US-based coffee chain Starbucks has achieved a significant milestone in India, reaching its 400-store mark with the opening of its latest outlet in Coimbatore, as stated by an industry official on social media. The new store is located at The Lakshmi Mills – Urban Center in Coimbatore, Tamil Nadu.
“Today, we are proud to deliver the 400th Starbucks store in India, the flagship store in Coimbatore,” said Govind K Menon, executive director at Pavilions & Interiors in a LinkedIn post.
The store’s interiors have been designed by Pavilions & Interiors.
Crafted from wood, linen textiles, and woven ropes, the suspended sculpture within the store serves as a tribute to Lakshmi Mills, India’s oldest yarn and fabric manufacturer dating back to 1910.
The Starbucks-branded coffee chain in India operates as a joint venture between Seattle-based Starbucks Coffee Co. and Tata Consumer Products Ltd., with both entities holding a 50% stake.
In 2023, Starbucks expanded its presence in India by launching 71 new stores, marking its entry into 15 additional cities across the country.
The beverage giant announced its plan to double its workforce, aiming to employ approximately 8,600 partners compared to the current 4,300. This expansion strategy includes entering tier 2 and 3 cities in India, as well as expanding services to encompass drive-thrus, airports, and 24-hour store formats, in order to meet the diverse needs of customers.
The company is currently aiming to operate 1,000 stores in India by 2028 or one new store opening every three days.
In the fourth quarter of 2023, FAT Brands recorded a net loss of $26.23 million, contrasting with a net loss of $70.8 million in the same period the previous year.
The adjusted net loss for the fiscal fourth quarter (Q4) of 2023 was $17.3 million, in contrast to $43 million in Q4 of 2022.
For the quarter concluding on December 31, 2023, FAT Brands experienced a 52.8% increase in total revenue, reaching $158.6 million compared to $103.8 million in the preceding year.
The increase was credited to a 10.4% uptick in royalties, a significant 80.5% spike in company-owned restaurant revenues, and a 10.0% boost in manufacturing facility revenues.
During Q4 of 2023, the company saw a system-wide sales growth of 16.5% when compared to the corresponding quarter of the prior fiscal year.
Its system-wide same-store sales experienced a 0.6% decline compared to the corresponding period of the prior fiscal year.
During this period, 29 new stores were opened.
Adjusted earnings before interest, taxes, depreciation, and amortization for the quarter amounted to $27 million, marking an increase from $19.6 million in the fiscal fourth quarter of 2022.
FAT Brands co-CEO Ken Kuick said, “While franchise interest remains high across all of our brands, we continue to be focused on the expansion of Twin Peaks. This year we opened 14 new lodges and ended the year with 109 lodges, a 33% increase since acquiring the brand in 2021.
“Our growth pipeline includes 113 lodges and the Smokey Bones’ healthy real estate portfolio provides us with the opportunity to convert locations into Twin Peaks lodges, with the potential to significantly accelerate the growth of the brand.”
In February, British supermarket sales growth decelerated to 5.3% from January’s 6.6%, indicating a decline in food inflation, as per industry data.
The market research firm NIQ reported a drop in food price inflation to 5.0% last month, down from 6.1% in January.
In the four weeks leading up to February 24, market data indicated that 24% of all fast-moving consumer goods (FMCG) sales were purchased through promotional offers. For branded goods, this figure rose to 35%, an increase from 31% compared to the previous year. Meanwhile, for own-label items, it stood at 16%, up from 13% a year ago.
“Whilst industry volumes remain positive, many brands are now chasing growth having lost category share during the high period of inflation,” said Mike Watkins, NIQ’s UK head of retailer and business insight.
He forecast levels of promotion would continue to creep up over the next few months.
“With Euro 2024 and Paris Olympics on the horizon, branded promotions will be the drivers of increased discretionary spend post Easter,” he said.
NIQ reported that in the 12 weeks to Feb. 24, online grocer Ocado and Marks & Spencer were the UK’s fastest-growing grocers, with year-on-year sales growth of 12.2% and 11.9%, respectively.
Tesco, the market leader, and Sainsbury’s, the second-largest retailer, both gained market share, achieving sales growth of 6.8% and 8.0%, respectively.
Sales momentum at the German-owned discounters Aldi and Lidl decelerated, recording growth rates of 6.0% and 10.4% respectively, whereas Asda and Morrisons continued to trail behind with growth rates of 2.0% and 3.6% respectively.
Also on Tuesday, a survey conducted by the British Retail Consortium revealed a decline in overall UK spending for February. Poor weather conditions discouraged shoppers from venturing out, while households maintained a cautious approach due to elevated borrowing costs and inflationary pressures.
Roar Organic, a US-based functional beverage brand, has secured a new $10 million investment from CPG investor Factory.
Roar announced that the funding will be utilized to strengthen its role as a catalyst for category growth through strategic partnerships, enhance its distribution network, and expand consumer accessibility across the United States.
The brand stated that it concluded 2023 as the leading flavored non-carbonated water and sports drink brand in the natural channel within the United States.
Keith Caldwell, partner at Factory, said, “From the moment we first encountered Roar, we knew there was something special here. Our continued investment reflects our unwavering belief in the team, their vision, and their ability to disrupt the beverage industry.”
Roar Organic’s CEO Bill Lange added, “2023 was a fantastic year for the brand, but we believe we’re just getting started. Our on-trend product portfolio aligns with the shifting consumer preferences towards healthier, functional yet great tasting beverages – and we couldn’t be more confident in our ability to continue to make significant impact.”
The Kerala government has decided to introduce security labels for Indian-made foreign liquor (IMFL) within the state. These new labels boast 30 distinct security features aimed at facilitating track and trace capabilities. Central to this initiative is a taggant-based holographic tax label featuring a QR code for enhanced security measures.
The state’s newly devised track and trace system for its liquor supply chain aims to guarantee product safety, streamline inventory management, and empower customers with comprehensive information about their preferred liquor choices. Through QR code scanning, any customer will have access to detailed information regarding the liquor product.
This new version of the hologram inbuilt security system will replace existing 15 security features enabled system that have been in place since 2002 in Kerala.
Global food commodity prices continued to fall in February, marking the lowest average since February 2021, mainly as a result of lower world cereal prices.
The FAO Food Price Index, monitoring the prices of five food commodities, dropped by 10.5% compared to the corresponding month last year and decreased from 118.2 points in January. Compiled by the Food and Agriculture Organization of the United Nations, the index averaged 117.3 points in February.
The cereal price index decreased by 5% from January to 113.8 points, marking a 22.4% decrease from its February 2023 value. The FAO reported that international prices for all major cereals experienced a month-on-month decline, with maize exports registering the most significant drop.
Wheat prices were down due to “lower export quotations due a strong export pace from the Russian Federation, which exerted downward pressure on prices from other origins, in particular the European Union”, the FAO wrote in a statement.
In a separate report on cereal supply and demand, the FAO raised its forecast for 2023 cereal output by 1.1% from 2022 to 2,840 million metric tons due to increased maize supplies in Brazil, China, and the US.
Vegetable oil prices declined by 1.3% compared to the previous month and were down by 11% compared to the previous year, primarily attributed to reduced world prices of soy, sunflower, and rapeseed oils. The agency noted that this decrease offset marginally higher palm oil quotations.
Dairy prices were marginally up on January but stood 13.4% lower than 2023. The FAO said, “In February, world butter prices rose the most, underpinned by higher import demand from Asian buyers and seasonally declining milk production in Oceania.”
The meat price index increased by 1.8% compared to January and was only 0.8% below its corresponding value from one year ago. This marked a reversal from seven months of consecutive decreases.
The FAO said international price quotations for poultry meat rose the most, followed by bovine meat, “underpinned mainly by a rise in demand from leading importing countries”.
Meanwhile, sugar prices rose by 12.5% compared to the previous year and 3.2% compared to the previous month, indicating the second consecutive monthly increase.
“Persistent concerns over the outlook for the upcoming season in Brazil following a prolonged period of below-average rainfall continued to support world sugar prices, exacerbating the seasonal upward pressure. Furthermore, forecasts pointing to likely production declines in Thailand and India, two leading exporting countries, contributed to the price increase,” the FAO wrote.
Coffee, renowned for its rich aroma and delightful bitterness, is a beloved brewed beverage enjoyed worldwide. With a plethora of coffee beans and preparation methods available, it caters to diverse tastes. TasteAtlas, a prominent platform for culinary exploration, has just unveiled its latest ranking of the ‘Top 38 Coffees In The World’. Leading the list is ‘Cuban Espresso‘ at the pinnacle, with ‘South Indian Coffee‘ securing the esteemed second spot.
The ‘Cuban Espresso’ is crafted from a sweetened espresso shot made with dark roast coffee and sugar. The sugar is added during the brewing process, whether through a stovetop espresso maker or an electric espresso machine. This method yields a distinctive light-brown foam atop the coffee.
Indian Filter Coffee is crafted using a straightforward yet efficient Indian coffee filter apparatus. Constructed from durable stainless steel, it comprises two chambers: the upper chamber, featuring a perforated bottom for containing ground coffee, and the lower chamber where the brewed coffee gradually trickles down. This method of coffee preparation enjoys widespread popularity throughout South India.
Many people prepare the filter in advance, ensuring a freshly brewed coffee blend is ready by morning. This blend is typically combined with warm milk and sugar. Served in a small steel or brass tumbler resembling a glass, it is accompanied by a small saucer-like bowl known as a ‘dabara’. Prior to serving, the coffee is often poured from one vessel to another to achieve a frothy texture.
The top 10 coffees in the world, as meticulously ranked by TasteAtlas, offer a tantalizing journey through the diverse flavors and cultural nuances of coffee. Leading the pack is the robust Cuban Espresso from Cuba, closely followed by the aromatic South Indian Coffee from India. Greece makes its mark with two entries, the invigorating Espresso freddo and the creamy Freddo cappuccino. Italy’s coffee culture shines with classics like the velvety Cappuccino and the intense Ristretto. Turkey boasts its rich heritage with the traditional Turkish Coffee. Also representing Greece is the refreshing Frappe, while Germany’s Eiskaffee offers a delightful fusion of coffee and ice cream. Rounding out the list is the indulgent Vietnamese Iced Coffee, showcasing Vietnam’s unique take on the beloved beverage. This compilation celebrates the global diversity and rich heritage found in every cup of coffee.
Snitch, the Bengaluru-based men’s fashion and apparel brand, plans to open its third store at Surat on Sunday, as revealed by a top executive.
“We are opening our 3rd store this Sunday which will be the second in Surat. It will be bigger, better and exponential,” said Siddharth Dungarwal, founder of Snitch.
The new 3,600 sq. ft. carpet area store, located at MBH Shopping Center in Vaaracha, Gujarat, stands as the largest among its counterparts.
Regarding expansion plans in Gujarat, Dungarwal stated, “We aim to establish six to eight stores within the next six months in Gujarat alone, with the broader goal of exceeding 20 stores nationwide.”
The company has set its sights on Gujarat, with nearly eight out of the 20 stores planned in India being located in the state. This represents approximately 40% of the offline expansion plans for 2024.
As part of the direct-to-consumer (D2C) brand’s strategy to expand its physical stores, Snitch has recently recruited Varun Muralidharan, previously a retail manager at Bestseller India, to oversee retail operations and projects. Additionally, the company has brought on board Mayur Ashtekar from Rare Rabbit to spearhead business development and offline expansion efforts.
The company has acquired over 1.5 million customers now, and the target is to reach 25 million plus consumers in the next four years, the company said in a release.
It experienced more than double the growth in gross merchandise value (GMV) from Q1 to Q4 in the fiscal year 2023 and attained a GMV of 400 crore, with a projected GMV of 600 crore by the end of the fiscal year 2024.
Over the past two years, the company has consistently sustained a growth rate of 30-35% in average quarter-on-quarter (Q-o-Q) revenue. With the recent expansion into offline retail, the brand anticipates a further 35-40% Q-o-Q increase in sales and revenue as it continues to expand its physical retail presence, aiming to introduce 30-40 stores over the next two years.
Established as a direct-to-consumer (D2C) brand in 2020, Snitch garnered attention by featuring on Shark Tank India Season 2, where it stood out as the sole brand to secure an all-Shark Deal. Additionally, Snitch successfully raised INR 110 crore during its Series A funding round.
Home-cooked vegetarian meals saw a decrease in price in February, while the cost of non-vegetarian thalis went up during the month, as per the latest Crisil report.
The price of a vegetarian thali declined by 2% to INR 27.5 in February compared with the previous month, due to a 14% decrease in onion prices and a 3% decrease in potato prices. The prices of tomatoes and pulses, two other significant components, remained unchanged during this period.
Non-veg thali prices surged to INR 54 in February, up from INR 52 in the previous month.
“The cost of the non-veg thali rose as prices of broilers, which account for ~50% of the cost, increased an estimated 10% on-month due to lower supply amid the spread of bird flu in Andhra Pradesh and increasing temperatures, as well as rising demand ahead of Ramadan,” Crisil noted.
Nevertheless, in comparison to the previous year, thali prices remained elevated, suggesting that consumer inflation is unlikely to decline in February.
The price of a vegetarian thali increased by 7% compared to the previous year, driven by a 29% rise in onion prices and a 38% increase in tomato prices.
Uneven rainfall has adversely impacted onion production. The latest horticulture estimates for 2023-24, released by the government earlier this week, indicate a decrease in crop production.
Onion production is expected to decrease to 25.47 million tonnes, down from approximately 30.21 million tonnes in 2022-23.
“Prices of rice (accounting for 12% of the veg thali cost) and pulses (9%) also increased 14% and 20% on-year, respectively,” Crisil noted.
Non-veg thali cost, on the other hand, is 9% lower compared to the previous year, as broiler prices have eased from the peaks witnessed in 2023.
Experts indicate that inflation print is likely to be higher at than 5.1% in January, owing to a modest increase in food prices in February.
“On a sequential basis, the increase in food CPI was driven by cereals, fruits and meat, which was partly offset by a drop in prices for eggs, pulses and spices,” said Rahul Bajoria, MD & Head of EM Asia (ex-China) Economics, Barclays.
Barclays anticipates that inflation will increase to 5.3% in February.
Too Yumm!, a snack brand from Guiltfree Industries owned by the RP-Sanjiv Goenka Group, has joined forces with Marvel to introduce a range of healthy snacks. This special collaboration seamlessly blends Marvel’s unparalleled storytelling and fan-favourite characters with Too Yumm!’s expertise in innovation. Too Yumm! aims to provide consumers a delightful and unmatched snacking experience. The new range of snacks features the iconic Marvel Super Heroes Iron Man, Captain America, and Black Panther, across four products: Rings, XOXO, Kraze, and Puffs.
For the launch of the new range, the brand has embraced a musical approach for its digital campaign: #TooGalbandi #FindYourToo. Partnering with music management company Hoopr, the catchy song emphasizes the message of ‘Jaise bhi ho tum, usme thoda TOO milaao aur apne hero ko jagaao’, urging consumers to “FIND YOUR TOO” by unleashing their inner hero. Crafted to resonate with Marvel enthusiasts in India, the range aims to celebrate the resilience, bravery, and determination embodied by Marvel’s Avengers. The campaign seeks to inspire Marvel fans to draw strength and empowerment from these iconic heroes, encouraging them to uncover their own inner strength and potential.
Through this new range of snacks, Too Yumm! has injected innovation and creativity. From introducing unique flavors and attractive packaging to crafting evocative shapes and adopting a digital-first strategy, the brand has demonstrated its commitment to ingenuity. The campaign features popular young icons such as Somansh, Gunjan Sinha, Geet Kaur, and Aneesh Tattikota, leveraging their star power to establish a relatable connection with young teens.
Commenting on the collaboration and the new launch, Yogesh Tewari, Vice President of Marketing, Guiltfree Industries Ltd. said, “We are thrilled to announce our collaboration with Marvel, introducing a snack range that resonates with Marvel fans in a fun and engaging way. This new range includes a wide selection of lip-smacking products ranging from Rings, XOXO, Puffs and Kraze. We are announcing the new range with a music video, “Hero Ko Jagao” which adds an extra layer of joy to the experience, encouraging young teens to embrace their uniqueness and discover the hero within. With this new range inspired by iconic Marvel characters, we’re excited to make snacking time a joyous occasion for our consumers.”
Meghna Mittal, Co-founder of Hoopr & Songfest added, “We’re excited to partner with Too Yumm! on a campaign that brings to the foray our expertise in music along with the vast creator and artist network. As a music and content focused company, Songfest approached the song and the music video with a view towards capturing the spirit of Too Yumm and helping the brand connect with its target audience. We’re proud of having seen this to fruition. Somewhere, we all found our “TOO”. Additionally, what also resonates with us is Too Yumm!’s spirit of innovation and commitment to a quality product.”
Too Yumm! assures a guilt-free snacking choice with 45%-60% less saturated fat. The campaign endeavors to forge a robust bond with its delicious, nutritious, and innovative offerings that are remarkably delightful and irresistible.
Too Yumm! has adopted a comprehensive digital-first approach, leveraging various platforms such as Instagram, YouTube, Snapchat, WhatsApp, and Facebook to engage with its audience through preferred channels, including collaborations with influencers. The brand’s latest music track, “Hero Ko Jagao,” will be distributed on popular platforms like Spotify, Apple Music, Wynk, and others, ensuring that the catchy Too Yumm! tunes reach a wide audience.
The innovative spirit of Too Yumm! and Hoopr shines through in the new range of snacks, which draws inspiration from the iconic Marvel Super Heroes.
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