,000 bills across 15 cities, nutraceuticals constituted 31% of all billings at chemists in September 2023. The survey suggested a significant year-on-year growth of 24% in this segment.

The regulation for the nutraceutical and health supplement category of products was initially enforced in 2018.

Continue Exploring: Dietary supplement innovator Setu Nutrition secures funding from notable HNIs and celebrities

Several changes and amendments were made to them by the FSSAI, with the latest occurring in 2022.

These regulations encompass eight categories of products, including health supplements, nutraceuticals, food for special dietary use, food for special medical purposes, specialty food containing plant or botanicals, foods containing probiotics and prebiotics, and novel foods.

Last year, the FSSAI also issued advisories regarding the implementation of special enforcement drives aimed at verifying the compliance of nutraceuticals and health supplements. As part of the drive, several facilities operating in Baddi, Himachal Pradesh, were inspected and samples collected by the food authority.

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Nykaa-KK Beauty eyes aggressive overseas expansion, Gulf region in focus

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Katrina Kaif
Katrina Kaif

Nykaa-KK Beauty, a joint venture between Bollywood star Katrina Kaif, Nykaa, and Matrix India Entertainment, is gearing up for aggressive overseas expansion, with a primary focus on the Gulf region in the coming year, as revealed by the actress-turned-entrepreneur.

“We have just launched in Dubai, and we have quite an extensive rollout plan for the Gulf over the next one year,” Kaif said, adding the company will launch in 2 new markets, without revealing the names.

The company, known for producing products under the Kay Beauty brand, also intends to bolster its offline presence in India. Currently, its revenue is heavily reliant on online commerce.

Continue Exploring: Fenty Beauty by Rihanna set to make Indian debut through Nykaa partnership

“Our sales are dominated by online, but we are expanding our offline sales at a rapid pace. I want to see the brand grow both online and offline, and at the moment we are doing that very successfully,” she said.

In efforts to expand its consumer reach, Kay Beauty has forged a partnership with UP Warriorz, the Women’s Premier League team owned by Capri Global.

“We will shed a spotlight on UP Warriorz players, bringing them to the forefront. I would like to see female athletes celebrated in the world of beauty,” Kaif said, adding that the WPL is an incredible initiative to promote women’s cricket.

Kaif mentioned that Kay Beauty has experienced remarkable growth and is fulfilling orders across more than 1,600 cities, encompassing major metropolitan areas as well as tier-2 and tier-3 cities.

“We have had phenomenal offline growth through our retail stores,” she said.

Kay Beauty products have been successful, she said, since they offer luxury quality at an accessible price point.

Continue Exploring: Nykaa continues strong growth trajectory: Q3 net profit doubles YoY to INR 17.4 Cr

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Hoteliers express discontent over Karnataka’s ban on artificial colors in Gobhi Manchurian

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Gobhi Manchurian
Gobhi Manchurian

The Karnataka Health Department’s decision to ban artificial colors while still permitting eateries to serve dishes like gobhi manchurian has sparked discontent among many. Hoteliers have voiced concerns, stating that the decision lacked consultation and has not been well received.

Bruhat Bengaluru Hotels Association president PC Rao said, “The Health Minister has issued a statement concerning the use of colours for gobhi manchurian. It stipulates that all food additives complying with FSSAI Regulations/ISI Standards can utilise red, blue, green, and yellow colours within permissible limits. The directives released by the government lack rationality, and opposing guidelines are also irrational. Prior to making such scientific determinations, consultations with relevant manufacturers and users should have been conducted. We will provide comprehensive feedback to the government on this matter and engage in discussions with them in the upcoming days to rectify the situation.”

Continue Exploring: Karnataka bans artificial food colors in cotton candy and gobi manchurian, warns of severe penalties for violators

Reacting to this, Health Minister Dinesh Gundu Rao said, that out of the 171 samples of gobhi manchurian collected, 107 were found to contain unsafe artificial colours such as tartrazine, sunset yellow, and carmoisine. “A circular has been issued, and awareness programs will be conducted. Strict legal action will be taken against violators, with further sample collection to support legal proceedings. The use of artificial colours in food products is prohibited under the Food Safety and Standards Act, 2006, and its regulations. Any violation will result in legal action, including imprisonment of five years to a life sentence and a fine of INR 10 lakh.”

Physicians also highlighted the dangers associated with the use of artificial colors.

Dr. Muralidhar S Kathalagiri (Sparsh Hospital) said, “Food colourants may add vibrancy to our plates, but there are hidden dangers particularly when non approved colouring agents are used. These synthetic additives, often lurking in our favourite snacks and meals, can disrupt the harmony within our bodies. A food colouring agent Rhodamine B is often used in food which is harmful. Research suggests that these additives can trigger allergic reactions, hyperactivity in children, and may even contribute to long-term health issues like cancer and organ damage. Even though the colours look harmless on our plates, they’re actually hiding harmful stuff that can throw off our body’s balance and make one sick. It’s recommended to avoid these chemicals and stick to natural colours and to colour’s approved by FSSAI for our food to stay healthy.”

Continue Exploring: Tamil Nadu bans cotton candy sales after cancer-causing element detected by food lab

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Fast&Up sets sights on UK retail expansion following ASDA success

Fast&Up
Fast&Up

Fast&Up, India’s leading sports and health nutrition brand, is set to expand its presence in the UK market after successful placements in over 200 ASDA Stores Limited, a prominent British supermarket chain. The range is also accessible at leading Independent Pharmacies and Alliance Healthcare, the UK’s leading Pharmacy Wholesaler, complementing their established presence in India.

With a strong history of expansion in India and around 34 other international markets, including Europe and the USA, Fast&Up has curated a specialized range of nutritional supplements focusing on health, beauty, and wellness.

Entering the UK market during the pandemic, Fast&Up capitalized on two decades of experience with Swiss effervescent technology. Currently, the brand offers a variety of effervescent products in the UK, spanning three ranges, with Fast&Up Reload (electrolytes and vitamins) emerging as its #1 bestseller.

Continue Exploring: D2C nutrition brand Earthful secures INR 3.3 Crore in pre-seed funding led by Green Ivy Venture and angel investors

Varun Khanna, Group CEO of Fullife Healthcare Pvt Ltd expressed, “It is a moment of pride for Fast&Up to have our products available in one of the largest supermarket chains in the UK. We are witnessing a growing interest from UK consumers due to the perceived quality, effectiveness, and results, aligning with their requirements. There is significant potential in the UK for our category, and we aim to capture that space. Our focus is on a holistic and long-term approach to expanding penetration and reach in international marketplaces, progressing to modern-trade, chemist outlets, and eventually broader general grocery stores, given the products broad acceptance and usage.”

After a successful presence at the 2023 TCS London Marathon Running Show, Fast&Up is now gearing up for an even larger presence in 2024, ensuring their products are readily available for consumers. The brand intends to hydrate runs across the country by partnering with companies and participating in fitness and wellness events.

Continue Exploring: Fabled Pet Food enters Venezuelan market, catering to growing demand for premium pet nutrition

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Fiona Diamonds raises INR 6 Crore in seed funding round led by Venture Catalysts

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Fiona Diamond
Parag Agrawal and Saurabh Agrawal Co-founders of Fiona Diamond

Fiona Diamonds, a brand specializing in lab-grown diamonds, has secured INR 6 crore in its seed funding round, spearheaded by Venture Catalysts. The funding round also saw participation from AC Ventures, Anikarth Ventures, Shantanu Deshpande from Bombay Shaving Company, Eco Brilliance, and Suraj Nalan.

The newly acquired funds will be used to fuel the company’s expansion and innovation in the ethical luxury market.

Founded by Parag Agrawal and Saurabh Agrawal, Fiona Diamonds offers customers a curated selection of exquisite solitaire jewellery crafted with lab-grown diamonds.

With flagship stores in Mumbai, Delhi, and Bengaluru, as well as a presence in 10 key cities, Fiona Diamonds has positioned itself as a digital-first brand, boasting a loyal customer base of over 10,000.

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

Parag Agrawal, CEO & Co-Founder of Fiona Diamonds, highlighted the company’s vision, stating, “Fiona Diamonds represents a movement towards a more sustainable and inclusive future. With Venture Catalysts’ strategic investment, we are poised to accelerate our growth trajectory and establish Fiona Diamonds as a category innovator in the diamond jewellery segment. By leveraging our existing infrastructure and expanding our product offerings, we aim to triple our revenue in the first year, unlocking new avenues of growth and opportunity.”

On leading the round, Dr. Apoorva Ranjan Sharma, MD & CEO of Venture Catalysts, said, “With a market poised for exponential growth and evolving consumer preferences towards ethical and sustainable options, Fiona Diamonds has been growing at 40% year on year with an efficient inventory turn around ratio. With sentiment of jewellery as an asset class fading away amongst Millenials and & GenZs who are more inclined towards Eco Friendly & Sustainable options for Diamonds, Fiona has a first mover advantage in not only disrupting the traditional diamond industry but also paving the way for a more ethical and transparent future in luxury retail.”

Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA

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Mumbai’s iconic Vada Pav ranked among the Top 20 Best Sandwiches globally

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Vada Pav
Vada Pav

Vada Pav remains a timeless favorite among food enthusiasts. This emblematic Mumbai street delicacy is renowned for its convenience and ability to fuel the bustling city life. Embraced by people from various walks of life, it features a flavorful blend of spiced potatoes, enveloped in a crispy gram flour coating, and sandwiched between soft pav bread. Although often likened to an “Indian burger,” a label that has sparked debate, it has now earned recognition on a prestigious list honoring the world’s finest sandwiches.

Online food ranking platform TasteAtlas recently unveiled its selection of the world’s best foods nestled between bread. Leading the pack are Banh Mi, Tombik Doner, and Shawarma, claiming the 1st, 2nd, and 3rd positions respectively. Notably, India’s beloved Vada Pav has made it into the top 20, surpassing renowned international delights such as the French Croque Monsieur, Bagels, and even Grilled Cheese.

The history of Vada Pav in Mumbai has grown in tandem with the city, originating in the 1960s at Ashok Vada Pav in Dadar as a snack for hungry mill workers who needed a filling, nutritious food they could eat while they traveled. It’s believed that stall owner, Ashok Vaidya, who served up fresh poha and batata vadas saw his neighbor selling bun omelette and was struck with inspiration to combine the two. This was ostensibly the birth of the famous vada pav.

Today, the dish has become more than just a street food; it has evolved to inspire gourmet renditions featured in the finest restaurants worldwide. One of the appeals of vada pav lies in its lavish toppings, whether it’s the dry garlic chutney, tangy imli chutney, spicy green chilli-coriander chutney, or crunchy choora (fried besan batter bits). Everyone has their own preferred combination, adding to the dish’s allure.

In a similar line-up in 2023, Vada Pav had secured the 13th position, sparking questions about why it had dropped six spots since the previous year and which newcomers had overtaken this Indian favorite. Additionally, it had been celebrated as one of the world’s preferred vegan snacks, being naturally free of meat or dairy while still bursting with flavor. Despite currently hovering at number 19, the humble Vada Pav holds a permanent place as number 1 in the hearts of many Indians.

Continue Exploring: Mumbai’s Vada Pav is now Ranked World’s 13th Best Sandwich

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JP Morgan extends INR 200 Crore credit facility to fuel Oyo’s expansion

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OYO
OYO (Representative Image)

According to a report by ET, JP Morgan has extended a credit facility of INR 200 crore to Oyo. Sources familiar with the matter stated that the primary objective behind this credit line is to fuel the expansion of Oyo’s Accelerator Programme. Both Oyo and JP Morgan declined to comment on the matter.

The company launched its Accelerator Programme in March last year, with a target to support 50 first-generation hoteliers. Oyo articulated that its Accelerator Programme aimed to motivate and empower first-generation hoteliers to accelerate their hotel portfolio expansion, aligning with the surge in travel demand in both business and leisure cities.

Sources familiar with the matter revealed that Oyo’s Accelerator Programme presently aids more than 700 hotels and over 85 small and first-generation hoteliers nationwide.

Hotel owners with more than five running hotels are eligible to be part of the Accelerator Programme.

Continue Exploring: Oyo Hotels in advanced talks with Khazanah Nasional Berhad for $400 Million funding boost

Oyo had previously stated that through this initiative, it is aiding partners in attaining ‘sustained’ profitability and ‘enhanced’ earnings by providing mentorship, technological resources, dedicated relationship managers, financial assistance, and tapping into Oyo’s extensive network, which includes over 15,000 corporate accounts and more than 10,000 travel agents across India, thereby bolstering business opportunities.

Last month, Oyo’s founder Ritesh Agarwal informed employees that the company’s profit after tax (PAT) for the third quarter of the financial year 2024 has doubled sequentially to INR 30 crore.

The company achieved its first profitable quarter with a PAT of over INR 16 crore in the second quarter of this fiscal year.

Previously, sources reported that Agarwal stated in a town hall meeting that Oyo anticipates a continued rise in its net profit over the coming quarters. He attributed this growth to bolstered patron confidence, enhanced customer experience, and favorable market conditions conducive to sustained expansion.

Agarwal also revealed that Oyo recorded adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of INR 750 crore in calendar year 2023. He informed employees that the company is projected to achieve adjusted EBITDA of INR 1,000 crore in the current financial year, surpassing its previous estimate of INR 800 crore.

Previously, Oyo defined adjusted EBITDA as EBITDA adjusted for transformation expenses incurred on assets of its hotel partners.

Agarwal reported that Oyo experienced a 10% year-on-year growth in revenue during the third quarter. He mentioned that the number of hotels on its platform surged by 27% to 17,000 during the same quarter.

He informed employees that the company reduced its operating costs by 15% in the third quarter.

In November 2023, Oyo completed a debt buyback totaling INR 1620 crore. This buyback entailed repurchasing 30% of Oyo’s outstanding TLB, which was due in June 2026.

Oyo had previously stated that hoteliers participating in this program experienced a roughly 20% increase in revenue within three months.

Continue Exploring: IPO-bound OYO’s Q3 FY24 profit doubles QoQ to INR 30 Cr

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