Kalyan Jewellers has announced the opening of its first showroom in Ayodhya, with the inauguration ceremony conducted by the brand’s ambassador, Amitabh Bachchan.
The launch marked the company’s 250th showroom globally. T S Kalyanaraman, Managing Director of Kalyan Jewellers, alongside Executive Directors Rajesh Kalyanaraman and Ramesh Kalyanaraman, attended the inauguration. The brand-new showroom offers an extensive array of exquisite jewellery designs.
Amitabh Bachchan said, “I am thrilled and honoured to be part of the grand celebrations marking the launch of Kalyan Jewellers’ 250th showroom globally. With a rich legacy spanning over three decades, Kalyan Jewellers has consistently redefined India’s jewellery industry through pioneering initiatives.”
The Kalyanaraman family presented a polki neck-piece adorned with uncut rubies, pearls, and emerald stones as a token of reverence at the Ram Mandir. Ramesh Kalyanaraman highlighted that, considering the prominence of Ayodhya, the company has introduced curated designs as part of its temple jewellery collection – Nimah.
Kalyan Jewellers has announced a special promotion featuring zero per cent making charges for half the purchase value, applicable on a minimum purchase of INR 1 lakh. Furthermore, customers will benefit from the Kalyan Special Gold Board Rate, the most competitive in the market and consistent across all company showrooms. These offers are available for a limited time only. Additionally, the company announced the introduction of a pre-booking facility for patrons planning to purchase jewellery for the upcoming occasion of Akshaya Tritiya.
The brand proudly upholds female leadership, setting a unique and inspiring standard within the culinary sphere.
Neelam Singh, CEO, The Burger Company, said, “We aim to reach out to a broader audience, particularly the youth, by introducing our express concept. The idea is to offer on-the-go quality burgers, allowing our customers to savor the delightful taste of The Burger Company even amidst their busy and high-travel schedules.”
The Burger Company Express prioritizes rapid service and convenience, all while maintaining the exceptional flavor for which the brand is celebrated.
Singh expanded on the matter, explaining, “Our express outlet showcases a thoughtfully curated menu comprising TBC’s beloved items, enabling customers to swiftly make their choices. We’ve streamlined the ordering process to enhance customer convenience, eliminating the need to wait in line. In fact, customers can effortlessly place their orders with just a tap on their mobile devices.”
Looking ahead, the brand has ambitions for expansion, targeting the opening of an extra 50 express outlets in the National Capital Region (NCR) and Mumbai within the current calendar year.
Currently, the company operates in more than 50 cities with 100 outlets nationwide and plans to expand this figure by adding an impressive 75+ TBC stores in the coming year, solidifying its position as the preferred choice for burger enthusiasts across the subcontinent.
According to reports, the lead bankers and senior executives of hospitality unicornOYO have met with officials from the Securities and Exchange Board of India (SEBI). This meeting was held to provide an update on the company’s business performance and address any lingering concerns as they strive to accelerate the approval process for its initial public offering (IPO).
According to a report from ET, OYO officials have notified the regulator about a partial prepayment of $200 million on the company’s outstanding Term Loan B.
The report also indicated that they provided updates on the improvements in the company’s bottom line and various financial metrics over the last four quarters.
OYO chose not to respond to queries regarding the matter.
This development comes after almost a year since OYO, operated by Oravel Stays, pre-filed a draft red herring prospectus (DRHP) with SEBI, reducing the issue size for the company’s public listing to almost half in tune with the changed realities.
The DRHP was submitted through the confidential pre-filing pathway, featuring a reduced issue size of $400-600 million, down from the initial $1.2 billion. However, there has been no subsequent update regarding the finalization of the DRHP since then.
Aligned with prevailing market sentiment, OYO intensified its focus on profitability strategy since the previous year in anticipation of an IPO. According to its FY23 filing, the unicorn witnessed a 34% year-on-year (YoY) reduction in net loss, amounting to INR 1,286.5 crore for the fiscal period under review.
During Q2 FY24, OYO recorded its first profitable quarter, achieving a Profit After Tax (PAT) of over INR 16 crore. Continuing to bolster its foundational strength, OYO achieved a second consecutive profitable quarter in Q3 FY24, with PAT doubling to INR 30 crore.
Conversely, OYO prepaid approximately one-third of its outstanding TLB, amounting to around INR 1,620 crore ($195 million), through a debt buyback process.
Recently, OYO has also been in discussions with the Malaysian sovereign wealth fund Khazanah Nasional Berhad, aiming to secure funding of nearly $400 million.
Stove Kraft Ltd, the manufacturers of cookware, kitchen, and home appliances, recorded a profit of INR 6.8 crore for the quarter ended December 2023. This marks a decrease of 13.3 per cent compared to the INR 7.8 crore reported for the corresponding quarter of the previous year. Despite this decline, the company’s revenue showed growth, increasing by 11.4 per cent to INR 361.6 crore from INR 324.5 crore in the same quarter of the prior year.
Compared to the previous period, revenue saw a decline of 4.8 per cent, and net profit also experienced a significant decrease of 59.1 per cent. However, the EBITDA for the quarter reached INR 30.1 crore, indicating a notable year-on-year growth of 18.3 per cent.
Commenting on Q3 results, Rajendra Gandhi, Managing Director, Stove Kraft Ltd, said, “In the third quarter of FY24, our revenue stood at INR 362 crore with a gross margin of 38.5 per cent, thus registering a growth of 11.4 per cent in revenue on a y-o-y basis. We have strategically expanded our presence across various channels, including general trade, modern trade, e-commerce, institutional, and exports. We are thrilled to bring our innovative and reliable kitchen appliances to the discerning consumers of North India. This marks the beginning of our expansion plan in the northern region, and we aim to further expand our operations outside Southern India through our reliable and innovative kitchen appliances solutions.”
In a significant move aimed at celebrating the rich agricultural heritage of Assam, the government declared ‘Kaji Nemu‘ (citrus lemon) as the state fruit on Tuesday. Known for its unique aroma and health benefits, ‘Kaji Nemu’ also holds a Geographical Indication (GI) tag.
Agriculture Minister Atul Bora made the announcement in the state Assembly as per a decision of the Cabinet.
“The Cabinet meeting yesterday has approved the ‘Kaji Nemu’ as the state fruit of Assam. It is a laudable decision of our government”, he said.
Bora emphasized that the fruit obtained a GI tag in 2016 and has since been cultivated commercially within the state, with exports also being part of its trade.
“Commercial plantation of the Kaji Nemu is being done. There is 15.90 hectares of land under its cultivation, with the production at 1.58 metric tonnes. In the last two years, this fruit has been exported to several countries, including to the Middle East”, he said.
The minister also highlighted the distinctive qualities of Kaji Nemu, particularly its ability to enhance immunity and add a unique flavor to food.
Meanwhile, Chief Minister Himanta Biswa Sarma stated that the decision to designate Kaji Nemu as the state fruit will enhance the fruit’s global visibility and recognition.
“Our government has decided to declare Kaji Nemu (Citrus Limon) as the State Fruit of Assam. With its unique aroma & antioxidant properties, Assam lemon has enriched our local cuisines,” he wrote on X.
Our Government has decided to declare Kaji Nemu (Citrus Limon) as the State Fruit of Assam. With its unique aroma & antioxidant properties, Assam lemon has enriched our local cuisines.
With today’s announcement, it is set to shine on the global fruit map, boosting… pic.twitter.com/tATTxzixUf
Honasa Consumer, the parent company of Mamaearth, witnessed a remarkable surge in its net profit, soaring sevenfold during the first 9 months. In Q3FY24, the Profit After Tax (PAT) experienced an impressive 264 percent year-on-year growth. Ramanpreet Sohi, the CFO of this beauty and personal care enterprise, underscored the significance of outpacing industry growth by 2 to 2.5 times in the upcoming year. The company aims to achieve an incremental operating margin of 100 to 150 basis points annually for the next two to three years, ensuring that bottom-line expansion surpasses top-line growth while maintaining operational efficiency.
“We intend to outgrow the industry by 2 to 2.5 times,” said Sohi discussing his growth plan for next year.
The company’s margin saw a 7.1 percent growth, marking a 397 basis point increase year-over-year. Sohi believes this growth reflects a structural trend.
“As we scale younger brands efficiently, we are also scaling up. We intend to unlock 100- 150 bsp incremental operating margins year on year for the next two to three years. That will continue to unfold and ensure our bottom line growth and possibly topline growth,” he said.
Although the Q3 results were within expectations and Honasa demonstrated a robust performance, the finance chief emphasized challenges in the short to medium term, such as concerns regarding softening demand.
He said, “The rural stress is now seeming to play out in urban markets as well.”
According to him, the Q3 festive season didn’t go as well as expected for e-commerce platforms, and the industry experienced a mild winter. This is placing pressure on larger incumbents and new-age companies in terms of volume growth.
Honasa Consumer’s growth is driven by strategic focus on expanding distribution channels, with a notable 37 percent year-on-year increase, reaching 1.7 lakh retail touchpoints. This expansion particularly emphasizes offline distribution for Mamaearth products. Additionally, The Derma Co has achieved a noteworthy milestone by attaining EBITDA positive status year-to-date, propelled by popular products like serums, sunscreens, and face wash.
“Younger brands have scaled up while some leading the market in categories like sunscreen have exhibited strong market share growth,” said Sohi.
The company’s primary focus for Q4FY24 and the upcoming financial year is to enhance distribution networks. This involves recruiting suitable partners, refining distribution processes, and integrating a distribution management system. Additionally, the company remains committed to making strategic investments in their brands to solidify their market presence by the following year, as stated by Sohi.
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.
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.
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.
“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.
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, 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.
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.
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.”
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.
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.
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