Third Wave Coffee, the coffee-first quick-service restaurant (QSR) brand, recently inaugurated its 113th outlet at Spectrum Metro Mall in Sector 75, Noida, according to a Tuesday announcement by a company official on social media.
This marks the 28th establishment in the Northern region for the brand, with numerous additional openings anticipated in the future, as stated in a LinkedIn post by Naman Negi, Business Development Lead at Third Wave Coffee.
“Super happy to share today we had our 113th outlet launch. With this launch, we are now a 28-outlet-strong brand in North India, with many more in the pipeline. Third Wave Coffee is now brewing at Spectrum Metro Mall sector 75 Noida,” said Negi.
Established in 2017 by Sushant Goel, Ayush Bathwal, and Anirudh Sharma, Third Wave Coffee is operated by Heisetasse Beverages Private Ltd., an Indian company with cafes spanning various cities in India, including Hyderabad, Coonoor, Bengaluru, Delhi, Mumbai, Chandigarh, and Pune.
As per information provided on the company’s website, its fundamental philosophy revolves around refining each stage in the life of the coffee bean, beginning from seed to cup. The journey commences with meticulous bean selection, followed by precise roasting and grinding, ensuring attention to detail throughout every step of the process.
Several Pizza Hut franchises in California are gearing up to implement layoffs for delivery drivers, foreseeing an impending increase in the minimum wage for fast food workers next year.
Multiple operators of Pizza Hut submitted notifications in adherence to the Worker Adjustment and Retraining Notification Act, indicating they were discontinuing their delivery services.
“PacPizza, LLC, operating as Pizza Hut, has made a business decision to eliminate first-party delivery services and, as a result, the elimination of all delivery driver positions,” a federal WARN Act notice filed by the fast-food operator with the state’s Employment Development Department said, Business Insider reported.
Another operator, Southern California Pizza Co., has also announced layoffs affecting approximately 841 drivers statewide. This decision impacts Pizza Hut establishments in Los Angeles, Orange, San Bernardino, Riverside, and Ventura counties.
Many of the franchises will depend on third-party delivery apps like Uber Eats, GrubHub, and DoorDash.
The announcements of layoffs arrived several months ahead of the commencement of most fast food workers in California earning a minimum wage of $20 per hour, set to take effect in April. The proposed increase aims to counterbalance the rising cost of living for Californians.
A Pizza Hut delivery driver revealed that he was offered a severance of £400 if he remained on board until his layoff date on February 5.
“The money they are giving us as severance pay is a slap on the face,” he told Insider. “It comes to $3 a month for nine-plus years of service.”
Rising food costs in recent years have led farmers across the globe to increase the cultivation of cereals and oilseeds. However, consumers are expected to encounter limited supplies until 2024 due to adverse El Nino weather conditions, export restrictions, and elevated biofuel mandates.
Global wheat, corn, and soybean prices, following several years of strong gains, are anticipated to incur losses in 2023. This projection is influenced by the easing of bottlenecks in the Black Sea region and concerns about a potential global recession. Despite this, analysts and traders warn that prices remain vulnerable to supply shocks and food inflation in the New Year.
“The supply picture for grains certainly improved in 2023 with bigger crops in some of the key places which matter. But we are not really out of the woods yet,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney.
“We have El Nino weather forecast until at least April-May, Brazil is almost certainly going to produce less corn, and China is surprising the market by buying larger volumes of wheat and corn form the international market.”
The El Nino weather phenomenon, responsible for inducing dry conditions in significant portions of Asia this year, is predicted to continue in the first half of 2024. This continuity poses a threat to the availability of rice, wheat, palm oil, and other agricultural products in some of the world’s top agricultural exporters and importers.
Traders and officials anticipate a decline in Asian rice production in the first half of 2024 due to dry planting conditions and diminishing reservoirs, which are expected to reduce yields.
Global rice supplies have already experienced a tightening this year, as the El Nino weather phenomenon has impacted production. This has led India, the largest exporter of rice worldwide, to impose restrictions on shipments.
While other grain markets were facing declines in value, rice prices surged to their highest point in 15 years in 2023. Quotations in certain Asian export hubs recorded gains of 40%-45%.
India’s next wheat crop is also being threatened by a lack of moisture, which could force the world’s second-largest wheat consumer to seek imports for the first time in six years as domestic inventories at state warehouses have dropped to their lowest in seven years.
By April, Australian farmers, the world’s second-largest wheat exporter, may find themselves planting their crop in arid soils. Months of intense heat have diminished yields for this year’s crop, concluding a three-year streak of record harvests.
This is expected to lead buyers, such as China and Indonesia, to look for greater quantities of wheat from alternative exporters in North America, Europe, and the Black Sea region.
“The (wheat) supply situation in the current 2023/24 crop year is likely to deteriorate compared to last season,” Commerzbank wrote in a note.
“This is because exports from important producer countries are likely to be significantly lower.”
On the bright side for grain supplies, there is an expectation of improved corn, wheat, and soybean production in South America in 2024, although uncertainties arise due to erratic weather conditions in Brazil.
As per Argentina’s Rosario Grains Exchange (BCR), 95% of early planted corn and 75% of soybeans are in “excellent to very good” conditions, attributed to rains since the end of October across the country’s Pampas region.
Brazil is poised for near-record farm output in 2024; however, estimates for the country’s soybean and corn production have been revised downward in recent weeks due to dry weather.
Global palm oil production is expected to decrease next year because of dry El Nino weather conditions. This development is likely to bolster cooking oil prices, which experienced a drop of more than 10% in 2023. The decline in output coincides with the anticipation of increased demand for palm oil-based biodiesel and cooking oil.
“We see more upside price risk than down,” said CoBank, a leading lender to the U.S. agriculture sector.
“Global grain and oilseed stock inventories are tight by historic measures, the northern hemisphere will likely have a strong El Nino weather pattern during the growing season for the first time since 2015, the dollar should continue its recent decline, and global demand should return to its long-term growth trend.”
Prices of edible oil, a category that witnessed the most significant inflation in the consumer basket following the Covid pandemic, have decreased by 13-30% in the past year. However, prices of everyday groceries and household items, such as rice, soaps, and detergents, remain slightly higher compared to 2022, as per the latest price tracker report by Bizom. The report is based on data analysis derived from orders at nearly 7.5 million kirana stores.
During the past two years, the majority of consumer goods companies increased prices by over a quarter to counter escalating costs in areas such as raw materials, supply chain, and energy. The inflation in costs originated with the pandemic but was further intensified by Russia’s invasion of Ukraine. However, this inflationary trend has now subsided.
“The industry has already rolled back about two-thirds of the price hike taken last year, which was in the vicinity of 20-25%. The main reason for rollback is to negate the pressure on volume growth even as input cost inflation still persists, although to a lower extent,” said Mayank Shah, vice-president at Parle Products.
As per the Boston Consulting Group, the prices of household care products, foods, and beverages have more than doubled in the last decade, with a steeper increase observed post-Covid. In the past year, while the prices of rice, milk, soaps, and detergents saw a rise between 1.5% and 6%, categories such as shampoo, hair colour, and flour (atta) experienced a decrease of 1-3%, according to Bizom.
“Among essential products, we see prices in control for most across food and non-food categories except rice. The essential non-food products also are seeing a low single-digit rise in prices as input costs have dropped for these products, leading to a greater focus of brands on gaining market share by controlling prices,” said Akshay D’Souza, chief of growth and insights at Mobisy Technologies, which owns Bizom.
Over the past year, there has been a distinct decline in rural volume, attributed to inflation and unpredictable monsoons. The year-on-year FMCG volume growth for the September quarter stood at 7.2%. According to Kantar, during the June-September 2023 quarter, rural FMCG sales expansion recorded a growth of approximately 6% year-on-year, while urban sales volume witnessed an 8% increase.
City demand is spearheading the overall growth, propelled by the resilience of urban incomes. Companies anticipate a revival in rural volume, driven by a favourable monsoon. Typically, this leads to increased sales with a quarter’s lag.
Companies have indicated that they are reducing price tags, but the impact on sales will only become apparent in the next quarter, once the existing trade pipeline of higher-priced products is completely replenished.
“Large organised players have been squeezed a bit from both ends—regional and unbranded players in rural, and D2C (direct-to-consumer) and new-age players at the premium end. We feel that the market will start showing good volume growth by the next two quarters, fuelled by rural recovery and pricing action by the large players, which has already taken place. The economy is stable and inflation is getting under control,” stated Saugata Gupta, Managing Director at Marico, in a recent statement earlier this month.
Unilever also mentioned that India is currently experiencing deflation, especially in categories exposed to chemical-based raw materials. This has resulted in a disparity between value and volume, putting pressure on pricing growth.
“In the short-term, we are seeing some pressure on that. That will sustain in quarter four, probably a bit of Q1. But I feel that we are going to grow out of that pretty quickly,” Unilever’s chief executive officer Hein Schumacher said at a Barclays Fireside conference.
The verdict overturns the prior court judgment that favoured the UK-based food delivery company’s classification of the couriers as self-employed.
The labour court’s verdict pertains to the case of 28 bicycle couriers and will potentially grant them additional benefits, reported Reuters.
In 2018, the bicycle couriers collaborated with the Brussels Labour Audit Office and the Belgian National Employment Office to initiate legal action against Deliveroo.
While the current ruling applies specifically to these couriers, it is anticipated to impact the status of other Belgian couriers employed by Deliveroo.
The Brussels labour court ruling said, “The terms of the employment relationship established between Deliveroo and the couriers are incompatible with the qualification of an independent employment relationship and lead to the conclusion that this relationship must be considered as an employee relationship and therefore should be reclassified.”
Following the court’s decision, the company has conveyed its intention to appeal to the Belgian Court of Cassation.
Should the judgment stand, the impacted couriers are anticipated to secure access to employee benefits such as sick leave, a stable salary, and paid vacation.
It conveyed its disappointment through an email, stating, “Because it does not take into account how our model works.”
“We provide flexible work, and this is highly appreciated by the riders that work with our platform in Belgium.”
In September this year, Deliveroo, Uber Eats, and Just Eat entered into a charter with the Transport for London authority.
The charter is anticipated to improve safety for motorcycle couriers and other road users in London.
Bill Granger, the cherished chef renowned for the acclaimed Bills cafes, passed away on Christmas Day at the age of 54.
The chef passed away in a London hospital, surrounded by family, after a brief struggle with cancer.
The family conveyed the heartbreaking news through Bill Granger’s Instagram account. “It is with great sadness that the family of Bill Granger announce he has passed away on 25th December at the age of 54. A dedicated husband and father, Bill died peacefully in hospital with his wife Natalie Elliott and three daughters, Edie, Inès and Bunny, at his bedside in their adopted home of London.”
Chefs globally paid homage to the Australian icon. Renowned British celebrity chef and restaurateur Jamie Oliver extended his sincere condolences.
“This is devastating news, I’m so sad to hear this, what a guy he was …. a wonderful human, kind calm soul….I admired everything he represented in food I remember the first time I met him many moons ago he couldn’t have been nicer and his food so good …. Sending so much love to all his family.” Food writer and TV star Nigella Lawson also paid tribute, “I’m heartbroken to hear this. So cruel,” she commented.
The news hit deeply Down Under, affecting chefs who had worked with him or been inspired by him, sharing their shock and sadness. Australian chef Neil Perry paid tribute to the “passionate cook and writer” but also the “brilliant person, husband, and father” that he was.
“I still remember all those years ago visiting Bills and seeing an energetic cook scramble divine eggs in that little kitchen in Darlinghurst, the beginning of something very special.” Sean Moran from Sean’s in Bondi commented. “Way too soon. What a class act you were Bill. Thank you for everything you have done to put Australian food on a global stage. You will be greatly missed.”
Born in Melbourne in 1969, Bill Granger initially pursued studies in art and architecture at university. However, at the age of just 24, he chose to leave his academic path and opened his first cafe, Bills, in Darlinghurst. The cafe achieved immediate success, propelling Bill to fame as Australia’s ‘King of Breakfast.’ His name has since become synonymous with his iconic dishes, including fluffy ricotta hotcakes with honeycomb butter, sweetcorn fritters with avocado salsa, and, of course, silky scrambled eggs.
His casual cooking style spurred the growth of casual and communal eating, both in Australia and around the world.
Bill and his wife, Natalie Elliot, are the driving force behind 15 cafes and restaurants globally, featuring four Bills cafes in Sydney and other venues situated in London, Tokyo, Osaka, Fukuoka, and Seoul. His 14 cookbooks achieved best-seller status, and numerous young Australians honed their culinary skills with a cherished copy of Bills Food or Simply Bill by their side.
In January 2023, he was honoured with the Medal of the Order of Australia for his contributions to the tourism and hospitality sector.
Bill Granger is survived by his wife, Natalie Elliott, and their three daughters, Edie, Inès, and Bunny.
Following complaints about the illicit serving of liquor at banquet halls, farmhouses, and venues hosting events, parties, and wedding functions without obtaining the mandatory temporary P-10 licence, the Delhi government has directed the operators of such premises to register in advance with the excise department.
In a recent directive, the deputy commissioner (excise) mentioned that online registration, without any payment, will begin on December 25. “In case any excise violation is found on the premises, it may be debarred for at least three months from applying for P-10 permits in the first case,” the order stated. “In case of repeat violation, the premises would be debarred for one year.”
Temporary licences, referred to as P-10 licences, are intended for individuals to serve liquor at private parties. They can be acquired by paying INR 10,000, except for motels, banquet halls, and farmhouses, where the fee is INR 15,000.
A senior official stated that the enforcement team carried out random inspections at venues hosting weddings, related events, and private parties. Penalties were imposed on the host if alcoholic beverages were served without the required permit.
According to the data, 8,237 P-10 licences were granted during the five months of the festival and wedding season, spanning from October 1 to February 28 in the fiscal year 2022-23. In contrast, only 5,353 permits were issued in the seven months from March 1 to September 30 this year. During the festival season in October and November this year, only 1,716 P-10 licences were issued.
Officials mentioned that a large number of events, including those during Christmas, New Year, and wedding-related functions, took place during this period. However, only a few of them obtained the temporary licence.
In November, the excise department reissued instructions to the city’s restaurants, prohibiting them from applying for temporary licences to serve liquor.
While 935 hotels, clubs, and restaurants possess the excise licence to serve liquor, the count of standalone restaurants eligible to obtain a liquor licence is 5,374.
“These restaurants use the P-10 licence to buy stock from retailers instead of having a regular excise licence because of the higher fee as compared to the charges for the temporary permit. This leads to excise revenue loss to the state exchequer,” said an official.
“We also lose out on additional excise duty, which is up to 20 percent of the price of a bottle, on the sale of each bottle of alcohol sold to a restaurant with a regular licence,” the official added.
The much-anticipated debut of Credo Brands Marketing (Mufti Menswear) is set to take place on December 27. Analysts foresee substantial double-digit gains upon listing, pointing to the healthy financial performance in recent years, a strong brand image, robust subscription numbers, reasonable valuations, and positive market conditions.
The INR 550-crore public offering has garnered strong interest from investors, being subscribed 51.85 times between December 19-21. Qualified institutional buyers (QIBs) appear notably optimistic compared to other investors, oversubscribing their allocated portion by 104.95 times. In parallel, the allotted quota for high net worth individuals (HNIs) witnessed a subscription of 55.52 times, while that of retail investors reached 19.94 times.
Shares of the Mufti IPO have garnered substantial interest in the grey market, reportedly trading at approximately 35-40 percent above the issue price of INR 280 per share, as per anonymous analysts. The grey market serves as an unofficial platform where IPO shares can be bought and sold until the official listing.
Dhruv Mudaraddi, a research analyst at StoxBox, anticipates the stock to debut with a premium of about 45 percent over the issue price of INR 280 per share.
He is of the opinion that Credo’s robust listing performance can be credited to its unique combination of strengths.
“The company’s qualitative advantages include a strong brand equity spanning a diverse product range, safeguarding against business model risks. Operating on a scalable and asset-light model, MUFTI demonstrates flexibility for expansion with minimal capital investments,” Mudaraddi said.
Furthermore, the brand’s steadfast position as a trailblazer in men’s fashion and its robust in-house design capabilities create significant entry barriers, given that the company outsources all its products post-designing and does not engage in manufacturing.
From a financial perspective, Mufti has disclosed a commendable Compound Annual Growth Rate (CAGR) of approximately 42 percent for revenue from FY21 to FY23. The net profit has doubled compared to the preceding year, showcasing a substantial increase compared to FY21. Additionally, the EBITDA witnessed a CAGR of 84 percent during this period, demonstrating robust margin performance.
Saral Seth, Vice President of Institutional Equities, and Jainam Shah, Research Associate at Indsec Securities, believe that Credo could be listed at INR 350, representing a 25 percent increase from the issue price.
At the higher price bracket of INR 280 per share, the company is being valued at a Price/Earnings (P/E) ratio of 23.22x, resulting in a market capitalization of INR 1,800.4 crore post the issuance of equity shares. The return on net worth stands at 29.98 percent.
Indsec holds the view that the valuation represents a 35 percent discount compared to its peers.
“The strong earnings growth makes the apparel maker an attractive investment thesis.”
Credo Brands Marketing, providing a diverse range of products encompassing shirts, t-shirts, jeans, and chinos to address year-round clothing requirements, maintains a network of 1,807 touchpoints, extending its presence to 591 cities.
The Mufti Menswear IPO solely consisted of an offer-for-sale issue, lacking any fresh issue component. Consequently, all the net issue proceeds were received by the selling shareholders.
The price band for the offer was between INR 266 and INR 280 per share.
A celebrated name in Indian gastronomy, Karigari Restaurant has announced the opening of its latest branches in Punjabi Bagh, Dehradun, and Bengaluru. Spearheading this initiative is Chef and culinary maestro Harpal Singh Sokhi, assuring a modern reinterpretation of classical Indian tastes.
The warm and welcoming atmosphere of these venues has been meticulously designed to offer diners an authentic culinary experience that pays homage to the rich tradition of Indian cuisine.
Sokhi expressed his happinessat the expansion, saying, “We are thrilled to bring the Karigari experience to the thriving communities of Punjabi Bagh, Dehradun, and Bangalore.” Our culinary philosophy is around the inventiveness of Indian flavors, and we are eager to share our passion with fellow food enthusiasts.”
By adding additional locations in Dubai and London, Karigari is not only growing domestically but also leaving its imprint abroad. This expansion offers a new gastronomic experience in addition to signifying the brand’s growing reach.
The innovative methods, dishes, and desserts enhancing the dining experience will be showcased in the new outlets, featuring a blend of classic and modern elements.
Regarding the worldwide expansion, Chef Sokhi stated, “We’re not done yet. We aim to spread the Karigari spirit to a global audience, showcasing the authentic flavours and inventive cooking that define Indian cuisine. Our global culinary journey doesn’t stop in London or Dubai.”
The collaboration enables the monitoring of customer visits, improvement of service experiences, and the promotion of loyalty through tailored offerings and delightful services. It also incorporates diverse features into Bata to amplify customer engagement, employing LPaaS to create personalized loyalty journeys and encouraging active participation via WhatsApp.
“Our CRM and loyalty solutions seamlessly manage the entire customer journey, from initial acquisition to continued engagement and retention offering an optimal shopping experience for Bata’s customers,” said Soumya Chatterjee, chief executive officer of Easyrewardz.
“With the Zence CRM stack, we’ve equipped Bata International with advanced capabilities, providing a unified view of each customer across multiple locations. This enables personalised and attentive service, ensuring that every interaction with the brand is tailored to meet the unique preferences and expectations of Bata’s diverse customer base,” she added.
Easyrewardz has additionally assisted in establishing a microsite for Bata. This microsite empowers customers by providing access to personalised dashboards, the capability to refer friends and family, and the opportunity to unlock rewards.
“Bata and Easyrewardz are thrilled with the introduction of the “BataClub” program. This initiative was designed keeping in mind the values on which Bata was founded over 130 years ago,” said Geoffroy Berthon, global customer experience director at Bata.
“As a global group, we believe in respecting different cultures, and thus we have a unique set of customers with diverse needs and expectations. We are delighted to have chosen Easyrewardz as our partner in this journey to improve Customer lifecycle management to delight and reward customers,” he added.
Bata Corporation, a manufacturer and retailer of footwear, apparel, and accessories, was established in 1894 by Tomas Bata. The company, headquartered in Switzerland, was incorporated in India as Bata India Ltd in 1931.
Today, the Bata Group has more than 32,000 employees, 21 production facilities, and over 5,300 stores in more than 70 countries across the globe. The company operates over 1,700 COCO (company-owned, company-operated) and franchise stores in India.
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