Sazerac, in collaboration with the renowned American rapper Quavious Keyate Marshall, widely known as Quavo, is set to introduce their latest venture – a new brand of white cognac named White X Cognac.
According to the company, White X is slated to be the first and only white cognac available in the US.
White X offers rich flavours with a “fresh and light nose”, a hint of sweetness and intense notes of white and yellow peaches, vanilla and dried rose petals. The palate features gentle white stone fruit, creamy vanilla and a subtle hint of tannin without bitterness. The finish is smooth and “extremely long for a younger cognac,” said Sazerac.
Global cognac brand director at Sazerac, Jess Scheerhorn, said, “White X challenges the traditional cognac category with its fresh and light taste – it’s a total departure from many pre-conceived perceptions about cognac overall. Quavo’s electrifying style and willingness to break down barriers makes him the perfect fit to help us debut this brand.”
White X is set to launch in early next month, marking its debut with takeovers in Atlanta, US, and various other cities. Exclusive sales will kick off at BlockBar, followed by availability at local retail stores. The product is slated for nationwide release across all markets, reaching consumers nationwide by June 2024.
In a strategic maneuver that highlights its dedication to promoting health and wellness, BlendJet has formally entered the dynamic Indian retail market. The US-based brand is poised to introduce its highly sought-after BlendJet 2 portable blender to customers throughout all states and Union Territories. This marks a significant achievement in the company’s journey as one of the most rapidly expanding multinational direct-to-consumer (D2C) brands.
BlendJet’s entry into the Indian market is propelled by the brand’s confidence in the strength of its supply chain and a focused consumer outreach strategy. With an eye on capitalizing on the health-conscious values deeply ingrained in India’s cultural fabric, the brand anticipates a significant threefold surge in sales volume within the upcoming six months.
Ryan Pamplin, CEO and Co-Founder, BlendJet said, “From Yoga to Ayurveda, India has always been a country that values health and wellness. BlendJet’s commitment to enhancing daily nutrition and lifestyle choices aligns perfectly with this ethos. We are incredibly proud to extend our presence to India and are excited to contribute to their dynamic D2C growth. We expect a revenue surge of nearly $1.5 million with our entry into the Indian market.”
BlendJet 2, the flagship product of this venture, empowers users to effortlessly craft a variety of nutritious options from any corner of the world. Whether perched on a mountaintop or stationed at a kitchen countertop, the compact yet powerful BlendJet 2 simplifies the creation of smoothies, protein shakes, baby food, frozen lattes, milkshakes, salad dressings, chutneys, soups, and more. Featuring a convenient USB-C port for seamless charging and a sought-after self-cleaning capability, the BlendJet 2 is meticulously designed to cater to the demands of on-the-go lifestyles.
Available exclusively in India on BlendJet.in, these portable blenders provide consumers with a wide array of vibrant colors and patterns. Options include Black, Glacier, Royal Blue, Mint, Lavender, Purple, Red, Black Marble, Geode, and Urban Camo. Noteworthy is BlendJet’s upcoming introduction of an exclusive Disney range in the Indian market, bringing an additional layer of excitement to the unique blend of health and innovation it offers to the retail landscape.
Marico Limited, a leading name in the Fast-Moving Consumer Goods (FMCG) industry, reported a robust financial performance on Monday. The company posted a notable 15.9% increase in its consolidated net profit, reaching INR 386 crore for the third quarter (Q3) ending on December 31, 2023. This marks a significant uptick from the INR 333 crore net profit recorded during the same period in the preceding fiscal year, as indicated in the company’s filing with the Bombay Stock Exchange (BSE).
Nevertheless, the revenue from operations experienced a decline of 1.94%, falling to INR 2,422 crore in the current quarter from INR 2,470 crore reported a year ago.
As per the regulatory filing, the total expenses for the company in the December quarter amounted to INR 1,970 crore, reflecting a decrease of 4.7%.
Saugata Gupta, MD & CEO of Marico Limited, said, “We have delivered a competitive performance in a volatile operating environment. In the domestic business, we witnessed signs of improvement in the core portfolios and expect the steps we have initiated to fundamentally improve business prospects of the GT channel to aid the same.”
Gupta further said, “The portfolio diversification through Foods and Premium Personal Care continues to progress well. The international business has been resilient amid transient headwinds and we anticipate a healthy growth momentum ahead. We are on course to deliver our highest ever operating margin this year and expect to maintain a resilient margin profile in the quarters ahead.”
In the Q3 FY24 results update, Marico highlighted the continued robust growth of its foods segment, registering an 18% YoY increase in value. Saffola Oats maintained its leadership position, and Honey and Soya Chunks exhibited growth as anticipated. Positive traction was observed in Peanut Butter, Mayo, and Munchiez. Furthermore, True Elements and Plix are making notable strides in their respective categories.
Parachute Rigids achieved a 3% increase in volume growth, with the transition from loose to branded products gaining momentum. The 4-year Compound Annual Growth Rate (CAGR) for volume growth stood at 3%.
The company said, “During the quarter, the franchise gained ~40 bps in market share on MAT basis. We expect volume growth to continue its gradually improving trajectory as input costs exhibit an upward bias amid stable consumer pricing.”
Furthermore, it was mentioned that value-added hair oils saw a 3% growth in value, even in the face of slower rural demand. The 4-year Compound Annual Growth Rate (CAGR) for its value growth stood at 6%.
Marico’s Saffola edible oils recorded a mid-single-digit decline in volume, mainly due to a high base and prolonged sluggishness in trade sentiment, resulting in lower year-on-year inventory levels, despite healthy offtakes. The revenue decline was in the mid-twenties on a year-on-year basis, reflecting pricing corrections over the past 12 months that were yet to be factored into the base.
During the quarter, the premium personal care category sustained a strong double-digit growth trajectory. Its digital-first portfolio has clocked an exit ARR of over INR 400 crore in Q3. The composite share of foods and premium personal care was at 20 per cent of domestic revenues in Q3.
In the Q3 results update, Marico’s international business achieved mid-single digit constant currency growth, with a temporary slowdown in Bangladesh due to transient macroeconomic challenges. However, other regions demonstrated resilient performance during the same period.
Food delivery platform Zomato has modified its loyalty program, Gold, by discontinuing the ‘on-time guarantee’ benefits for memberships purchased or renewed from November 25, 2023.
According to sources, existing Gold members will still receive the benefits until renewal.
The Gurugram-based company implemented the ‘on-time guarantee’ feature in 2019, exclusively for members of the Gold program at selected restaurants. In instances where the food failed to be delivered within the specified time, the company offered customers a discount coupon for their next order. This service was later extended to include Gold members when the program underwent a relaunch in January 2023.
Swiggy, Zomato’s primary competitor in the food-delivery sector, offers its own subscription service called Swiggy One. This service extends benefits across various domains, including food delivery, quick commerce, and parcel deliveries, offering perks such as discounts and free delivery.
Queries directed to Zomato yielded no response.
Zomato prices the Gold membership at INR 999 for three months but extends discounted rates of INR 149 or INR 99 for the same duration to users. Similarly, Swiggy prices its One loyalty program at INR 1,299 for three months but also offers it at a discounted rate.
In October last year, Swiggy introduced a more economical version of its loyalty program named Swiggy One Lite. It was launched at an introductory price of INR 99 for three months, featuring limited benefits compared to the main program.
Over the course of its relaunch in January last year, the Gold membership has evolved into a crucial component of Zomato’s service offerings, playing a substantial role in boosting the company’s sales.
Nevertheless, it needed some adjustments to minimize its impact on the overall profitability of the company, as reported earlier.
Around 40% of the gross order value in the quarter ending in September 2023 was generated by users with Gold subscriptions. During this period, the membership base for Gold witnessed a notable increase, rising from 2 million in the previous quarter to 3.8 million.
Despite the growth, the expansion of the Gold subscription program impacted margins, as stated in the company’s quarterly letter to shareholders. This was attributed to factors like the minimal delivery charges paid by Gold members.
The company has been scaling down some of its earlier initiatives, like Zomato Legends, which initially involved intercity food delivery. In specific cities, the program has been reduced, and the company has shifted its focus towards providing a delivery service for pre-stocked food items within a 60-minute timeframe.
Restaurant Brands Asia, the company managing the Burger King restaurant chain, recorded a net loss of INR 39.93 crore in the fourth quarter of the fiscal year 2024. This marks an improvement compared to the INR 55.89 crore loss reported in the same quarter of the preceding financial year.
The company disclosed in a regulatory filing that its total revenue amounted to INR 604.22 crore, reflecting a 14.7 percent increase from INR 526.33 crore in the corresponding quarter of the previous year. The company attributed its Q3 FY24 same-store sales growth (SSSG) of 2.6 percent to an increase in traffic.
In the quarter, Earnings Before Interest, Tax, Depreciation, and Amortization (EBIDTA) reached INR 68 crore, a significant increase from INR 30 crore. The EBIDTA margin also rose to 11.3 percent, compared to the 5.6 percent recorded in the same period last year.
Additionally, the Board of Directors has approved the appointment of Mr. Yash Gupta as an additional non-executive and independent director on the Company’s Board, effective from January 29.
In the third quarter of FY24, the company unveiled 38 new restaurants and closed one, with the majority of openings taking place in the latter half of December 2023. As of December 31, 2023, there were 441 operational restaurants, and at present, the count stands at 452 operational restaurants. Additionally, as of December 31, 2023, the company had 334 BK Café locations.
Moreover, the company has introduced “King’s Journey” digital experience restaurants, incorporating Self-Ordering Kiosks, App Ordering, and Table Service. Currently, there are 68 King’s restaurants, with a targeted 100 percent rollout by FY25.
On January 29, the closing share price of Restaurant Brands Asia on BSE experienced a 2.85 percent decline, reaching INR 114.20.
With the increasing affluence of wider strata in Indian society, retailers are channeling significant investments into tier-2 cities. This is driven by the rapid growth of infrastructure and an expanding working population, resulting in the emergence of new consumption hubs.
According to a study by CBRE, renowned global brands like Zara, H&M, Adidas, Nike, Starbucks, Uniqlo, and Marks & Spencer, alongside local brands, are seizing opportunities in cities such as Jaipur, Chandigarh, Patna, Lucknow, Kochi, Goa, and Coimbatore. As of September 2023, Jaipur, Lucknow, and Chandigarh each boasted retail stock ranging between 3-7 million square feet.
This trend reflects the shift towards untapped markets and recognizes the rising economic significance of tier-2 cities.
“Most of these non-metros are established trade and business hubs, and are also witnessing a healthy traction in commercial office space take-up… retail supply has matured, moving away from vanilla stores on high streets to the entry of investment-grade developers who are setting up quality retail spaces, which serve as both entertainment and shopping destinations,” analysts at CBRE said.
CaratLane, a Tata Group-owned company, is placing significant emphasis on tier-2 markets. Over the past year, it has doubled its store presence in locations like Lucknow and Indore.
“To give a sense, CaratLane started FY23 with 22 stores in tier-2 cities and now has 39 stores in these cities. There are a host of other smaller towns like Kochi, Guwahati, Ludhiana, and Mysore where we have seen strong demand and have increased our store footprint in the last one year,” chief operating officer Atul Sinha said.
The rise and growing acceptance of e-commerce have impacted the retail scenario in smaller cities. The increased use of digital platforms in these areas during the Covid-19 pandemic has empowered consumers to explore and try out new brands. Retailers are keen on leveraging opportunities arising from these developments. About 50 percent of online shoppers in urban India originated from tier-2 and 3 cities, a figure projected to climb to 60 percent by 2030.
“These e-commerce dynamics point towards the presence of a high aspiration consumer base, thereby propelling the influx of quality retail supply,” analysts at CBRE added.
Manyavar has recently opened a 17,000-square-foot store in Ranchi and is set to launch another 20,000-square-foot store in Gorakhpur. This highlights the growing attraction of retailers towards smaller cities.
“Tier-2 and -3 markets are becoming what we call mini metros. As more and more small medium businesses grow in these markets, that gives a lot of opportunities for people to grow in the corporate ladder, giving them higher levels of income, and leading to higher discretionary spending,” said chief revenue officer Vedant Modi, Manyavar.
Modi mentioned that approximately 40-50 percent of the company’s current business originates from tier-2 and 3 cities.
The Organic World, a grocery store specializing in organic and natural products, has enhanced its lineup with a notable expansion in its vegan product category. Introducing four innovative offerings—peanut curd, butter, ice cream, and protein powder—this strategic move aligns seamlessly with TOW’s dedication to providing diverse, personalized, and responsible choices for its customers. Addressing both daily and monthly consumption needs, the initiative reflects the company’s commitment to staying attuned to changing consumer trends, particularly amidst the rising popularity of Veganuary.
Over the past 3-4 months, TOW has undergone a significant expansion in its vegan range, transforming it from 10-20 products to an extensive collection of over 200 diverse offerings. From essential items like non-dairy milk and tofu to indulgent treats such as ice cream, bread, chocolates, and even beauty products, TOW seeks to comprehensively cater to the discerning preferences of its customers. This expansion is a direct response to the escalating consumer demand for vegan options, aligning with the dynamic landscape of the vegan market.
As per a study conducted by IMARC, the vegan food market in India achieved a value of $1,324 million in 2022, and it is anticipated to reach $2,463 million by 2028, indicating a compound annual growth rate (CAGR) of 10.9 percent from 2023 to 2028. Recognizing this promising market, The Organic World aims to capture the potential by aiming for 10 percent of its overall sales to come from the expanding vegan category.
Gaurav Manchanda, Founder and MD, The Organic World said, “The decision to broaden TOW’s vegan product line was inspired by a growing interest among our customers. Initially, we expanded with fundamental products like tofu and chocolates and later delved into extending our range to include more diverse offerings such as ice cream, bread, and beauty products. The rising popularity of the growing vegan market has led to the need for trusted vegan brands which has significantly influenced and reinforced our commitment to this expansion so that we can serve our customers at every point in this journey.”
“What sets TOW’s vegan products apart is our unwavering commitment to being free of harmful chemicals, in line with our Not in Our Aisle List. Our vegan products adhere to higher standards than industry-established ones, ensuring a truly responsible retail experience. Furthermore, our commitment to cruelty-free practices, prominently highlighted in our beauty products, resonates with the ethical choices of our environmentally conscious customers,” he added.
With a clear strategic focus on becoming the leading force in the vegan market, TOW aims to leverage the growing demand for plant-based products and seamlessly integrate them into its core offerings. Beyond mere sales objectives, the brand envisions itself as a holistic destination for all things vegan, accommodating the diverse preferences and values of its customers. Navigating the rising tide of veganism comprehensively, TOW aspires to ensure that customers find everything they need while staying true to their ethical and dietary choices.
In a development that may be seen as a setback for over 50 leading companies in India, the Delhi HC on Monday upheld the constitutional validity of several provisions within the Goods and Services Tax (GST) framework related to anti-profiteering.
More than 50 major companies are challenging the Anti-profiteering mechanism introduced by the government under GST. This mechanism is designed to ensure that companies pass on the benefits of lower tax rates to consumers. Hindustan Unilever, Abbott, Johnson & Johnson, Philips, Patanjali, Samsonite, Jubilant Foods, and Nestle are among the companies that have taken the indirect-tax department to court over the anti-profiteering provisions under GST.
The HC said that it is a consumer welfare measure in the public interest and does not violate any constitutional provisions, emphasizing that the levy of interest is within the rule-making power of the central government.
“We have upheld the constitutional validity of section 171 (of CGST Act) as well as rules 122, 124, 126, 127, 129, 133 and 134 of the (CGST) rules of 2017,” the court said.
The court said that in accordance with section 171, any tax foregone must be transferred as a proportional reduction in price, emphasizing that this provision serves as a consumer welfare measure introduced in the public interest.
The rules in question address the establishment and functioning of the Anti-Profiteering Authority.
Pret A Manger, the UK-based freshly made food and organic coffee chain, has opened its 10th outlet in Mumbai, as announced by a company official on social media. Positioned at Gabbana House on 15th Road, Khar West, this new location is the fifth Pret A Manger store in the city.
“The star lands in Mumbai’s coolest neighborhood. Pret opened at 15th Road, Gabbana House, Khar West,” said Sumeet Yadav, chief executive officer of Hamleys and Pret India at Reliance Brands Ltd. in a LinkedIn post.
The chain presents a diverse array of offerings, including sandwiches, baguettes, salads, and soups. Alongside these, patrons can enjoy a variety of organic coffee, tea, shakes, and smoothies.
Pret A Manger has collaborated with Reliance Brands, the retail arm of Reliance Industries, to establish its presence in India.
In April, Reliance opened its first Pret A Manger cafe located at Maker Maxity in Mumbai. Spanning 2,567 square feet, the establishment faithfully replicated the distinctive ambiance of the brand’s renowned London shops. Later that month, Pret A Manger opened its second outlet in Mumbai at Phoenix Palladium Mall.
Today, the chain operates stores in several cities, including Mumbai, Gurgaon, and Delhi.
Established in 2007, Reliance Brands operates as a subsidiary of Reliance Retail Ventures Ltd. Its primary objective is to introduce and cultivate global brands within the luxury to premium segments across the fashion and lifestyle industry.
The company has formed long-term exclusive partnerships across various sectors with global and Indian brands, including Ritu Kumar, Bottega Veneta, Tiffany & Co., Valentino, Versace, Rahul Mishra, Armani, Balenciaga, Boss, and Zegna, among others.
Bhupendra Agarwal & Kumar Vaibhav, Co-Founders, Moms Home
Moms Home, a Jaipur-based sustainability-focused startup, has recently secured INR 5 Crores in a Pre-Series A funding round led by Mumbai-based VC firm Mistry Ventures. Founded in 2018 by IIM alumni Kumar Vaibhav and Bhupendra Agarwal, Moms Home Pvt Ltd is riding the wave of conscious consumerism in India. The startup operates two direct-to-consumer (D2C) brands – Moms Home, specializing in sustainable baby essentials, and Footprints, a sustainable apparel and accessories brand. Both brands pride themselves on offering products crafted from eco-friendly materials like cotton, bamboo, and muslin.
So far, Moms Home and Footprints have reached out to more than 2 million consumers across 300 cities in India, as reported by Vaibhav, a seasoned professional with over 14 years of experience in the sustainable FMCG and e-commerce sector. The products from these two brands are not only available on their official websites but also on leading marketplaces such as Amazon, Flipkart, Firstcry, Myntra, Nykaa, Amala Earth, and Hopscotch.
The parent company also plans to enhance its physical presence in brick-and-mortar locations.
Vaibhav is confident that the recent injection of funds will not only empower Moms Home to enhance the presence of its brands through improved distribution and new product introductions but also enable the startup to explore untapped opportunities in sustainable categories.
Talking about the partnership with Mistry Ventures, Vaibhav said, “Moms Home team is truly excited in partnering with Mistry Ventures in our journey to expand and build a strong mother and baby brand that is trustworthy, safe and affordable.”
The startup asserts that it fulfills over 30,000 orders each month and presently boasts an Annual Run Rate (ARR) of INR 20 Crores.
Moms Home aims to cover all the needs of a newborn, offering a diverse range of essentials such as clothing, bedding, nursing supplies, bathing essentials, feeding items, diapers, and more. The brand’s products are crafted from certified organic cotton and other environmentally friendly fibers. According to co-founder Agarwal, the brand currently sells more than 50,000 baby essentials each month.
“Moms Home has established a special connection with new parents who start their parental journey with us. Over the last five years, we have earned the trust of more than 5 Lakh mothers who have chosen our products for their little ones,” he added.
On the other hand, Footprint offers a range of accessories meticulously crafted from a combination of 100% organic cotton and bamboo, as highlighted by Vaibhav. The brand boasts an extensive selection of over 300 Stock Keeping Units (SKUs), spanning diverse sock categories such as business formal, kids, sports, and daily wear. In its ongoing pursuit of innovation, Footprint aims to enhance its product line by introducing personalized and designer socks.
Vaibhav stated that since its establishment, Footprints has successfully distributed more than 2 million pairs of socks through various channels, including retail partnerships, the brand’s official website, and other online platforms.
Talking about the brands, he added, “Sustainability lies at the core of both the brands. It is integrated into every aspect of the production cycle — right from selecting sustainable yarns to dyes and packaging.”
Agarwal emphasized the success of the startup by pointing out the revenue generated from its current customer base.
“Today, 30% of our revenue comes from existing customers and this is proof of our potential. We have been able to build a healthy, robust and sticky customer base,” he added.
Discussing the investment in Moms Home Pvt Ltd, Firoz Mistry of Mistry Ventures expressed, “Moms Home’s sustainable products are designed to serve the unmet needs of new parents who value safe and organic products for their new born. Its strength lies in its ability to scale with positive unit metrics and create a star product in each category. Both brands have several bestseller products across the leading online marketplaces. With a strong and experienced leadership team in place, we are excited to partner with them in their next phase of growth.”
Established in 2018 by Cyrus Mistry, Mistry Ventures is currently headed by Ashish Iyer, serving as the firm’s managing director. The venture capital firm actively supports startups at different stages of their development, contributing to their growth and scaling endeavors. Mistry Ventures has strategically invested in a range of sectors including Direct-to-Consumer (D2C), Software as a Service (SaaS), Agritech, and more.
As per Maximise Market Research, the market value of baby care products in India amounted to $8.29 billion in the year 2020. Projections indicate that the total revenue is anticipated to surge to nearly $24.27 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 14.35%.
The report underscores that today’s parents have a preference for organic products for their infants. This choice is influenced by a heightened awareness of the importance of safe ingredients in baby products. Interestingly, this trend extends beyond urban parents, with individuals in smaller cities also displaying a similar inclination. Furthermore, there is a noticeable shift in consumer attention from price-based consumption to value-based consumption.
This offers a significant opportunity for startups such as Moms Home, SuperBottoms, Mothercare, and Purecloth to broaden their product ranges and address the demands of parents in search of organic and eco-friendly alternatives.
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