Jubilant FoodWorks announces Suman Hegde as new Executive VP and CFO

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December 19, 2023

Jubilant FoodWorks, the master franchisee for Domino’s Pizza and Dunkin’ Donuts, announced on Tuesday the appointment of Suman Hegde as the Executive Vice President and Chief Financial Officer of the company.

In a Tuesday meeting, the board of JFL approved the appointment of Hedge. Currently serving as the Vice President of Finance – Beauty, Wellbeing & Personal Care, South Asia, at the prominent FMCG manufacturer Hindustan Unilever, Hedge brings valuable experience to the role.

According to a statement from JFL, Hedge will officially assume the role effective March 1, 2024. JFL, serving as the master franchisee for renowned QSR brands like Popeyes and Hong’s Kitchen, provided this information.

Commenting on the development, JFL CEO & MD Sameer Khetarpal said, “As a leader, she brings high-quality experience in customer-first thinking, ability to partner with businesses and lead high-performing teams. The appointment is in line with the company’s strategic priority of building a solid yet diverse foundation of people and culture.”

Hedge brings more than two decades of experience and has occupied leadership roles within the finance domain.

She holds a Chartered Accountant designation and earned her MBA from the Jamnalal Bajaj Institute of Management Studies in Mumbai.

Within India, JFL manages a network of 1,888 Domino’s stores spanning 397 cities.

FirstCry plans to launch IPO, aims for a $500-600 Million funding round

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December 19, 2023

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After postponing its initial public offering (IPO) last year amidst volatile market conditions, omnichannel retailer FirstCry is reportedly preparing to submit its draft IPO papers in the coming days, according to insiders. The company’s objective is to secure funding in the range of $500-600 million through its upcoming public offering.

Although the valuation has yet to be officially determined, insiders familiar with the ongoing discussions suggest that it could be estimated at approximately $4 billion for the IPO.

“The draft red herring prospectus (DRHP) is likely to be filed with the markets regulator Sebi before December 29. The listing is expected to be post the general elections..,” said a person familiar with the matter who spoke on the condition of anonymity.

Following Nykaa‘s IPO in 2021, FirstCry is set to become the second Indian vertical ecommerce platform to go public. Headquartered in Pune, the company specializes in offering a range of products for children and mothers through both online and offline channels.

Ahead of its initial public offering (IPO) in August, three family investment offices associated with India Inc acquired stakes in FirstCry, totaling approximately INR 435 crore. The MEMG Family Office of Ranjan Pai (Manipal Group), Sharrp Ventures of Harsh Mariwala (Marico), and the DSP family office of Hemendra Kothari participated in the investment, primarily acquiring stakes from the company’s largest investor, SoftBank.

FirstCry is required to maintain its foreign shareholding below 51%, adhering to the ecommerce Foreign Direct Investment (FDI) regulations in the country. Notably, SoftBank is actively seeking to reduce its stake to below 26% to avoid being categorized as a promoter of the company.

Sources familiar with the matter revealed that Ola Electric, another company within Masayoshi Son’s SoftBank Corp portfolio, is set to submit its Draft Red Herring Prospectus (DRHP) in the upcoming days.

V&RO Hospitality and Mouni Roy unveil Badmaash in Lower Parel, promising a memorable fusion dining experience!

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December 19, 2023

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V&RO Hospitality, in partnership with Mouni Roy, has launched Badmaash at Lower Parel, Kamala Mills.

True to its name, Badmaash is a mischievous and playful homage to all things Indian. Infused with an unconventional and distinctive essence, the experience at Badmaash promises delightful surprises in every aspect – be it the cuisine, beverages, music, or overall ambiance.

Step into the lively world of Badmaash Kamala Mills, a sophisticated venue that envelops guests in a distinctive ambiance, seamlessly combining vibrant colors, daring patterns, and unrestrained energy with a touch of luxury.

The dining establishment provides cozy seating options, including booths and high tables. At its heart, the magnificent community table serves as a focal point, bringing everything together seamlessly.

The menu at Badmaash in Lower Parel takes a progressive approach to Indian cuisine and has been thoughtfully curated by Chef Ishant Khanna. Assisting him is Chef Japneet Singh, the Chef de Cuisine.

The varied menu pays homage to street food, local and regional recipes, a selection of home-cooked delicacies, and contemporary global influences, all infused with a hint of desi masala.

The diverse menu celebrates street food, local and regional recipes, some home-cooked delicacies, and contemporary global influences with a touch of desi masala.

Speaking about the launch, Dawn Thomas, Managing Director and Co-founder of V&RO Hospitality said, “We are excited to announce the expansion of Badmaash into a new location in Mumbai, building on the success and warmth received by other outlets in the country. Badmaash embodies the perfect blend of innovation, gastronomy, and vibrant energy.”

TasFoods expands portfolio with acquisition of Redbank Poultry

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December 19, 2023

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Australia’s TasFoods has bolstered its supply chain security through the acquisition of Redbank Poultry in Tasmania, as announced by the company.

TasFoods is set to invest A$1.3 million ($841,025) in acquiring Redbank Poultry’s plant, equipment, and assets, with an additional A$1.1 million allocated for the purchase of its product inventory. The company, located in north-west Tasmania, is actively involved in poultry rearing and supply.

In a filing with the Australian Securities Exchange on December 18, TasFoods said it would finance the deal with the A$11 million raised in August from the sale of the Betta Milk and Meander Valley Dairy brands to the Bega Group.

Redbank Poultry was acquired by the company’s wholly-owned subsidiary, Nichols Hatchery, operating within the Nichols Poultry business unit, which supplies chicken under the same brand name.

TasFoods also manufactures cheeses through Pyengana Dairy and, in October, entered the pet-food category with the launch of the Isle & Sky line of treats for dogs and cats.

“The acquisition of Redbank marks the next stage of our evolution to create a fully integrated poultry business,” TasFoods said.

“The acquisition of Redbank will enhance TasFoods supply-chain security whilst providing numerous operational elements, including creating an end-to-end poultry agricultural operation through the entire value chain.”

Redbank Poultry’s employees will be retained, although TasFoods did not provide specific numbers. The acquired business was set up in 1986 and was previously the exclusive supplier to Nichols Poultry.

“The Redbank acquisition will enhance the financial performance and stability of the Nichols Poultry business,” TasFoods added. It is projected to contribute around A$800,000 annually to EBITDA.

“On completion of the acquisition, Nichols Poultry and Nichols Hatchery will form a vertically integrated poultry business supplying premium chicken to the domestic market, significantly improving the foundations of the business for future growth,” TasFoods said.

In the first half, Nichols Poultry recorded revenue of A$22.4 million, marking a 17% growth compared to the corresponding period.

The TasFoods group reported revenue of A$38.2 million, reflecting an 11.8% increase. The dairy segment contributed A$15.5 million, representing a 5% rise compared to the previous year.

EBITDA shifted to a profit of A$1.1 million from a loss of A$1 million. Net income losses reduced to A$3.8 million from a A$5.4 million loss.

Mufti’s parent company, Credo Brands, secures INR 165 Crores from anchor investors

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December 19, 2023

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Credo Brands Marketing Ltd, the parent company of the denim brand Mufti, on Monday announced that it has garnered INR 165 crore from anchor investors ahead of its upcoming initial public offering.

The company allocated 58.9 lakh equity shares to 11 funds at INR 280 each, matching the upper limit of the price band, as indicated in a circular posted on BSE’s website.

Nippon Mutual Fund, HSBC Mutual Fund, JM Mutual Fund, Aditya Birla Sunlife Insurance, Kotak Mahindra Life Insurance Company, Bajaj Allianz Life Insurance Company, Integrated Core Strategies (Asia), Morgan Stanley Asia, SBI General Insurance Company, and Reliance General Insurance Company are among the participants in the anchor book.

Credo Brands’ inaugural public offering consists solely of an Offer for Sale (OFS) of up to 1.96 crore shares by the company’s promoters and other current shareholders.

The offering, priced in the range of INR 266-280, is set to be open for subscription from December 19 to 21.

At the lower and upper boundaries of the price range, the IPO is anticipated to raise INR 522 crore and INR 550 crore, respectively.

Fifty percent of the total issue size is allocated for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional buyers.

Investors have the option to bid for a minimum of 53 equity shares and in increments of 53 equity shares thereafter.

Credo Brands Marketing holds a prominent position among domestically originated brands in the mid-premium and premium casual men’s wear market within the country.

As of September 2023, Credo Brands Marketing has established its presence throughout India with a network of 1,807 touchpoints, comprising 404 exclusive brand outlets (EBOs), 71 large format stores, and 1,332 multi-brand outlets (MBOs).

Credo Bands experienced a 46 percent growth in revenue from operations, reaching INR 498.18 crore in fiscal year 2023, compared to INR 341.17 crore in the previous fiscal. Additionally, the profit after tax witnessed a remarkable surge of 117 percent, amounting to INR 77.51 crore in fiscal year 2023, up from INR 35.74 crore in the preceding financial year.

DAM Capital Advisors, ICICI Securities, and Keynote Financial Services serve as the book-running lead managers for the offering.

The company intends to list its equity shares on both BSE and NSE.

Michelin-starred restaurant SY23 to close down amidst financial crunch

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December 19, 2023

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SY23, the Michelin-starred restaurant based in the UK, will permanently close its doors on December 23, 2023, as confirmed by owners Mark and Rhian Philips in a recent statement.

The statement cited the closure of the restaurant as a response to the “unprecedented challenges posed by the current financial climate.”

Established in late 2019, the restaurant achieved notable success, earning recognition with Michelin stars as the best new opening of the year. Additionally, it garnered a jurors’ award and received a commendable 3 stars from the World of Fine Wine.

The restaurant procured its charcoal-cooked meat and fish from local sources. Nathan Davies, the head chef, gained prominence as a participant on the BBC’s show, The Great British Menu.

Davies has announced that he was quitting his role on his Instagram account and was quoted by Wales Online as saying, “Sad news today that I will be leaving SY23. I’ve enjoyed so much of my time here and want to thank my amazing team current and past for all their hard work for the past four years and thank the owners of the restaurant for the opportunity, I wish the restaurant all the success in the future.

“I’ll keep you updated with what I do next but I may be a bit quiet on here for a bit. After this, I’m going to spend some time in my workshop, the woods and the beach to refocus. Thank you to each and every one of the guests that’s made this dream come true and I look forward to cooking for you again somewhere new soon.”

After the announcement of Davies’ departure, Mark and Rhian subsequently declared the closure of the restaurant.

They stated, “We extended the opportunity to Nathan, our esteemed head chef, and Hollie to take on the business, but unfortunately they have chosen not to accept the offer at this time.”

Mark and Rhian secured a legal victory in June 2023, winning a lawsuit against insurance companies Zenith Insurance PLC and QIC Europe for compensation in a Covid-19 business interruption case.

The couple requested an insurance payout for the closure of their business during the pandemic, but their insurers declined the claim.

OhWaiter joins Toast Partner Ecosystem, revolutionizing restaurant ordering systems

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December 19, 2023

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OhWaiter, a hospitality technology developer, has joined the Toast Partner Ecosystem to empower restaurants in utilizing its text-to-order platform.

The platform introduces fresh ordering and customer engagement features. Through text interactions, the technology actively engages customers, facilitating the creation and completion of orders using Toast’s point-of-sale (POS) system.

It proves advantageous in hospitality settings with challenging access points, like guest rooms, golf courses, and pools, effectively reducing the necessity for staff presence in those areas.

OhWaiter serves as a valuable takeout solution, enabling customers to place orders directly from their mobile phones, thereby avoiding lengthy queues or wait times. Additionally, it accommodates orders received through text messages.

OhWaiter introduces an AI-driven text-to-order functionality designed for restaurants aiming to enhance customer engagement.

Upon activation, it has the capability to store a location’s phone number, allowing for convenient text-to-order functionality without the need for subsequent scanning.

The system can identify each customer, ascertain whether they are on or off the premises, and manage various aspects of their order.

OhWaiter chief operating officer and co-founder AJ Vernet stated, “AI-infused text-to-order channels are becoming a cost-effective way to connect directly with your customers and take their orders. OhWaiter acts like a perfect waiter every time, upselling items when appropriate.

“OhWaiter has no limit on the number of orders it can process simultaneously. We eliminate any unnecessary wait times or staffing challenges an operator will have while saving them money on commission since the customer is already acquired.”

Toast business development senior director Keith Corbin stated, “We are thrilled to welcome OhWaiter to the Toast Partner Ecosystem, and to offer Toast customers the ability to provide their guests order via text functionality with OhWaiter.

“By partnering with OhWaiter, customers can now unlock another way to drive guest visits, both repeat and new, by meeting them where they are.”

In early December 2023, Craveworthy Brands, a fast-casual and quick-service restaurant group, opted for Toast’s POS system for 50 more locations. This brought the total number of Craveworthy sites covered by Toast to 93.

German coffee giant Tchibo appoints Erik Hofstädter as new CEO

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December 19, 2023

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Tchibo, the German coffee roaster and retailer, has named Erik Hofstädter as its new chief executive. Formerly the general manager of Tchibo’s Austrian business, Hofstädter now leads the entire company, taking over from Werner Weber, who will transition to the supervisory board.

“We have found an excellent internal candidate to succeed me,” Weber said.

Before joining Tchibo, Hofstädter occupied key marketing positions at major companies including Coca-Cola, Red Bull, and the Swiss confectioner Lindt & Sprüngli.

“He is a high-profile marketing and sales expert who has made a great contribution in his three years as general manager of our Austrian company,” Weber added. “He will vigorously drive forward the initiated expansion of the business with his own input and ideas.”

Hofstädter said, “Tchibo is a very special company for me. Over the past three years, I have learned about the strength of the Tchibo system and helped to shape it. I look forward to contributing to the further development of the entire group in Hamburg with the knowledge I have acquired in Austria.”

Established in 1949, Tchibo runs approximately 550 coffee shops bearing its brand in Germany, with an additional 320 located across Austria, the Czech Republic, Hungary, Poland, Slovakia, Switzerland, and Turkey. The company also distributes packaged coffee products through grocery retail outlets, including prominent chains like Rewe.

In 2022, Tchibo recorded sales amounting to €3.25 billion ($3.55 billion) and had a workforce exceeding 11,300 employees.

Earlier this year, the German company announced plans to make a multi-million-pound investment in the production headquarters of its UK subsidiary, Matthew Algie.

Matthew Algie’s latest investment initiative at the Glasgow site will enable the company to roast over 2,500 tonnes of coffee each year.

The project will encompass the implementation of a new green bean handling and blending system, enhanced automation, upgraded conveying systems, and new packaging lines.

Luxury footwear industry in India faces challenges amid BIS certification issues

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December 19, 2023

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The high-end footwear sector, which specializes in offering designer labels and luxury sports shoes, is facing upheaval. Manufacturers are expressing concerns that consumers might encounter difficulties purchasing the latest releases for the upcoming spring-summer season. This uncertainty arises from the fact that the Bureau of Indian Standards (BIS) has not certified factories in China and Vietnam, a prerequisite for permitting imports from these locations. Consequently, there is a risk that the footwear may be removed from retail shelves in the coming months.

The category of footwear, specifically leather shoes, has been subject to BIS Quality Control Orders (QCO) since July. For sports shoes, sandals, and slippers, the QCO has been implemented starting January 2024. According to QCO standards, all factories producing these products and certain specified key components like rubber, PVC, or polyurethane soles and heels must obtain BIS certification to import and sell such items.

The CEOs of five prominent brands, who preferred to remain anonymous, revealed that BIS has not certified the sourcing factories in China and Vietnam, which constitute a significant portion of the imported shoes for India. According to these executives, BIS officials have communicated their reluctance to certify factories in these markets. Moreover, they indicated that BIS will adopt a selective approach even for manufacturing units in Southeast Asia, including Thailand, Indonesia, and Malaysia. The concern is driven by apprehensions that some of these units may be owned by Chinese entities, similar to the situation in Vietnam.

“Government officials have said to import from Europe, which will involve higher manufacturing cost and freight, impacting the pricing strategy in India or to manufacture in the country where the expertise for high-end, designer and sports footwear is still limited,” said the chief of a leading shoe maker.

According to a high-ranking government official, the objective is to boost domestic manufacturing, given the substantial influx of substandard footwear from China. The Quality Control Orders (QCO) for 24 footwear and related products were officially announced in October 2020. Notably, the industry, particularly the larger and medium-scale players, has previously requested multiple extensions in response to these regulations.

Last month, there were reports that Nike had communicated with the government, urging the certification of supplier factories in Indonesia and Vietnam to maintain their import relationship. A representative from a prominent sports brand mentioned that they have successfully imported the stock for the upcoming spring season. However, they anticipate a potential impact on imports beyond that point if the certification issue is not resolved.

A significant number of premium and luxury brands import nearly their entire range of footwear, while brands such as Woodland, Puma, and Adidas acquire their high-end and technical shoes from international sources. The primary countries serving as major import hubs for these products include Vietnam, China, and a selection of Southeast Asian nations.

Indian govt orders rice industry to lower retail prices immediately

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December 19, 2023

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The government has issued a directive to rice industry associations in India, mandating an immediate reduction in the retail price of rice, as stated in an official notification.

According to the release, recommendations have been made to the associations, urging them to rectify substantial gaps between the Maximum Retail Price (MRP) and the existing retail price. This adjustment aims to safeguard consumer interests and comes in response to reports indicating a notable increase in profit margins claimed by wholesalers and retailers.

To assess the current domestic pricing situation of non-basmati rice, Sanjeev Chopra, the Secretary of the Department of Food and Public Distribution, organized a meeting with prominent representatives from the rice processing industry on Monday.

“During the meeting, it was discussed that the benefit of lower prices has to be passed on expeditiously to the end consumers. The leading Rice Industry Associations were advised to take up the issue with their members and ensure that the retail price of Rice is reduced with immediate effect. There are reports of a sharp increase in the margins being availed by wholesalers and retailers which needs to be tempered. Besides, it was suggested that where there exists a wide gap between the MRP and actual retail Price, the same needs to be brought down to a realistic level in order to safeguard the interest of the consumers,” said the government release.

The rice processing industry was notified by FCI that an ample supply of high-quality rice is accessible, offered through the Open Market Sales Scheme (OMSS) at a reserve price of INR 29/Kg. Additionally, manufacturers and traders were advised to contemplate acquiring FCI rice under OMSS, allowing them to sell to consumers with a reasonable profit margin.

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