Dubai-based investment company Shamal Holding has recently secured full ownership of the SUSHISAMBA restaurant brand by acquiring the remaining 50% stake, augmenting its initial 50% ownership held since 2014.
The specific financial terms of the transaction remain undisclosed.
Shamal Holding chief portfolio management officer Abdulla Binhabtoor said, “SUSHISAMBA is one of the most highly acclaimed concept restaurants in the world.
“Having formed a strong partnership with the SUSHISAMBA team since 2014, we look forward to applying our resources and know-how to drive accelerated growth for the business and its continued evolution as an iconic restaurant experience and lifestyle brand.
“SUSHISAMBA enhances our global hospitality portfolio which already includes a number of extraordinary assets as part of a globally diversified portfolio, mirroring Dubai’s ambition, spirit and energy.”
With this latest acquisition, Shamal Holding will now have full controlling interest in the brand, overseeing its operational activities across all international locations.
As part of Shamal’s strategic vision to evolve into a prominent international investment organization, the acquisition aligns with the goal of actively contributing to Dubai’s long-term objectives.
SUSHISAMBA opened its first restaurant location in New York, USA.
The brand presently has two establishments in London, UK, and operates in Doha, Edinburgh, Las Vegas, and Dubai as well.
By 2024, the brand intends to expand its presence by inaugurating new restaurant locations in Bahrain, Abu Dhabi, and Riyadh.
SUSHISAMBA Group co-CEO Omar Gutierrez said, “For close to a decade, Shamal Holding has been a key partner in the SUSHISAMBA’s success story. Over that time, we have formed a strong partnership, working closely to drive growth across our operations.
“The move signifies more than a shift in structure. It demonstrates a deepened commitment to our growth and evolution enabling us to continue to thrive in this dynamic and creative market as an iconic restaurant experience and lifestyle brand around the world.”
The FDA is currently conducting an on-site inspection at a facility in Ecuador in response to 65 reported cases of adverse effects linked to the recalled cinnamon apple sauce products in the United States.
Products from WanaBana, Schnucks, and Weis have been subject to recalls.
The cinnamon has been traced by US and Ecuadorian authorities to Negasmart, the supplier for Austrofood, a food manufacturer in Ecuador. According to reports, Ecuadorian authorities assert that Negasmart’s cinnamon surpassed the permitted lead levels in the country.
According to Politico reports, the FDA has stated that Negasmart is currently undergoing an “Ecuadorian administrative sanctions process.”
Jim Jones, the FDA deputy commissioner for human foods, informed Politico that “all the indications” suggest that this contamination was a deliberate act carried out by someone in the supply chain.
“My instinct is they didn’t think this product was going to end up in a country with a robust regulatory process,” Jones said. “They thought it was going to end up in places that did not have the ability to detect something like this.”
An FDA spokesperson told the publication, “We have limited authority over foreign ingredient suppliers that do not directly ship product to the US because their food undergoes further manufacturing/processing prior to export.”
As reported by Politico, the FDA has stated that it presently suspects the adulteration to be “economically motivated.”
The agency recommends individuals who consumed the applesauce to undergo testing for lead exposure.
Chobani, the renowned food and beverage group recognized for its Greek-style yogurt, has acquired La Colombe, the coffee business based in the United States.
The agreement, valued at $900 million, brings together two assets under the control of Hamdi Ulukaya.
Chobani’s founder and CEO, Hamdi Ulukaya, established the yogurt maker in 2005. In 2015, he invested in La Colombe, a coffee business founded in 1994.
As part of the deal, Keurig Dr Pepper, the major US coffee company, will exchange its ownership in La Colombe for an undisclosed stake in Chobani.
Having become La Colombe’s distributor earlier this year through an investment in the Philadelphia-based business, Keurig Dr Pepper will maintain its role in handling the company’s products.
“At a time where the industry has faced challenges to grow sales, Chobani has delivered double-digit, volume-led sales growth, and considerable margin expansion. We have never been stronger or better positioned to chart our next chapter of growth,” Ulukaya said, without citing figures.
“We’ve already made an investment in the coffee category with our creamers and are excited about bringing La Colombe into the Chobani family, and offering the delicious, high-quality cold brew and ready-to-drink craftmanship of La Colombe to a next generation of consumers, powered by a strong distribution partner in KDP.”
Under the terms of the announced deal, Chobani has financed the acquisition with a newly issued $550 million loan, cash, and the exchange of Keurig Dr Pepper’s stake in La Colombe.
Earlier this year, the owner of Keurig coffee invested $300 million for a 33% stake in La Colombe, thereby becoming its second-largest investor after majority shareholder Ulukaya. In addition to marketing ready-to-drink (RTD) and pod coffee products, La Colombe operates on-premise sites in New York, Texas, Chicago, California, Maryland, and Philadelphia.
Bob Gamgort, the Chairman and CEO of Keurig Dr Pepper, who is scheduled to step down as CEO next year, highlighted the growth potential he envisions for La Colombe.
“La Colombe is a unique brand and well positioned to continue its strong growth trajectory, including upside as its ready-to-drink line expands availability through our company-owned DSD [direct-store distribution] network and with premium K-Cup pods now in the market,” Gamgort said. “Both as a strategic partner and a minority shareholder, we are excited by the path ahead.”
In September last year, Chobani, which already includes oat milk, Greek-style yogurt drinks, and probiotic beverages in its portfolio, decided to abandon its plans for an IPO, attributing the decision to challenging trading conditions.
Wahter, founded by Amitt Nenwani and Kashiish A Nenwani, is set to transform the packaged water industry in India. With a groundbreaking approach, Wahter provides high-quality drinking water at an exceptionally affordable rate of only INR 1 per bottle. In addressing the crucial need for clean water, Wahter not only stands as a solution but also advocates for fairness and accessibility in the retail market.
Amitt Nenwani and Kashiish A Nenwani
Apart from tackling the water scarcity issue, Wahter introduces a pioneering advertising platform, the first of its kind in India. This platform not only amplifies brand exposure to a wider audience but also allows advertisers to measure their reach and influence using Wahter’s exclusive technology. Renowned industry figures, such as Anant Goel and Anuj Tejpal, have voiced their endorsement for this groundbreaking initiative.
“I think Wahter is a wonderful concept, something that I would definitely love my brand to be on. It’s almost like an essential space, it’s an amazing placement and right in the hands of the consumer,” said Anant Goel, CEO and founder of Sorted. Goel was earlier the CEO of Milkbasket.
“Quenching my thirst with “Wahter” is not just refreshing, it’s a style statement too! Proudly made-in-India, these water bottles redefine style, allowing businesses to showcase their identity with every sip and reach the last mile. Wahter is a testament to innovation. Elevate your brand with every sip — staying hydrated has never looked this good! Cheers to hydration and the “Wahter” team,” said Anuj Tejpal, VP – Global Revenue and Marketing, OYO.
Amitt Nenwani, Co-Founder of Wahter said, “Our vision for Wahter goes beyond just providing clean, affordable water. We are committed to creating a sustainable and impactful medium for brands to communicate with their audiences, while also contributing to the larger mission of making water accessible to all. Wahter is not just a product; it is a statement of fairness, sustainability, and accessibility.”
As a part of the esteemed Shiva Group portfolio, Wahter transcends the traditional beverage company model. The company’s tech-based advertising platform allows advertisers to tailor marketing plans based on geographic and demographic parameters, fostering targeted engagement with their audience.
Wahter’s widespread distribution network encompasses hypermarkets, Wahter carts, and strollers, as well as mom-and-pop shops throughout the NCR, with intentions for a nationwide launch. This strategic approach guarantees that Wahter’s commitment to delivering affordable, clean water reaches every corner of the country.
In the past decade, specific product categories such as washing liquids, noodles, biscuits and cookies, breakfast cereals, and floor cleaners defied the overall trend as they experienced significant volume growth, even surpassing the growth of the FMCG industry. Kantar’s analysis attributes this success to a robust emphasis on rural markets and innovative strategies within these categories.
The insights and research firm observed that washing liquids achieved the highest volume growth among product categories in the past decade.
In a comprehensive analysis, Kantar has identified 14 categories as “star” performers that have demonstrated consumption growth, with volume increases exceeding 1.5 times the GDP growth over the past decade (2014 vs. 2023). Among the notable star categories in the food sector are noodles, sauces and ketchups, biscuits and cookies, bottled soft drinks, breakfast cereals, and spices. In addition to washing liquids, non-food categories such as floor cleaners, toilet cleaners, utensil cleaners, hair wash, sanitary products, rubs and balms, and insecticides have also surpassed GDP growth rates by at least 1.5 times.
In the meantime, according to Kantar’s analysis, skin creams, toilet soaps, milk food drinks, toothpaste, talcum powder, vermicelli, and deodorants were categorized as “chasers.” The volume growth in these product categories either matched or fell below 1.5 times the GDP growth rates.
During this period, robust volume growth in “Star” categories was fueled by exceptional expansion in rural regions, effective product launches, and innovative strategies.
K Ramakrishnan, Managing Director, South Asia, Kantar Worldpanel, said, “When you look at a 15-year window, the growth rate of FMCG has always lagged the GDP growth. However, there are some categories that are exceptions to this trend. What sets these winning categories tends to be their rural growth, the extent and success of their innovations, the relationship with the growth in consumers wealth and disposable income, and the ability to ride on policy actions by the government like Swachh Bharat, etc.”
For instance, the Noodles category, over the past decade, has not only seen the entry of new players but has also undergone significant flavor innovations, the most recent being influenced by the Korean flavor trend.
On the growth journey of the biscuits and cookies segment, Mayank Shah, Senior Category Head, Parle Products, said, “The category offers a wide range of assortments, from sweet and savoury to functional benefits. The category is so versatile that it straddles various consumption occasions. Starting at INR 100 per kg, biscuits are the most affordable offering that has a longer shelf life and has been made available in the remotest parts of the country.”
Those planning year-end getaways to hotels need not confine themselves to mere poolside relaxation, breakfast buffets, or late-night gambling. In India, hotels and restaurant chains are rolling out a variety of experiential activities for guests to partake in during the festive season of Christmas and New Year. From sundowners and stargazing to baking sessions, food trails, beekeeping, spa and salon treatments, and even a unique drag brunch, there’s a diverse array of engaging options awaiting visitors.
A sundowner event by Darbari Lake awaits guests at Narendra Bhawan in Bikaner. Meanwhile, those staying at The Tamara Coorg have the option to opt for a comprehensive New Year package, encompassing activities such as beekeeping, stargazing, trataka yoga, and explorations of cardamom and spice trails.
At Candolim’s Hilton Goa Resort, the Poder experience immerses guests in the world of local bakers, offering a firsthand glimpse into the art of crafting Goa’s renowned bread.
Furthermore, the Long Lost Recipes experience is designed to explore the origins of Goan cuisine, showcasing dishes that have otherwise slipped into obscurity.
Amandeep Singh Grover, the general manager at Hilton Goa Resort, emphasizes that Goa offers more than just beaches, parties, and casinos.
“We are inviting people to explore and experience a very different side of Goa – one that is lost, overlooked, or undiscovered,” he said. “Our goal is to make people aware of the rich culture, heritage, and lost cuisines, allowing them to discover the authentic and diverse beauty that defines Goa.”
Siddharth Yadav, Vice President of MRS Group of Hotels, mentioned that both Suryagarh Jaisalmer and Narendra Bhawan Bikaner have received an “exceptional” response for New Year celebrations, with 98% of the hotel rooms being booked.
For the year-end celebrations, the Taj Corbett Resort & Spa has collaborated with Chaliya folk artists hailing from the upper Himalayan region of Pithoragarh to deliver a captivating performance.
“The Chaliya art form traces its history to the 10th century,” said general manager Ajay Sharma. “We would like to preserve this elusive art form and provide a platform to the artists to help sustain it.”
Even city hotels have a wealth of offerings to provide.
In commemoration of its 120th anniversary, The Taj Mahal Palace Mumbai is introducing a light and sound show on December 16 exclusively for guests residing by the poolside. This multimedia spectacle will be an integral part of the Christmas and New Year celebrations and will extend beyond the festive season.
Anopura, the boutique luxury retreat in Jaipur, has curated a festive farm program designed for children, featuring hands-on experiences with dairy animals, interactive sessions with the head ranger, and artistic activities at the cattle ranch. For adults, Anopura presents a farm-to-table program that encompasses cooking classes with a focus on sustainable food practices.
The Lalit Ashok in Bengaluru has arranged a Christmas drag brunch, featuring appearances by artists from the community.
ITC Hotels‘ newly launched Mementos property in Udaipur is hosting an exclusive Christmas sundowner this year. The package, priced at INR 15,000 plus taxes per couple, encompasses unlimited wine and beer from 1 pm to 3:30 pm, along with a foot massage from Kaya Kalp, The Royal Spa.
The Grand Mercure Bengaluru at Gopalan Mall presents a staycation package that features pick-and-drop services, movie tickets for a couple, a candle-lit dinner for two with complimentary cocktails, and discounts on specific spa options.
Divya Aggarwal, Chief Growth Officer at Impresario Entertainment & Hospitality, mentioned that specific Social outlets will convert into a Christmas bazaar on the day, allowing customers to purchase gifts from local business communities in certain cities.
The Zana Lake Resort in Udaipur has organized a unique vegetarian gourmet experience for New Year, complemented by a poolside sundowner. Meanwhile, the Country Inn Tarika Riverside Resort in Jim Corbett is set to host a winter carnival.
Cordelia Cruises has arranged a distinctive Christmas sailing from Mumbai to Lakshadweep and back on December 23-27. This special cruise will feature Christmas treasure hunts on board, along with the opportunity to participate in gingerbread village making.
Pernod Ricard India, a spirits manufacturer, has posted a revenue of over INR 25,000 for the fiscal year 2022-23, indicating a 10% annual growth. Despite owning popular brands such as Absolut, Chivas Regal, and Glenlivet, the company witnessed an 8% decline in profit, totaling INR 1,340.22 crore in FY23, compared to the INR 1,457.98 crore profit in FY22.
According to financial data obtained from the business intelligence platform Tofler, the company’s consolidated revenue from operations in FY23 reached INR 25,039.47 crore, representing a 10.1% increase compared to INR 22,741.40 crore the previous year.
According to the data, Pernod Ricard India paid a cumulative excise duty of INR 13,112.61 crore in FY23, marking an increase of nearly 2% from the INR 12,857.74 crore recorded in the previous year.
Pernod Ricard reported that the total tax payment for the fiscal year 2022-23 amounted to INR 19,002 crore, constituting approximately 76% of its revenue from operations. This payment encompassed both direct and indirect taxes and duties directed towards the central and state governments.
In the fiscal year 2022-23, Pernod Ricard India recorded a total income of INR 25,152.66 crore, reflecting a 9.54% increase from the previous year’s figure of INR 22,960.67 crore.
United Spirits Ltd (USL), under the control of the British spirits manufacturer Diageo, continues to dominate the rapidly expanding Indian market, boasting a consolidated revenue from operations amounting to INR 27,815.4 crore.
The total income for United Spirits Ltd (USL), encompassing other revenues, reached INR 27,888.5 crore in the fiscal year 2022-23.
Pernod Ricard India operates as a wholly-owned subsidiary of Pernod Ricard South Asia, which, in turn, functions as a subsidiary of the French spirits manufacturer.
Pernod Ricard’s extensive global portfolio features more than 200 premium brands, including iconic names like 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Havana Club, and Jacob’s Creek. Additionally, the company owns Indian Made Foreign Liquor (IMFL) brands such as Blenders Pride, Imperial Blue, and Royal Stag.
After the United States, India stands as the second-largest market worldwide for Pernod Ricard.
In a recent statement, Jean Touboul, the Managing Director of Pernod Ricard India, mentioned that he expects a threefold jump in sales within the country by the next decade. He pointed to factors such as macroeconomic tailwinds, a favorable demographic dividend, and the growing premiumization in both Indian Made Foreign Liquor (IMFL) and imported brands as key drivers for this expected growth.
“We are growing faster with the tailwinds in macroeconomics, in demographic and India being the most populous country on earth, I am personally convinced that yes, we will be the market number one in Pernod Ricard at some point,” he said.
However, Touboul also added, “I just cannot tell you if it will be in 10 years, 15 years, that is not easy to predict but my conviction is that yes, one day India will be the market number one for Pernod Ricard.”
“Currently, the IMFL (Indian-Made Foreign Liquor) brand of Pernod Ricard contributes close to 95 per cent of its volumes and above 80 per cent of our net sales,” he added.
The resurgence in the hospitality industry presents a fresh hurdle for India’s upscale restaurants. With patrons increasingly savoring the in-dining experience, the average duration spent at a table has extended by approximately an hour. This extension has led to a decrease in table turnover, prompting some establishments to implement time slots.
“Dine-in demand has been very robust. An average 50 minutes for a weekday lunch has now become one-and-a-half hours or one hour and forty-five minutes,” said Anjan Chatterjee, managing director of Speciality Restaurants, which owns the chains Mainland China and Oh! Calcutta. “For dinner, it can run up to two hours or even some more.”
According to restaurant owners, this shift occurred following the easing of pandemic-induced intermittent shutdowns and restrictions on operating hours.
“A two-course meal of the main course and desserts have turned into a four-course meal, with drinks and after-meal coffee,” said Saurabh Khanijo, managing director of fine-dine Asian cuisine restaurant Kylin.
“This is the biggest shift we have seen after Covid.” According to Riyaaz Amlani, managing director at Impresario Entertainment & Hospitality, which owns restaurant chains Social and Smoke House Deli, the frequency of customers too has increased.
“On an average, there’s a 15 percent increase in frequency and 15% increase average per cover,” said Amlani, attributing the trend to the inherent desire to socialise and grow one’s network, instead of being closeted at home.
As per industry executives in the hospitality sector, certain restaurants have opted to designate specific time slots and seating arrangements for their customers.
“There are restaurants that have started imposing a time limit, as some people are over-staying,” said GS Kohli, owner of Pritam Group of Hotels & Restaurants, which operates Tori and Grandmama’s Cafe, among other restaurants.
“You try making a booking at any of the fine-dining restaurants and they tell you clearly that you only have an hour or an hour and half,” said Kohli. “You can’t blame them…If a restaurant is open from, say, 7:30 pm to 12.30 am for dinner, it has to do 2-2.5x the turnover.” Then there are overhead costs to deal with.
“Extended dining hours also means lights and air-conditioners stay on. We are contemplating putting up signs like restricted lunch hours in our restaurant, like in Europe. But given the Indian hospitality culture, we are hesitant,” said another gourmet restaurant owner who runs outlets in Bengaluru, Delhi-NCR and Goa. He requested not to be named.
In the previous fiscal year, the food services market in India experienced a 53% decline, as reported by the National Restaurant Association of India (NRAI). This significant downturn led to the closure of over 25% of food business operations. Although the NRAI’s report for the current year is pending, individual restaurant chains have indicated a positive trend for the ongoing year, signaling potential recovery in the sector.
Zorawar Kalra, who serves as the managing director of Massive Restaurants, overseeing establishments such as Farzi Cafe and Masala Library, reported that December has emerged as the most successful month of the year. During this period, there has been an increase in the size of dining groups and higher average spending per customer. Pradeep Shetty, the president-elect of the Federation of Hotels & Restaurants Association of India and Hotel & Restaurant Association (Western India), highlighted a significant shift in dining habits. He noted that the frequency of people dining out has surged, rising from approximately once a month in pre-pandemic years to two or three times in a fortnight now.
Badshah, the prominent Indian rapper and heavyweight in the hip-hop scene, is entering the hospitality arena. He has joined forces with Babita Puri Gupta and Udayveer Gupta to unveil three establishments in the central hub of Chandigarh‘s Sector-26.
Badshah’s foray into the culinary world encompasses Sago Spice Symphony, an upscale Indian dining establishment; Seville, a Continental Lebanese restaurant; and Sidera, a subterranean pan-Asian cocktail bar. Encompassing 9,000 square feet, this venture is designed to appeal to food enthusiasts with a wide range of tastes.
Sago Spice Symphony exudes a warm, family-friendly atmosphere through its use of terracotta, gold, and marble accents. Seville captures Spanish vibes with rustic chandeliers and an open-sky roof. Meanwhile, Sidera caters to the post-dusk crowd, featuring leather elements, LED lights, and a backlit marble and onyx bar.
Curated by chefs hailing from various regions in India, the menu offers a fusion of both traditional and contemporary dishes. Badshah’s personal selections from the menu feature classics like Mapo Tofu and innovative offerings like Multani Bhuna Paneer. The cocktail menu takes an experimental turn with concoctions such as Grecian Glaze and Temple Run, and there’s even a signature drink named after Badshah himself.
Expressing his passion, Badshah stated, “I love food as much as I love music. Excited to jump into this new adventure and bring something different to the table.”
Udayveer Gupta, the venture’s co-founder, aims to blend cultural influences, saying, “I want to showcase my global experiences through great food and a unique dining vibe.”
Beyond the rhythms, Badshah boasts a business track record that includes investments in a Mumbai nightclub, involvement in Punjabi films, and the establishment of BADFIT, his clothing line. With this recent venture, Badshah is offering more than just music—infusing Chandigarh’s food scene with a blend of tradition and modernity.
Boncolac, the French food conglomerate, has acquired yet another British company by securing the foodservice supplier Cakesmiths.
The transaction, sealed for an undisclosed sum, was announced in conjunction with Boncolac’s new corporate name – Onoré. Bristol-based Cakesmiths specializes in supplying sweet and savory snacks to coffee shops in the UK and directly to customers online.
Onoré currently possesses two UK enterprises. In 2022, the company acquired the macaron supplier Mag’M. Earlier this year, it secured the savoury-pastry business Proper Cornish. Since 2022, Waterland Private Equity has held the majority ownership of the group.
A representative from Waterland Private Equity stated that Onoré is acquiring the complete ownership of Cakesmiths, with the entire management team of Cakesmiths reinvesting significantly into Onoré. The details of this investment have also not been disclosed.
As per a statement issued by Waterland Private Equity, Onoré’s annual sales are approximately €200 million ($219.4 million).
In the statement, Onoré CEO Alexandre Vigneron said, “Our ambition is to be the reference manufacturer of frozen specialty food for pastries and snacking products worldwide.”
A year and a half ago, LDC, the investment branch of the UK’s Lloyds Banking Group, made a substantial investment in Cakesmiths. As part of its arrangement with Onoré, LDC is now divesting. LDC stated that Cakesmiths achieved a remarkable “164% increase in revenue and a 260% rise in EBITDA over a two-year span” since the initial investment, though specific details were not disclosed. During this period, Cakesmiths expanded its workforce from 110 to “over 200,” according to LDC.
Cakesmiths CEO Chris Ormrod, who is to stay in his role, said: “Demand for our amazing cakes shows no sign of slowing and we’re now perfectly positioned to share them with more people around the world as part of Onore.”
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