Around 75,000 merchants experienced growth in the double digits, while more than 20,000 sellers saw a tenfold increase in their business on Meesho, the ecommerce platform backed by Softbank, as reported on Sunday.
Meesho reported a profit for the current year and claims to have maintained profitability since it first reported its performance in July.
The company claimed that nearly 10,000 Meesho sellers crossed the INR 1 crore sales mark and 130,000 registered sales of over INR 1 lakh during 2023. Around “60% of these sellers come from small towns like Avinashi, Bharuch, Fiazabad and Silchar”, Meesho said.
Meesho mentioned that it added around 7 lakh new sellers this year, bringing the total number to 1.5 million.
The company documented transactions for 14 crore customers and asserted that almost 80% of the orders originated from tier-2 and smaller markets.
Meesho said it recorded a unique pattern of customers placing maximum orders on Sunday.
“Indian shoppers have consistently crowned Sundays as the ultimate shopping day for two consecutive years, beginning with an early bird rush at 7 AM and culminating in the wee hours at 3 AM,” the statement said.
A customer from Surat placed over 20,000 orders for artificial jewellery, the highest on an individual basis, and continues to shop on the platform.
“More than 6.7 million customers turned to Meesho to shop for hair fall control remedies. As awareness around self-care deepens, there is a discernible shift in consumer habits, with ceauty & personal care witnessing a 40% surge in growth,” the statement said.
A Mumbai resident claims that a dish he ordered from the city’s iconic Leopold Café via Swiggy came with a small strip of tablets inside it, sharing pictures of the same.
“My Mumbai Christmas Surprise ordered food from Swiggy from Leopold Colaba got this half cooked medicine in my food,” Ujwal Puri wrote on X (formerly Twitter), sharing photos and a video of a medicine strip in a plastic container of a chicken dish, with one tablet still inside it.
Leopold Cafe, located in Colaba, Mumbai, was among the first places targeted by terrorists during the 2008 Mumbai terror attacks. Ten people, including foreigners, were killed, and several others were injured. The café has preserved the bullet marks on its walls and windows, serving as a reminder of the attacks.
The upcoming general elections and a subsequent decrease in inflation are expected to boost consumer demand across various sectors, ranging from groceries to apparel to electronics, from March-April onwards. Chief executives of several prominent companies have noted that rural markets and products in the mass segment are already displaying indications of recovery.
Consumer goods companies had previously anticipated a recovery in demand during the December quarter. Although that anticipation hasn’t materialized, chief executives have stated that the slowdown in consumption has come to a halt. They further noted that sales of mass-segment products are now picking up after a gap of over three years.
“While green shoots of recovery are visible in rural India, the demand growth is still trailing urban markets,” Dabur India chief executive Mohit Malhotra said. “We are hopeful rural markets will post a strong recovery in the new year. We are already seeing the gap between rural and urban growth shrinking.”
Malhotra said that in 2023, urban markets have been the main contributors to growth, with modern trade and e-commerce taking the lead.
Neeraj Khatri, the Chief Executive of Wipro Consumer Care, responsible for the India business and the maker of Santoor soap, mentioned that there are signs of improvement in rural demand, and consumer confidence is on the rise each quarter.
“Price-led growth has tapered off in the industry and volumes are driving growth,” he said. “This should put industry on a better pedestal next year. Monsoon has been decent, so is government spending. It’s also time for rural people to come out from the debt (they had to avail) during Covid.”
Market researcher NielsenIQ reports that while volume growth for the fast-moving consumer goods (FMCG) industry in urban India has been on a positive trajectory since April-June last year, rural markets have experienced marginal growth this calendar year.
During the September quarter, urban markets exhibited a year-on-year growth of 10.2%, whereas rural markets grew by 6.4%, according to the report. Before the onset of the Covid-19 pandemic, rural markets were the primary drivers of overall growth, expanding at twice the rate of urban markets.
However, the demand has slowed down in the current quarter.
Mayank Shah, senior category head at Parle Products, a biscuits maker, mentioned that volumes remained stagnant in November-December, with only slight growth in value sales.
However, he anticipates a revival in the next quarter. “With elections around the corner, overall spending in the economy tends to increase. This should contribute to the revival, and we expect volumes to grow at a high single-digit rate in the next quarter,” Shah said.
Lalit Agarwal, CEO of V-Mart Retail, a retail chain with a focus on rural markets, also noted the presence of signs indicating an improvement in rural demand, despite ongoing challenges such as inflation and unemployment.
“But full recovery is expected around April-June, led by elections when rural economic activities get a boost,” he said.
Earlier this month, the Reserve Bank of India revised the GDP growth forecast for FY24 to 7%, up from the earlier estimate of 6.5%, citing a stronger-than-expected performance in the July-September quarter.
Corporate honchos also anticipate an increase in discretionary spending across various segments by the time of the elections.
“The general elections and increased government spending before that will put more money into the hands of consumers, boosting discretionary spending,” said Devaranjan Iyer, CEO of departmental store chain Lifestyle International. “Also, by then, we expect the huge spends on experience such as leisure and travel will normalise and consumers will shift their spending from buying experience to products,” he said.
Iyer anticipates a resurgence in discretionary demand, such as apparel, by May-June. He mentioned that in the October-December quarter, same-store sales were either flat or slightly negative.
Sales of both apparel and electronic products have been stagnant for more than a year, while those of mass-segment electronic products have remained subdued since the outbreak of the pandemic.
As per the research by GfK, there was a minor upturn in the mass segment during Diwali.
Industry executives said it continued even in December, buoyed by wedding-led demand in the Hindi heartland.
Kamal Nandi, the business head of Godrej Appliances, stated that market sentiments in December are undoubtedly more positive than last year, with a growth of 10-15% across various categories, including a noticeable pick-up in the mass segment.
“We expect demand should revive from April onwards due to elections, summer and more agricultural income,” he said.
Tarun Pathak, director at smartphone tracker Counterpoint Research, anticipates a general rebound in mobile phone sales as the prices of 5G phones continue to decrease and enter lower pricing tiers.
During the festive season, some positive signs were already apparent when brand-driven price drops boosted the sub-INR 12,000 segment, which had been severely affected for the last several quarters, he mentioned.
India witnessed a 9% year-on-year decline in smartphone shipments, amounting to 152 million units in 2022, according to Counterpoint. The projections for 2023 indicate an expected figure of 150 million units.
Liquor enthusiasts in Noida and Greater Noida can rejoice as, in light of the Christmas and New Year festivities, officials have declared that liquor shops will remain open until 11 pm on December 24 and 31, according to an announcement made on Saturday.
The move follows an order issued by Uttar Pradesh Excise Commissioner Senthil Pandian C, who has directed the extension of the liquor sales period at all retail shops on the eve of Christmas and New Year.
“In compliance with the order, authorised liquor outlets in Noida and Greater Noida will remain open from 10 am to 11 pm on December 24 and 31,” said Gautam Buddh Nagar District Excise Officer Subodh Kumar Srivastava.
Typically, licensed liquor establishments in the area shut down at 10 pm.
Last week, the excise department urged Noida and Greater Noida residents to apply for an occasional bar license if they intend to host parties, whether at home or within the community, where liquor will be served.
Not having a valid licence for serving liquor is illegal and can attract legal proceedings, including fines and arrests, the officials warned.
Such occasional licences to serve liquor at parties are available in two categories. One is for individuals where the size of the gathering is small, such as house parties, and is issued against a fee of INR 4,000. The other licence comes for INR 11,000 and allows serving alcohol to larger crowds attending events at community halls, restaurants and banquets among others, Srivastava said.
However, a licence would not be issued if liquor to be served is from outside Uttar Pradesh, including that procured from neighbouring Haryana or Delhi, the officer said.
“Both these occasional licences are valid for one day. Applicants can apply for them on the website — upexciseportal.in — under the category of useful public services,” the DEO said.
Spanish fashion giant Mango has announced ambitious plans to establish 500 new stores by 2026, strategically targeting key markets like the United States, Canada, France, Italy, the United Kingdom, and India. The family-owned retailer, positioned as a local competitor to Zara‘s parent company, Inditex, anticipates achieving record sales this year, projecting a growth of at least 12% compared to 2022, reaching over 3 billion euros.
Mango’s entry into previously unexplored territories, including the U.S. states of Texas, Georgia, and California, is anticipated to bring a substantial uplift, signifying a crucial milestone in its comeback to the American market.
As part of Mango’s comprehensive three-year strategic plan, slated to be unveiled in March, the company aims to strengthen its presence in the United States. Notably, Mango has the objective of doubling its footprint by increasing the number of stores to 40 within the next year. In 2023 alone, the company has successfully launched 130 new stores and renovated an additional 80, solidifying its footprint with approximately 2,700 outlets across 115 markets globally.
As Mango charts its course on this path of expansion, the company aims to strengthen its corporate governance by appointing four independent members to its board of directors. Notably, Marc Puig, the esteemed chairman of the Spanish cosmetics conglomerate Puig, known for overseeing iconic brands such as Carolina Herrera, Paco Rabane, and Charlotte Tilbury, is among the appointees. While Puig is not acquiring a stake in Mango, his addition brings a valuable dimension to the board.
The expansion initiative is in sync with Mango’s reentry into the United States, following two previous unsuccessful attempts, underscoring its dedication to establishing a strong presence in key global markets. In an effort to bolster its leadership, Mango will increase the size of its board to nine members starting in March. Accomplished professionals, including Jordi Canals from IESE Business School, Jorge Lucaya from AZ Capital, and Jordi Constans, a director with a diverse portfolio of national and international companies, will join the board.
Furthermore, Mango revealed that its Chief Executive, Toni Ruiz, has taken a significant stake in the company, acquiring a 5% ownership interest. These strategic maneuvers emphasize Mango’s commitment not only to attaining unprecedented sales figures but also to enhancing its corporate governance, cultivating a path of sustained success in the dynamic realm of global fashion retail.
From a rise in rural demand to increased volumes and favourable commodity prices, the FMCG industry in the country is optimistic about various factors contributing to a double-digit growth led by volume in the upcoming year, following a challenging 2023.
Less robust festive demand, a shortfall in rainfall affecting rural growth, untimely rains impacting beverage sales, and elevated commodity prices have collectively brewed a challenging market scenario this year, despite the increasing visibility of “green shoots” of recovery.
The industry, with significant growth potential, particularly in an emerging market like India, foresees 2024 as a “promising year.” Favorable input prices are expected to benefit both the Home and Personal Care (HPC) and specific food business segments.
“We expect the demand situation to improve as we enter the next financial year. We expect FMCG players to increase the pace of innovation and premiumisation and also focus on significant investment behind expanding the quality of rural distribution,” Marico MD and CEO Saugata Gupta said.
FMCG companies are anticipating an expansion of their profit margins due to a decrease in commodity inflation. This is expected to lead to increased spending on branding, the revival of promotional schemes for consumers, and a higher dividend payout to shareholders, as suggested by analysts.
Many FMCG firms pass on the advantages of reduced key commodity prices to consumers through price reductions or by increasing product quantities. Anticipating swifter growth, especially in premium and larger pack sizes, is attributed to a more robust urban market and the influence of modern trade channels.
Furthermore, industry analysts anticipate a double-digit expansion for the sector, driven by increased volumes, market share gains, and a rise in rural penetration. The resurgence of popular price packs, which gained prominence during times of high inflation, is contributing to this growth.
The Nines, an innovative dining destination situated in the bustling heart of Juhu, unveils its enchantment across a spacious 14,000 sq. ft. Embracing contemporary sophistication and allure, this culinary masterpiece transforms the dining encounter, beckoning you into a domain where the allure of the number 9 commands attention, transforming every moment into a symphony of marvel.
At the helm of The Nines, Suved Lohia, the Managing Partner in collaboration with Brilliant Hospitality, brings a wealth of expertise and passion to the culinary landscape. He states, “I am thrilled to unveil a culinary haven where passion meets innovation. The Nines isn’t just a restaurant; it’s a symphony of flavors, a celebration of global influences, and a contemporary masterpiece. We invite you to embark on a journey where each dish tells a story, and every moment is infused with the magic of the number 9. It’s more than dining; it’s an experience crafted with love, and we can’t wait to share this culinary adventure with you.”
Spanning 14,000 sq. ft., The Nines seamlessly combines the finesse of modern European bistro with a contemporary flair. The art deco interiors not only display a fusion of meticulously crafted design but also entice you to explore distinctive areas – the lively Green Room, where nature’s beauty takes center stage; the ethereal Skylight Bar, bathed in natural sunlight and moonlight for an elevated unwinding experience; the commodious Private Dining Room (PDR) with multiple entry points and a scenic balcony, encouraging leisurely interactions; and the majestic Dome, radiating grandeur with an expansive bar, DJ console, and VIP area.
High Liner Foods has appointed Paul Jewer as the company’s President & CEO, effective immediately.
Having assumed the role of interim Chief Executive in September 2023, Jewer will now officially hold the position of President and CEO of the company on a full-time basis.
In August, High Liner Foods announced that its now former Chief Executive, Rod Hepponstall, would step down as President and CEO “effective on or before” 2 January 2024.
Before undertaking his current role, Jewer held the position of Chief Financial Officer at High Liner Foods from February 2014.
Robert Pace, High Liner Foods’ chair of the board of directors, said, “We believe that Paul is the right candidate to lead the company as the organisation embarks on its next exciting chapter”.
“Over nearly ten years as CFO, Paul has had a significant impact on the organisation, and more recently he has demonstrated the strength of his steady leadership as interim CEO. The board and I have full confidence in Paul and the management team as they lead our ambitious growth agenda.”
Jewer added, “I am incredibly honoured by today’s appointment and appreciate the confidence that the board of directors has placed in me. We have some exciting work ahead of us, and I know that we have the right strategy and people in place to build upon the solid foundation that has been built for nearly 125 years.”
“I look forward to continuing to work with the High Liner team as we deliver on our purpose, Reimaging Seafood to Nourish Life, creating value for all of our stakeholders.”
The company will “immediately commence” a search for a replacement for Jewer in the role of CFO.
Nike is starting to witness a decline in market share, as noted by analysts on Friday. The sportswear giant is facing competition from emerging sneaker brands such as On and Hoka. Following a downward revision in its annual sales forecast, Nike experienced an 11% drop in its stock value. To counter this trend, analysts recommend that Nike invest in revitalizing its styles and introducing more innovative designs.
Attributing the subdued forecast to prudent consumer spending, the primary manufacturer of the Air Jordan 1 shoe announced on Thursday a $2 billion cost-saving initiative. This signals a strategic shift towards prioritizing profitability over mere sales growth.
European competitors Adidas and Puma both saw declines of 5% and 7%, respectively, in their closing stock prices. Simultaneously, shares of Lululemon and Under Armour experienced drops of around 1% and 4%.
“Nike needs increased and improved marketing investments while HOKA, On and Lululemon are scaling further with increased customer acquisition and retention,” TD Cowen analysts said after downgrading the stock to “market perform” from “outperform”.
Additionally, Nike announced that it anticipates incurring employee severance costs ranging from $400 million to $450 million in the ongoing quarter. However, the company did not provide details on the exact number of jobs that would be affected.
With 83,700 employees as of the end of May this year, the company did not promptly respond to an inquiry regarding comments on the impending job cuts. It’s worth noting that in 2022, Nike had a workforce of 79,100 employees.
The company unveiled plans to simplify its product assortment, increase automation, and scale product innovation in the women’s and Jordan categories, as well as on products priced below $100, particularly in the running category.
“I think it makes sense for them to focus on fewer number of products that can resonate stronger with consumers. And doing so will help them not only manage their inventory, but also their profitability,” Raymond James analyst Rick Patel said.
A minimum of six brokerages reduced their price target on Nike, and two downgraded the stock.
“While we think this (cost-saving plan) is a positive shift, it will take time to scale newness and innovation, and a soft macro will further pressure results in the meantime,” Piper Sandler’s Abbie Zvejnieks said. The brokerage cut its price target to $107 from $112.
Trading at $109.35, Nike shares, which have experienced a roughly 5% increase this year, carry a forward price-to-earnings ratio for the next 12 months of 30.01. In comparison, Adidas has a ratio of 44.48, a common benchmark for valuing stocks.
The confederation of alcohol beverage producers in India on Saturday said they welcomed the Gujarat government’s decision to allow liquor sale in GIFT City.
The Confederation of Indian Alcohol Beverage Companies described the decision as “progressive,” stating that it would significantly enhance the state’s economy and attract global companies.
On Friday, the Gujarat government allowed the sale and consumption of alcohol in some form in the Gujarat International Finance Tec-City (GIFT City) area.
A Liquor Access Permit will be given to all the employees or owners working in GIFT City through which they will be able to consume liquor in hotels/restaurants/clubs offering “Wine and Dine”, the official order of the state government said.
“The true significance of this step lies in the underlying acknowledgement that alcohol is an essential part of relaxation and social bonding in the modem world. This move sends a strong signal to the world that the GIFT City is a modern liberal place, ready to do business like other major global centres,” said Vinod Giri, Director General of the confederation.
“It will not only give a major boost to the hospitality sector within the GIFT City but also attract major companies and quality workforce from across the globe. We will see a major boost to business and job opportunities post this move. It will give a fillip to the liquor industry as well as help the government to earn tax revenues. This move will go a long way in further boosting the state’s economy,” Giri added.
Talking about Bihar, which is a dry state, Giri said the stringent prohibition of alcohol consumption destroyed industry and enterprise in Bihar.
“We just hope that the Bihar government takes cues from Manipur and now Gujarat to start dismantling prohibition. Constricting measures like prohibition has no place in a modern, self-aware, liberal world,” Giri noted.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
