On Friday, Pepsi, the American beverage giant, unveiled its new global logo worldwide, marking its first significant global redesign in 14 years.
In India, the company revealed its new globe logo at the Gateway of India in Mumbai, showcasing a digital artwork that introduced the brand’s updated color palette of electric blue and black.
“The new logo thoughtfully borrows equity from Pepsi’s past, whilst incorporating modern elements to create a look that is unapologetically current and undeniably Pepsi,” the company said in a release.
“We are thrilled to reveal Pepsi’s refreshed visual identity and new logo, embodying unapologetic modernity and the iconic status of Pepsi. The fresh design language reflects the invigorating spirit of Indian youth and their boundless pursuit of possibilities,” said Shailja Joshi, Category Lead, Pepsi Cola, PepsiCo India.
Myntra has recently secured a $54 million investment from its parent company Flipkart. This infusion of funds comes at a crucial time for the online fashion platform, as it grapples with intense competition from rivals such as Reliance’s Ajio and Tata Cliq.
As per regulatory filings in Singapore, Myntra’s holding company, FK Myntra Holdings Pvt Ltd, received the funds in January, marking the second investment from Flipkart within a year. In March 2023, Flipkart had injected $105 million into Myntra.
Myntra did not provide a response to an email requesting comment.
In the fiscal year ending on March 31, 2023, Myntra recorded a 25% increase in operating revenue compared to the previous year, reaching INR 4,375 crore. However, despite this growth, the net loss expanded to INR 782 crore.
In January, Myntra’s India unit, Myntra Designs Pvt Ltd, received INR 689 crore (approximately $83 million) from FK Myntra Holdings, a Singapore-based entity.
Myntra has been actively expanding its range of international brand collections, particularly focusing on premium offerings experiencing rapid growth. Meanwhile, there has been a recent downturn in demand for online fashion in the lower-price segments.
On February 9, it was reported that Myntra would exclusively retail products from the Turkish brand Trendyol, owned by the Alibaba group. Then, on February 14, the French apparel brand Kiabi made its entry into the Asian market through a collaboration with Myntra in India.
As of the latest report on January 24, Myntra’s portfolio comprises over 420 global brands, with approximately a quarter of its revenue generated from these international labels. This marks a significant increase from two years ago when it had 280 international brands in its lineup.
The fashion e-commerce platform has shifted its focus towards specific private labels instead of expanding its array of in-house brands in the apparel sector. In line with this strategy, Myntra conducted a restructuring initiative last July, leading to the termination of 50 employees.
According to a research note by Bernstein in January, Myntra held a 55% market share in the fashion e-commerce segment based on monthly active users (MAUs). Reliance-owned Ajio, meanwhile, maintained its user acquisition momentum, securing approximately 33% market share. Nykaa Fashion, operated by the publicly listed company FSN E-commerce Ventures, accounted for roughly 6% of the MAU share. “In December 2023, Myntra exhibited the highest growth rate amongst peers at 25%,” the report said.
However, according to the report, a closer look at the business suggested that users on Myntra’s app were not transacting as much as previous trends. Myntra’s gross merchandise value grew only 12% in FY23 as compared to 35% in FY22, Bernstein noted.
“The fashion market is extremely fragmented offline, and the online market is seeing similar trends with multiple players emerging to gain share,” it added.
Flipkart’s investment in Myntra has come close on the heels of the horizontal marketplace itself receiving a $600 million commitment from US-based parent Walmart, as part of a $1 billion funding round.
South Africa’s Tiger Brands has reorganized its organizational structure into six business units, with the goal of “improving profitability.”
The food conglomerate has established divisions for bakeries, grains, culinary, treats and beverages, home and personal care, snacks, and baby food. Each division will report directly to the CEO through designated executives.
Tiger Brands further mentioned that it is implementing restructuring below the newly appointed managing directors for the various units. In a trading update, the company stated its expectation to finalize the second phase of the restructuring by the end of its second quarter.
The group also stated, “The renewed focus on rationalising SKUs will reduce complexity, resulting in manufacturing and procurement efficiencies in due course. Additionally, achievements in portfolio and SKU rationalisation are expected to reduce the number of brands requiring support, allowing for more focused investment yielding a higher return on investment.”
In the filing, the company said, “Tiger Brands’ domestic performance reflects the difficult trading environment, with inflation in food and non-alcoholic beverages rising ahead of CPI. Prices of essential items such as sugar, vegetables, meat, eggs, and rice surged by almost 20% (Stats SA). As a result of the higher inflation over the period, consumer shopping habits shifted towards buying more on promotion and limiting their spend to essentials.”
Group revenue for the four months ended 31 January 2024 declined by 1% year-on-year, driven by volume declines of 8% offset by price inflation of 7%. The grains unit experienced volume regression across all segments, “due to a difficult trading environment,” the group noted.
Within the consumer brands division, year-on-year volume growth was achieved in the snacks, treats, and baby segments, as well as “strong volume growth” in beverages.
Groceries saw a decline in volume due to “absolute volume declines across categories.”
In Tiger Brands’ full-year results up to 30 September, it disclosed a 10% rise in revenue to R37.4 billion ($2 billion), but highlighted “low to no growth” for the upcoming fiscal year.
Tiger Brands’ operating profit also experienced a decline, as anticipated in October. It dropped by 9% to R3.1 billion for the year.
Earnings per share fell by 2% to 1,725 South African cents, contrasting with the 2-9% lower projection highlighted in October.
Last year, South Africa grappled with frequent power outages, known as load-shedding, attributed to insufficient investment in the country’s electricity infrastructure. This situation has led to a series of profit warnings from companies like Tiger Brands, Astral Foods, and Libstar, among others.
Nestle has launched four new ice cream-inspired variations of some of its most popular confectionery.
The F&B giant introduced its latest creation, the Aero Neapolitan sharing bag, drawing inspiration from the beloved trio of ice cream flavors. Inside the new bag, you’ll find Aero’s iconic bubbly chocolate in delightful strawberry, chocolate, and vanilla melts.
The latest lineup also features a Munchies Cookie Dough sharing bag, where the traditional soft caramel and crispy biscuit filling of the brand are substituted with a delectable cookie dough-flavored center encased in a chocolate biscuit shell.
The third product is a twist on Nestlé’s popular Milkybar brand – the creamy buttons have been given a raspberry ripple flavour twist to create the new Milkybar Raspberry Ripple sharing bag, filled with marbled white and pink raspberry-flavoured buttons.
Finally, Nestlé has reimagined its Rowntree’s Randoms sweets by introducing new foamy Randoms cones in strawberry and biscuit, and vanilla and biscuit flavors.
Cat Mews, brand manager at Nestlé, said, “We’re so excited to introduce our new Nestlé sharing bag range. Taking inspiration from those classic frozen flavours that we all know and love, we’ve developed some nostalgic taste combinations that chocolate fanatics will be sure to love.”
The latest selection is now on shelves, ready for purchase at leading supermarkets throughout the UK.
Heinz has collaborated with Paramount, the American film production company, to craft a fresh pasta sauce drawing inspiration from the iconic mafia film, The Godfather.
Heinz & The Godfather pasta sauce features the ingredients mentioned by the character Peter Clemenza in the film, as he teaches Michael Corleone to cook the perfect sauce.
Heinz crafts the pasta sauce by using sun-ripened tomatoes sourced from their trusted suppliers in Italy. These tomatoes are simmered with olive oil and garlic, and then enhanced with meatballs and sausage, seasoned to perfection with salt and pepper.
Caio Fontenele, Heinz’s new ventures director, said, “Paramount Pictures’ The Godfather remains one of the greatest films in cinema history. And, after we watched Clemenza teaching Michael how to make his perfect pasta sauce, alongside seeing a rising trend on social media of people replicating recipes from their favourite films and TV series at home, we knew it had to be Heinz that finally brought this iconic recipe to the nation.”
Rebecca Jenkins, VP of Consumer Products for Paramount Global, added, “At Paramount, we are always looking for new and innovative ways to bring our beloved stories and characters to fans. Our collaboration with Heinz brings one of cinema’s most iconic meals from the big screen onto dinner tables.”
The Heinz & The Godfather pasta sauce is presently exclusively available at Waitrose stores nationwide for a limited five-week period, priced at £3 per 490g jar.
The Body Shop, a UK-based ethical beauty brand, has partnered with Indian actress Diana Penty to endorse its British Rose body care line within the Indian market, the company announced in a press release on Friday.
“We are delighted to announce Diana Penty’s collaboration with The Body Shop for our exciting digital film showcasing the iconic British Rose range with 100% vegan product formulations,” said Harmeet Singh, vice president – product, marketing and digital at The Body Shop India.
Through this collaboration, The Body Shop aims to diversify its consumer base and tap into previously unexplored markets across India. This strategic partnership is intended to drive sales of its British Rose bath and body collection, encompassing an array of products such as shower gel, body butter, body yoghurt, and perfume.
“The initiative aims to convey that love encompasses many experiences nurturing a sense of ease within oneself. With its versatile selection, our goal is to broaden our customer base, nurturing loyalty among existing patrons and reaching out to new audiences,” added Singh.
“I am thrilled to be part of The Body Shop’s latest campaign, with British Rose, a nature-inspired floral touch. I’m glad to support a brand that prioritises both environmental responsibility and personal well-being,” said Penty.
Established in 1976 in Brighton, England, by Dame Anita Roddick, The Body Shop operates approximately 2,500 retail outlets across over 80 nations.
Operating in India since 2006, The Body Shop is managed by Quest Retail Pvt Ltd, a cosmetic manufacturing company headquartered in Delhi. Presently, The Body Shop boasts over 200 stores spread across 75 cities nationwide.
Recently, Quest Retail said to media that the Indian operations of cosmetics firm The Body Shop will not be impacted by the restructuring in the UK.
Foodtech major Zomato‘s stock soared by as much as 4.67 percent, reaching a fresh record peak of INR 173.45. This surge is attributed to the company’s enhanced profitability, signaling promising prospects for future expansion and sparking a notable shift in investor sentiment.
With a market capitalization of over INR 1.51 lakh crore, Zomato stands as the most valuable internet stock in India, Asia’s third-largest economy.
Many of India’s new-age internet companies, which went public during the IPO frenzy of 2021, experienced initial surges post-listing but later faced declines due to investor concerns regarding inflated valuations and business sustainability.
Zomato, among the first to debut alongside peers such as Policybazaar, Paytm, and Nykaa, initially faced scrutiny due to its limited profitability track record and uncertain strategic moves.
However, Zomato’s consistent performance in surpassing expectations in quarterly results has led to a complete reversal in sentiment, according to Sachin Dixit, an internet research analyst at JM Financial.
Investors are increasingly recognizing Zomato’s efforts, alongside a noticeable consumer affinity for its business model.
Distinguishing itself from peers lacking clear paths to profitability, Zomato has showcased “consistent earnings improvement” and timely achievement of growth targets, as highlighted by Elara analyst Karan Taurani.
Meanwhile, Nykaa, once a favorite among investors, finds itself grappling with certain macroeconomic challenges, while Paytm faces regulatory scrutiny, resulting in a downturn.
Analysts predict that Zomato’s stronghold in the food delivery sector, capturing over half of the market share, gives it a favorable position compared to its IPO-bound competitor Swiggy.
Furthermore, Blinkit, the quick commerce business acquired by Zomato in 2022, is expected to reach EBITDA positivity in the next fiscal year, signaling the next stage of growth for the company according to investor perceptions.
At 2:44 pm, Zomato’s shares were trading at INR 166.75 per share, marking a 0.76 percent increase.
While it may appear otherwise, online shopping is no longer confined to metropolitan areas. With increasing digital literacy and widespread internet access, smaller cities and towns are also embracing this trend. Consequently, there are notable differences emerging in the purchasing behaviors, preferences, and attitudes of online shoppers across the country. According to a recent report by PwC, the online shopping demographic in India is no longer monolithic, necessitating distinct strategies for businesses catering to shoppers in major urban centers versus those in smaller locales.
The report titled “How India shops online: Consumer preferences in the metropolises and tier 1-4 cities” divides online shoppers into two distinct categories: those residing in metros and those in the rest of India. It delineates the key differences in preferences of online shoppers in these two geographies, underscoring the importance for digital sellers to take heed, as neglecting these disparities could pose a significant risk. With the continuous growth of e-commerce in India, these variations are expected to solidify further.
Location can significantly influence buyer preferences, leading to varying consumer behaviors. For instance, online shoppers in bustling metropolises, accustomed to frequent traffic congestion and long commuting distances, prioritize different factors compared to their counterparts in smaller towns, where distances are typically shorter.
City residents, placing a high value on efficiency in online shopping, gravitate towards swift delivery services that cater to their desire for immediate satisfaction, often willing to pay extra for such convenience.
However, shoppers in other parts of India prioritize discounts and deals. These consumers are avid bargain hunters, as they reside in smaller cities where the speed of delivery holds less significance owing to shorter distances.
It’s noteworthy that the majority of purchases in the sports and fitness, home and kitchen, and health and wellness categories are being driven by consumers outside of the major metropolitan areas in India. Meanwhile, residents in metropolitan areas tend to concentrate their spending on grocery items, electronics, and fashion.
The surge of social media has been instrumental in boosting awareness of these products, subsequently driving up demand. In response, platforms have introduced new and budget-friendly products to cater to these cities. As incomes in other parts of India have risen, spending on these categories has also increased accordingly.
Both residents of metro cities and those in other parts of India demonstrate similar levels of acceptance towards UPI payments, suggesting a growing adoption and familiarity with this payment method.
Nonetheless, ‘cash on delivery’ continues to be the favored choice among shoppers in other regions of India as it helps mitigate the risk of fraud. This indicates that while there is an increasing acceptance of UPI payments owing to their convenience, speed, and security, there are lingering apprehensions surrounding online platforms and payment methods, particularly among shoppers outside metro areas.
Generation X from regions outside of major cities in India typically favors card transactions for mid to high-value purchases on well-known platforms. This preference arises from the direct connection to bank accounts, providing a trusted layer of transaction safety. In urban areas, Paytm is popular for its user-friendly wallet, while in other parts of India, PhonePe is preferred for its intuitive interface. Google Pay ranks second nationwide.
Both categories of shoppers, regardless of their geographic location, exhibit a preference for shopping via apps rather than websites. This preference is consistent among all respondents. The reasons for this inclination include ease of navigation, a simplified user interface adhering to global standards, and support for vernacular languages.
Marketplace apps tend to garner higher download rates due to their diverse range of categories. When it comes to customer service and assistance, consumers generally prefer human interaction over engaging with chatbots.
Despite the geographical differences, marketplaces maintain a dominant position in the consumer market, especially with their combination of fashion and accessories offerings. In urban markets, Amazon holds a slight edge over Myntra, while Flipkart leads the way in the rest of India, followed by Meesho, Amazon, and Myntra. This preference for marketplace apps over category-based platforms is consistent among respondents from the rest of India, underscoring the significance of factors like deals, discounts, accessibility, user-friendly interfaces, and platform familiarity.
Designing experiences that resonate with all users across the country may not be the best way forward for digital sellers. The e-commerce experience that has worked in the urban centres may not necessarily work for the rest of India. The latter will need a more in-depth, human-centric view that acknowledges and capitalizes on the diversity that exists across in these smaller towns and cities.
“The report emphasises the need for tailored e-commerce experiences to resonate with diverse users across India,” says Prateek Sinha, Partner and Leader – Design and Experience Consulting, PwC India. “A human-centred approach, coupled with localised strategies and inclusivity, is crucial for success. It’s about connecting with each customer on a personal level, celebrating the rich tapestry of our cultures, and innovating every step of the way. By embracing agility and a deep understanding of consumer dynamics, businesses can chart a trajectory of sustained growth and profitability. When businesses get this right, they’re not just selling products; they’re creating experiences that people love and trust.”
The Marico Innovation Foundation (MIF), led by Harsh Mariwala, is actively fostering partnerships between innovators and Fast-Moving Consumer Goods (FMCG) companies to promote inventive solutions aimed at reducing plastic usage. Additionally, MIF is directing its efforts towards promoting innovation in the realms of food and agritech, as well as clean technology, with a strong emphasis on sustainability.
Over the past year, the twelve startups highlighted in the MIF plastics portfolio have collectively reduced carbon dioxide emissions by a total of 124,360 tons.
“I have been questioned on the use of plastics by Marico, though we use recyclable plastics many times there are challenges in recycling. The team came up with a proposal to do a study on innovators operating in the plastic industry which led to a report. The report was triggered that there is a need to identify individuals who did not know how to scale up. We do not invest in the innovators but help with the challenges they are facing in the business. The growth impact will be seen in a few years because it is like scaling up a business. Many are at the startup stage with innovations at a very early stage. It will take three to five years to move from start-up to an established company,” said Harsh Mariwala, Founder, of Marico Innovation Foundation.
Harsh Mariwala’s Marico, a significant player in the FMCG sector, aims to transition to 100% recyclable plastic usage within the next five years.
“In Marico, we have reached a level of 94 per cent of recyclable plastic. Through this, we want to create a larger impact. It has to start from how garbage is collected from homes, segregation is important with end to end approach being very important. We will look at ourselves or with partners to work alongside municipal corporations on the issue,” he said.
Furthermore, the MIF foundation plans to adopt a circular economy approach to achieve zero waste, focusing on sectors such as food agritech, clean technology, and plastics.
“We have done facilitation of innovators and FMCG companies including Nestle and McDonalds. We look at a multiple array of brands. The foundation is looking at the ability to stay invested in the areas we have identified. Earlier we had identified innovation in particular sectors, engaged and then exited and found ourselves in other sunrise sectors. Going ahead we want to create an impact in the sustainability space, we will keep growing in the plastic waste management space, food and agritech is our next area of focus,” said Suranjana Ghosh, Head of Marico Innovation Foundation.
Chalet Hotels Limited has announced the execution of definitive agreements for the acquisition of the ‘Courtyard by Marriott Aravali Resort, NCR’. The resort boasts 158 rooms and occupies 14 acres of land. CHL has executed the definitive agreement for admission into the partnership with ‘Ayushi and Poonam Estates LLP’, the owner of CYMA. The Enterprise Value for this transaction amounts to INR 315 crore.
The company stated that since its establishment in June 2022, the resort has become the top choice for leisure travelers, MICE events, and destination weddings. Situated within a 1.5-hour radius from New Delhi, Gurgaon, and Noida, it offers convenient access to the Indira Gandhi International Airport in New Delhi.
The company additionally revealed that CYMA boasts an all-day dining restaurant, a bar & lounge, a pool bar, and a pan-Asian restaurant. Alongside these amenities, CYMA provides a gym, spa, pool, and a children’s play area, as well as activities such as ziplining, quad biking, automated paintball, artificial climbing, horse riding, and camel cart rides.
Sanjay Sethi, MD & CEO at Chalet Hotels Limited, stated, “Courtyard by Marriott Aravali Resort aligns seamlessly with our stated growth strategy to expand into the leisure space at a drivable distance from the National Capital Region. This strategic acquisition accentuates the company’s adaptability and growth prospects to capitalise on emerging opportunities and solidify its position as an industry leader.”
Nevertheless, the shares experienced a 0.78 percent decline, reaching INR 804.10 at 10:54 am on the BSE.
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