Marriott International and Oberoi Realty partner to elevate Mumbai’s hospitality landscape with flagship hotels

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February 17, 2024

Marriott International has partnered with Oberoi Realty Ltd to bring the Marriott Hotels flagship brand and its JW Marriott portfolio to Mumbai. Scheduled to open between 2027 and 2028, the JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City will enhance the city’s hospitality scene.

Rajeev Menon, President Asia Pacific, excluding China, Marriott International, expressed excitement about Mumbai’s real estate development phase, stating, “This collaboration reinforces Mumbai as a strategically important market.”

During the signing ceremony for the mentioned hotels, Menon expressed that Marriott International achieved a turnover of INR 9,000 crore in FY24, marking a 32% rise in RevPAR. He additionally conveyed his strong optimism regarding the Indian market, citing the growth in tourism and infrastructure development across the country.

“I see tremendous potential in secondary and tertiary markets, in light of the growing income of Indians,” Menon added. About the mixed use properties in Mumbai, Menon said the existing partnerships with Oberoi Realty in Mumbai are a “success story of such models”.

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Located on the north-eastern outskirts of Mumbai, the JW Marriott Hotel Thane Garden City will boast 280 guestrooms featuring residential-inspired interiors. Complementing its offerings, the hotel will house three dining outlets, a lobby lounge, a pool bar, a 25-metre outdoor swimming pool, a fitness centre, and the renowned Spa by JW. With 1,670 square meters of event space, the hotel aims to cater to small to medium-scale events. The JW Marriott Hotel Thane Garden City, slated for 2025, along with the Mumbai Marriott Hotel Sky City anticipated in 2026, will collectively contribute 560 rooms to the financial hub of India.

Meanwhile, the Mumbai Marriott Hotel Sky City in Borivali will provide accommodation with 280 guestrooms. The establishment will feature three dining venues, comprising an all-day dining restaurant, a specialty restaurant, and a patisserie, in addition to a bar lounge and the Greatroom lobby—a globally recognized brand signature. The hotel intends to incorporate amenities such as the M Club lounge, a fitness centre, Quan Spa, an outdoor swimming pool, and versatile event spaces.

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Vikas Oberoi, Chairman & Managing Director of Oberoi Realty Ltd, highlighted that JW Marriott Hotel Thane Garden City will be integrated within the larger Oberoi Garden City development, whereas the Mumbai Marriott Hotel Sky City will form an integral part of Sky City in Borivali East.

He added, “We look forward to continuing our long-standing association with Marriott International.”

This strategic collaboration is in line with Marriott’s global vision, ensuring that both residents and visitors in Mumbai have access to top-tier brands and outstanding hospitality experiences.

Marriott International boasts a portfolio of nearly 8,800 properties spanning over 30 renowned brands across 139 countries and territories worldwide. In India, it manages 148 hotels under 17 distinct brands, with an additional 75 hotels in various stages of development.

Continue Exploring: India’s hospitality sector records 15.8% year-on-year RevPAR growth in Q4 2023: JLL Report

Artificial sweeteners struggle to catch up with sugary products despite industry push

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February 17, 2024

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Despite companies’ efforts, products containing artificial sweeteners still trail behind sugary foods and beverages in popularity. Consumer reluctance has been reinforced by a World Health Organization (WHO) report released last year, which stated that sweeteners like aspartame could be “potentially carcinogenic” and may elevate the risk of type 2 diabetes and cardiovascular diseases, while offering no benefits for weight loss.

Continue Exploring: WHO’s latest guideline advises against using artificial sweeteners for weight management

Zydus Wellness, a producer of sugar-free sweeteners, reported a 3% year-on-year sales drop to INR 400.10 crore in the December 2023 quarter. According to a recent report by ICICI Securities, the company’s food and nutrition segment declined by 5% year-on-year, primarily due to persistent challenges in the artificial sweetener market and the influence of the WHO report on non-nutritive sweeteners.

Executives emphasized that safety apprehensions regarding artificial sweeteners, particularly aspartame, persist across various product categories.

Coca-Cola, the beverage manufacturer, observed that its no-sugar drink, Coke Zero, is experiencing faster growth compared to Diet Coke, despite having a smaller consumer base. Executives attributed this trend to Coke Zero’s “zero sugar” branding on its signature red bottles and cans, along with its identical taste to the original Coca-Cola. Additionally, the company’s advertising strategy prioritizes Coke and Coke Zero over Diet Coke, aligning with its global policy of not actively promoting Diet Coke.

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“Diet Coke has its share of loyal consumers and remains a strong brand, but Coke Zero has overtaken it in terms of growth,” said one of the executives.

Various renowned actors, including Jhanvi Kapoor and Tiger Shroff, endorse both Coke and Coke Zero. However, in retail stores and on e-commerce platforms, all three variants of Coca-Cola receive equal promotion. In response to inquiries, a spokesperson for Coca-Cola stated via email that Diet Coke “is performing satisfactorily” in the India and South West Asia markets.

“We are committed to Diet Coke,” the spokesperson said.

Producers of low-sugar biscuits, chocolates, and ice-cream reported that sales of these products account for less than 2% of their total portfolio at a national level. Numerous launches of such products in India have either been deprioritized or discontinued.

“The sugar-free category for biscuits is less than 1% and hasn’t taken off, except for a few local niche brands,” said Mayank Shah, senior category head at biscuits maker Parle Products. “People consuming products like biscuits do so to satiate their sweet tooth and derive value out of it; we are not considering entering this space as of now at least,” he said.

As per the guidelines established by the Indian Council of Medical Research (ICMR) for the usage of artificial sweeteners, particularly the widely used aspartame, there is “limited evidence” of carcinogenicity in humans. However, the International Agency for Research on Cancer (IARC) classifies aspartame as “possibly carcinogenic,” thus setting an acceptable daily intake of 40 mg/kg body weight accordingly.

Continue Exploring: FSSAI instructs states to take action against food business operators using artificial fruit ripening agents

Karnataka govt to revise liquor duty rates to bolster revenue and curb trade diversion

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February 17, 2024

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The Karnataka state government plans to adjust duty rates across the 18 slabs for Indian Made Liquor (IML) to safeguard its revenues and prevent trade diversion to neighboring states.

“In order to rationalise the tax slabs and make them competitive with neighbouring states, the tax slabs for IML and beer will be revised,” Chief Minister Siddaramaiah said in his budget speech.

In last year’s budget, the CM raised the additional excise duty (AED) on IML by 20% across all 18 price slabs, sparking protests from the industry. The International Spirits and Wines Association of India expressed concerns that the tax hike could drive consumers to purchase products from neighboring states via informal supply channels, adversely affecting licensed retailers’ businesses.

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The fears seem to have come true as the excise department has worked on a set of rates – increasing on brands in some slabs and lowering in others – to ensure people don’t buy from states with lower tax rates.

“After the rates are revised, the difference in prices between us and other states would be about INR 10 per bottle,” an official said.

The Excise department is also considering proposing adjustments to duties on beers, and some sections of distillers anticipate that certain beer brands may become more expensive as a result.

The excise department amassed revenues of INR 28,181 crore by the end of January 2023-24. For 2024-25, the government has set a target of INR 38,525 crore.

Continue Exploring: Haryana takes bold step as first state to prohibit plastic bottles for locally produced liquor

Canned wine company The Uncommon secures £1.2 Million in funding for expansion

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February 16, 2024

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UK-based canned wine company The Uncommon has secured £1.2 million in funding from existing and new investors.

The funding round, marking the winemaker’s most substantial single fundraising effort thus far, will facilitate scaling up production to meet increasing demand.

According to The Uncommon, it is the UK’s fifth-largest English wine producer by retail sales.

Henry Connell, co-founder of the canned wine brand, stated that when the company launched in 2018, it commenced with five tonnes of Bacchus wine. This year, they processed 400 tonnes, marking their largest harvest to date.

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“When we started in 2018, our mission was simple: to make the best possible English wine in this new sustainable and convenient format,” Connell said. “It had never been done before in the UK.”

He continued, “We’re in a unique position to be part of two growing categories: English wine and alternative packaging. Our steady growth is testament to the increasing thirst for quality within sustainable packaging, aligning with retailers’ drive towards net zero targets.”

“The funding signifies a resounding vote of confidence in our vision and will allow us to bring our unbelievably good English wine to more people.”

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Rise in alcohol consumption: Australians double down on RTDs, beer consumption declines

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February 16, 2024

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More Australians are consuming alcohol at increased rates, with a growing preference for ready-to-drink (RTD) products leading to a doubling in RTD consumption.

Data from market-research agency Roy Morgan Research indicates that approximately 14 million Australians, who are of legal drinking age (18 years and older), consumed alcohol in the period ending September 2023. This reflects a 1.8% rise compared to the period ending March 2020.

Roy Morgan’s Alcohol Consumption Report reveals that the number of Australians drinking RTDs has doubled since 2020, reaching 4.3 million within three years.

During the 12-month period ending in March 2020, 10.8% of legal drinking age Australians consumed RTDs. Presently, the percentage of the drinking population for the RTD category has surged to 21%.

Wine continues to hold its position as the most consumed alcoholic beverage in Australia, representing 44.1% of consumption. This figure has risen by three percentage points since 2020, with nine million people now partaking in wine consumption.

Spirits consumption declined by 1.4% to reach 5.6 million consumers, representing 27.3% of the total drinking population.

The beer category experienced the most significant decline, with only 6.7 million Australians now consuming beer, marking a 4.9% decrease compared to the year ending March 2020.

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“Consumption of RTDs has continued to increase, consumption of wine has plateaued at a far higher level than pre-pandemic, consumption of spirits has largely returned to its pre-pandemic levels and consumption of beer – which had the smallest pandemic increase – has continued its long-term decline,” Roy Morgan CEO, Michele Levine, said.

“In contrast, the spike in the drinking of spirits experienced during the pandemic has proved short-lived with 5,623,000 Australian adults now drinking spirits in an average four weeks, down 201,000 on a year ago and down over 1.1 million from the pandemic peak of spirits consumption in 2021.”

Roy Morgan’s Alcohol Consumption Report is based on an annual survey of 60,000 Australians.

In recent years, beer consumption has been declining in certain countries. Germany experienced a decrease in beer sales in 2023, with breweries and beer warehouses selling around 8.4 billion liters of beer, marking a 4.5% decline from 2022, according to a report released by the country’s Federal Statistical Office this month.

In 2022, German beer sales rose by 2.7% compared to the previous 12 months, reaching 8.8 billion liters. However, the figures for 2023 highlight a continued long-term decline in beer sales. The 2023 sales figure is 11.5% lower than the 9.5 billion liters recorded in 2013. Over a thirty-year period, sales in 2023 decreased by 25.5% compared to 1993, when the nation consumed 11.2 billion liters.

Beer sales in the Netherlands experienced a decline in 2023. According to a report from the association Nederlandse Brouwers, total beer sales for the year amounted to 11.56 million hectoliters, reflecting a 5.6% decrease from 2022. This figure was even lower than the pre-Covid 2019 total of 12.13 million hectoliters.

Continue Exploring: EU beer sales rise in 2022 but still fall short of pre-pandemic levels

Kraft Heinz sees 7.1% decline in Q4 net sales despite pricing uptick; CEO remains optimistic for 2024 growth

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February 16, 2024

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Kraft Heinz saw a 7.1% decline in Q4 net sales, dropping to over $6.8 billion from $7.3 billion in the corresponding period last year.

In the quarter, organic net sales dipped by 0.7%, despite a 3.7% uptick in pricing, largely due to list price adjustments aimed at offsetting escalating input expenses. Nevertheless, Q4 witnessed a 4.4% drop in volume/mix across both reportable segments, mainly attributable to pricing maneuvers and industry-wide obstacles.

Meanwhile, the proprietor of Heinz Ketchup and Philadelphia cream cheese disclosed a 0.6% rise in full-year net sales, reaching $26.6 billion. Prices surged by 8.9%, while volume/mix dwindled by 5.5%.

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Kraft Heinz CEO Carlos Abrams-Rivera said, “I’m proud of the results we delivered in 2023 and the progress we’ve made as a company throughout the year. We delivered net sales growth across each of our key pillars, global foodservice, emerging markets, and US ‘Retail Grow’ platforms. We laid out action plans early in 2023 to drive market share and volume improvement – and they worked. We also executed well against our efficiency programme, unlocking and powering it in large part with our tech-enabled Agile@Scale methodology.”

“Thanks to these digital advancements and new ways of working, we were able to reinvest dollars across the business to drive future growth. We also strengthened our balance sheet, ending the year at our target Net Leverage of approximately 3.0x, while executing against our new share repurchase program and maintaining a competitive dividend.”

He continued, “In the fourth-quarter, the industry faced headwinds that were driven by ongoing consumer pressure. Looking ahead, we expect some of these pressures to dissipate, particularly as the reduction in Snap benefits is lapped”.

“For 2024, we expect continued growth for Kraft Heinz. We’ll keep a strong focus on execution against our strategy, supported by investments we’re making in our brands and our people. We’re confident we have the right strategy in place to deliver profitable growth and create value for our stockholders.”

Continue Exploring: Taco Bell and Kraft Heinz unveil craving kits, allowing fans to recreate iconic fast-food flavors at home

Tim Hortons expands menu selection with delectable loaded wraps and bowls

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February 16, 2024

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Tim Hortons, the Canadian coffeehouse chain, has unveiled two fresh additions to its menu: the Sweet Chilli Chicken Loaded Wrap and the Loaded Bowl.

The latest additions feature a blend of grains, lettuce, freshly diced tomatoes, and cucumbers.

Customers have the option to add either crispy or slow-cooked chicken, or they can opt for a vegetarian order.

The brand additionally introduced the Cilantro Lime or Habanero Chicken Loaded Wrap or Loaded Bowl.

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The new dishes are accessible for both in-store dining and delivery.

Tim Hortons category and innovation vice-president Carolina Berti said, “Our latest Sweet Chilli Chicken flavour has a perfect blend of savoury, sweet and spicy notes and makes a great lunch or dinner paired with our new Sea Salt Wedges and a refreshing cold beverage like a Sparkling Quencher or new Fudge Brownie Iced Latte.

“Our Loaded Wraps and Loaded Bowls have been a hit with our guests since we first launched them in 2022 and we’re continuing to innovate on the platform by introducing delicious new flavours that we know Tims’ guests will find craveable.”

Last month, Tim Hortons reintroduced Omelette Bites, a high-protein breakfast option aimed at health-conscious consumers.

The item was rolled out in Bacon and Cheese or Spinach and Egg White flavours.

Since opening its first location in Hamilton, Ontario in 1964, Tim Hortons has grown to become the largest restaurant chain in Canada.

The chain operates more than 5,700 restaurants globally.

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

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February 16, 2024

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Nike has announced plans to reduce its total workforce by approximately 2%, amounting to over 1,600 jobs, in response to weaker profits this year, as the sportswear titan aims to trim expenses.

Nike’s global counterparts including Adidas, Puma, and JD Sports have also cautioned about weaker earnings for the year, attributing it to consumers scaling back on non-essential expenditures.

In December, Nike outlined a $2 billion savings plan to be implemented over the next three years. This plan includes measures such as tightening product supply, enhancing the supply chain, streamlining management structures, and boosting automation usage.

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The company also disclosed plans to allocate approximately $400 million to $450 million for employee severance costs in the third quarter.

According to a company filing, Nike had around 83,700 employees as of May 31, 2023.

According to a report by The Wall Street Journal, the cuts were set to begin on Friday, with a second phase scheduled for completion by the end of the current quarter.

The layoffs are anticipated not to affect employees working in stores and distribution centers, nor those within its innovation team, as stated in the report.

Continue Exploring: Nike faces threat as discounted sneakers double in 2024, challenging traditionally robust pricing strategy amidst intense competition

Govt raises FCI’s authorized capital to INR 21,000 Crore, aims to ease borrowing and strengthen food security

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February 16, 2024

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According to a notification from the Ministry of Food issued on Friday, the central government has raised the authorized capital of the Food Corporation of India (FCI) from INR 10,000 crore to INR 21,000 crore. This move aims to provide additional equity capital to support the foodgrains stock held by the government-owned firm.

“This will help the FCI in reducing its borrowings from banks and other institutions, leading to a saving of INR 750 crore annually,” said a senior official of FCI without wanting to be named.

The Food Corporation of India (FCI), the primary grain-handling agency of the central government, serves approximately 800 million people by utilizing food subsidies. Most of its expenses are attributed to the procurement of wheat and rice from farmers at the minimum support price (MSP), as well as their storage, transportation, and related activities.

Continue Exploring: Govt rolls out ‘Bharat’ rice at INR 29/kg to tackle rising food prices

The estimated annual expenditure from the exchequer for supplying free grains under NFSA in 2023-24 was INR 1.97 trillion, allocated by the center to the FCI as food subsidy. From January 1, 2023, to December 15, 2023, the government disbursed INR 1,67,875 crore to the FCI as part of this food subsidy.

In recent years, the corporation has experienced a sense of financial ease, largely due to the government’s timely disbursement of food subsidy amounts. This shift occurred after the cessation of the practice of relying on National Small Saving Fund (NSSF) loans for subsidy financing, a decision made in the FY22 Budget to enhance fiscal transparency.

In 2019, the government raised the authorized capital of FCI from INR 3,500 crore to INR 10,000 crore.

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Established under the Food Corporations Act of 1964, the FCI is tasked with executing the food policy of the Indian government. Its main goals include guaranteeing minimum support prices to farmers, managing buffer stocks of foodgrains, and distributing foodgrains under the National Food Security Act along with other central welfare schemes.

Swedish lifestyle brand Gaston Luga enters Indian market, teams up with Maison ID8 Brands for expansion

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February 16, 2024

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Gaston Luga, the Swedish lifestyle brand, has ventured into the Indian market through a collaboration with Maison ID8 Brands, a renowned entity recognized for introducing international lifestyle brands to the Indian consumer base, as stated in a press release issued by the retailer on Thursday.

“With a rich history of blending Scandinavian aesthetics with practical design, Gaston Luga is set to redefine the Indian accessory landscape,” stated the release.

Consumers now have the opportunity to discover and buy Gaston Luga merchandise on various e-commerce platforms including Ajio Luxe, Tata Cliq Luxury, and The White Crow.

Founded in Stockholm, Sweden, Gaston Luga offers a variety of bags including laptop backpacks, canvas rucksacks, travel bags, and tote bags, among others.

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