Bisleri, the leading mineral water brand in India, has appointed Deepika Padukone as its first-ever global brand ambassador to star in the new campaign, Bisleri #DrinkItUp.
Jayanti Chauhan, Vice-Chairperson, Bisleri International Pvt. Ltd, said, “Bisleri is synonymous with hydration. Our new campaign Bisleri #DrinkItUp is embracing the fun and excitement of visualising hydration in an iconic style with Deepika Padukone for the first time ever. We are thrilled to have her as our first global brand ambassador as her work and values align with our brand philosophy. With her, we are able to show our brand evolving with modern times. We are confident that everyone will love this campaign and enjoy hydrating with Bisleri.”
Tushar Malhotra, Head of Marketing, Bisleri International Pvt. Ltd, adds, “The Bisleri #DrinkItUp campaign is a significant step to contemporise the brand, increase brand love and have exciting conversations with our consumers.”
The #DrinkItUp campaign from Bisleri was filmed by Nirvana Films and directed by the accomplished filmmaker Prakash Verma. Wavemaker and GroupM ESP were responsible for managing Bisleri’s collaboration with Padukone.
The comprehensive campaign will be showcased across a range of channels, encompassing television, digital platforms, Out-of-Home media, delivery vehicles, influencer interactions, OTT platforms, and more. Additionally, Padukone’s presence will extend to all Bisleri product packaging. The aim, as stated in a release, is to provide consumers with a rich and engaging experience through these diverse touchpoints.
Cult.sport, the sports-centric direct-to-consumer (D2C) brand, has recently inaugurated its flagship store in Bengaluru, according to an announcement by a company representative on social media. Situated in Indiranagar, this marks the second brick-and-mortar store for Cult.sport in the country.
“We at Cult.sport, from Curefit – house of Cult, are proud to launch our flagship store at Indiranagar, Bengaluru which elevates the customer experience with a unique offering for the everyday athletes in the maidan called India,” said Saket Singh, retail lead of Cult.sport in a LinkedIn post while sharing images of the new store.
A month ago, Cult.sport entered offline retail with the opening of its first physical store in HSR Layout, Bengaluru.
Established in 2016 as an online venture by Mukesh Bansal and Ankit Nagori, Cult.sport specializes in creating activewear apparel, sports shoes, cycles, fitness equipment, and sporting goods. Cult.sport’s parent company, Cult.fit (formerly known as Cure.fit), provides integrated digital and offline experiences in the realms of fitness, nutrition, and mental well-being through a unified app-based platform.
Cult.fit opened its first center in South Bengaluru and has since expanded its presence to over 130 locations across Bengaluru, Delhi, Mumbai, and Hyderabad, according to the company’s website.
The initial public offering (IPO) of Credo Brands Marketing, the proprietor of the denim brand Mufti, garnered a subscription rate of 6.94 times on the second day of the offer on Wednesday.
According to NSE data, the Initial Public Offering (IPO) of INR 549.77 crore received bids for 9,53,22,779 shares, surpassing the 1,37,44,472 shares available for subscription.
The non-institutional investors’ category saw a subscription rate of 11.47 times, whereas the Retail Individual Investors (RIIs) segment garnered a subscription of 8.76 times. The portion allocated for Qualified Institutional Buyers (QIBs) received a 35% subscription.
The Initial Public Offering (IPO) consists of 1,96,34,960 equity shares with a price range set at INR 266-280 per share.
Credo Brands’ public issue is an Offer For Sale (OFS) of up to 1.96 crore shares by promoters and other existing shareholders.
The company has collected INR 165 crore from anchor investors.
Credo Brands Marketing is among the leading homegrown brands in the mid-premium and premium casual men’s wear market in the country.
As of September 2023, the company had 1,807 touch points across the country, including 404 exclusive brand outlets, 71 large format stores, and 1,332 multi-brand outlets.
DAM Capital Advisors, ICICI Securities and Keynote Financial Services are the managers to the offer.
The equity shares of the company are proposed to be listed on BSE and NSE.
The demand for second-hand luxury goods is on the rise in India, showcasing the increasing ambitions of young buyers and consumers in tier-II and tier-III markets. This trend is driving growth in a previously unexplored market segment.
Despite indications of a slowdown in the worldwide luxury goods market, Luxepolis in India, boasting an online user base of 3.5 million, achieved over 80% sales growth this year.
“We are planning to expand our retail footprint in 2024 with a couple of stores planned for Delhi-NCR and Bengaluru. Pre-owned luxury has definitely hit the mainstream market in India with many consumers buying pre-owned luxury goods and many smaller players launching me-too pre-owned luxury businesses,” said Vijay KG, founder of Luxepolis, an online marketplace for certified pre-owned and discounted new luxury goods.
“As per our research, there are about seven new pre-owned businesses launched this year,” he said.
According to Anvita Mehra, CEO of Confidential Couture, 2023 marked the most successful year for the company since its establishment nine and a half years ago, experiencing a 60% year-on-year growth in sales.
This year, Confidential Couture opened its first experience center in Delhi and has plans to launch similar centers in other markets.
“The entire industry has been on an upward swing. The best performing category is handbags for us, followed by watches, and other accessories such as scarves and wallets. This whole combination of e-commerce backed by experience stores should be the future for anybody in this space. We are not a Nykaa. Our price points are very different and can go up to ₹16 lakh for a very high-end bag,” she added. Mehra sells products of brands such as Hermes, Chanel, Louis Vuitton, Fendi and Prada.
Arjun Singh Hira, the founder of chronoseconds.com, a seller of pre-owned luxury watches, stated that the market is expanding, and sales have increased. As an example, his company successfully sold a vibrant Grand Seiko rose gold watch for INR 15 lakh to a buyer in Lucknow.
“The interesting thing about pre-owned watches is they don’t devalue. Cars devalue. If you buy a pre-owned watch, depending on the watch it will correct to a market price and then it will keep rising. That’s why people talk about watches being an investment,” he said.
“The popular brands are Rolex, Omega, Cartier, IWC and Panerai. In our portfolio, the most expensive watch costs about INR 35 lakh, while the cheapest could be for INR one lakh,” he added.
Chitra Goenka, the founder and CEO of LabelCentric, expressed that this has been the most successful year for her company.
“The awareness is so much. Brands such as Balenciaga, YSL, Valentino are coming into India through official retail channels, which will make the market even bigger. Our discounts can vary from 20% for a relatively new item to up to 90% when it comes to shoes and clothing. We recently set up a permanent space at Nariman Point for customers to see the stock,” she said.
“We have also started a private members-only group called LC Sourced through which we can source new products of brands that are not available in India through luxury shoppers in Europe,” she added.
Arvind Fashions, a retailer of renowned brands such as Arrow, Tommy Hilfiger, and Calvin Klein, aims to become a zero-debt company within the next two years. This goal is based on the foundation of improved cash flow and a dedicated focus on franchise-based expansion, according to Vice Chairman Kulin Lalbhai.
The Bengaluru-headquartered firm has undertaken a strategic consolidation of its brand portfolio, reducing it from over 20 fashion brands to just five. Presently, the company bears a debt burden of around INR 300 crore. In a recent dialogue with analysts, the management revealed that the net debt for the company at the close of the September quarter stood at INR 476 crore.
“We embarked on a full-blown strategy 2-3 years back to create large iconic brands where we will get operational efficiencies and profitability by scaling them up,” said Lalbhai. “After the portfolio restructuring, the business is generating high return on capital employed, highly profitable and generating strong cash flow. If we achieve our business plan, the company will be debt free in two years.”
Shailesh Chaturvedi, the Managing Director and Chief Executive Officer, stated that the company intends to enlarge the footprint of its stores for each brand by 25%. This expansion aims to encompass a broader range of products for each brand, including footwear, kids’ wear, and innerwear. Additionally, the company plans to test a novel large retail format that consolidates all its brands under one roof.
Arvind Fashions retails clothing and accessories from brands such as Arrow, Tommy Hilfiger, U.S. Polo Assn., Calvin Klein, and Flying Machine. Its products are available through multi-brand apparel stores and over 1,000 exclusive brand outlets. Notably, U.S. Polo Assn. stands as the largest brand, boasting annual sales exceeding INR 2,000 crore. Arrow and Tommy Hilfiger each contribute INR 1,000 crore to the business, while Calvin Klein and Flying Machine generate INR 500 crore each in sales.
Chaturvedi stated that the company seeks to achieve an annual sales growth of 12-15% and enhance EBITDA by 100 basis points each fiscal year. It’s worth noting that a basis point represents 0.01 percentage points.
The company is testing a novel format in Bengaluru, featuring a store spanning 3,000-4,000 sq ft where all five brands are available under a single roof.
“That apart, we intend to open 150-200 exclusive brand stores every year with almost 90% of them through the franchisee route to make it an asset light model,” said Chaturvedi. “However, we will control the operations very tightly.”
Last month, Arvind Fashions completed the sale of its wholly owned subsidiary, Arvind Beauty Brand Retail, to Reliance Retail for an enterprise value of INR 216 crore. This subsidiary oversees the 26-store-strong Sephora India business. The company had announced its plan to utilize the proceeds for the expansion of its five-brand portfolio and the repayment of debts.
“Due to efficiencies, EBITDA grows much faster than revenue and net profit too will grow faster,” said Lalbhai. “We are also looking at adjacencies like footwear, kids-wear and inner-wear as a big segment. Adjacencies currently account for 12-15% of overall business but it can become 25% soon.”
Last fiscal, the company experienced a remarkable 45% year-on-year increase in revenue, reaching INR 4,421 crore, alongside a net profit of INR 88 crore. This marked a significant turnaround from the net loss of INR 104 crore posted in FY22.
Asics, the Japanese sports performance brand, revealed its intentions to expand in India by introducing 50 new stores by 2025, as stated in a press release on Wednesday. Furthermore, the brand is set to open its first mono-brand store in 2026, offering Indian consumers access to an expanded global product portfolio.
Wrapping up the year 2023, the brand marks the occasion with the inauguration of its 100th store in India. Boasting an extensive network of more than 950 sales touchpoints across the country, Asics achieved a commendable year-on-year growth of approximately 25%. The brand has outlined plans to sustain this growth momentum into the upcoming year.
“India is a crucial market for us and with the changing consumer landscape we see a huge potential with new and emerging demand for sports across different regions in India,” said Yasuhito Hirota, chief executive officer of Asics Corporation.
“Keeping abreast of the growing demand, we are delighted to open our 100th outlet in the city of Ahmedabad and continue on our path to more strategic developments to support our vision for the coming times,” Hirota added.
The expansion in India aligns with Asics India’s strategic vision for the upcoming years. It coincides with the footwear major’s initiative to rejuvenate its business and explore new opportunities by venturing into untapped territories and expanding its sales network.
While the brand generates a substantial portion of its sales through digital channels, retail stores are contributing approximately 60% to the overall business.
“We are excited to witness a steady growth trajectory in India for Asics, as we conclude 2023 with our 100th store opening in India, thereby expanding our portfolio further with innovative product lines which will continue to cater to the existing brand loyalists and tap into a more discerning customer base,” said Rajat Khurana, managing director, Asics India and South Asia.
“We aim to penetrate into deep Bharat with more stores in tier 2 and 3 markets over the next few years, add more running clubs and partnerships with marathon events in our existing markets and lead the running and fitness industry in India – all of which will take us closer to fulfilling our commitment to build a stronger sporting culture in India,” added Khurana.
Established in 1949 by Kihachiro Onitsuka, Asics has evolved into a designer and manufacturer specializing in running shoes, athletic footwear, and sports-inspired apparel and accessories. The company made its foray into the Indian market in 2010 through a five-year partnership with Reliance Retail, later transitioning to independent operations in 2015.
“Unless you don’t do stock replenishment at quick commerce in real time, you are missing out on opportunities. We are working on forecasting demand based on sales trends, even if quick commerce platforms are doing their own forecasting to ensure we can turn around stocks within hours at the dark stores,” said Mayank Shah, senior category head at biscuit and confectionery maker Parle Products.
Quick-commerce platforms, which ensure delivery to consumers within 10-20 minutes, account for 30-50% of the total e-commerce sales for FMCG companies. These companies are attracted to the commitment of swift delivery. For them, e-commerce has evolved into a significant sales channel, experiencing a twofold increase in size over the last two years and currently standing at 5-10%.
“Our quick commerce partners are prioritised for stock allocation to ensure better fill rates. Smaller load sizes have been actioned to cater to higher frequency of shipments,” said Sandeep Sule, divisional chief executive, trade marketing and distribution at ITC, which makes Sunfeast biscuits, Master Chef frozen snacks and Fiama soaps.
“We are evaluating real-time data exchange through electronic data interchange, for which, integration has been done with all the major quick commerce accounts for faster and digitised data exchange,” Sule said.
He mentioned that during peak-demand periods like the IPL cricket league, Cricket World Cup, and Diwali, ITC collaborates with online platforms to synchronize their purchases with the surge in demand.
A representative from Nestle India mentioned that quick commerce accounts for almost half of the company’s total e-commerce operations. The manufacturer of Maggi noodles and KitKat chocolates is collaborating with quick commerce partners to monitor inventory at distribution points. This enables the company to proactively manage stock and ensure product availability for consumers. Additionally, the spokesperson highlighted that Nestle is directly supplying products to distribution points in newly established towns.
Executives noted that quick commerce initially gained traction during the pandemic, as state lockdowns compelled consumers to shift their focus to online platforms for daily essentials. This trend has persisted, with consumers increasingly attracted to the convenience of rapid delivery, extending beyond impulse buys to include bulk purchases.
Ritesh Arora, CEO, India business and Far East at LT Foods, said, “With our quick-commerce contribution having increased rapidly, we are using technology to predict demand and avoid inventory stocking delays.”
The prohibition imposed by India on onion exports has led to a surge in vegetable prices for Asian purchasers, prompting them to seek more affordable alternatives. The restrictions are expected to persist until the general elections next year, making it unlikely for New Delhi to lift the ban in the near term.
On December 8, the largest global exporter of onions implemented a ban on shipments as domestic prices surged by over two-fold in a span of three months, driven by a decline in production.
Presently, retail consumers from Kathmandu to Colombo are grappling with elevated prices. This is because conventional Asian buyers, including Bangladesh, Malaysia, Nepal, and even the United Arab Emirates, depend on imports from India to fill domestic supply gaps.
“Onions are needed for almost everything we cook,” said Mousumi Akhtar, who works in the private sector in Dhaka, the capital of Bangladesh. “This sudden price hike is tough to swallow. I’ve had to cut back on how much I buy.”
Asian consumers have developed a significant reliance on Indian onion supplies to enhance the flavors of their favorite dishes, ranging from Malaysia’s belacan shrimp paste and Bangladeshi biryani to Nepal’s chicken chillies and Sri Lankan fish curry.
According to traders’ estimates, India contributes to over half of all onion imports by Asian nations. The shorter shipment times compared to rival exporters like China or Egypt play a crucial role in maintaining the freshness and flavor of this perishable commodity.
In the fiscal year ending on March 31, India achieved a record onion export of 2.5 million metric tons, with its largest buyer of the vegetable being neighboring Bangladesh, which received 671,125 tons.
To address the scarcity, Bangladesh is attempting to secure additional supplies from China, Egypt, and Turkey, as stated by Tapan Kanti Ghosh, an official from the commerce ministry.
With general elections looming next month in Bangladesh, the government has initiated the sale of onions at subsidized prices to support the less affluent, aiming to mitigate a price surge of over 50% following India’s export ban.
The situation is even more dire in landlocked Nepal, where the majority of onions are imported.
“Since the ban by India, we have monitored the supply situation at different places. There are no onions on sale,” said Tirtharaj Chiluwal, an official of the Himalayan nation’s commerce ministry.
Nepal is contemplating imports from China and is considering requesting India to make an exception and permit onion exports, according to Gajendra Kumar Thakur, a spokesperson for the ministry.
Countries relying on imports now face pricier supplies from China, Iran, Pakistan, and Turkey, all of which have increased prices due to India being absent from the market, as stated by Ajit Shah, an Indian exporter.
If India’s ban persists for an extended period, all supplies would be depleted, noted an exporter located in Mumbai, the financial capital.
Just a week following the ban, onions in India experienced a 20% price reduction as the new season’s crop supplies entered the market, according to traders.
At present, with domestic supplies surpassing the demand within the country, Shah, the exporter, suggested that India should permit exports to uphold its position in the global market.
However, the restrictions are not expected to be lifted before the general elections next year, as Prime Minister Narendra Modi’s government prioritizes controlling food prices, according to the exporter based in Mumbai.
Exports of rice, sugar, and wheat from New Delhi have also been curtailed.
Following India’s export ban, onion prices in Sri Lanka have nearly doubled, adding pressure to a country that is slowly recovering from its most severe financial crisis in nearly seven decades.
Malaysia, along with other importers, is actively seeking to procure supplies from China and Pakistan, according to Seri Mohamad Sabu, the Minister of Agriculture.
RBZ Jewellers witnessed robust demand for its initial public offering (IPO) on the final day of bidding, December 21. The subscription rate stood at an impressive 8.4 times, as investors submitted bids for 6.6 crore shares against the company’s offering size of 79 lakh shares.
Retail investors oversubscribed their allocated quota by a factor of 15.2, while high net-worth individuals opted for a 4.3 times oversubscription. In contrast, qualified institutional buyers secured only a modest 5 percent of the shares reserved for them.
The public offer of INR 100 crore, closing today, consists solely of fresh share issuances, without any offer-for-sale component. The price range for the issue was set at INR 95-100 per share, and the lot size is a minimum of 150 equity shares, with multiples thereafter in increments of 150.
In the public issue, qualified institutional buyers are allocated a reservation of 14 percent, while retail investors enjoy a 35 percent reservation. The remaining 30 percent is set aside for high net worth individuals (non-institutional investors).
The fresh proceeds, totaling INR 80.75 crore, are earmarked primarily for addressing working capital requirements. Additionally, up to 25 percent of the gross proceeds will be set aside for general corporate purposes.
RBZ achieved a remarkable 55 percent year-on-year surge in net profit, reaching INR 22.33 crore for the fiscal year ending in March FY23. The revenue from operations in FY23 amounted to INR 288 crore, marking a robust 14.2 percent growth compared to the preceding year. Concurrently, the EBITDA (earnings before interest, tax, depreciation, and amortization) exhibited a significant uptick, soaring by 41 percent to INR 37.8 crore. The margin expansion during this period was noteworthy, registering an increase of 249 basis points to reach 13.11 percent.
Established in April 2008, RBZ Jewellers Limited specializes in crafting antique designs and is renowned as a prominent manufacturer of gold jewellery.
Mumbai Duty-Free has announced the debut of its White Glove Services, designed exclusively for High Net Worth Individuals (HNIs). This specialized offering ensures dedicated assistance for HNI customers, allowing them to explore a premium selection of products encompassing high-end fashion, watches, confectionery, luggage, perfume, cigars, and alcohol.
The focus of the services will be on a dedicated counter aimed at improving convenience, eliminating the necessity of enduring lengthy queues, and facilitating easy payments to ensure a smooth shopping experience.
Avishek Das, CEO of Mumbai Duty-Free, stated that the company has developed ‘unparalleled’ and ‘seamless’ White Glove Services.
“We invite all the international travelers to experience a realm where every purchase is an exquisite moment with a dedicated shopping assistant, express checkout and exclusive limited edition products,” he added.
This premium experience was introduced through a strategic partnership with the Beam Suntory brand, augmenting an already extensive collection of bespoke alcohol and liquor.
Alasdair Dickinson, Sales Director for Emerging Markets at Beam Suntory, expressed that the brand’s proficiency in crafting luxury and premium spirits aligns seamlessly with Mumbai Duty Free’s dedication to delivering an ‘immersive’ and ‘innovative’ customer journey.
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