On Wednesday, Apparel Group India, the franchise operator for the Canadian footwear brand, revealed in a LinkedIn post that Aldo has inaugurated a new store in Hyderabad.
“We’re thrilled to announce Aldo’s new store at L&T Next Premia Mall, Irrum Manzil. This is the brand’s 4th store in Hyderabad and the 66th store in India!,” Apparel Group India said in a LinkedIn post.
Founded in 1972 as Aldo Shoes, Aldo began as a footwear retailer. The company opened its first store in 1987, located in Montreal, Canada.
The company, headquartered in Montreal, offers a range of footwear for both men and women. Additionally, it distributes its shoes in India through the e-commerce site Aldo.in.
As per information available on its website, the company currently operates close to 3,000 stores across 100 countries worldwide.
Last month, the brand celebrated the opening of two new stores at the Mall of Asia in Bengaluru, bringing the total count to 11 stores in the city.
In a groundbreaking move, Auric, a wellness-focused company, has introduced a revolutionary snacking option – Baked Noodles. Deepak Agarwal, the Founder & CEO of Auric, recently shared the exciting news on his LinkedIn, highlighting the company’s commitment to offering healthier alternatives in the popular and expansive noodle market.
Noodles, a beloved snack in many households, holds a special place in the hearts of many, often associated with cherished memories. However, a startling revelation about the conventional noodle-making process has prompted Auric to rethink the traditional method.
Agarwal, in his post, pointed out that most noodles, including the iconic Maggi, undergo deep frying in oil before being packed. This process adds significant amounts of oil and cholesterol to the product, factors often overlooked by consumers.
Aiming to address this concern and offer a healthier alternative, the team at Auric decided to innovate by introducing a noodle with Zero Oil, Zero Cholesterol, Zero Maida (refined flour), and Zero MSG. The key to this transformation lies in the replacement of frying with baking and swapping out Maida with nutrient-rich millets.
Auric Baked Noodles is not just a snack; it’s a nutritious choice made from foxtail millet flour, bringing Ayurvedic principles to snacking occasions. The product aligns with the Ayurvedic lifestyle (Sattvik) by focusing on herbs, purity, and health.
With 40% millet content and 50% more protein than traditional noodles, Auric Baked Noodles offer a range of health benefits. They have a low glycemic index, making them suitable for diabetes management, and contribute to heart health through anti-inflammatory properties. The absence of maida supports healthy cholesterol levels, making it a conscious choice for consumers.
The three exciting flavors – Italian Cheese & Herbs, Mexican Peri Peri, and Chinese Schezwan – promise a symphony of taste, challenging the conventional expectations associated with instant noodles.
As health-conscious consumers seek alternatives to traditional snacks, Auric Baked Noodles emerges as a nutritious and flavorful option, challenging the norms of the noodle market. With its commitment to purity, Ayurveda, and innovative snacking, Auric is set to redefine the way people indulge in their favorite instant noodles.
Starbucks is intensifying its focus on rapid expansion and affordability in the Indian market, according to Sunil D’Souza, the managing director of Tata Consumer Products. Operating the world’s largest coffee retail brand in the country, Tata Consumer Products is witnessing increased competition in the coffee cafe chain market, with at least half-a-dozen new players entering the scene.
“In India, we do see heightened competition, but I would say we should not miss the woods for the trees. We are focused on how quickly we can expand the footprint of Starbucks in an affordable manner,” stated D’Souza.
The Indian division of the Seattle-headquartered coffee retailer, contending with Costa Coffee, Cafe Coffee Day, Barista, and emerging competitors like Pret a Manger, Tim Hortons, Third Wave, and Blue Tokai, manages a network of 370 stores across 49 cities in India.
In the current fiscal year, Starbucks plans to increase its store count by 80-100 outlets, marking a considerably accelerated pace of expansion compared to previous periods.
“Every year, we see this (cafe) space expanding. Coffee is growing and tea is flat lining. So there is space for substantially more outlets than what exists today in the medium to longer term,” said D’Souza.
During the fiscal year 2022-23, the collaboration between the Tata Group and Starbucks achieved its most rapid expansion to date, with the opening of 71 new stores.
In June, Starbucks responded to heightened competition and aimed to capture a larger market share in tier-2 and 3 markets by introducing smaller-sized, more affordable beverages.
Café chains in India are experiencing a faster growth rate compared to quick-service restaurants (QSR), driven by the increasing demand from younger, aspirational consumers. According to a Statista Research report, the coffee cafe franchise market in the country is valued at ‘4,500 crore, with an annual growth rate of 8-9%.
In the post-earnings management commentary, Tata Starbucks identified India as one of its key growth markets, having surpassed 1,000 crore in sales during the fiscal year 2022-23.
“It’s about how fundamentally, out-of-home coffee consumption is going to continue to power up. This is happening as the GDP grows, as disposable incomes grow and consumers start to become more aspirational,” D’Souza said.
The coffee market is outpacing the growth of tea nationwide, a trend observed not only in major metropolitan areas but also in smaller markets. Brands are strategically targeting both smaller cities and large metros. Investors are showing confidence in this trend, as evidenced by significant funding rounds for new cafe chains. In January, Blue Tokai Coffee Roasters secured $30 million in funding led by A91 Partners, while Third Wave Coffee Roasters raised $20 million from WestBridge Capital last year.
Starbucks is also setting up stores on highways, in response to the “mindset of people when they are driving”, said D’Souza. “There is a lot of traffic that comes to highway stores. So from a P&L (profit and loss) perspective, it makes a lot of sense…”
Punjab Grill, renowned for its exceptional North Indian culinary offerings, is swiftly expanding, unveiling its newest location in Defence Colony, Delhi.
The expansion underscores the robust demand for genuine Punjabi flavors in the city center. Adding to the excitement, additional outlets are scheduled to open later this year, firmly establishing Punjab Grill’s culinary footprint in Delhi.
“We are excited to bring the quintessential flavors of Punjab to Defence Colony. Our commitment to quality ingredients and time-honored cooking techniques ensures that every dish we serve is an authentic culinary experience. We look forward to welcoming both our loyal patrons and new guests to our latest outlet,” shared Rohit Aggarwal, Co-Founder and Managing Director of Lite Bite Foods.
The newly launched Punjab Grill establishment in Defence Colony sets a new standard for dining, appealing to patrons of various age groups. Combining contemporary aesthetics with the comforting embrace of traditional Punjabi culture, this restaurant delivers an extraordinary culinary experience.
Punjab Grill seamlessly combines tradition and innovation in its diverse menu, featuring succulent kebabs like Dahi Ke Kebab and Chicken Malai Tikka, flavorful curries such as Butter Chicken and Dal Punjab Grill, a variety of bread options including Laccha Paratha and Garlic Naan, and delightful desserts like Gulab Jamun.
Punjab Grill has consistently delivered an exceptional dining experience and is dedicated to upholding its reputation at the new Defence Colony location.
India inked deals to export approximately 500,000 metric tons of freshly harvested basmati rice, capitalizing on strong demand from leading purchasers in Europe and the Middle East, according to traders’ reports on Wednesday.
Every year, India ships over 4 million tons of basmati, a premium long-grain variety renowned for its fragrance, to countries such as Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates, and the United States, among others.
Rice holds a significant market share in Europe as well.
In June, India implemented a ban on the export of non-basmati white rice to stabilize domestic prices. Subsequently, in August, the country established a floor price, also known as the minimum export price (MEP), setting it at $1,200 per ton for overseas sales of basmati.
Nevertheless, due to the impediment posed by the floor price on the export of the premium variety and the burden it placed on farmers dealing with substantial stocks of newly harvested rice, the government opted to reduce the floor price for basmati exports to $950 per ton last month.
Following the decision in August, trade ground to a halt, but according to traders, the reduction in the floor price has revitalized the basmati rice trade.
“There’s been a great deal of interest in India’s new basmati rice crop and so far we have signed export contracts for around 500,000 tonnes,” said Prem Garg, president of the Indian Rice Exporters Federation.
“Normally we start getting orders for the new crop in September and October but the MEP of $1,200 a metric ton made it difficult for us to sign any deals,” he said.
According to two exporters, including Garg, Indian traders have finalized basmati export agreements ranging from $1,000 to $1,500 per metric ton.
Vijay Setia, a prominent exporter from Haryana, a major basmati rice-producing state in the north, noted that Turkey, Iraq, and Saudi Arabia have emerged as the primary purchasers of the rice this year.
“Despite the MEP of $950 a metric ton, it looks like we’ll be able to export our usual annual volume of around 4 million metric tons,” Garg said.
Hospitality unicorn Oyo’s plan to allocate INR 1,600 crore, approximately $195 million, for debt prepayment using existing cash and free cash flow is anticipated to bolster its Ebitda leverage and interest coverage metrics, as per Fitch Ratings.
On November 13, Oyo, operating under the name Oravel Stays Ltd., presented a buyback proposal of $195 million for its high-cost term loan of around $645 million, roughly equivalent to INR 5,350 crore. This plan involves seeking lenders’ approval to eliminate the covenant that requires maintaining $100 million in cash in a collateral account. Simultaneously, Oyo aims to amend the minimum liquidity covenant by introducing a revolving credit facility of $25 million.
The company plans to utilize the released funds, along with a portion of its current cash reserves and generated free cash, for a $195 million principal buyback. This move aims to decrease the outstanding term loan to $450 million, equivalent to approximately INR 3,730 crore.
Should the envisaged transaction be completed, Fitch anticipates a 30% reduction in Oyo’s debt and foresees annual interest cost savings of approximately $26 million.
“We believe that the potential transaction, along with sustained Ebitda growth, could improve Oyo’s Ebitda leverage to below five times, the threshold below which we may take positive rating action,” it said in a note on Tuesday.
Following the transaction, Oyo’s cash and equivalents could decline to around $80-90 million before rebounding to $100-120 million by the end of FY24.
“We expect the company to generate positive free cash flow of $20–40 million in the second half of FY24. We believe that such a cash balance provides adequate buffers to meet business needs at Oyo’s current scale and profitability levels,” Fitch said.
In May, the rating agency adjusted the outlook for Oravel from ‘stable’ to ‘positive.’
“The positive outlook continues to reflect that Oyo remains on track to generate positive Ebitda on a sustained basis and deliver significant growth in FY24, benefiting from the demand recovery in the travel and tourism industry and a reduction in its operating costs,” it said.
Fitch anticipates Oyo to achieve an EBITDA of approximately $100 million, equivalent to INR 830 crore, in FY24, whereas the company projects its EBITDA to surpass $110 million.
In August, it was reported that Oyo, set for an IPO, is targeting approximately INR 800 crore in adjusted EBITDA for FY24, based on a presentation by Chief Executive Officer Ritesh Agarwal.
Patanjali Foods Ltd, a prominent entity in the Indian retail industry, has experienced a noteworthy more-than-doubling of its net profit, reaching INR 254.53 crore in the second quarter of the current fiscal year. The company has strategically collaborated with former Indian cricket team captain M S Dhoni, designating him as the brand ambassador for its Mahakosh and Sunrich brands.
During the corresponding period last year, the net profit was at INR 112.28 crore. Although there was a decrease in total income to INR 7,845.79 crore in July-September, compared to INR 8,524.67 crore the previous year, Patanjali Foods effectively controlled its total expenses, reducing them from INR 8,371.03 crore to INR 7,510.71 crore.
In a statement, Patanjali Foods emphasized that M S Dhoni’s partnership resonates with the health-centric focus of the company’s edible oil products. The Food and FMCG segment played a substantial role, recording revenue of INR 2,487.62 crore in the second quarter, showcasing growth compared to previous fiscal periods.
Patanjali Foods’ CEO, Sanjeev Asthana, conveyed contentment with the favorable results in the initial half of the fiscal year. He underscored the company’s strategic realignment in business operations and the noteworthy expansion in profitability indicators. Despite facing a challenging macro and operating environment, the company accomplished export sales of INR 41.65 crore in the July-September quarter, dispatching products to 23 countries.
In a positive development for FMCG giant Dabur, two of its overseas subsidiaries, namely Dabur International and Dermoviva Skin Essentials, have been removed as defendants from multiple lawsuits filed in a US court. These lawsuits alleged that their hair-relaxer products were responsible for causing ovarian cancer, uterine cancer, and other associated health issues. Nonetheless, the lawsuits against the third international subsidiary, Namaste Laboratories LLC, are set to persist in the US District Court for the Northern District of Illinois, as indicated in a statement released by Dabur on Wednesday.
Dabur International and Dermoviva were granted relief and removed from multiple lawsuits due to a lack of jurisdiction. This decision was based on the fact that they have not engaged in the manufacturing, marketing, distribution, or sale of hair relaxer products in the United States, as stated.
Dabur India’s three international subsidiaries, Namaste Laboratories LLC, Dermoviva Skin Essentials Inc, and Dabur International Ltd, were confronted with around 5,400 cases across federal and state courts in the US. These cases were subsequently consolidated in the Northern District of Illinois, as disclosed by the company in a regulatory filing last month.
“We wish to inform that Dabur and Dermoviva have been dismissed as defendants in federal cases, which were consolidated as a Multi-District Litigation, before the US District Court for the Northern District of Illinois, for lack of personal jurisdiction as neither Dabur nor Dermoviva manufactured, marketed, distributed or sold hair relaxer products in the US,” said Dabur India on Wednesday.
Hence, now only Namaste remains as a defendant in these cases along with many other industry players such as L’Oreal, SoftSheen/Carson, Luster Products Inc, Avlon Industries, Inc. PDC Brands (Parfums de Coeur, Ltd), Revlon etc,” Dabur added.
The Homegrown FMCG and Ayurvedic products maker further stated that this lawsuit does not concern any Dabur brand or product and said the sale of hair relaxer products by Namaste contributed less than one per cent of the total consolidated turnover.
“We would like to reiterate that Namaste is confident in the safety of its products and believes that these lawsuits have no legal merits hence denies any liability and has retained counsel to defend it in these lawsuits as these allegations are based on unsubstantiated and incomplete study published in the journal of the National Institute of Health, which study has already been held to be redundant by the Cosmetic, Toiletry & Perfumery Association in the European Union,” said Dabur.
Moreover, Namaste has product liability insurance cover in place for any potential damages/claims and defence costs, it added.
Certain consumers using hair relaxer products had complained alleging that some industry players had sold products that contain certain chemicals. Using these hair relaxer products has caused ovarian cancer, uterine cancer and other health issues in the users,” Dabur had informed earlier.
According to the latest report, Dabur India has 27 subsidiary companies, which contributed to 26.60 per cent of the consolidated revenue from operations in FY 2022-23.
Its revenue from international business was at INR 2,867 crore, recording a growth of 11.1 per cent in constant currency terms in FY23.
Dabur India has manufacturing facilities at eight international locations, according to its latest annual report.
During the September quarter, local and regional companies have expanded their reach to 31% additional households in categories like biscuits, soap, washing powder, and detergent. This has led chief executives of major consumer goods companies to acknowledge the resurgence of smaller brands and recognize its influence on their sales growth.
In the most recent data provided by market research firm Kantar, local brands demonstrated a 4% increase in penetration for laundry bars and a 13% growth in washing powder, outpacing their larger counterparts who experienced growth rates ranging from 0-3%. In the soap category, smaller firms exhibited a notable 31% growth, while national brands only saw a modest 2% increase. Regional players in the biscuits category, the largest segment in packaged food, recorded a substantial 22% growth, surpassing the 10% growth observed in larger companies.
“On one side, you have got the larger players who are obviously much stronger brands, but they are losing out to the smaller players because of the price play and the grams in bags, etc. On the other side, you have got these guys who are throwing money in the market, so we don’t want to be caught in this logjam. Only if we find a way to balance and make money out of this, will we move forward,” Varun Berry, MD at Britannia, told investors. “Local players have very high margins, very high discounts, etc. So, only if we are able to counter all of those with the mix that we are bringing to the market will we move forward,” he added.
The disruptions caused by the pandemic, coupled with inflation in crucial raw materials, compelled numerous companies to either close down or streamline their operations. However, over the last two quarters, decreasing commodity prices have empowered smaller regional brands to broaden their operations and reduce product prices. Notably, Unilever announced last month its intention to lower product prices in certain categories, including soaps and laundry, in India. This move aims to transmit the advantages of reduced commodity prices, stimulate higher volumes, and enhance competitiveness against local entrants.
“A couple of our categories – fabric cleaning and skin cleansing – are very heavily correlated to the underlying commodity prices and (have seen) local competition re-enter the market. We have to simply adjust pricing there in order to maintain competitiveness and our volume position,” chief financial officer Graeme Pitkethly told analysts during the third-quarter earnings call.
Over the past few years, indigenous brands have been capturing market shares from prominent consumer product companies, particularly in categories such as soaps, detergents, hair oil, tea, and biscuits. For instance, the rusk market boasts approximately 2,500 local competitors, and more than 3,000 smaller or regional players command nearly 40% of the snacking segment.
“Local brands have sizable penetration across the key categories; and barring edible oil and tea, they have managed to either hold on to improve their penetration significantly, like in the case of salty snacks or biscuits,” said K. Ramakrishnan, managing director, South Asia, Worldpanel division, Kantar.
Nevertheless, Hindustan Unilever, India’s largest consumer products company, has acknowledged the comeback of small and regional brands, many of which had exited the market during the height of inflation.
Delhi Deli, a restaurant featuring a blend of Mexican, American, and European cuisines, has recently opened its doors in the vibrant locale of Greater Kailash 2, situated in the heart of India’s capital city.
The inviting ambiance of warm terracotta and red wine-hued walls establishes a cozy and hospitable atmosphere, providing a feeling of spaciousness within the intimate setting. For those desiring a dining experience with a view, the rooftop offers an ideal space. From this vantage point, you can relish a panoramic vista of the lively market in Greater Kailash 2, all while indulging in the charm of a pizza station.
When it comes to the menu, “Delhi Deli” presents a diverse range of dishes catering to every taste bud — spanning from salads and small plates to pasta, all-day breakfast options, sandwiches, burgers, and a curated selection of 20 pizzas.
Jayesh Singh, Founder of Delhi Deli, says, “It is not just about food; it’s a canvas where we blend flavours, cultures, and stories to create a masterpiece on every plate.”
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