Avenue Supermarts Ltd, the owner and operator of the retail chain DMart, announced a 17.18 percent rise in its standalone revenue from operations, reaching INR 13,247.33 crore in the third quarter ending on December 31, 2023. In the same quarter the previous year, the company recorded revenue from operations amounting to INR 11,304.58 crore, as per the quarterly update provided by Avenue Supermarts.
“Standalone Revenue from operations for the quarter ended (QE) December 31, 2023 stood at INR 13,247.33 crores,” said Avenue Supermarts in a regulatory filing.
DMart’s Operational Strength:
As of September 30, 2023, the total count of stores amounted to 341.
Owned and promoted by Radhakishan Damani and his family, DMart sells essential home and personal products in various markets, including Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab, and Rajasthan.
Tea production in the country has decreased by 6.18 percent to 127.12 million kilograms in November 2023. As per the data from the Tea Board, the production in the corresponding month of the previous year was 135.49 million kilograms.
In North India, particularly in Assam and West Bengal, the production volume was at 106.23 million kilograms (mkgs), down from 114.18 mkgs in the same period the previous year.
The production figures for November 2023 in South India were lower, standing at 20.89 million kilograms (mkgs), compared to 21.31 mkgs in the same month of 2022.
Tea from Small Growers Outpaces Gardens:
Continuing the trend, small growers’ production surpassed that of organized gardens in the month under review.
In November 2023, as per Tea Board data, small growers yielded 67.50 million kilograms (mkgs) of tea.
The Tea Board had issued notifications about plucking restrictions during the winter months to maintain the quality of bushes.
In Darjeeling and tea estates situated at higher elevations, the deadline for plucking green leaves was December 11, 2023. Meanwhile, for the Dooars and Terai regions in North Bengal, it was extended until December 23.
Thailand has announced yet another measure to boost tourism in the country. The cabinet of Thailand has given the green light to a tax cut on alcoholic beverages and entertainment venues.
The sanctioned measures comprise a reduction in taxes on wine from 10% to 5% and the complete removal of taxes on spirits, which were previously set at 10%. Furthermore, the excise tax on entertainment venues will be slashed by half, decreasing from 10% to 5%. These tax modifications, as detailed by government spokesperson Chai Wacharonke, will remain effective until the end of this year.
The decision comes after Thailand’s move in November to extend the operational hours for entertainment venues, permitting them to remain open until 4 am. This extension is intended to cater to nighttime enthusiasts and enhance the country’s appeal to tourists.
Thailand’s Visa Waiver for India & Taiwan:
Thailand also announced a visa waiver for travelers from India and Taiwan last year, effective from November 2023 until May 2024. During this time, tourists can stay in Thailand for up to 30 days. India has become Thailand’s fourth-largest source of tourism, with approximately 1.2 million arrivals this year, following Malaysia, China, and South Korea.
According to the most recent government data, Thailand received a cumulative total of 22 million visitors, contributing 927.5 billion baht (approximately $25.67 billion) to the country’s economy from January to October 29. The visa waiver for Indian and Taiwanese travelers aligns with Thailand’s strategy to attract more tourists and revive its crucial tourism sector.
Flipkart-owned fashion ecommerce marketplace Myntra experienced a notable increase in its net loss, soaring over 30% in the financial year concluded on March 31, 2023. During the fiscal year 2022-23 (FY23), the Bengaluru-based e-commerce platform posted a net loss of INR 782.4 Crores, reflecting a significant rise of 31% compared to the INR 597.6 Crores reported in the previous fiscal year.
Myntra operates a fashion marketplace that facilitates third-party sellers in showcasing and selling their products to customers. Functioning as a marketplace service provider, the company derives its revenue primarily from transaction fees paid by vendors. Additionally, Myntra earns income through its logistics services, advertising services, and consultancy services. Notably, the platform has ventured into retailing products under its own label.
Myntra’s operating revenue recorded a remarkable 25% increase, reaching INR 4,375.3 Crores during the year under review, up from INR 3,501.2 Crores in the previous fiscal year. Considering other income, Myntra’s total revenue also saw a 25% rise, amounting to INR 4,509.2 Crores compared to INR 3,609.9 Crores in FY22.
Myntra’s Expenditure Overview in FY23
The total expenditure increased by 26%, reaching INR 5,290.1 Crores in the year under review, as compared to INR 4,206.9 Crores in the previous fiscal year.
The startup allocated 2,165.7 crore INR for procurement, marking a 22% rise from the 1,770 crore INR in FY22. Notably, Myntra possesses various private labels like Mast & Harbour, Harvard, Invictus, Moda Rapido, and Roadster.
In FY23, nearly 40% of Myntra’s operational revenue was dedicated to advertising. The advertising costs surged by 36%, reaching 1,758.8 crore INR, compared to 1,298 crore INR in FY22.
Employee costs saw a 21% rise to INR 631.8 Cr in FY23 from INR 522.5 Cr in the previous fiscal year. This category includes expenses related to employee salaries, gratuity, and other employee welfare benefits.
The startup’s EBITDA margin declined to -16.4% in FY23, compared to -15.75% in FY22.
To enhance its outreach, Myntra has been intensifying its emphasis on Tier-II and III cities. In a recent interview, Myntra CEO Nandita Sinha mentioned that 40% of international brand orders on the platform originated from these cities.
In addition to bringing new brands on board, Myntra has been introducing fresh features and verticals such as Myntra Minis and FWD. This strategy aims to enhance user experience and appeal to GenZ customers.
Myntra competes with Reliance-owned AJIO, Nykaa Fashion, and Tata CLiQ.
French dairy conglomerate Danone has offloaded its US-based Horizon Organic and Wallaby units to the local investment firm Platinum Equity for an undisclosed sum.
The owner of the Alpro and Activia brands said that the disposal is part of its Renew Danone turnaround strategy, announced in March 2022. The strategy includes the disposal of what CEO Antoine de Saint-Affrique described at the time as “under-performers.”
Announcing the deal today, Danone mentioned that the organic dairy units make up approximately 3% of its global revenues. The company plans to retain a minority stake in the business.
De Saint-Affrique said, “As part of our Renew Danone strategy, we committed to a portfolio review and asset rotation for businesses that fell outside our priority growth areas of focus to drive value creation.
“Today marks an important milestone in delivering this commitment, while giving the Horizon Organic and Wallaby businesses the opportunity to thrive under new leadership.
“This sale, once completed, will allow us to concentrate further on our current portfolio of strong, health-focused brands and reinvest in our growth priorities.”
The Colorado-based organic units, specializing in the production of milk, yogurt, creamers, butter, and cheese, were initially considered for sale around this time last year. Danone stated that these units had a “dilutive” impact on sales growth and were undergoing strategic review.
De Saint-Affrique said at the time, “Both Horizon Organic and Wallaby are strong, much-loved brands with compelling growth opportunities. That said, seen through the lens of our renew strategy, which requires us to stay disciplined in how we allocate our resources, they fall outside our priority growth areas of focus.”
Danone acquired the Horizon Organic unit as part of its $12.5 billion acquisition of the US group WhiteWave Foods in July 2016. This deal effectively doubled its size in the US market.
In October, Danone increased its revenue guidance for 2023, citing the success of the Renew turnaround strategy.
Danone’s Future Plans and Portfolio Optimization:
The company stated that it anticipates like-for-like sales growth to reach 6-7% this year, a revision from the earlier estimate of 4-6%.
De Saint-Affrique said at the time, “Eighteen months after the launch of Renew Danone, the benefits of our strategy are starting to show. This quarter is the seventh consecutive quarter of delivery, with sales up 6.2% on a like-for-like basis.”
Danone reported a three-month revenue of €6.9 billion (then $7.3 billion) following a 6.2% increase in third-quarter like-for-like sales. This surpassed the analyst consensus, which had anticipated a 4.7% rise.
In December, Danone disclosed discussions about the potential sale of its French baked goods business, Michel et Augustin, to the Belgian holding company CTH Invest, which is associated with Ferrero.
Steakholder Foods, an Israeli company specializing in cultivated meat products, has unveiled what it asserts to be “the world’s first” plant-based 3D-printed eel.
As per the company, Steakholder achieves the faithful recreation of the intricate texture of eel using meticulous layering and a distinctive blend of materials in its exclusive 3D printing technology. Presently, the eel product relies on plant materials, with intentions to integrate cultivated eel cells in the future, “as economies of scale permit price-competitive cell development,” stated the company.
Steakholder’s printing process allows for a significant reduction in ingredients compared to typical plant-based alternatives in its 3D-printed product.
Steakholder Foods‘ Partnership Plan
The Israeli company expressed its intent to form partnerships for the commercialization of its plant-based printed eel. It aims to offer proprietary 3D printers and ink, capable of generating immediate revenues. Steakholder anticipates that its partners and customers, leveraging the company’s existing technological capabilities, can attain extensive production of 3D-printed eel at a competitive price. This approach is designed to help them overcome the cost challenges linked to the current global prices of eel.
Arik Kaufman, CEO of Steakholder, said, “The launch of our printed eel marks a pivotal moment in the seafood industry, showcasing the vast potential of our DropJet technology – Steakholder Foods’ solution for fish and seafood printing”.
He continued, “This technology is designed to enable partners to generate products on a potential industrial scale of hundreds of tons monthly, not only at lower costs compared to wild eel, but also with the flexibility to create a variety of printed products using the same production line. Such versatility could significantly boost profitability for food companies and lead the way to a shift towards more efficient and sustainable practices in the industry. This product exemplifies the broader possibilities our technology offers our partners.
Established in 2017 as a Specialty Coffee Roaster in Hyderabad with the aim of nurturing coffee culture and uniting coffee enthusiasts, Roastery Coffee House is now extending its legacy to Finland.
The brand has become the first coffee house in India to ever expand to the European continent with its entry into the land of Finns, also known for having the highest per-capita coffee consumption globally.
The expansion plans are already underway and began with an impressive 3-day coffee pop-up event in Helsinki on the 15th, 16th, and 17th of December 2023, held at ISO Roobertinkatu 30.
The pop-up, drawing a robust footfall of around 300 people, showcased India’s finest specialty coffee, “Monsoon Malabar,” as the crowd favorite. This overwhelming response highlighted the potential of introducing high-quality Indian coffee to the discerning Finnish market.
“This is more than just coffee; it’s about creating an experience, and a journey of flavors. What started as a small venture dream to make specialty coffee accessible in India, Roastery Coffee House is now set to make global waves by creating a name for an Indian brand in Europe. Our decision to expand to Finland stems from a shared passion for premium coffee between the two countries,” shared Nishant Sinha, Founder of Roastery Coffee House.
Future Plans of Roastery Coffee House:
Roastery Coffee House is set to hold regular pop-ups until March 2024, in conjunction with its operational website, setting the stage for the grand opening of the Roastery Coffee House Cafe in Helsinki. They are committed to fostering a sustainable, zero-waste ethos and providing customers with a diverse array of Indian coffee from estates like Thogarihunkal estate, Baarbara estate, and Tribo estate.
This initiative goes beyond providing a typical café experience; it aims to curate a cross-cultural coffee journey. As the rich and intense flavors of Indian Arabica coffee blend with the sophisticated Finnish palate, customers can delve into a carefully chosen collection of Indian artifacts and exquisite pashmina stoles from Kashmir, available on the brand’s official Finnish website.
Roastery Coffee House holds a robust presence in Hyderabad, Kolkata, Noida, Lucknow, and Jaipur.
Arrow, the American men’s fashion brand, has unveiled its latest store identity, showcasing a significant transformation in aesthetics, density, and overall allure, as highlighted in a press release on Tuesday.
The most noteworthy change involves a shift in the color palette, moving away from the traditional blue to black, white, and beige (BWB). Another notable aspect of the newly unveiled store identity is the enhanced utility and density. Spanning an average size of 1200 sq. ft., these stores feature a layout conducive to efficiently organizing ensembles.
Digital Integration at Arrow Stores:
Arrow has also embraced digital technology by incorporating digital screens at its new identity stores, creating an interactive and engaging shopping environment for customers. The inclusion of digital screens enables dynamic displays, offering customers real-time information on the latest trends, promotions, and styling tips.
“We are thrilled to unveil our new identity stores, representing a significant evolution in the Arrow shopping experience. The BWB colour scheme, enhanced store layout, and integration of digital screens reflect our commitment to providing our customers with a more immersive and enjoyable fashion journey. We believe these changes will resonate with our customers and elevate their Arrow shopping experience,” said Anand Aiyer, chief executive officer of Arrow.
Among the recently unveiled new identity stores are Mall of Asia (Bengaluru), Mall of Ranchi (Ranchi), CP67 (Mohali), Gandhinagar, Twin Star (Rajkot), Forum Mall (Kochi), and Pavilion Mall (Ludhiana), with Ahmedabad Airport poised to join the list shortly.
In 1993, Arrow made its debut in India through the textile company Arvind Fashions Ltd. Today, with three decades of providing attire for Indian men, the brand boasts approximately 200 exclusive stores and is present in over 1,000 multi-brand outlets across 109 cities throughout India.
Major FMCG companies are intensifying their focus on direct distribution in rural markets, especially when rural consumption trends continue to trail behind urban consumption. The renewed emphasis on deepening rural reach also comes at a time when competition from small and regional players has heightened.
In an analyst note published on Monday, Abneesh Roy, Executive Director at Nuvama Institutional Equities, noted, “The efforts to expand direct distribution in rural markets have been stepped up. FMCG companies hope this would help them tide over the challenges of slowing rural demand, which has been further aggravated by the stressed wholesale trade channel due to the liquidity crunch.”
Mayank Shah, Vice-President of Parle Products, stated that prominent FMCG companies have experienced heightened competition from smaller and regional players lately, primarily because of their aggressive promotional strategies.
“With moderation of inflationary pressures, some price-corrections have been taken by large players. But there is still some impact being felt in terms of volume growth by large players because there is still a price difference in the offerings of small players. As a result, most FMCG companies are looking at getting back their volume share. At one end they are looking to strengthen their play in emerging channels, at the other end ramping up direct rural reach is a huge opportunity,” Shah explained.
He additionally mentioned that Parle, with its already robust presence in rural areas, aims to further enhance its direct outreach in villages.
FMCG companies are anticipated to make substantial investments in enhancing the quality of rural distribution this year.
Mohit Malhotra, CEO, Dabur India said, “ We have been investing ahead of the curve to enhance our distribution footprint in the hinterland. We are now reaching 107,000 villages directly up from 100,000 villages in March 2023.”
The company has set a short-term goal to expand its direct reach to 120,000 villages.
Bangalore, often called the Silicon Valley of India, is well known for its advanced technology and vibrant café culture. As you stroll through the charming downtown streets, the aroma of freshly made coffee fills the air, tempting you to immerse yourself in the rich café culture. Our goal in compiling this directory is to help you find the best cafés in Bangalore, where you can have a satisfying cup of coffee and an immersive experience.
Here are the best cafés in Bangalore:
1. Matteo Coffea – Artistic Haven
Matteo Coffea, located on Church Street in Bangalore, is a creative haven for coffee lovers seeking more than just caffeinated beverages. It is one of the best cafes in Bangalore. It showcases artwork by local artists; the café becomes a visual feast with these artworks. The aroma of freshly ground coffee beans will welcome you inside. Welcome to a world where each cup is a blank canvas waiting to be infused with taste. Its warm, vibrant ambience encourages customers to linger and appreciate the coffee culture and artwork.
Magnificent espresso beverages and novel coffee concoctions await you on the inventive menu of Matteo Coffea. Friendly baristas at Matteo Coffea are always eager to assist customers in choosing the perfect cup of coffee, ensuring that every visit is special and unforgettable. If you’re looking for a coffee shop that also showcases the vibrant culture of Bangalore, go no further than this cafe.
Location – Church Street, Bangalore
2. Tranquil Vibes at Cinnamon
Cinnamon is a culinary and coffee hotspot located in the heart of Bangalore’s buzzing HSR Layout. An inviting atmosphere greets you as soon as you enter this wonderful café, where an aroma of freshly made coffee fills the air, preparing you for a great experience. Aside from its warm welcome, Cinnamon’s dedication to quality is what really makes it appealing.
The commitment to excellence is evident in every item they serve, from carefully made espressos to delicious cappuccinos and a variety of tasty desserts. Customers who love both coffee and food will find a welcoming space at this café thanks to its extensive menu, high-quality beans, and attractive design. It has become the best cafe to visit in Bangalore. Cinnamon provides a welcoming setting where each snack and drink recalls Bangalore’s vibrant café culture, making it ideal for both solo reflection and social gatherings.
Location – HSR, Bangalore
3. Culinary Adventure at B Café
The B Café in Bangalore’s Shangri-La Hotel is an exotic and luxurious gastronomic paradise that goes above and beyond the usual. B Café, located inside the posh Shangri-La, expertly combines modern style with a friendly, welcoming atmosphere. Featuring a variety of different cuisines served with accuracy and flare, the café presents an exhaustive menu crafted to suit varied palates.
B Café takes fine dining to a new level with its gourmet breakfast selections and lavish all-day menu. An exquisite setting for a once-in-a-lifetime meal, with stylish furnishings, outstanding service, and stunning views of the city. Every dish at B Café at Shangri-La Hotel tells a tale of culinary skill and refinement, taking diners on a perfect trip for a romantic dinner, business lunch, or a leisurely breakfast.
Location – Shangri-La Hotel, Bangalore
4. Discover Urban Charm: The Hole In The Wall Cafe
In the middle of Bangalore, you’ll find The Hole In The Wall Cafe, a hidden gem known for its unexpected charm and unforgettable cuisine. Entering this hidden treasure is like stepping into a magical world where a delicious mystery awaits around every curve. The colourful paintings and eccentric furniture create an atmosphere perfect for a one-of-a-kind meal.
Indulge in a culinary journey with the menu’s medley of international flavours and regional specialities. The Hole In The Wall Cafe elevates everyday eating to an ode to city life with its delicious brunch options and handcrafted coffees. This café is more than simply a place to get food; it’s a thrilling adventure into Bangalore’s vibrant culinary scene, thanks to its warm atmosphere and constantly changing menu.
Location – Koramangala, 4th Block, Bangalore
5. Indulgence Redefined: Café Noir, Where Every Sip Tells a Story
Café Noir is the epicentre of sophisticated dining in central Bangalore, and it is the perfect place to start your culinary adventure. An ambience that expertly blends French charm with urban style greets you right away when you step foot in. An exquisite dining experience is put in motion by the luxurious décor of golden colours and velvety furniture.
The menu at Café Noir is a culinary symphony with French cuisine as its inspiration, from delectable pastries to aromatic coffees. The careful attention to detail that describes this restaurant is evident in every bite and drink. Indulge in a world where cuisine and atmosphere are passionately intertwined at Café Noir, whether you’re enjoying a leisurely breakfast or having a tête-à-tête over dessert. You’ll leave with an unforgettable taste of international elegance.
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