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ITC’s FMCG business soars with 14% CAGR over 3 years, Aashirvaad brand hits INR 8,000 Crores in consumer spends

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ITC

Over the past three years, the FMCG segment of the diversified conglomerate ITC has seen substantial growth, with a compounded annual growth rate of 14 percent. Additionally, the Aashirvaad brand, within this business, has achieved consumer spends totaling INR 8,000 crores, as highlighted in a company presentation.

ITC is “one of the fastest growing FMCG Businesses in India” with rapid scale in revenues, which is largely “driven by brands developed in-house”, ITC in an investor presentation released on Tuesday.

ITC reported that its FMCG products now have a presence in three out of every four households in India.

The foods business of the company has maintained a compounded annual growth rate (CAGR) of 13 percent over the past decade, experiencing a threefold increase in the last ten years.

ITC announced that the Sunfeast brand has surpassed INR 5,000 crores in terms of consumer expenditures.

Furthermore, the snacks brand Bingo, instant noodles under the Yipee label, Agarbatti brand Mangaldeep, stationery brand Classmate, and spice brand Sunrise have all crossed INR 1,000 crore in terms of consumer spends.

The company calculates annual consumer spend by combining the consumer expenditures on its goods. This includes the net sales turnover of the brands, along with channel margins and taxes.

ITC has expressed its commitment to enhancing Aashirvaad’s presence in the kitchen through adjacent offerings. Presently, the brand offers a variety of products, including atta, ghee, salt, spices, and instant mixes.

The company is currently elevating consumer choices by introducing additional products, thereby creating new avenues for value addition.

Launched by ITC in May 2002, the brand has since risen to become the leading choice for branded packaged atta nationwide.

With a portfolio boasting more than 25 world-class mother brands in the FMCG segment, the company has achieved a consumer spend of INR 29,000 crore in FY 23.

Over the past three years, ITC introduced 300 products in the FMCG segment.

Its overall reach now spans 7 million outlets, with a direct outreach to 2.6 million households.

The company is expanding the MasterChef brand and nurturing the development of chocolates.

In the personal wash category, ITC mentioned that it is a INR 24,000 crore industry with the presence of 3,000 brands.

The Fiama brand is heavily represented in modern distribution channels. Additionally, Savlon, the hygiene brand acquired in 2015, has witnessed nearly a tenfold growth in the past six years.

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Healthify and Swiggy collaborate to bring tailored, AI-recommended meals to users

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Healthify

Healthtech startup Healthify, formerly known as HealthifyMe, has partnered with the foodtech major Swiggy to enhance meal delivery services. Furthermore, the company is actively focusing on amplifying its presence in the enterprise vertical, with plans for substantial growth in that sector.

As part of this collaboration, users can now order diet-aligned meals recommended by Healthify’s AI coach Ria through Swiggy. Within the Healthify app itself, customers have the convenience of placing their meal orders seamlessly.

“With Ria’s smart dietary recommendations, users can effortlessly order aligned meals through the Healthify app, simplifying sticking to a healthy diet,” the startup said in a statement.

This feature is set to be accessible to Healthify Smart subscribers from December 15 onwards.

During the ‘Ignite’ annual event in Bengaluru, Healthify’s co-founder and CEO, Tushar Vashisht, highlighted the commercial nature of the partnership. Nevertheless, the startup refrained from disclosing details about whether the collaboration involves a revenue-sharing model.

“Our advancements in AI-powered photo-tracking with Snap and our strategic partnership with India’s top food delivery app, Swiggy, represent significant milestones in making healthy living accessible and actionable,” Vashisht added.

During the event, the startup unveiled the introduction of Coach Co-Pilot, an AI-powered health platform designed to assist users in analyzing and managing their dietary, fitness, stress, and sleep patterns. The platform provides personalized plans tailored to individual user needs.

Users of Healthify will have the capability to engage in conversations with the AI coach, Ria. This AI feature, working in tandem with Healthify’s team of human coaches, facilitates users in tracking nutrition by analyzing pictures of their food.

Within the company’s B2B vertical, Healthify has existing collaborations with various companies, such as AWS and HCL. The company intends to expand its partnerships with additional enterprises and, as a strategic move in its B2B initiative, aims to enhance its corporate wellness programs and apps to strengthen its foothold in the enterprise sector.

In FY23, Healthify experienced a notable 10% reduction in losses, decreasing from INR 157 Cr in FY22 to INR 42 Cr. Simultaneously, the company achieved a significant increase in total revenue from operations, reaching a record INR 228 Cr compared to INR 185.25 Cr in FY22.

Vashisht stated that the startup is progressing towards achieving a modest double-digit growth in revenue for FY24.

Established in 2012 by Vashisht, Healthify utilizes AI to produce tangible outcomes in areas such as eating habits, fitness, and weight management. It achieves this by monitoring lifestyle factors and offering access to coaches, among other advantages.

Serving over 40 million users in over 300 cities, the startup has secured a total funding of $130 million from notable investors such as Khosla Ventures and Leapfrog, among others. Within its user base of 40 million, 250,000 are paying subscribers, and the platform boasts a roster of over 1,000 coaches.

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Doritos teams up with Empirical, unveils innovative ‘chip-inspired’ alcoholic beverage!

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Doritos and Empirical

Doritos is banking on a novel approach to captivate individuals with their tortilla chips: incorporating alcohol.

The brand owned by PepsiCo is launching a fresh spirit inspired by Doritos’ nacho cheese flavor, described as “authentic in taste” in a press release. Collaborating with Empirical, a Danish company renowned for crafting unique spirits with inventive flavors, the chip maker is introducing this innovative product.

Exclusively accessible through online channels, the limited-edition flavor becomes available for purchase on Wednesdays in New York and California, with a price tag of $65 for a 750ml bottle.

This marks another unconventional offering in the realm of food-related products from major brands. Not long ago, Kahlúa and Absolut Vodka collaborated on a fragrance capturing the essence of an espresso martini, while Dunkin’ transformed its iced coffees and teas into canned cocktails. Additionally, Arby’s ventured into the spirit world by turning its iconic curly and crinkle fries into vodka and crafting a smoked bourbon designed to complement its roast beef.

The goal of these offerings is to arouse customers’ curiosity, ignite conversations, and elevate brand recognition. Essentially, it’s a marketing tactic cleverly masquerading as a retail product. Nevertheless, one shouldn’t anticipate a substantial boost to Pepsi’s bottom line from these ventures.

Doritos and Empirical are characterizing their partnership as a “first-of-its-kind innovation for both brands.” The spirit was crafted in Empirical’s laboratory, utilizing a production technique that involved using Doritos chips and maintaining their “essence through vacuum distillation.” According to the spirit maker, this method preserves more of the authentic Doritos flavor when compared to conventional approaches.

The spirit’s flavor “opens with umami and tangy aromas of nacho cheese, moving to the deeper, corn-forward flavors of the chip to finish on a soft salty note,” the company said.

As it is a flavored spirit and not confined to a specific liquor category, Doritos suggests blending it with tequila or mezcal for a unique take on a Bloody Mary or a Margarita. Alternatively, the spirit can be enjoyed on its own or over ice.

“While the flavor may seem wacky, the collaboration has novelty value, and it is likely a lot of people will be interested enough to try it out,” said Neil Saunders, retail analyst and managing director at GlobalData Retail. He added that Empirical and Doritos are both known for “being playful and fun.”

“Consumers are in the mood to test new things and are looking for products that are interesting and a bit different from the run of the mill,” he said.

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Torchy’s Tacos joins hands with Uber Eats for a nationwide delivery rollout in the U.S.

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Torchy’s Tacos

Uber Eats has formed a delivery collaboration with Torchy’s Tacos, a restaurant chain based in the United States, on its online food ordering and delivery platform.

From December 2023, Torchy’s Tacos will integrate its extensive network of over 100 locations, spanning across states such as Colorado, Indiana, Louisiana, North Carolina, Tennessee, and Virginia, into the Uber Eats app.

Torchy’s offers a menu that includes Green Chili Queso, tacos made from scratch, and margaritas.

Customers ordering $25 or more from Torchy’s Tacos menu between December 11 and 24 will receive complimentary queso and chips.

Members of Uber One can avail themselves of a 10% discount on their orders and enjoy complimentary delivery on eligible orders exceeding $15.

Torchy’s CEO and founder Mike Rypka stated, “Since the day we started in that Austin trailer park 17 years ago, our mission has always been to make damn good tacos, queso and drinks available for all.

“We couldn’t be more excited to partner with Uber Eats and have their help in continuing that mission.”

In addition to the on-demand delivery option, patrons of Torchy’s Tacos can leverage group orders, split bills, and utilize the “re-order” feature to maintain consistency in their Taco Tuesday orders.

Sarfraz Maredia, Vice President and Head of Uber Eats Americas, expressed, “Collaborating with Torchy’s Tacos marks a significant shift for famished Uber Eats users, both in their home state of Texas and beyond.”

“We are thrilled to bring this beloved brand onto the app and deepen the creative ways we can work together. And as a Texan myself, I feel incredibly fortunate to have such strong local partners who pride themselves on high standards — both for the quality of their food and how they treat their customers.”

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Bubble tea giant Gong Cha set to expand across America with two new franchise agreements

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Gong cha

Gong cha, the tea drink franchise, has recently entered into agreements with two new master franchisees, granting them territorial rights for the Great Pacific Northwest and Central America.

The bubble tea brand, with a presence in over 2,100 locations across 23 countries, is set to broaden its footprint in Washington, Oregon, and Idaho through the Great Pacific Northwest franchise agreement with Ajay Keshap.

For 25 years, Keshap has been the proprietor of a diversified franchise group in the United States. Within the group’s portfolio are 24 Denny’s restaurants and 15 Papa John’s pizza establishments.

The group possesses area development rights for Dave’s Hot Chicken in the state of Washington.

In Central America, Gong cha has entered into an agreement with the husband and wife duo, Justin Willingham and Monica Fonseca.

Willingham and Fonseca will start by opening the first Gong cha location in Honduras, then proceed to expand the brand to Costa Rica, El Salvador, and Guatemala.

Their goal is to launch one or two locations in early 2024, aiming to reach a total of 50 stores across their territory by 2033.

Collectively, these two agreements will enhance the presence of the bubble tea brand in the Americas by over 100 stores.

Gong Cha Americas president Geoff Henry expressed, “We’re pleased to collaborate with Ajay, Justin, and Monica to introduce Gong cha to new markets in the Pacific Northwest and Central America.”

“With their experience and leadership in the franchise space, we know they will find great success introducing Gong cha’s premium product to a brand new audience.”

Since 2014, Gong cha Americas has successfully launched over 400 establishments spanning the United States, Canada, and Mexico.

Having established over 225 stores across 19 states, the brand is projected to achieve its 1,000th milestone in the Americas by 2026.

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Flipkart opens first ever grocery fulfillment center in Bhubaneswar, promising 24 hour delivery

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Flipkart
Flipkart

Flipkart, owned by Walmart, has launched its first grocery fulfillment center in Bhubaneswar, Odisha, as part of an initiative to expand its grocery services.

The recently established center will enable the ecommerce giant to serve its online grocery customers in cities such as Asika, Basta, Bhadrak, Cuttack, Dhanekal, Jagatsinghpur, Puri, and Talcher, ensuring delivery within 24 hours.

According to Flipkart, the recently established center is anticipated to create more than 300 job opportunities. Additionally, it aims to facilitate nationwide market access for various local sellers, MSMEs, and small to medium-sized farmers in the region.

“Odisha’s socio-economic progress is gaining momentum, and the role of e-commerce in our overall development is pivotal. In alignment with our state’s vision, Flipkart’s inaugural grocery fulfilment centre marks a significant stride toward the rapid advancement of local MSMEs and farmers,” said Odisha’s micro, small and medium enterprises minister Pratap Keshari Deb.

He further mentioned that the endeavor will empower the state’s MSMEs, granting them access to the pan-India market and fostering stronger connections with consumers nationwide.

Covering an expansive area of 1.35 lakh square feet, the new facility boasts a dispatch capacity exceeding 2.09 lakh units per day. Specifically designed to handle 16,000 orders daily, it offers a diverse array of products, encompassing both regional brands and well-known brands from other states.

“As a homegrown company, we are dedicated to advancing technology and innovation to create a positive ripple effect across the Digital India landscape. As Flipkart ventures into the heart of Odisha with our first-ever grocery fulfilment centre, we recognize the state’s dynamic growth,” said Rajneesh Kumar, chief corporate affairs officer, Flipkart Group.

At present, Flipkart operates 24 grocery fulfillment centers, serving over 1,800 cities and encompassing 10,000 PIN codes throughout India.

Within the grocery delivery sector, Flipkart engages in direct competition with Amazon Fresh, Big Basket, Blinkit, Zepto, and various other players.

During the festive season sale in October, the Walmart-owned company temporarily suspended its grocery segment operations due to a surge in user traffic.

The recent development coincides with rival Amazon intensifying its focus on the grocery sector. Earlier this year, Amazon Fresh announced an expansion, extending its presence to over 50 cities in India, up from just 22 cities a year ago.

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Tira strengthens omnichannel experience with new store openings in Pune and Bengaluru

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Tira
Tira

Reliance Retail’s omnichannel beauty platform, Tira, has recently expanded its presence with the opening of two new stores in Pune and Bengaluru, as announced in a social media post by Nirant Khedkar, a consultant working with Tira.

The seventh and eighth stores from the beauty brand have been unveiled, situated at Phoenix Mall of Asia, Hebbal, Bengaluru, and Phoenix Mall of the Millennium, Pune.

Nirant Khedkar serves as the Executive Director at The Othr Lab and holds the position of Head of Operations at Tira, as indicated by his LinkedIn profile.

“We’re thrilled to announce the grand opening of our 8th store, located at the Upper Ground Floor of the Mall of the Millennium, Wakad, Pune,” said Khedkar.

“Our 7th store doors are officially open at the Phoenix Mall of Asia, ready to dazzle customers with the ultimate beauty experience,” added Khedkar.

Tira’s brick-and-mortar outlets extend beyond traditional retail, providing personalized beauty services and access to cutting-edge technology tools. Customers can indulge in makeup consultations, virtual try-ons, and tutorials to experience Tira’s distinctive looks.

The mobile application of the brand delivers beauty content and advice, while the stores showcase a diverse range of international and locally crafted beauty brands. Encompassing makeup, skincare, haircare, fragrances, and bathing essentials, the stores provide a holistic beauty experience.

Launched in February 2023 as an e-commerce platform under Reliance Group’s retail division, Reliance Retail Ltd., Tira made its debut with the unveiling of its first flagship store at Jio World Drive in the Bandra Kurla Complex in Mumbai.

In August, Tira expanded its retail presence by inaugurating its second outlet in Mumbai, situated at Infiniti Mall, Malad, bringing the current total count to 8.

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JadeBlue expands footprint in India with a new luxurious store in Surat

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JadeBlue

JadeBlue, the men’s clothing retailer, announced the opening of its 35th store in India through a social media post on Sunday. Situated in Surat, Gujarat, the new standalone store spans 4,000 square feet.

“Store number 3 in Surat and our 35th JadeBlue store in India. A 4,000 sq. ft. luxury space where we are bringing many international and national brands along with premium JadeBlue labels and the iconic Modi Kurta and Jacket,” said Vrudang Parikh, general manager – finance and accounts at JadeBlue Lifestyle India Ltd in a LinkedIn post.

In 1995, the JadeBlue Group laid the foundation for its inaugural 2800 sq. ft. retail outlet, signaling the birth of the company that has since evolved into two distinct brands: JadeBlue and Greenfibre.

JadeBlue stands as a prestigious lifestyle store celebrated for its exclusive men’s fashion offerings, featuring a diverse array of collections encompassing Modi kurtas and jackets, loungewear, ethnic wear, casual wear, and formal attire.

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IOSPL paves the way for ethical beauty choices in India with new brand additions

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IOSPL

In a notable development within the Indian beauty and personal care sector, IOSPL, the omnichannel representative for international brands in India, has introduced three new subsidiary brands – Naturtint, Boldify, and Estate – during the Cosmoprof Mumbai event. Recognized for their dedication to sustainability and cruelty-free formulations, these brands aim to reshape the landscape of ethical beauty in India.

Naturtint introduces a hair color range free from ammonia, parabens, and resorcinol, highlighting its commitment to sustainability and cruelty-free methods. Being the inaugural USDA-certified Bio-based hair color line in 2021, Naturtint brings over three decades of excellence to the Indian market.

Boldify provides remedies for thinning hair using plant-based fibers, delivering a conditioning formula that is water-resistant. Prioritizing quality and achieving finishes resembling real hair, Boldify’s products are designed for individuals seeking effortless hair care solutions.

Estate Cosmetics, a renowned Canadian brand, introduces premium vegan and cruelty-free cosmetics to the Indian market. Emphasizing affordability without compromising quality, Estate Cosmetics embodies a dedication to ethical beauty by seamlessly blending tradition and contemporary trends.

Bimal Thakkar, CEO and Co-Founder, IOSPL said, “As IOSPL expands its footprint in the ever-evolving Indian beauty and personal care market, we are thrilled to introduce Naturtint, Boldify, and Estate Cosmetics to discerning consumers seeking sustainable, cruelty-free options. Our commitment to offering innovative, eco-conscious brands aligns with evolving consumer preferences for ethical and safe beauty solutions. We look forward to leveraging the opportunities these brands bring, empowering individuals to embrace beauty with responsibility and without compromise.”

“We, at Naturtint, are excited to bring our pioneering, ammonia-free permanent hair colour formulations to the discerning consumers of India. Our commitment to crafting sustainable, cruelty-free solutions resonates with those seeking vibrant, healthy hair without compromising on quality or the environment. As we step into the Indian market, we’re dedicated to offering a spectrum of shades that embody both innovation and nature’s beauty, empowering individuals to express themselves authentically and responsibly,” added The Spokesperson of Naturtint,” added Karishma Jeswani, Global Marketing Head, Naturtint.

Himadri, Marketing Head India, Boldify commented, “Boldify is proud to introduce its revolutionary animal test free and vegan hair solutions to India providing a seamless, natural finish for those seeking thicker, fuller hair. Our commitment to quality, convenience, and safety resonates with individuals embracing their unique beauty. We’re excited to offer effective, mess-free hair care that celebrates individuality without compromise. The brand is Developed with eminent hairstylists with only 3 ingredients.”

“We are thrilled to embark on this incredible journey as Estate Cosmetics makes its debut in India, marking a significant milestone for our brand. Partnering with IOSPL for our launch at Cosmoprof, Mumbai, signifies a meaningful collaboration that aligns with our ethos of redefining ethical beauty. At Estate Cosmetics, our mission extends far beyond makeup; it’s about advocating for positive change and embracing diversity. We take immense pride in offering high-quality, pigmented products that celebrate individuality while remaining cruelty-free and vegan. As we make our mark in India, we are excited to witness the collective impact we can make together,” said Gurmeet Tagore, President Estate Cosmetics.

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Caffe Cream poised to launch fast-casual dessert brand franchise across the UK

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Caffe Cream

Caffe Cream, known for its expertise in ice cream production and retail, is set to introduce its fast-casual dessert brand franchise, aiming for swift growth throughout the UK.

Established in 2012 during the UK’s “double-dip” recession, the business was founded by the father-and-son duo, Justin and Dave Dooley.

Caffe Cream will provide its signature blend of premium ice cream, delectable cookies, along with high-quality teas and coffee.

The business currently operates four restaurants.

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