Tata Consumer Products appoints Ashish Goenka as Group CFO

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December 1, 2023

Tata Consumer Products (TCP), the conglomerate overseeing the primary food and beverage ventures within the Tata Group, has announced the appointment of Ashish Goenka as the Group Chief Financial Officer. This decision aligns with the company’s commitment to building a forward-looking organization and strengthening its overall capabilities.

In his new role, Ashish will take on the responsibility of leading the Integrated Finance function, which involves supervising group accounts and finance, managing investments, overseeing capital structuring, forecasting, and budgeting. Moreover, he will offer strategic guidance to the company, formulating and implementing annual, mid-term, and long-term growth plans for the organization. His scope of responsibility will extend to encompass Strategy and M&A, Legal, Secretarial and Compliance, Investor Relations and Communications, Internal Audit, as well as Risk Management functions. Based in Mumbai, he will directly report to Sunil D’Souza, the Managing Director and CEO of Tata Consumer Products.

Drawing upon more than twenty years of experience in the finance domain, Ashish is making a transition from his current position as President and CFO at Jubilant Foodworks Limited. His prior senior leadership roles encompass positions held at Hindustan Unilever and Bharti Airtel.

Sunil D’Souza, MD, and CEO of Tata Consumer Products said, “We are excited to welcome Ashish to the leadership team at Tata Consumer Products. A strong Integrated Finance function aligned with the company’s strategic objectives will be critical in enabling Tata Consumer’s journey to becoming a best in class FMCG company. Ashish’s expertise will help us further strengthen and build future capability for the function.”

The statement additionally recognized the retirement of L Krishnakumar from Tata Consumer Products on October 31st, 2023, expressing gratitude for his two-decade commitment to constructing and strengthening the Finance function. Krishnakumar played a crucial role in the company’s evolution from a single-category, single-country tea entity to its present status as a broad-ranging, multi-country, multi-category Fast-Moving Consumer Goods (FMCG) player. Krishnakumar will remain in the capacity of a Senior Advisor until March 31st, 2023, and Ashish will collaborate closely with him during this period to ensure a smooth transition.

Max Fashion celebrates 17 years and 480 stores in India, poised for further growth

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December 1, 2023

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Max Fashion, a renowned global value fashion brand, commemorates 17 years of its presence in India, boasting a network of over 480 stores. The brand’s success is deeply entrenched in its core values of affordability and trendsetting styles, democratizing fashion clothing accessibility. As Max continues to capture the share of mind in India’s value fashion sector, it adapts to the ever-changing needs of its target audience, which has grown to 35 million and beyond. Max Fashion is now poised to establish new benchmarks in the apparel market, cultivating a robust connection with the style-conscious youth demographic.

Pallavi Pandey, VP, and Head of Marketing at Max Fashion stated, “Max has always been driven by a vision to democratize fashion, and our growing position in the market is a testament to the trust and loyalty customers have shown towards the brand over the years. We are very excited about the evolving and rapidly transforming Indian market. The opportunities in our market are immense, and we continuously strive to deliver the latest fashion trends at affordable prices to everyone in the family.”

Pioneering innovation, Max Fashion consistently elevates its prowess in providing a cutting-edge shopping experience. Transitioning from brick-and-mortar to the digital realm through its e-commerce platform, maxfashion.com, and mobile application, the brand stands out with its extensive social presence, amassing a following of over 1 million youth on Facebook and Instagram. Embracing an omnichannel strategy, Max guarantees a smooth shopping journey, integrating features such as e-kiosks and convenient click ‘n’ collect services at its stores.

Leading the way in international fashion trends, Max consistently updates its clothing line, unveiling fresh styles every 45 days to cater to its diverse audience. Adapting to evolving trends and consumer preferences, the brand has introduced new fashion verticals, presenting a diverse range from the Shirt Shop to Lingerie and even baby clothes. A recent addition to Max Fashion’s offerings is its sustainable product line, known as “Max Cares.”

Witnessing a notable surge in customer loyalty and a continually expanding base of new shoppers each year, Max remains dedicated to responsible fashion. Actively participating in initiatives aimed at minimizing environmental impact, advocating for ethical sourcing, and contributing to community development, the brand stands out as a shining example of evolving and socially responsible fashion in the retail landscape.

Little Caesars expands presence with new state-of-the-art restaurant in Leesburg, Georgia

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December 1, 2023

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Little Caesars, a multinational pizza chain headquartered in the United States, has revealed the launch of a new establishment in Leesburg, Georgia.

Situated at 1385 US Highway 82W, the new establishment will feature Little Caesars’ cutting-edge retail technology, catering to high-output guest self-service takeout.

The Leesburg branch of Little Caesars will provide a menu featuring popular items such as Hot-N-Ready pizza, Crazy Bread, Caesar Wings, and the recently introduced Stuffed Crazy Bread.

Franchisee Anthony King from Nibble Nation will be overseeing the operations of the new restaurant.

King said, “Alongside the convenient Hot-N-Ready products our guests know and love, they will now find three state-of-the-art Pizza Portals. As a result, this store will extend the satisfying Hot-N-Ready experience to people like myself who love to use apps to order ahead.

“Guests will enjoy fully customisable pizzas prepared just for them, ensuring their orders are waiting in the portal as they step into the restaurant.”

In addition to managing the new restaurant in Leesburg, King will be overseeing his fifth Little Caesars establishment in the Albany metro region. This location will distinguish itself by showcasing the capabilities of a digitally advanced self-service strategy.

Little Caesars has a presence in the United States as well as 28 other countries and territories, with its restaurants strategically positioned.

During November 2023, the chain reintroduced its Stuffed Crust Pizza in celebration of the holiday season. The Stuffed Crazy Crust pizza is now presented to guests with a unique twist, blending various flavors and textures.

In a statement, the company said, “The Stuffed Crazy Crust Pizza takes Little Caesars classic Stuffed Crust pizza, oozing with melted cheesy goodness, and tops the crust with Little Caesars’ signature Crazy Crust topping – a mouth-watering blend of garlic-infused buttery richness adorned with a sprinkle of parmesan.”

Ukrainian pet-food giant Kormotech invests €60M to boost production in Lithuania

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December 1, 2023

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Kormotech, a pet-food producer headquartered in Ukraine, is dedicating €60 million ($65.4 million) to enhance and expand its manufacturing facility located in Lithuania.

The manufacturing plant situated in the city of Kėdainiai marked Kormotech’s inaugural facility beyond Ukraine, inaugurated in 2020 with a €15 million investment. The 4,500 square-meter site presently boasts an annual production capacity of 20,000 tons, set to rise to 25,000 tons upon the project’s fulfillment.

Kormotech, a provider of branded and private-label cat and dog food, outlined a four-stage expansion plan for the Kėdainiai facility, spanning from 2025 to 2028. During this period, the company anticipates hiring an additional 200 workers in Lithuania, augmenting the existing workforce of 70 over the next five years.

“We consider Lithuania our second home market. While we plan to build new production facilities in Ukraine once the war is over, Lithuania currently serves as our gateway to the world,” CEO Rostyslav Vovk said in a statement.

“The plant has proven to be a reliable support system, consistently operating at full capacity and bridging the gaps when our Ukrainian plants experience disruptions. We are committed to expanding our facilities in Lithuania further with the construction of four additional production stages by 2028.”

Situated in the Lviv region in the village of Prylbychi, Kormotech’s factory in south-west Ukraine specializes in the production of wet and dry pet foods, boasting an annual capacity of 20,000 tons.

Established in 2003, the company manufactures brands such as Optimeal, Club 4, My Love, and Master. Kormotech has a global reach, exporting its products to Europe and Asia, as well as select countries in South and North America, and the Middle East.

Andrii Berezyuk, the director for Kormotech in Lithuania, added, “Since the start of our Lithuanian operations, both our production and sales goals have been achieved and exceeded, and we hired twice the number of employees originally planned.

“This successful experience, along with the smooth construction of our factory, favourable conditions in the Free Economic Zone, support from Invest Lithuania, and our well-established network of partners and suppliers, has led us to the decision to expand the facility in Lithuania.”

Kormotech anticipates the inauguration of the initial production line at Kėdainiai in 2025, with three more lines scheduled to be integrated throughout the project, culminating in 2028.

Ripple Foods raises $49 Million to fuel expansion in plant-based market

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December 1, 2023

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Ripple Foods recently secured $49 million in its most recent funding round, according to an SEC filing. This comes approximately two years after the California-based plant-based protein company successfully concluded its oversubscribed Series E funding, raising $57.28 million with leading contributions from S2G Ventures, Ajax Strategies, and Bloom8.

In 2014, Adam Lowry and Dr. Neil Renninger established Ripple Foods with the vision of utilizing yellow peas as the main protein source for a range of flavored plant-based beverages. Over time, the company has introduced an assortment of non-dairy milk, protein shakes, and, more recently, an unsweetened milk tailored for children.

Laura Flanagan remains at the helm as CEO of Ripple Foods, and this investment positions the company among the relatively few women-led businesses receiving substantial VC funding. The SEC filing additionally identifies Chuck Templeton, managing director of S2G Ventures, as a new director for Ripple Foods. He assumes the board seat previously held by the company’s former CFO, David Cooper, who departed in June 2022.

According to FABID, a data aggregator in the food and beverage industry, Ripple Foods has garnered a cumulative funding of $268 million to date. This includes continued support from its previous investors such as TAO Capital, Siddhi Capital, Prelude Ventures, Khosla Ventures, and GroundForce Capital (formerly known as PowerPlant Partners).

The recent fundraising efforts by Ripple Foods are anticipated to heighten competition within the global dairy alternatives market, projected to experience a Compound Annual Growth Rate (CAGR) of 12.6% between 2023 and 2030, with an estimated value of $29 billion. In the United States, the company faces direct competition from other well-funded entities in the non-dairy sector, including notable players such as Oatly, Califia, and NotCo. Notably, NotCo recently introduced a plant-based mac ‘n’ cheese through its joint venture with Kraft Heinz.

ABCL raises the bar with debut of BlockBuster Ultra Lager and Ultra Strong Beer in Jharkhand

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December 1, 2023

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ABCL, a contemporary independent brewing company dedicated to crafting top-tier products using premium ingredients, has unveiled BlockBuster Ultra Lager and Blockbuster Ultra Strong Beer in Jharkhand.

Blockbuster Ultra Lager presents a pilsner-style brew characterized by a light and crisp flavor profile, all while keeping a low calorie and carbohydrate content, making it an ideal choice for those looking for a lighter beer option.

BlockBuster Ultra Lager, showcased in a vibrant golden hue and adorned with a creamy white foam, is an intricately crafted offering designed for beer aficionados. This beer is offered in both cans and bottles for your convenience.

Blockbuster Ultra Strong stands out with its bold flavor and elevated alcohol content, delivering a powerful drinking experience. This beer emerges as the preferred choice, challenging conventional perceptions of the characteristics a strong beer can offer.

“We’re excited to bring BlockBuster Ultra Lager and Blockbuster Ultra Strong Beer to Jharkhand, expanding our craft beer offerings. The tremendous response to BlockBuster Strong has inspired us, and with this new endeavour, we aim to elevate the beer experience in Jharkhand. Proudly contributing to the vibrant beer culture, we look forward to creating memorable moments with every sip. We are truly a ‘Made in India’ brand. At American Brew Crafts, we are proud to be at the forefront of the craft beer movement, and our commitment to quality and innovation drives us to bring new variants for beer lovers,” said Sri Nagendra Tayi, Chief Executive Officer, of American Brew Crafts Pvt Ltd.

American Brew Crafts manufactures its beer in two state-of-the-art breweries equipped with the latest German technology.

BlockBuster beer is the result of thorough research dedicated to the art of brewing exceptional beer, incorporating carefully selected premium malts.

Indian specialty coffee brand Blue Tokai eyes 130 outlets and new overseas markets

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December 1, 2023

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Blue Tokai, an Indian specialty coffee brand, aims to increase its footprint to 130 outlets by the end of the financial year. The company is dedicated to expanding its presence in the domestic market where it currently operates.

“We are not looking to expand to new markets and our focus is going deeper into the markets where we are already present. We should be able to open up five stores within a market in a small amount of time for it to make operational sense. At this point, we see more opportunity in the larger cities rather than focussing on the smaller cities,” said Matt Chitharanjan, Co-Founder and CEO of Blue Tokai Coffee Roasters.

Gurgaon-headquartered Blue Tokai, which commenced its operations in 2013, is currently present in over 80 outlets in major metro cities in India. Recently, the company received funding from actor Deepika Padukone through Ka Enterprises, marking a significant contribution to its Series B funding round.

In an effort to bring specialty coffee to consumers on the move, the company has launched a range of brewing products, including easy pours and cold brew cans. Additionally, there are plans to introduce a variety of new ready-to-brew products.

“The company plans to open nearly 60 more outlets over the next five years after crossing 130 outlets and the focus will be more on the fast moving consumer goods (FMCG) products. The brand will have reached scale and mass where we see an opportunity to move more into offline retail with our products,” he said.

With operations already established in Japan, Blue Tokai is now considering the prospect of extending its international footprint into the Middle East market.

“Japan is one of the largest coffee-drinking markets in the world. Indian coffee is unknown in the place. However, the response in Japan is far beyond our expectations. We had just a pop-up store in a mall in Tokyo serving only coffee. The customer feedback we got was that people did not expect the flavour complexity of Indian coffee. We will expand in Japan. The next market we would look at will be the Middle East but not in the immediate future,” added Matt Chitharanjan.

Playboy Hospitality India to launch Bunny Bar in Bangalore, planning nation-wide expansion by 2024

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December 1, 2023

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Jay Jay & Kwality Restaurant Pvt Ltd, an Indian hospitality company and the Master Venue Licensee of Playboy, operating under the name Playboy Hospitality India, is set to unveil its latest establishment, the Bunny Bar.

Scheduled for a December launch, this flagship concept aims to bring a lively and sophisticated experience to Koramangala, Bangalore.

Furthermore, there are ongoing plans to extend this concept to various prominent cities throughout India in the year 2024.

“We are thrilled about the launch of the new Bunny Bar, today’s evolving consumer base is seeking a diverse range of lifestyle products and experiences. This new concept leverages the power of the iconic Rabbit Head logo and brings it to life in a bold, playful, and sophisticated way,” said Allison Kopcha, Chief Business Development Officer & Licensing at Playboy.

The bar features multiple levels and flexible spaces, offering services for all-day dining, leisurely afternoon teas, and an extensive cocktail menu. This includes both classic options and innovative molecular mixes, all within a comfortable lounge setting.

The establishment ensures top-notch service complemented by a globally inspired food menu.

“The BUNNY BAR concept will expedite our expansion in India. It’s the perfect concept for today’s brand conscious consumers who are seeking elevated, stylish, and connected experiences ranging from intimate moments with friends to more organized events that align with their interests,” said Rohit Malhotra, CEO, Bunny Bar.

Playboy Hospitality India is set to oversee and operate the sophisticated Bunny Bar concept, with plans to broaden this fusion of contemporary café elements and exclusive lounge ambiance into more metropolitan markets by the year 2024.

India allows export of specified quantity of wheat, broken rice to five countries

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December 1, 2023

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The government has permitted exports of specified quantities of wheat, wheat flour and broken rice to five countries, including Bhutan, Mali and Indonesia, a notification said on Thursday. The quantity notified for Bhutan includes 14,184 tonnes of wheat grain, 5,326 tonnes of atta, 15.226 tonnes of maida/semoline, and 48,804 tonnes of broken rice.

Shipments of broken rice are authorized for Mali (100,000 tonnes), Senegal (500,000 tonnes over six months), Gambia (50,000 tonnes over six months), and Indonesia (200,000 tonnes).

The Directorate General of Foreign Trade (DGFT) has stated in a notification that the export is sanctioned through the National Cooperative Exports Limited (NCEL).

NCEL is a company set up with cooperative societies as its promoters.

Though exports of wheat and broken rice were banned to boost domestic supply, outbound shipments are allowed on the basis of permission granted by the government to certain countries to meet their food security needs and on request.

“Export of (wheat grain, atta, maida/semolina, and broken rice) food commodities are permitted through National Cooperative Exports Ltd (NCEL),” it said.

Tanishq marks major business expansion with inauguration of stores in Texas

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December 1, 2023

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Tanishq, the renowned Indian jewellery brand, has inaugurated its store in both Houston and Frisco, marking a significant move in its global business expansion initiative. This strategic expansion aims to meet the increasing demands of the Indian diaspora in the United States. With Texas boasting the second-largest Indian diaspora in the country, the state is now host to two Tanishq stores, located in Houston and Frisco, near Dallas.

At the inaugural event, DC Manjunath, the Consul General of India in Houston, was the Chief Guest.

Joining him were CK Venkataraman, Managing Director of Titan Company Limited, Kuruvilla Markose, CEO of Titan International Business, and Michael McCabe, Resident Director of North America at Tata Sons.

Owned by the Mumbai-based multinational conglomerate, The Tata Group, the brand is part of this renowned business entity.

“Delighted to see that Tanishq, Tata company’s jewellery arm opened its 2 new stores in Texas; Houston & Frisco, thus enhancing India-US connection”, said Consul General Manjunath.

“Tanishq spells beauty with elegance, style with tradition, on the solid principles of authenticity, innovation, and trust,” Markose said at the event.

“In the USA, like other 410 locations around, we aim to delight our customers,” he said.

“With a firm commitment to quality, ethical sourcing, and a tailored retail experience, Tanishq is here to provide customers with jewellery that epitomizes perfection,” said Amrit Pal Singh, Business Head for Jewelry – North America, Tanishq International Business.

The launch is a part of Tanishq’s International business expansion strategy. Tanishq is also at the cusp of opening another store in Chicago, and thereafter in the Bay Area by early-mid next year.

The company’s expansion plans include opening 20 to 30 more locations in North America and the Middle East collectively over the next two to three years.

Tanishq currently has a presence of more than 410 stores in India. The company launched its first store, outside India, in Dubai in November 2020, and since then, has added eleven stores outside India, seven in the UAE, two in Qatar, one in Singapore and one in New Jersey, USA.

According to the US Census Bureau, jewellery store sales were estimated at USD 33.2 billion in 2020, which was a 25 per cent increase over the previous decade. Tanishq has been in the US market through e-commerce for over 2 years and has physically been in the US with its first store in New Jersey which was opened earlier in January this year.

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