According to RK Sharma, the Chief Financial Officer at Monte Carlo Fashions, demand is currently slow, but he foresees a rebound in the January-March quarter.
“This year we expect flat to single-digit growth compared to over 23% last year as retail demand was slow in H1FY24 in the Indian economy. It is a temporary phenomenon. It should rebound in Q4,” stated Sharma.
The Chief Financial Officer affirmed that the current sluggishness in retail demand has not hindered the company’s plans for store expansion. He remains optimistic about the mid and long-term prospects of the industry.
“We don’t see the demand hitting our store expansion trajectory as of now. We have plans to open 45-50 exclusive brand outlets this fiscal and we are on track. On the contrary, we have increased this target by another 10 stores to 60 stores next year (FY25),” the CFO stated.
Monte Carlo predominantly operates under a franchise-owned-franchise-operated (FOFO) model, with 90% of its stores falling under this category. This means the company avoids significant capital expenditures in these instances. The remaining 10% of the stores follow a Company-Owned-Company-Operated model, with each store incurring approximately Rs 40 lakh in costs per showroom.
At the end of FY23, Monte Carlo had a total of 356 store outlets.
During the fiscal year 2023, Monte Carlo’s business expanded by 22% compared to FY22, reaching approximately INR 1,100 crore.
Nestle India, a leading player in the fast-moving consumer goods (FMCG) sector, is poised to introduce plant-based protein products in the country.
According to Suresh Narayanan, Chairman and Managing Director of Nestle India, the company is poised to launch these products in the coming few quarters. He made this announcement on the sidelines of the third annual Pritam Singh Memorial Conference, organized by the Birla Institute of Management Technology.
“I am not looking to launch whole chicken or fish, but products more relevant to the Indian market,” he said while refusing to divulge more details.
On a global scale, the Swiss company offers Sensational VUNA, a plant-based substitute for tuna fish, vrimp, a plant-based shrimp crafted from seaweed, and various plant-based alternatives such as chicken shreds and eggs. These products are available in markets spanning the United States, Latin America, China, Southeast Asia, and Europe.
Within the Indian market, the company will vie for market share against other FMCG giants such as ITC Foods and Tata Consumer Products, as well as contend with numerous startups like Blue Tribe, supported by Virat Kohli, and Imagine Meats.
During a press conference at the event, themed ‘Reimagining the future of business: The challenges of leadership, digitalisation and sustainability,’ Narayanan emphasized the company’s dedication to sustainability.
“We plan to start using stubble from rice fields to generate energy for making steam at our Moga factory from the first quarter of next year. This will help reduce stubble burning in the Moga district by 4-5 per cent and will, hopefully, have a positive effect on Delhi’s air quality,” he said.
“We will be coal-free by next year and furnace-oil free also in a reasonable amount of time,” he added.
The producer of Munch chocolate and Nescafe coffee has maintained plastic neutrality for nearly three years, recycling close to 20,000 tonnes of plastic utilized in its packaging, as he explained.
Narayanan informed investors last month, following the third-quarter results announcement, that the company has augmented its investments in sustainability by a factor of six.
He also mentioned that the company has decreased its water consumption by 51 percent and reduced wastewater generation by 38 percent.
A report released in October this year by the Good Food Institute (GFI) asserted that India’s burgeoning smart protein industry presents a growth opportunity reaching $4.2 billion by 2030.
According to the report, there are now more than 113 startups in the country focusing on plant-based, fermentation, and cultivated proteins, supported by a network of over 100 companies facilitating their growth.
Presently, the country boasts a comprehensive range of 377 products spanning 41 formats and featuring 73 smart protein brands encompassing meat, eggs, and dairy, available through both retail and e-commerce channels.
“Between 2016 and April 2023, the sector has seen investment from 34 venture capital funds, 27 angel investors and family offices, two corporates, one investor syndicate, and three grant-provisioning organisations,” the report said.
The Good Food Institute (GFI), serving as the central expert organization, thought leader, and convening body in the alternative protein sector, has released its first-ever State of the Industry Report on smart protein in India.
Swiggy is anticipating a “record number” of users for its quick commerce services during the highly anticipated Cricket World Cup final featuring India this Sunday, the company said on Saturday.
“As the cricket season sweeps the nation, Instamart has seen a surge in orders from metros and small towns alike for match day essentials like chips, snacks, cool drinks, the Indian jersey and other grocery items,” a Swiggy Instamart spokesperson conveyed.
“Trusting Instamart’s 10-minute delivery for every planned and unplanned need during the finals, we expect a record number of users this Sunday and are leaving no stone unturned in terms of stocking up on match day essentials,” it added.
Instamart further mentioned that it is bolstering its on-ground fleet in anticipation of the increased demand. Swiggy refrained from commenting on the prospects for food delivery during the game.
Zomato and Zepto opted not to provide comments on their anticipated demand for the World Cup final.
India is set to take on Australia in the final on Sunday, marking the conclusion of the Cricket World Cup, which has garnered record concurrent viewership across Hotstar, the official streaming platform, and television. The platform reached a peak of as many as 4.8 crore concurrent viewers during the India versus New Zealand clash on Wednesday.
Arcos Dorados, the company holding the master franchise for McDonald’s in Latin America and the Caribbean, has reported an attributable net income of $59.7 million for the third quarter of 2023.
This marks a 27.2% increase from the $46.9 million reported a year ago.
In the quarter ending on September 30, 2023, total revenues reached $1.12 billion, reflecting a notable increase of 22.1% compared to the $921.7 million recorded last year.
The company’s operating income rose to $91.07 million, up from $73.91 million in the corresponding quarter of the previous year.
Benefiting from robust sales across all divisions, systemwide comparable sales experienced a substantial 37.3% year-over-year increase.
In the assessed period, Arcos Dorados’ digital channel sales reached $731.5 million, accounting for 50% of the total systemwide sales.
The consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the third quarter amounted to $129.1 million, reflecting a 25.8% increase in US dollars and a 43.9% increase in constant currency.
In the most recent quarter, the company inaugurated 27 restaurants, with 25 of them being free-standing locations.
Arcos Dorados CEO Marcelo Rabach said, “The broad-based momentum we captured in the first half of 2023 continued in the third quarter.
“McDonald’s Brand strength, structural competitive advantages and consistent execution continued driving sales growth and market share gains across the Arcos Dorados footprint, with the strongest performance in markets such as Brazil, Chile, Costa Rica and Mexico.
“Our strategy is clear: drive sustainable sales growth, supported by both guest volume and average check growth, to generate operating leverage and long-term profitability growth. To achieve this objective, we are leaning on Value, which has always been a cornerstone of the McDonald’s business.”
Ibersol Group, a multi-brand organized restaurant group, has expanded its presence in Spain by unveiling the first Pret A Manger (Pret) restaurant in the country. With established operations in Portugal and England, this marks a significant milestone for Ibersol’s international portfolio.
Established over three decades ago in London, the British sandwich and organic coffee brand has arrived in Barcelona, setting up a new location at the Josep Tarradellas Barcelona – El Prat airport. The brand aspires to position itself as one of the leading food-to-go retailers in the Spanish market.
Through this initial establishment, the Ibersol Group is actively contributing to Pret’s strategic goal of extending its presence throughout Europe. Collaborating with the Ibersol Group, Pret intends to launch 70 establishments in the Iberian Peninsula within the next ten years. These locations will include major urban centers as well as pivotal commercial venues such as airports and railway stations in Spain and Portugal. The collaborative venture and the ambitious expansion strategy in the region aim to position Pret as one of the rapidly advancing brands in the sector.
Pret has made its debut in Barcelona with a spacious new store situated in the Arrivals Area of Terminal 2B at Barcelona airport. The operation of this location will be directly overseen by the Travel division of the Ibersol Group.
The recently opened 530m2 store can cater to 160 customers, providing them with a diverse selection of freshly crafted sandwiches, salads, wraps, and hot meals, including a substantial range for both vegetarians and vegans. Pret’s delectable offerings are prepared daily by Team Members in kitchens, using the finest quality, thoughtfully chosen ingredients.
Furthermore, Pret presents a wide array of hot and cold beverages expertly crafted by its skilled baristas. This includes organic coffees, teas, and options with either traditional milk or plant-based alternatives.
“We are very pleased to announce the first opening in our country of Pret A Manger, one of the world’s leading restaurants in the world. This is a great milestone for the company, with which we begin the brand’s development plan in the Iberian Peninsula, with the aim of opening 70 establishments in Spain and Portugal in the next decade, and positioning it as one of the great benchmarks and with the greatest growth projection in the sector,” said Dr. Alberto Teixeira, President of the Ibersol Group.
“Pret’s growth around Europe is well underway, and we’re delighted to be bringing our freshly made food and organic coffee to even more people across the region. Opening our first Pret A Manger in Spain is another huge moment for Pret, and something I’ve been personally excited for. Ibersol is the perfect partner to help us introduce the Pret experience to people in Barcelona first, then across the Spain and Portugal,” said Pano Christou, CEO of Pret.
Presently, Pret boasts a presence of over 660 stores across 15 markets. Key European markets encompass the UK, Ireland, France, Luxembourg, Switzerland, Belgium, Germany, and Italy.
As the cricket fever reaches its zenith, the entire nation is gearing up for the grand showdown between India and Australia in the World Cup final. To add an extra dash of excitement to this already thrilling event, Khubani – Delhi is inviting fans to experience the World Cup final like never before.
Located in the vibrant heart of Delhi, Khubani is transforming into the ultimate cricket haven this Sunday, welcoming fans to witness the clash of titans on the big screen. The atmosphere promises to be nothing short of electric as cricket aficionados gather to cheer for Team India in a style that’s uniquely Khubani.
What sets Khubani apart is its commitment to ensuring that every moment of the World Cup final is celebrated in grandeur. The festivities kick off at 2:00 pm, right before the first ball is bowled, and continue until the final match whistle blows. The establishment is not just offering a live screening; it’s promising an immersive experience that combines the thrill of the game with an unmatched ambiance.
But what’s a cricket celebration without a touch of indulgence? Khubani has you covered with unlimited beers and appetizers, making sure that your taste buds are as satisfied as your cricketing spirit.
The invitation is extended to all – bring your friends, deck yourselves in the vibrant hues of Team India, and join the celebration at Khubani. The venue promises an ambiance where the collective heartbeat of passionate fans will resonate with the stadium cheers, creating an unforgettable experience for everyone present.
The World Cup final is not just a game; it’s a spectacle, and Khubani – Delhi is your front-row seat to the action. Whether you’re a cricket fanatic or just looking for a great time with friends, this is an experience not to be missed.
The Ribbon Room Bar & Tequileria has opened its doors within the luxurious confines of Juhu’s Sea Princess Hotel in Mumbai. This establishment is a passionate endeavor, aiming to craft an exclusive dining space for the discerning food lovers of the city.
Established by Sunny Sara, Ritik Bhasin, Shashi Thadani, and Neha Gundecha, The Ribbon Room spans two expansive floors. It showcases an exquisite blend of wood and leather textures, embodying sophisticated grandeur.
Sharing his thoughts on the opening, Sunny Sara, director, Orion Entertainment, said, “With The Ribbon Room, we have crafted a dining and drinking space that oozes flair and finesse. Our bar and tequileria hosts a vivid variety of spirits, and our customised agave menu will surely fetch a lot of ardent fans. Our interiors also elicit a sense of wow and wonder. We have achieved the perfect marriage between chic and classy as well as colourful and flamboyant in our interior design. An unforgettable visual and unparalleled dining experience awaits patrons at The Ribbon Room.”
Procter & Gamble (P&G), the leading global consumer goods manufacturer, approached the $2-billion sales milestone in India, marking over three decades since its entry into the country. Despite challenges such as rising input costs and price adjustments, the Cincinnati-based company achieved a remarkable 15% year-on-year growth in FY23, accompanied by a substantial 26% increase in net profit.
The company disclosed sales totaling INR 16,089 crore and a net profit of INR 1,682 crore across its four Indian subsidiaries, namely pharmaceutical firm P&G Health, shaving products manufacturer Gillette, P&G Health & Hygiene, and P&G Home Products. Among these, P&G Home Products, an unlisted entity responsible for producing Tide detergent, Pantene shampoo, and Pampers diapers, experienced the most significant upswing. According to the latest regulatory filings, the arm recorded a 51% increase in profit, reaching INR 419 crore, with net sales rising by 27% to INR 8,464 crore in FY23.
The managing director, LV Vaidyanathan, attributed the company’s performance to robust volume growth, premiumization efforts, and productivity interventions.
“Our results can be attributed to our teams’ execution of our integrated growth strategies of focusing on daily use categories where performance drives brand choice, irresistible superiority across product, packaging, communication, go-to-market execution, and value, productivity, constructive disruption, and an agile and accountable organisation structure and culture,” said Vaidyanathan.
“We are confident these are the right strategies in near term to continue driving a balanced top- and bottom-line growth in a competitive macroeconomic environment.”
Over the last two decades, Procter & Gamble (P&G) has injected more than INR 20,000 crore into the country, solidifying its position as one of the company’s top 10 markets worldwide.
In India, P&G competes with Hindustan Unilever (HUL), Unilever’s local unit, which is nearly four times its size. Despite being the market leader, HUL controls more than half of the market for sanitary napkins and shaving razors. However, P&G has consistently gained shares in these segments, showcasing its competitive resilience.
In contrast to other companies where 40-45% of sales come from rural areas, P&G has traditionally emphasized premium and urban-centric products. Nevertheless, in certain states like Kerala and Tamil Nadu, P&G’s rural market share surpasses its urban share. Additionally, Vicks exhibits a larger presence in villages than in urban areas. Even for its entry-level shaving brand, Gillette Guard, 45% of sales originate from rural regions.
Two months ago, Vaidyanathan, in P&G’s first-ever investor call, mentioned the company’s aggressive investments in the supply chain to cope with demand volatility.
“Historically, our supply chain has been a competitive advantage for us, and we are investing significantly to strengthen this advantage and be better positioned to handle larger capacity and higher ranges of demand volatility, while reducing over-dependence on singular nodes. We are calling this Supply 3. 0, an end-to-end synchronised, sustainable and resilient supply chain, amplified by data analytics,” he said.
SoundHound AI, a leading provider of voice-based artificial intelligence (AI) solutions, has unveiled its latest offering, Employee Assist, designed specifically for the restaurant sector.
The technology firm stated that its recently launched Employee Assist is a conversational artificial intelligence (AI) solution meticulously crafted to assist employees in the restaurant industry.
Employee Assist furnishes details regarding food and beverage items, addresses common business queries, and provides updates from the manager’s log along with essential daily tasks.
The innovative technology utilizes its voice AI in conjunction with generative AI capabilities to assimilate and comprehend instruction manuals, ingredients, and allergen information.
Details are subsequently relayed to the restaurant staff via their headsets in the course of a seamless two-way exchange.
Moreover, the company asserts that its innovative technology comprehends natural human speech without necessitating employees to alter their conversational style.
The innovative solution will also assist restaurant operators in minimizing the inherent challenges associated with inexperienced and multitasking employees.
SoundHound AI co-founder and chief product officer James Hom said, “Employee Assist offers a first-class solution to support busy employees and remove any friction and confusion from the equation. It’s an AI-powered expert in their ear that delivers the right information every time.
“Both restaurant operators and customers are now embracing cutting-edge technology like this because they understand that it’s capable of creating a more efficient and productive ordering experience.”
In September 2023, SoundHound AI seamlessly integrated with Olo, extending its technology accessibility to all locations utilizing Olo’s technology.
The integration smoothly directed voice orders to the Olo platform, seamlessly aligning with a restaurant’s operational processes.
Young’s, a pub operator based in the UK, has finalized a deal to purchase City Pubs Group for an estimated sum of around £162 million ($201 million).
As per the mutually agreed upon terms by the boards of Young’s and City Pubs, Young’s will acquire the complete issued and to be issued ordinary share capital of City Pubs.
Young’s CEO Simon Dodd said, “We are excited to be announcing the proposed acquisition of City Pubs, with the full recommendation of their Board.
“City Pubs is an excellent business we have followed for some time and one which aligns closely with Young’s in terms of both strategy and culture.
“Like us, City Pubs operates premium, individual and well-invested pubs and rooms, with a focus on the highest standards of customer service. Both businesses have performed well in a tough trading environment recently, a testament to the strength of our business models, people and approach to customers.”
Under the terms of the agreement, investors of City Pub Group will receive 108.75p in cash per share, with the remaining portion paid in Young’s shares.
As reported by the Caterer, the agreement is anticipated to expand Young’s managed trading estate by adding 50 pubs, bringing the total to 279 pubs.
City Pubs executive chairman Clive Watson said, “All at City Pubs can feel very proud of what has been built up over the past 12 years.
“City Pubs was an EIS start-up that began trading in March 2012 and now has an estate of fifty premium pubs in the great cities of Southern England and South Wales.
“Like all hospitality businesses, the pandemic derailed City Pubs’ progress, but it has been able to produce a strong performance since with a more focussed, reshaped business with the lowest debt in its history and a solid strategy in place.”
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