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Beauty brand Plum’s FY23 revenue soars 71%, reaching INR 322 Crore

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Plum

Pureplay Skin Sciences Ltd, the maker of beauty products under the brand name Plum, reported a significant 71.3% year-on-year growth in its total revenue for the 2022-23 fiscal year, amounting to INR 322.3 crore. Despite this positive revenue trend, the company also reported a widening net loss at a comparable rate.

In the financial year 2022-23, the net loss rose by 66% to INR 52.9 crore, compared to INR 31.8 crore in the previous year.

The Mumbai-headquartered company registered a total revenue of INR 188.1 crore for the fiscal year 2021-22, primarily driven by product sales on its platform. Demonstrating a substantial growth, its operating revenue surged by 67.8% year-on-year, reaching INR 309 crore.

The expenses for the fiscal year 2022-23 totaled INR 375.5 crore, marking an increase from INR 218.7 crore in the previous year.

Advertising and promotional activities constituted 42.7% of the overall expenses, totaling INR 160.5 crore. Additionally, noteworthy expenditures encompassed employee benefits at INR 31.2 crore, information technology expenses at INR 20.8 crore, and transportation costs amounting to INR 13.0 crore.

The company’s revenue growth aligns with a comparable pattern observed in direct-to-consumer beauty and personal care enterprises. For example, Sugar Cosmetics, an omnichannel beauty company, experienced a remarkable 90% increase in revenue, reaching INR 428.4 crore in the fiscal year 2022-23. Pilgrim, a beauty and personal care company, saw a more than fourfold surge in operating revenue to INR 76.46 crore. Platforms dedicated to selling such products also thrived, as evidenced by Purplle, an online beauty products retailer, which reported a substantial 116% rise in revenue from operations, reaching INR 475 crore in 2022-23.

The industry is capitalizing on a surge in the adoption and demand for beauty and personal care products throughout the nation. As per a collaborative study conducted by Redseer Strategy Consultants and Peak XV Partners, the beauty and personal care market in India is anticipated to achieve a compound annual growth rate of 10% from 2022 to 2027, outpacing global markets and reaching a valuation of $30 billion.

This year, the industry experienced notable funding events, with Pilgrim securing $20 million in a funding round led by Vertex Ventures Southeast Asia and India. Additionally, Purplle successfully concluded a funding round of $40-50 million, comprising both primary and secondary transactions, maintaining a consistent valuation of $1.1 billion, with participation from entities such as Abu Dhabi Investment Authority.

The strong also come at a time when Honasa Consumer Ltd, the parent company of the personal care brand MamaEarth, listed following an initial public offering on October 31. The firm reported a 93% growth in its net profit to INR 29.4 crore for the quarter ended September, on operating revenue of INR 496 crore.

Continue Exploring: Mamaearth IPO Set for October 31, Price Band at INR 308-324/Share

Plum secured its latest funding of $35 million in a round led by A91 Partners, with ongoing support from existing investors Unilever Ventures and Faering Capital. Established in 2013 by Shankar Prasad, the company specializes in offering vegan, toxin-free beauty products spanning skincare, haircare, personal care, and makeup.

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Walmart invests $600 Million in Flipkart as e-commerce giant gears up for $1 Billion funding round

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Flipkart
Flipkart

Flipkart, a prominent e-commerce platform supported by Walmart, is reportedly in the process of raising a new funding round of $1 billion, with a substantial commitment of $600 million from the US retail giant.

According to sources cited by ET, the anticipated new funding is expected to value Flipkart at a premium of approximately 5-10% over its last valuation of $33 billion.

The report indicates that in addition to Walmart and current stakeholders, new investors are set to participate in the funding round of the Bengaluru-based e-commerce major.

While Flipkart confirmed Walmart’s investment of $600 million in the company, it emphasized that the remaining details are speculative. Walmart also officially disclosed its new investment in a regulatory filing.

In 2018, Walmart acquired a 77% stake in Flipkart for $16 billion, establishing the company’s valuation at $22 billion. Following the separation of PhonePe from the group last year, Flipkart’s valuation reached $33 billion.

During the six months concluding on July 31, 2023, Walmart invested $3.5 billion to acquire shares of Flipkart from non-controlling stakeholders, including Tiger Global and Accel.

Flipkart significantly contributes to the quarterly earnings performance of the US-based ecommerce giant. According to Walmart’s Q3 2023 earnings statement, its operations in India were affected by the delayed arrival of the festive season and the shift of Flipkart Big Billion Days sales from Q3 last year to Q4 this year.

Continue Exploring: Walmart’s Q3 performance takes a hit as Flipkart’s Big Billion Day sale shifts to Q4

“The timing of Flipkart’s Big Billion Days pressured International sales growth, as the event moved from Q3 last year to Q4 last year. So we expect the timing to be a benefit to Q4’s growth rate for the segment,” Walmart had said.

Meanwhile, Flipkart continues to experience financial losses. In FY23, Flipkart India, the B2B arm of the company, witnessed a standalone net loss widening by over 42% year-on-year, reaching INR 4,845.7 crore. Despite this, its operating revenue saw a 9.7% increase, reaching INR 55,923.9 crore.

In the fiscal year 2022, Flipkart Internet, the marketplace division of the e-commerce giant, also recorded an increase in losses.

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Zomato refutes $2 Billion acquisition offer for Shiprocket, asserts focus on existing business amidst market speculation

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Zomato
Zomato

Zomato, a major player in the foodtech industry, has dismissed reports suggesting a $2 billion acquisition offer for the logistics startup Shiprocket.

Continue Exploring: Foodtech giant Zomato makes strategic bid for Shiprocket, valuing logistics unicorn at $2 Billion

In a stock exchange filing, the company issued a “caution” to investors regarding inaccurate reports circulating in the market about potential acquisitions. The statement clarified that the company currently has no intentions of pursuing any acquisitions.

“We have noticed that there are certain news articles circulating in the mainstream media with the subject “Zomato offers to acquire Shiprocket for $2 billion”. We deny this statement and would like to caution investors against such incorrect news floating in the market. We remain focused on our existing businesses with no plans for any acquisition at this moment,” said Zomato in a filing with the BSE.

The company provided the clarification as a measure of “abundant caution,” expressing concern about the potential uncertainty that the reports could generate in the market.

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South Korea hits all-time high in seaweed exports, breaking export records

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Seaweed

This year, South Korea achieved its highest-ever performance in seaweed (Gim) exports, reaching 1 trillion won ($770 million), as announced by the Ministry of Oceans and Fisheries on Wednesday. This marks a historic milestone as the most successful single seafood export to date.

Since 2019, Gim has maintained its leading position in seafood exports. Over the last decade, Gim’s exports have experienced an average annual growth of 8%. The export destinations have significantly expanded from 64 countries in 2010 to 124 countries this year. The primary forms of export include seasoned (67%) and dried (33%) varieties.

The global market size for Gim was $918 million as of last year, with South Korea leading with a 70.6% market share. The top five countries importing South Korean Gim are the US, Japan, China, Thailand, and Russia. As of last year, these countries accounted for 61.4% of Gim exports.

“By actively pursuing brand marketing and new product development, we will solidify (South) Korea’s leading position in the global Gim market,” the Minister of Oceans and Fisheries Cho Seung-Hwan mentioned.

The South Korean government aims to reach $1 billion (1.3 trillion won) in seaweed exports by the year 2027.

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From Pink Velvet Macchiato to Frosty Red Velvet Donut: Dunkin’ unveils exciting winter menu

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Dunkin

Dunkin’, the US-based coffee and doughnut brand, is gearing up to launch a new winter menu featuring festive treats in the United States.

The upcoming winter menu comprises offerings such as the Pancake Wake-Up Wrap, White Hazelnut Bark Coffee, the Frosty Red Velvet Donut, and Pink Velvet Macchiato.

The Pink Velvet Macchiato, a fusion of espresso with red velvet cake flavor and subtle cream cheese frosting undertones, is set to make a comeback at all Dunkin’ outlets nationwide, available in both hot and iced variations until the end of February 2024. This beverage made its initial debut in January 2020.

In addition to the Pink Velvet Macchiato, Dunkin’ will introduce the Frosty Red Velvet Specialty Donut, featuring a foundation of red velvet cake, topped with vanilla-flavored icing, and adorned with cream cheese-flavored sprinkles.

The winter menu will introduce the Pancake Wake-Up Wrap, featuring a light and fluffy pancake enveloping bacon or sausage, egg, and melted cheese. It is accompanied by a side of maple syrup for dipping.

The return of the Sweet Black Pepper Seasoned Bacon includes its availability in both the Sweet Black Pepper Seasoned Bacon Sandwich and Snackin’ Bacon versions.

Dunkin’ is set to release the White Hazelnut Bark Coffee, a beverage blending the rich flavors of toasted hazelnut and creamy white chocolate. This delectable option will be offered in both hot and iced variations.

Dunkin’ asserts that these festive additions provide customers with a cozy winter experience.

Moreover, participants in the Dunkin’ Rewards program will have access to new promotions in 2024.

These offerings encompass a $2 Medium Hot or Iced Coffee, limited to one per member per day; triple points for Boosted status members ordering via the app on Wednesdays; and a bonus of 100 points for all members placing app orders on Mondays.

In August 2023, Dunkin’ relaunched its pumpkin line-up in the US market, re-introducing Pumpkin Spice Signature Latte, Nutty Pumpkin Coffee and the pumpkin bakery range.

Part of the Inspire Brands company, Dunkin’ currently operates more than 13,200 restaurants in 40 global markets.

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Salad Station aims for exponential growth: Plans to triple U.S. store footprint by 2026 through franchise expansion

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Salad Station

Salad Station, a U.S.-based quick-service salad restaurant chain, is set to triple its store network in the country by 2026 through a franchise model.

The Quick-Service Restaurant (QSR) chain is actively searching for franchisees in the Orlando/Daytona Beach region of Florida.

Recently, the brand finalized franchise agreements in Altamonte Springs/Apopka, Winter Park, and Lakeland.

Salad Station has expanded its footprint in the southern U.S. states, including Texas, Louisiana, Mississippi, Alabama, and Arkansas, and is soon set to establish its presence in Tennessee.

Last month, Salad Station announced its intention to triple its footprint in the southeast region of the United States. By year-end, the plan is to launch 30 new locations, with an additional 17 slated to open by the close of 2024.

With a current presence of 30 locations nationwide, Salad Station expanded its reach this month by opening restaurants in Monroe, Louisiana, and Madison, Mississippi.

The Quick-Service Restaurant (QSR) brand plans to open its first drive-through location in Ocean Springs, Mississippi, early next year.

Renowned for its pay-by-the-pound approach, the brand provides over 100 fresh, farm-inspired ingredients, allowing patrons to craft a swift and wholesome meal.

The menu comprises daily chopped produce, high-quality proteins, freshly prepared salads from scratch, prepped fruit, gourmet toppings, a selection of 16 dressings, and soups.

Salad Station founder and CEO Scott Henderson said, “Central Florida is an important area for us. Our Tampa location has been a tremendous success and we’d like to build off that along the I-4 corridor.

“Franchising a Salad Station is a unique opportunity to be a local hero. My mom and I opened the first Salad Station simply because we identified that our community was lacking a quick and easy way to eat a fresh and customisable meal, large or small.

“When leaving one of our locations, we hope our guest’s day is just a little brighter and they crave to have the same feeling the next day.”

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Diageo unveils $5.8 Million investment plan for sustainable water management in tequila production

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Diageo

Diageo has announced a planned investment of MXN 100 million (approx. $5.8 million) in water preservation schemes for its tequila brands in the state of Jalisco, Mexico.

The investment aligns with the company’s objective to replenish more than 100% of the water utilized in its operations in water-scarce regions by the end of 2025.

Diageo plans to utilize the investment to finance six projects throughout 2024, focusing on enhancing water quality in three towns within Jalisco. These initiatives involve implementing wastewater treatment measures and enhancing accessibility for nearby residents.

In August, the owner of the Don Julio, Casamigos, and DeLeon brands concluded the first project funded by this investment. This entailed constructing two artificial wetlands and a municipal nursery with 10,000 trees in the San Diego de Alejandría township.

Diageo has stated that the artificial wetlands are projected to purify 268 million liters of wastewater, improving the quality of irrigation in the region. This will empower local farmers to cultivate a greater quantity of crops for the benefit of the community.

Moreover, Diageo is dedicating investments to collaborative initiatives aimed at conserving vital water basins.

Alan Loredo, Diageo’s corporate relations director for Mexico and tequila, said, “As leaders in tequila and in the spirits industry, we have an environmental and social responsibility that we bring to life in each of the actions we take to protect the resources upon which life depends and to promote the prosperity of the communities in which we operate”.

“The MXN 100 million investment will focus on projects oriented towards preservation and access to water across the next two years, a crucial step towards achieving our sustainability objectives and contributing to mitigate climate change.”

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British retailer Frasers expands luxury footprint, seals £52M deal for MATCHES

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MATCHES

Frasers, the British sportswear and apparel retailer under the ownership of Mike Ashley, has expanded its footprint in the luxury market with the acquisition of the struggling online platform MATCHES from Apax Partners. The transaction amounted to approximately 52 million pounds ($66 million).

MATCHES provides products from over 450 designers and primarily generates its revenue from international sources. The company serves customers in 150 countries beyond the borders of the UK.

On Wednesday, Frasers announced that the agreement will advance its “elevation strategy,” aimed at moving the business into a more upscale market segment.

The strategy entails making investments in flagship stores and online operations, as well as fortifying partnerships with renowned brands like Nike, Adidas, The North Face, and On Running.

Earlier this month, Frasers reported a 12.6% rise in first-half profit, though it did caution that the global luxury market had softened.

Frasers’ shares saw a 0.5% increase in late morning trading, extending the gains for 2023 to 31.5%. Mike Ashley holds a 73% stake in the equity.

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Mindful Eating: Unlocking Your Zen through Conscious Munching

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Mindful Eating Purpose

Amid deadlines, a flurry of activities, and a day full of meetings is the sad reality of global corporate giants. All thanks to the busy schedule, an average working professional barely manages to squeeze in his ‘me’ time which technically becomes the ‘meal’ time. In times when finger foods have replaced nutritious meals, and dining tables have gone out of use due to hurried bites on the go, mindful eating comes as an antidote.

The chaotic lifestyle in a metropolitan city can easily deplete one’s energy. Set aside exercising, people struggle to enjoy a peaceful meal as they’re completely drained out by the end of the day. This sedentary routine results in significant health risks like weight gain, diabetes, stress, high blood pressure, and more.

A study conducted by the American diabetes association states that mindful eating introduced by Buddhism can aid weight loss. So, is mindful eating some sort of dieting? Well, let’s find out

What is mindful eating?

Mindful eating is one of the rooted traditions in many ancient lifestyles. This is one of the holistic practices which evolved over centuries and gained recognition all over the world. Zen or mindful eating is a valuable approach to a healthier and happier way of living. It aids the human relationship with food and the environment while fostering their connection with mind and body.

practice mindful eating

The basic teaching of mindful eating suggests finding joy in eating while promoting your overall health and well-being. It encourages people to concentrate on every bite and have self-awareness about the quantity and quality of the food. The contemporary form of mindful eating mainly focuses on the full sensory experience of chewing food, including its taste, shape, aroma, and even the sound of each bite. This is said to promote both mental peace and physical nourishment resulting in reduced amount of stress levels and other health disorders.

How to practice mindful eating?

Is your life dominated by gadgets? Well, take a break from the screens and look at the greens. Yes, have a mild disconnection from your phone and gift yourself some digital detox, especially while having food. Your senses will thank you if you rediscover and enjoy food mindfully. So, let’s explore a few steps on mindful eating

Concentrate on the target

The first step in embracing this journey is to set yourself free from the handcuffs of distractions. Be it screens, people, or conversations just keep your phone aside on silent and create a peaceful space around yourself to relish your meal.

Invest your senses

Once your concentration is in place, make way for your senses. Right before you dive into the trans of eating, wait for a moment and appreciate the vibrant colors of your leafy greens, spicy reds, and golden hues present on the plate. Take a deep breath and smell the aroma of your food before the celebration of taste begins.

mindful eating

Sense the texture

If you’ve zero distractions around you, chances are high that you’ll automatically focus more on the shape and texture of the food. It is recommended to have your food with your hands. Especially if it’s such a meal that can be had using your fingertips then feel the texture and explore the warmth of the meal.

Chew slowly

Ancient science recommends one chew their food multiple times before gulping it down. This is another way of mindful eating as it not only helps you devour your food but also aids the digestive process in the body.

Be grateful for the meal

In almost all religions, there’s a little practice of showing gratitude for the food you’ve received. This is because food is nourishing and helps us grow. Being thankful for the hands of those who’ve prepared the meal reflects happiness and brings calmness to your mind.

Benefits of mindful eating for professionals

Embarking on the journey of mindful eating can be transformative. It has the power to unlock a series of mental and physical health benefits that can expand beyond your dining area. By switching off from the outer world while delving into your food, you’re allowing yourself to improve focus, lesser stress, and better mental well-being. Have a look at the five major daily life issues that can be tackled with mindful eating.

Benefits of mindful eating

Stress

Mindful eating enables a respite from the dealings of high-pressure situations. Just by taking a few moments off to have your meal can help you remain calm and work wonders for your stress levels.

Focus and efficiency

The mind is a complex space. Therefore, it requires proper nourishment to function throughout the day. In this case, eating mindfully can help the working professionals savouring healthy foods which increases focus and productivity at work.

Indecisiveness

If you’re a leader or a working professional, then you’re constantly under the pressure of decision-making. Believe it or not, a lot of rights and wrongs depend on your stress and blood sugar levels. Hence, it’s wiser to switch to a mindful and zen mode of eating to have improved cognitive functioning.

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Bath & Body Works unveils fourth store in Gujarat, boosting India presence to 39 outlets

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Bath & Body Works

Bath & Body Works, the American personal care and fragrance brand, recently inaugurated its fourth store in Gujarat, as announced by the retail giant Apparel Group India on social media. Situated at VR Mall, Surat, this new establishment marks the 39th physical outlet for Bath & Body Works in India.

“We are happy to announce the opening of Bath & Body Works at VR Mall, Surat. This marks our 4th store in Gujarat and 39th in India,” said Apparel Group India in a LinkedIn post.

The brand’s other three stores are located in Ahmedabad and Vadodara.

In 2018, Bath & Body Works made its entry into the Indian market through a collaboration with Apparel Group India. Additionally, the company distributes its products in India through prominent beauty and fashion e-commerce platforms such as Nykaa, Myntra, and Amazon.

Apparel Group has recently joined forces with the department store chain Shoppers Stop to enhance the footprint of Bath & Body Works in the Indian market.

Continue Exploring: Apparel Group and Shoppers Stop team up to bring Bath and Body Works to India

Headquartered in Dubai, UAE, Apparel Group stands as a worldwide fashion and lifestyle retail conglomerate. In addition to Bath & Body Works, the company promotes over 80 brands in India, featuring well-known global names such as Aldo, Tim Hortons, Tommy Hilfiger, Nine West, it Spring, Charles & Keith, Inglot, La Senza, R&B Fashion, and Victoria’s Secret.

Founded in 1990, Bath & Body Works, with its headquarters in Ohio, began as a retail store chain specializing in the sale of soaps, lotions, fragrances, and candles. The brand operates through a vast network, encompassing over 1,800 company-operated locations in the U.S. and Canada, along with more than 425 international franchised locations, as detailed on the company’s official website.

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