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Tropicana diversifies ambient portfolio with new juice offerings

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Tropicana
Tropicana

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.

Continue Exploring: Dr. Dre and Snoop Dogg collaborate to launch ‘Gin & Juice’ canned cocktails

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.

Continue Exploring: Re.juve launches Singapore’s first authentic cold-pressed juice vending machine at Tanglin Mall

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Zalando’s shares soar as company anticipates return to growth in fashion retail

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Zalando
Zalando

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.

Continue Exploring: D2C men’s fashion brand Snitch hits INR 400 Crore GMV milestone, targets INR 600 Crore by 2024

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.

Continue Exploring: Reliance and Primark explore options to bring fashion retailer to India

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5 Indian restaurants shine in Asia’s 50 Best Extended List for 2024

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Cafe Restaurant
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Every year, the culinary world eagerly awaits the announcements from the prestigious 50 Best rankings, a UK-based platform that celebrates top restaurants globally and publishes an annual compendium highlighting the establishments to keep an eye on. Recently, they unveiled the extended roster of restaurants in Asia, ranking from 51 to 100 for 2024. Notably, five Indian restaurants secured positions on this list.

In the extended list, Mumbai restaurants claimed three spots, with Americano securing the 61st spot, The Bombay Canteen earning the 70th position, and Ekaa coming in at the 98th rank. Meanwhile, within the Delhi National Capital Region (NCR), Comorin in Gurugram secured the 79th position, and Dum Pukht in New Delhi impressively claimed the 87th rank.

India also found representation on the list in Bangkok, with Chef Gaggan Anand’s Ms. Maria & Mr. Singh placing at number 54, and Gaa, headed by Chef Garima Arora, coming in at 94. Notably, Gaa was recently awarded its second Michelin star, making Garima Arora the first female Indian chef to receive that honor.

Continue Exploring: Chef Garima Arora becomes first female Indian chef to win two Michelin stars

The Indian culinary scene is undeniably and progressively gaining prominence on the global stage. Spearheaded by a cadre of talented chefs, we are witnessing the diverse flavors of the country being showcased in innovative ways.

The extended list featured restaurants from 16 diverse cities, with Singapore and Tokyo emerging as frontrunners, each holding eight coveted spots. Beijing’s Lamdre made an entrance at No.97 and clinched the prestigious American Express One To Watch Award for 2024. Mumbai contributed three establishments, with The Bombay Canteen making a notable debut at No.70. Furthermore, Colombo, Gurugram, Kuala Lumpur, Macau, Manila, New Delhi, Shenzhen, and Toyama each showcase one exceptional restaurant on this esteemed list.

The unveiling of Asia’s 50 Best lineup is scheduled for a prestigious ceremony in Seoul later this month. Judging by the extended list, we anticipate a significant presence of homegrown names and Indian representation among the Top 50 as well.

Continue Exploring: From Mumbai’s irresistible chaats to Hyderabad’s iconic biryani: Indian cities shine in global culinary rankings

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Tasva expands its reach with new store opening at DLF Avenue Mall, Saket

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Tasva
Tasva

Tasva, the ethnic wear brand, has recently unveiled a new store at DLF Avenue Mall, Saket, New Delhi, as announced by a company official on social media.

“Delighted to share! Tasva, now open at DLF Avenue Mall Saket, New Delhi! Step into a world of timeless elegance and luxury, where every piece tells a unique story. Can’t wait to welcome you to our stunning new space,” said Varun Sharma, Head of Retail Operations at Tasva, Aditya Birla Group in a LinkedIn post.

According to its official website, the company operates five stores in Delhi. Data reveals that Tasva expanded its presence by opening more than three new stores between October and November, located in cities such as Jodhpur, Patna, and Faridabad.

Continue Exploring: Ethnic wear brand Kalki charts course for global expansion & personalized tailoring

Established in 2021, Tasva functions as a subsidiary under the ownership of Aditya Birla Fashion and Retail Limited (ABFRL), a company within the Aditya Birla Group. ABFRL founded Tasva in partnership with renowned Indian designer Tarun Tahiliani.

The company provides a range of attire including Sherwanis, traditional Kurta-Jackets, Bundis, elegant Indo-western outfits, and matching accessories tailored for festivals, parties, and significant occasions such as weddings.

As per the brand’s official website, it operates in various cities including Delhi, Bengaluru, Mumbai, Hyderabad, Chennai, Kochin, Bhubaneshwar, Andheri, Jaipur, Ludhiana, and Siliguri.

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Zepto experiments with platform fees to boost profitability

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Zepto
Zepto

Zepto, a quick-commerce firm, has been experimenting with platform fees alongside handling charges and delivery fees in order to enhance its profitability.

The company is implementing a platform fee of INR 2 per order, in addition to handling charges that can vary between INR 5-20 depending on factors such as order size, location, and time of day. This sets it apart from competing quick-commerce platforms like Zomato-owned Blinkit and Swiggy Instamart, which solely charge handling fees.

Conversely, Zomato and Swiggy‘s primary food delivery services impose platform fees. These fees, along with advertising opportunities, serve as revenue-boosting avenues for food delivery companies. However, increasing commissions from restaurant partners often encounter resistance from the latter.

In January, Swiggy hinted at a platform fee of INR 10 for select users, significantly higher than the INR 3 charged to most users currently. On New Year’s Eve, Zomato temporarily raised the platform fee to as much as INR 9 per order in specific markets, compared to its usual INR 3-4 per order.

Continue Exploring: Quick commerce platforms Blinkit and Zepto expand into e-commerce, targeting fashion, beauty, electronics, and more

Zepto is presently the only standalone quick commerce firm operating in India.

“We don’t believe in being over dependent on delivery fees to be profitable. We believe in core operating efficiency and cost reduction to be profitable. We are on track to achieve the Ebitda positive milestone even with much lower delivery fees,” a spokesperson for the firm said, without giving details on the plans around platform fees.

In addition to platform, delivery, and handling fees, Zepto also imposes a “small cart” fee for orders under INR 100 and implements a surge fee during peak demand periods.

On February 19, the company launched a membership program called Zepto Pass. It provides free delivery for orders exceeding INR 99 and discounts for orders above INR 399 for the majority of customers. Initially priced between INR 149 and INR 299 per month, it is currently being sold at a heavily discounted rate of INR 19.

Continue Exploring: Zepto launches Zepto Pass membership program for all users, offering exclusive benefits

In a post on X (formerly Twitter), cofounder and CEO Aadit Palicha announced that Zepto reached 1 million Pass subscribers within just one week of its launch.

Continue Exploring: Zepto Pass hits 1 Million subscribers within a week of launch

In a statement, brokerage firm JM Financial highlighted that customer fees such as platform and handling fees were a key factor driving the “enhanced profitability” of quick commerce firms.

Palicha had previously mentioned that Zepto aims to achieve profitability at the earnings before interest, taxes, depreciation, and amortization (EBITDA) level within the next two and a half quarters. He also stated that Zepto’s monthly cash burn remained in the single-digit million dollars range and confirmed that the firm had surpassed $1 billion in annualized gross merchandise value.

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Nestle to exit dairy sector in Ecuador, strikes deal with Grupo Gloria

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Nestle
Nestle

Nestle has decided to exit the dairy sector in Ecuador by striking a deal with the Latin American food company Grupo Gloria.

As part of the agreement, Nestlé will divest a factory and distribution center situated in Cayambe, to the north of the capital city, Quito.

Grupo Gloria is set to acquire the indigenous brands La Vaquita, Yogu Yogu, Natura, Cereavena, and Huesitos in the region.

The deal also includes the licensing of additional international brands such as La Lechera and Svelty.

Continue Exploring: Nestle unveils irresistible ice cream-inspired confectionery lineup!

The deal is contingent upon approval from Ecuador’s competition watchdog.

Nestlé revealed in February its intention to shut down a dairy facility in Nicaragua, citing “current global dynamics for efficient and productive operations” as the reason.

Josué De la Maza, the executive president of Nestlé’s operations in Ecuador, affirmed that the company would maintain its presence in sectors such as culinary products, confectionery, coffee, and infant formula.

He added, “It should be noted that in 2018 we acquired Terrafertil, an Ecuadorian company that has grown throughout Latin America with a leading portfolio in the plant-based category, which strengthens our product offering to Ecuadorian consumers. We are confident that Gloria Foods will continue to develop the dairy business in Ecuador based on its regional trajectory.”

Continue Exploring: Nestle India ramps up investments, sets sights on robust growth with INR 6,000-6,500 Crore expansion plan

Peru-based Grupo Gloria operates in various countries, including Ecuador, Bolivia, Colombia, Argentina, and Puerto Rico.

“With this purchase, we renew our commitment to the Ecuadorian market as a relevant player in the food sector and we enthusiastically welcome the excellent workforce and the important brands that the acquisition of the operation brings with it,” Gloria Foods president Claudio Rodríguez said.

“We are sure that this transaction will strengthen our portfolio in Latin America and will allow us to continue bringing our quality and experience to the countries where we are present.”

In 2022, Grupo Gloria acquired a set of dairy assets in Chile from Fonterra, the New Zealand-based dairy giant.

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Adidas faces annual loss of $82 million following Kanye West partnership termination, eyes sales recovery in 2024

Adidas
Adidas

Adidas, the renowned German sportswear brand, announced on Wednesday that it incurred an annual loss for the year 2023, attributing it partly to the repercussions stemming from the termination of its partnership with the controversial rapper Kanye West.

The company experienced a loss of 75 million euros ($82 million), a stark contrast to the profit of 612 million euros recorded in the previous year.

Revenue dropped by five percent to 21.4 billion euros, with significant impact felt in the United States, primarily due to the cessation of sales of Yeezy trainers, which were designed in collaboration with West.

Continue Exploring: Decathlon sets sights on India as a ‘top priority’ market, eyes top five global position

Sales saw a slight decline in the fourth quarter, with a notable decrease in North America as Adidas scaled back wholesale transactions in efforts to mitigate excess inventory.

In 2022, Adidas terminated its partnership with West following a string of anti-Semitic comments, leaving the company with thousands of unsold Yeezy shoes that they had collaborated on developing.

The revenue from two Yeezy sales in 2023 totaled 750 million euros, significantly lower than the 1.2 billion euros generated by the brand in 2022.

Adidas is donating the profits from the sales to charitable organizations.

In 2024, Adidas anticipates a “mid-single-digit rate” growth in sales. The company intends to sell the remaining Yeezy revenue at cost, projecting sales to reach approximately 250 million euros.

Continue Exploring: Nike to cut over 1,600 jobs, streamline operations amid weaker profits

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High streets emerge as prime location for luxury brands in India during 2023: CBRE

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high street
High street (Representative Image)

According to a report released on Wednesday by CBRE South Asia, high streets emerged as the preferred location for luxury brands in India’s leading eight cities in 2023.

The eight cities tracked for leasing include Delhi-NCR, Mumbai, Bangalore, Kolkata, Pune, Ahmedabad, Chennai, and Hyderabad.

In 2023, High Streets accounted for approximately 45 percent of the total luxury retail leasing, while luxury brand stores in malls comprised 40 percent, with standalone stores making up the remaining 15 percent.

Continue Exploring: Malabar Gold, Titan, and 4 other Indian brands secure spots in global top 100 luxury goods makers list

“The luxury sector, which saw a significant increase in leasing in 2023, shows a promising trend with the entry and expansion of international brands,” said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East & Africa, CBRE.

In 2023, luxury brands collectively leased 0.6 million square feet of space. This comprised 0.24 million square feet in malls, 0.3 million square feet across high streets, and 0.1 million square feet in standalone stores.

The report attributed the surge in luxury retail to several factors, including rising demand for premium and luxury goods, heightened exposure to luxury brands via social media, and the expansion strategies of luxury brands in metropolitan areas.

Continue Exploring: Indian retail sector set for 10-13% growth in 2024: Luxury, value purchases, and demand uptick on the horizon

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India’s vegetable oil imports decline 13% in February to 9.75 Lakh Tonne: SEA

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Vegetable oil
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India’s vegetable oils import fell 13 per cent year-on-year in February to nearly 9.75 lakh tonne, according to industry data. In a statement on Wednesday, Solvent Extractors’ Association of India (SEA) said the import of vegetable oils (comprising edible oils and non-edible oils) during February stood at 9,74,85 tonne as compared to 11,14,481 tonne in the year-ago period.

Out of the total imports, the edible oil shipments fell to 9,67,852 tonne last month from 10,98,475 tonne in February 2023.

Non-edible oils imports too fell to 7,000 tonne from 16,006 tonne in the year-ago period.

During November 2023-February 2024 period, the overall import of vegetable oils declined 21 per cent to 46,47,963 tonne from 58,87,900 tonne in the corresponding period of the previous oil year.

Continue Exploring: India set to boost soyoil imports in 2024, palm oil purchases expected to decline

Oil marketing year runs from November to October.

Edible oils import fell to 46,15,551 tonne during the first four months of 2023-24 oil year from 58,44,765 tonne in the year-ago period.

Non-edible oils import dropped to 32,412 tonne during November-February period of 2023-24 oil year from 43,135 tonne in the corresponding period of the previous year.

India meets more than 50 per cent of its domestic requirements of edible oils through imports.

The country imports palm oil from Indonesia and Malaysia. It imports soyabean oil from Argentina and Brazil.

“The decline of vegetable oil imports continued in February 2024. The availability of palm oil for edible oil requirements has come down as the main two producers Malaysia and Indonesia are diverting it for the production of biodiesel,” SEA said.

This might result in an increase in prices this year, it added.

Continue Exploring: India’s vegetable oil imports drop 28% in January 2024; prices may surge amid global supply constraints, says SEA

“Palm oil output in Indonesia and Malaysia, which account for a bulk of global production is likely to either rise marginally in 2024 or decline from last year’s level, as ageing plantations and lack of expansion cap output,” SEA said.

Import of soyabean oil from Argentina increased sharply in February 2024, while import from Brazil declined due to growing requirements of the domestic biofuel industry.

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Meesho announces its largest ever ESOP buyback, allocating INR 200 Cr for employees

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Meesho
Meesho

Meesho has announced an Employee Stock Ownership Plan (ESOP) buyback program of INR 200 crore (approximately $25 million), marking it as the company’s largest ESOP buyback pool to date.

This signifies the fourth buyback event at the horizontal e-commerce unicorn. In February 2020, the company repurchased shares valued at $1 million, followed by $5 million in November 2020, and $5.5 million in October 2021.

Continue Exploring: Meesho fastest growing e-commerce player; GMV tops $5 Billion: Alliance Bernstein Report

The fresh buyback program will extend benefits to approximately 1,700 current and former employees spanning from junior-level executives to senior leadership positions.

Meesho offers small businesses, including SMBs, MSMEs, and individual entrepreneurs, access to millions of customers, a diverse selection from over 30 categories, nationwide logistics, payment services, and customer support capabilities.

The Vidit Aatrey-led company recently announced the launch of Valmo, a full fledged logistics marketplace that allows the network of micro-entrepreneurs to become Meesho logistics partners.

Continue Exploring: Meesho unveils Valmo platform to boost efficiency in e-commerce deliveries

In July 2023, Meesho claimed to be the first horizontal Indian e-commerce company to turn profitable. Since announcing profitability in July 2023, the company continues to remain profitable and cash flow positive. The company also reduced its losses in FY23 by 48%, but its revenue spiked 77% year-on-year to INR 5,735 crore in the last fiscal year.

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