Jaipur-based dairy startup Frubon raises undisclosed sum in Series A funding, plans expansion across North India

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February 13, 2024

Dev Milk Foods, a burgeoning startup renowned for its range of ice cream, milk, and value-added dairy items marketed under the Frubon brand, has successfully raised an undisclosed sum in its Series A funding round. The investment comes from notable backers including Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office), and a consortium of angel investors.

The Jaipur-based company plans to utilize the fresh funds to grow its existing retail footprint, enable expansion to North Indian cities via various retail channels, strengthen DMF’s production and distribution capability, and increase product offerings.

Established in 2017 by DD Verma, Frubon manufactures a variety of dairy products including ice cream, milk, flavored milk, cottage cheese, ghee, and buttermilk, among others.

Commenting on the funding, the startup’s director Rahul Verma said, “With the only ice cream manufacturing setup of its kind in Rajasthan, Frubon is in a unique position – strategically and geographically – to address various gaps and opportunities in the market.”

Frubon asserts that it has experienced growth of over 65% since its establishment and is projected to achieve revenue over INR 100 Cr in FY24.

Presently, Frubon’s products are available across 40 cities and towns in North India. They are sold through a network of distributors and via omnichannel mode, including Blinkit and Big Basket, among others.

Continue Exploring: Dairy brand Epigamia focuses on profitability, targets 25% year-on-year growth in FY24

Apart from directly sourcing products from farmers, it also provides services such as farmer development and education initiatives.

In the competition among dairy startups, Frubon rivals companies such as MilkMantra, Country Delight, Moofarm, and Stellapps.

Among its competitors, Stellapps was reportedly in talks to raise around $20 million in its Series C funding round.

Additionally, Country Delight was reported to be planning a $20 million raise from its existing investors, including Singapore’s sovereign fund Temasek, Venturi Partners, and others.

As per a market study, the Indian dairy market generated a revenue of over $71 billion in 2024 and is expected to grow at a 6.77% CAGR by 2028.

Continue Exploring: Dairy tech startup Stellapps in advanced talks for $20 Million Series C funding, eyes expansion and IPO in next 3-4 years

Streetwear brand VegNonVeg targets INR 175 Crore revenue by FY25, plans expansion and product innovation

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February 13, 2024

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Streetwear brand VegNonVeg has set its sights on closing FY25 with INR 175 crore in revenue, according to Abhineet Singh, co-founder of VegNonVeg.

The brand, which achieved INR 85 crore in revenue last fiscal year, is targeting to reach INR 110 crore in revenue by the end of this fiscal year.

“With the new doors opening and focus on growing a larger and more diverse customer base, we are confident to meet our targeted revenue,” he said.

“Apart from this, in the next few years, we see the sneaker market growing from $2.5 billion to $40 billion. We are confident that if we make the right kind of investments and work towards expanding our market, we will grow creating an industry,” he further added.

The omnichannel brand, currently operating 3 exclusive brand outlets in Mumbai, Bengaluru, and Delhi, plans to enhance its offline presence by opening 3 additional exclusive brand outlets by the end of FY26.

Continue Exploring: Indian footwear industry set for exponential growth, projected to reach $90 Billion by 2030: GTRI Report

“Going ahead, we will be opening stores in new cities like Hyderabad, and Ahmedabad and existing cities like Delhi and Mumbai,” he asserted.

“We can go from three to thirty stores over the next two years, but, very consciously, we want to preserve. We want to focus on community building and forming a relationship with our customers,” he further added.

The brand’s average store size covers 2,500 square feet, with a selection ranging from 600 to 700 SKUs.

Presently, online channels account for 65 percent of the business, with offline channels contributing the remaining 35 percent.

“At the moment we are carrying 30 exclusive brands across footwear, apparel, and collectibles categories, out of which 20 per cent is available on our website. We enjoy a 30 per cent repeat ratio,” he asserted.

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

In 2021, the brand introduced its private label for apparel, followed by the launch of a fashion jewellery line in October 2023.

“The last three years were about figuring out what is the right product mix for us. We started with our essentials collection comprising comfortable classics like hoodies, t-shirts, joggers, and shorts in seasonal colours and now we’re getting more fashion-focused. Apart from this, an important part of the streetwear culture is about collectibles which is very interesting to us, and we are exploring that too,” he stated.

At present, the private label accounts for 20 percent of the brand’s total revenue.

The brand, boasting an 18 percent profitability, plans to allocate INR 20 crore over the next few years to expand its retail footprint as well as its private label.

Salad Days expands into Mumbai with first cloud kitchen launch in Chandivali; plans for aggressive growth across high-demand areas

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February 13, 2024

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Salad Days, a renowned health food brand, has opened its first cloud kitchen in the Chandivali district of Mumbai, situated within Andheri East.

Subsequently, the brand plans to set up more kitchens throughout Mumbai, focusing on high-potential areas like Andheri West, Lower Parel, and Khar.

Varun Madan, Founder & CEO, Salad Days, said, “The launch of our first cloud kitchen in Mumbai is a big milestone for Salad Days and sets the right tone for our growth plans for 2024. Mumbai, with its diverse and discerning audience, presents a thrilling opportunity for us to bring our various offerings to its residents and align with their food habits.”

With plans to launch four cloud kitchens in the first phase of Mumbai expansion, the goal is to acquire half a million customers in the city over the next two years.

This move aligns with the brand’s broader growth strategy, aiming to establish its footprint in three key regions: Delhi-NCR, Bangalore, and Mumbai.

Continue Exploring: Salad Days bolsters Bengaluru presence with INR 1.25 Crore investment in three new cloud kitchens

Since its inception in 2014, Salad Days has led the charge in revolutionizing India’s culinary scene, advocating for a healthier lifestyle with its flavorful and nutritious meals. The brand’s mission is to integrate salads and other wholesome options into the regular dining routines of Indian households. Demonstrating a dedication to quality and sustainability, Salad Days operates a network of 15 strategically positioned cloud kitchens across the Delhi-NCR and Bangalore areas. Furthermore, the brand manages two central kitchens and an organic farm in Vasant Kunj (Delhi), cultivating an array of fresh produce for its menu offerings.

Salad Days offers an expansive and health-conscious menu, showcasing salads, grain bowls, baguette sandwiches, pita pockets, overnight oatmeal bowls, soups, cold-pressed juices, smoothies, and desserts. Catering to a variety of dietary preferences, including Keto-friendly, vegan, detoxifying, gluten-free, and lactose-free options, the brand currently distributes its offerings through direct home channels and India’s prominent food delivery platforms, Swiggy and Zomato.

Continue Exploring: Salad Days teams up with OneRare to revolutionize dining experience with NFTs

From high-end chocolates to lavish hotel getaways: Luxury sales soar ahead of Valentine’s Day

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February 13, 2024

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Valentine's Day — Chocolates (Representative Image)

Can money truly purchase love? Perhaps not, but it undeniably contributes to making your partner feel cherished, as evident from the surge in luxury goods sales and hotel reservations leading up to Valentine’s Day.

According to Booking.com, The Oberoi Udaivilas and Fairmont Jaipur have completely sold out their rooms for February 14th.

Rajesh Namby, the general manager of Raffles Udaipur, expressed that the hotel has experienced a “remarkable” upsurge in bookings. He anticipates a revenue growth of 22-27%, attributing it to the increase in average daily rates during Valentine’s Day.

Pushpa Bector, the business head of DLF Retail, overseeing luxury malls like DLF Emporio and The Chanakya in Delhi, mentioned that many young Indians, particularly millennials, appear inclined to indulge in premium luxury brands for their loved ones this Valentine’s Day.

“We are anticipating a significant increase in sales compared to last year. There is a strong uptick in sales for luxury brands centred around watches, branded jewellery and items such as designer handbags this Valentine’s Day,” she said. “Notably, there is also an increased focus on indulgent experiences, and F&B (food and beverages) has emerged as the most sought-after category this year.”

Continue Exploring: BigBasket gears up for Valentine’s week rush, expects 300% surge in sales

Vijay KG, the founder of Luxepolis, an online marketplace for certified pre-owned and discounted new luxury goods, disclosed that luxury sales, covering both pre-owned and new products, have surged by 40-50% year-on-year.

“Handbag sales are certainly on the rise,” he said.

Karan Ahuja, co-CEO of CocoCart, noted that although consumer favorites like Toblerone, Ferrero, and Hershey’s remain popular, there has been a rise in sales for premium and luxury chocolate brands like Venchi.

The cost of Venchi chocolates ranges from INR 7,295 for an 800 gram bar to as high as INR 64,500 for a box of 54 assorted chocolate cigars.

According to Shalabh Arora, the marketing director at Four Seasons Bengaluru, the hotel has experienced a 20% increase in bookings for Valentine’s Day packages, encompassing accommodations, spa treatments, and food and beverage offerings.

Continue Exploring: Archies and Mondelez India join forces to sweeten Valentine’s season with exclusive collaboration

The suite rate for the ‘Just The Two of Us’ package at the hotel, which comprises breakfast, dinner, and Valentine’s Day room décor, begins at INR 87,000 per night for two. For the ‘Plan a romantic getaway’ package, which includes extras like local luxury transportation and a 90-minute couple spa treatment, the suite rate starts at INR 1,05,000 per night for two.

Luxury brands at the UB City Mall in Bengaluru are pampering their loyal customers with champagne, along with crafting love-themed desserts and organizing live sessions with the pastry chef.

“Sales of luxury products at UB City have shown a notable increase compared to the previous year. We have noticed a significant uptick in consumer interest and spending on luxury items, particularly those tailored for Valentine’s Day,” said Uzma Irfan, director, UB City.

“Luxury brands have become more engagement driven and want to celebrate occasions with this new generation of luxury buyers by being experience-oriented and doing invites-only events,” she added.

Sanskriti Gupta, spokesperson for Läderach India, reported that sales have doubled this week compared to typical weeks.

“Our special range includes pralines and truffles, making it the ideal gift for loved ones,” she said.

“Our flagship product, FrischSchoggi, the fresh slab chocolate, has also proven to be exceptionally popular in the Indian market. Since the launch in August 2023, we have experienced an uptick in our sales which is driven by the festive, gifting and wedding season. We offer a diverse range of chocolates to meet the heightened demand and cater to the preferences of customers,” she added.

Continue Exploring: Blinkit introduces ‘Single Mode’ feature for solo shoppers ahead of Valentine’s Day, reports surge in orders and advertising revenue

Rite Water Solutions secures INR 100 Crores to accelerate clean water initiatives across India

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February 13, 2024

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Rite Water Solutions has successfully concluded its second and final phase of funding, securing an investment of INR 32.5 crore from an eminent group of investors. The funding round saw participation from ace investor Mukul Agrawal, a prominent figure in the Indian stock market, and Gunavanth Vaid, a respected MSME investor. Also involved was Abhiraj Jalota, who served as an advisor in this round, alongside other contributors.

This significant milestone comes on the heels of Rite Water’s recent fundraising of 7.5 million euros in the initial phase of its Series B funding round. The funds were secured from the Water Access Acceleration Fund (“W2AF”), which stands as the world’s premier private equity fund dedicated to drinking water. Noteworthy investors in W2AF include Danone, BNP Paribas, the U.S. International Development Finance Corporation (DFC), the Danish development finance institution IFU, Norfund, Aqua for All, the U.S. Agency for International Development, and the European Investment Bank. These investments are managed by the globally renowned impact asset manager, Incofin Investment Management.

Rite Water Solutions, a frontrunner in clean drinking water technologies, has expanded its capabilities to include solar pumping projects, innovative solutions based on IoT, and wastewater treatment. With the Series B funding, Rite Water has now amassed a total capital of INR 100 crore.

Continue Exploring: At just INR 1 per bottle, Wahter shakes up India’s bottled water industry with game-changing approach

“We are thrilled to close this funding round with the support of such distinguished investors. Their belief in our mission reinforces our commitment to addressing the critical need for clean water across India,” said Vinod Gaan, Chairman of the Rite Water.

“With these resources, we’re poised to expand our reach and impact, bringing climate-resilient sustainable water solutions to the communities in need,” he added.

Abhijeet Gaan, the Managing Director and CEO of Rite Water, emphasized that these funds will serve as a crucial catalyst in substantially scaling up the company’s operations and setting the stage for its next phase of growth. The primary objective will be to provide cutting-edge and innovative water solutions across India, capitalizing on a sector poised for significant investment and expansion.

With the infusion of capital, Rite Water is set to accelerate its mission of providing readily available, safe, and eco-friendly drinking water solutions. With a focus on rural areas in India, the company aims to address water scarcity and quality challenges, ultimately contributing to a healthier environment and improved quality of life for residents. This initiative aligns with the company’s overarching vision of “Transforming Bharat,” bringing it closer to realization.

Continue Exploring: Clear Premium Water expands portfolio with acquisition of Kelzai Volcanic Water

D2C homecare startup Happi Planet raises $1M funding from Fireside Ventures to expand offline presence and drive growth

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February 13, 2024

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Happi Planet, a D2C homecare startup, has raised INR 8.47 Cr (about $1 Mn) in a strategic funding round from Fireside Ventures.

The funding will be deployed to broaden the startup’s physical presence while enhancing its digital reach. Additionally, the capital will facilitate the expansion of consumer education initiatives, aiming to propel growth even further.

According to a statement released by the startup, it aims to extend its physical presence to over 250 stores by the end of 2024. Additionally, the company has set its sights on achieving a tenfold increase in its top line within the next 12 months.

Established in 2022 by former Procter & Gamble employees Mayank Gupta and Nimeet Dhokai, Happi Planet specializes in the production and distribution of plant-based and non-toxic home care products, as well as beauty and personal care items.

The startup distributes its products through various online marketplaces including Amazon, Big Basket, and D Mart Ready, along with offline outlets like Reliance Signature stores. Its most recent funding round of INR 1.25 Cr was secured from VC firm 100X.VC in March 2023.

Continue Exploring: D2C home care brand Koparo secures INR 6 Crore from 4P Capital Partners and Shark Tank India

Commenting on the funding, Co-Founders Gupta and Dhokai said in the statement, “We are delighted to have Fireside Ventures join us on our mission to disrupt the home cleaners’ market & create a household brand name in the next 5 years.”

Meanwhile, Ankur Khaitan, principal at Fireside Ventures, said, “Consumers are becoming increasingly aware of harmful chemicals in their daily use products and seeking less nasties. Happi Planet with their innovative formulation of natural ingredients, high efficacy and conducive price point makes them unique to win in this large opportunity.”

In the sustainable health and personal care sector, Happi Planet competes with companies such as Beco, The Better Home, and Koparo Clean.

This funding marks Fireside Ventures’ latest investment in the consumer space, following the closure of its third fund, the Fireside Fund III, at $225 Mn (INR 1,830 Cr) in October 2022.

As per a report, the sustainable home hygiene products market in India is projected to reach a value of $74.05 Mn by the financial year 2026-2027 (FY27), with a compound annual growth rate (CAGR) of 32.90% from FY22 to FY27.

Continue Exploring: Home furnishing startup Vaaree secures $4 Mn in seed round led by Peak XV’s Surge

Petcare startup Supertails raises $15 Million in funding led by RPSG Capital Ventures for expansion and product scaling

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February 13, 2024

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Supertails, a Bengaluru-based startup specializing in petcare products and services, has secured $15 million (around INR 125 crore) in equity funding. The round was led by RPSG Capital Ventures, with participation from the company’s current investors including Fireside Ventures, Saama Capital, DSG, and Sauce VC.

The funding will be allocated towards offline expansion, product scaling, customer acquisition, and the enhancement of its healthcare service, Supertails Pharmacy. The company plans to introduce trial stores in a combination of metropolitan and tier-I cities such as Bengaluru, Mysore, or Ahmedabad. Presently, Supertails lacks physical retail outlets.

“We will have to think of multiple stores in multiple localities. In the next two quarters, the idea is to have five to seven stores. And once we are able to crack that model, we’ll have at least 25 stores in the next two years,” said Varun Sadana, the Co-Founder.

Established in 2021 by Varun Sadana, Aman Tekriwal, and Vineet Khanna, the company provides an extensive array of pet supplies including toys, accessories, and pet food. Additionally, it offers online veterinary consultations, pet training services, and pet pharmacy services nationwide, serving over 18,000 pin codes in India.

The company primarily operates via its website, with 70% of its revenue attributed to food and food-related products. The remaining 30% is sourced from non-food items, with the healthcare sector contributing 10% to its overall revenue.

The company aims to achieve INR 100 crore in revenue by the end of FY24. According to regulatory filings submitted to the Registrar of Companies (RoC), Supertails generated operating revenue of INR 33 crore in FY23, accompanied by a net loss of INR 30 crore. During that year, the company allocated INR 12.5 crore towards marketing expenditures, which accounted for over a third of its operating revenue.

Continue Exploring: Supertails sets new benchmarks in pet care industry with 3X revenue growth and 5X consumer expansion in FY 2022-23

“Products like pharmacy, creating good-quality curated non-toys and accessories is what the consumer is looking for. They obviously sell a lot and at the same time they bring in profitability to the company as well,” said Sadana.

Backed by angel investors such as Kunal Shah, the Founder of Cred, and Varun Alagh, the Co-Founder and CEO of Mamaearth, the company is targeting an annualized revenue run rate (ARR) of INR 500 crore within the next two years. Sadana mentioned that the company is presently achieving an ARR of INR 120 crore.

“The idea is to keep building this business in India itself. We don’t intend to take it outside the country in the next two years as a strategy because we feel there is a very large market out there,” Sadana said. The addressable petcare market in India is worth around $5 billion, he said.

Commenting on the investment, Abhishek Goenka, Managing Partner, RPSG Capital Ventures said, “With increasing disposable income and a rising trend in pet parenthood, the pet care industry holds significant potential in the future. As we expect India’s pet economy to grow over the next decade, Supertails’ expansion aligns perfectly with the current landscape.”

Kanwaljit Singh, Founder and Managing Partner at Fireside Ventures, added, “Catering to the ever-evolving needs of Indian pet parents, Supertails has successfully managed to build a full-stack platform offering for its consumers. We look forward to seeing them strengthening their position in the Indian pet care market and fulfilling their aim of creating a stronger pet care community.”

The company’s rival, Peak XV Partners-backed Heads Up for Tails (HUFT), is set to tap into the international market this year. In September last year, it was reported that HUFT plans to strengthen its offline footprint by launching new stores in tier-II and tier-III cities. As of September, HUFT had a network of 80 stores and aims to increase it to 130 by FY25.

Supertails last secured a funding round of $10 million in November 2022, led by Fireside Ventures.

Continue Exploring: Indian pet food brand Drools secures $60 Million investment from L Catterton, valuing the company at $600 Million

B2B seafood startup Captain Fresh set to secure $7 Mn funding from British International Investment

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February 13, 2024

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Captain Fresh, a B2B seafood startup, is in the process of securing nearly $7 million (approximately INR 58 crore) from British International Investment (BII). The startup’s board recently allocated approximately 500 Series C7 compulsory convertible preference shares (CCPS) to British International Investment to achieve this fundraising goal.

With this investment, the development finance institution of the UK will join the cap table of the startup with around 1.45% stake. It’s worth noting that Ankur Capital, with British International Investment (formerly CDC Group plc) as its limited partner, previously invested in Captain Fresh.

This funding is likely a part of a broader round that the startup initiated earlier in the year. According to calculations, Captain Fresh is raising this funding with a pre-money valuation of approximately $500 million to $600 million.

Last month, Captain Fresh secured $13 million in funding from Nekkanti Sea Foods, Shakti Finvest Pvt Ltd, and other investors.

Continue Exploring: Bengaluru-based B2B marketplace Captain Fresh raises $13.25 Million in Series C extension

It’s probable that the startup’s current investors, including Tiger Global, Matrix Partners, Evolvence, and SBI Investment, will also join the current funding round.

Last year in September, Captain Fresh secured $20 million in its extended Series C round, with leadership from Japan’s SBI Investment and Evolvence Capital.

Continue Exploring: B2B seafood startup Captain Fresh raises $20 Million in Series C funding for European and US expansion

Founded in 2019 by Utham Gowda, Captain Fresh operates as a farm-to-retail platform for fish, seafood, and sheep. It sources directly from agents and farmers, distributing its products through both B2B and B2B2C channels. However, there are reports that the startup has discontinued its B2B operations in most cities, with its B2B2C activities limited to only a couple of cities in India.

The startup is currently focused on exporting to foreign markets, including the US and Europe.

It’s worth noting that when announcing its $50 million Series C fundraising from Prosus Ventures and Tiger Global in 2022, the startup mentioned its entry into the African and Middle Eastern markets.

This development comes at a time when the meat delivery sector is experiencing notable changes. In September of last year, TenderCuts, one of the leading players in the industry, was acquired in a distressed sale by Good To Go, an omnichannel meat brand based in Delhi NCR.

Continue Exploring: Seafood companies boost investments in local market amid global export challenges: Shrimps, squids, and lobsters see surge in domestic demand

Earlier this week, Licious, the sector’s only unicorn, carried out a restructuring exercise, resulting in the layoff of around 80 employees, which accounts for about 3% of its workforce.

Continue Exploring: Meat retailer Licious lays off 80 employees in bid for enhanced efficiency

Last year, FreshtoHome, another meat and fish D2C brand, secured $104 million in Series D funding. Additionally, Delhi NCR-based ZappFresh raised $4.3 million in November of the same year from investors such as Ah! Ventures, HT Media, Unity SFB, and Heifer Impact. It is noteworthy that ZappFresh also posted a profit of INR 57 crore in FY23.

McDonald’s to launch Adult Happy Meal in Australia, featuring nostalgic toys and collectibles

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February 12, 2024

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McDonald’s plans to introduce the Adult Happy Meal in Australia following its successful reception in the US.

Starting February 14th, 2024, the Adult Happy Meal will offer a selection between a ten-piece box of Chicken McNuggets or a Big Mac. Each meal will come with fries, a beverage, and a nostalgic toy reminiscent of adult purchasers’ childhoods.

The super-sized box also features collectables.

The toy featured in the Adult Happy Meal is McNugget Buddies, a nostalgic collection of 1990s toys that were no longer available in Australia after 2019.

Now, each toy is accompanied by collector’s trading cards, designed to stir nostalgia among adult McDonald’s enthusiasts.

Continue Exploring: McDonald’s achieves 100% cage-free egg sourcing goal for US operations ahead of schedule

In October 2022, the fast-food chain collaborated with the US fashion label Cactus Plant Flea Market to unveil a grown-up twist on the classic children’s menu item.

The debut of the Adult Happy Meal in the US included four toys, which featured updated designs of McDonald’s mascots Grimace, the Hamburglar, and Birdie, as well as a new character called Buddy.

The launch follows a previous collaboration with American entertainer Kerwin Frost, which resulted in the introduction of a second Happy Meal for adults at the end of 2023.

McDonald’s Australia marketing director Amanda Nakad stated, “The McNugget Buddies were first introduced to Aussies in 1998 as part of a limited-time Happy Meal featuring glow-in-the-dark McNugget Buddy collectables.

“They’re best known for their wacky adventures, wild imaginations, unique personas and interchangeable outfits. No matter how long it’s been, Macca’s fans never forget the feeling of opening a Happy Meal box to see the surprises inside.

“Fans told us they wanted to celebrate that quintessential childhood experience again, so we’ve delivered for the big kids.”

Continue Exploring: McDonald’s Q4 results show 3.4% sales growth amidst challenges, West Asia boycotts impact performance

H&M Home enters South India market, debuts flagship store in Bengaluru

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February 12, 2024

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H&M Home

Hennes & Mauritz (H&M) has unveiled its first H&M Home store in South India, marking a significant expansion two years after the Swedish fashion powerhouse introduced its homeware collection in India, starting with New Delhi.

According to a post by an industry official on social media, the store is situated at Phoenix Mall of Asia in Yelahanka, Bengaluru. Additionally, the world’s second-largest fashion brand has launched a spacious H&M store within the same mall, which already hosts Victoria’s Secret, Mango, and French Connection. With the inauguration of its newest outlet at Phoenix Mall of Asia, H&M has increased its total store count in Bengaluru to eight.

“We are thrilled to share the launch of the first H&M Home in Bengaluru. H&M and H&M Home is now open at Phoenix Mall of Asia,” said Tanul Bheda, general manager of leasing at Phoenix Mall of Asia in a LinkedIn post.

The Swedish fashion brand H&M was founded by Erling Persson in 1947.

Continue Exploring: H&M bets big on glamour to rebuild profit margins amidst growing competition from Shein

In October 2015, the brand made its debut in the Indian market, and presently boasts 61 stores spread across more than 30 cities in the country, as indicated on its official website. Additionally, H&M provides an online shopping platform accessible via its website, app, and through the fashion e-commerce company Myntra.

Following the resignation of its previous CEO Helena Helmersson, the retailer recently appointed Daniel Ervér as its new president and chief executive officer (CEO).

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