Zoomo, a leading electric fleet solutions provider, has joined forces with Uber Eats, the popular online food delivery platform, to enhance the availability of light electric vehicles for couriers in London.
Through this fresh collaboration, Zoomo will introduce high-performance E-mopeds to its product lineup, accompanied by discounted rates for their monthly and weekly rentals.
In an effort to combat emissions arising from food delivery services, Uber Eats couriers will benefit from reduced rental fees for top-notch E-mopeds during their first month of subscription. This promotion makes these E-mopeds available through Zoomo for just £149, inclusive of insurance.
This announcement aligns with Uber Eats’ ambitious objective of achieving 100% emission-free food delivery globally by 2040, with a specific focus on major European cities by 2030. Additionally, this partnership further bolsters Zoomo’s mission to shift urban transportation to light electric vehicles and improve courier access to cost-effective and efficient mobility solutions.
Nicolas de Juniac, UK general manager at Zoomo, said, “We admire Uber’s commitments to reduce the carbon footprint of food delivery trips. By joining forces with Uber Eats to enhance courier access to E-mopeds, we’re not only taking significant strides toward a greener delivery landscape but also setting the stage for a more sustainable and efficient industry – and this is just the beginning. We’re excited to work closely with Uber Eats, growing our partnership and leading the charge toward a brighter, eco-conscious future, all while empowering valued couriers. It’s a win-win-win partnership: for the environment, for our riders and for Zoomo.”
Premier Foods has revealed its acquisition of Fuel10k, a prominent breakfast brand, in a deal worth £34 million, further solidifying its foothold in the breakfast meal category.
Premier Foods is a large UK-based food manufacturer known for its extensive lineup of renowned brands, which includes household names such as Mr Kipling, Cadbury, and Batchelors. Building on its track record of acquisitions, the company has now added Fuel10k to its portfolio, following the acquisition of The Spice Tailor, an Indian and South East Asian meal kit brand, in July of the previous year.
Premier announced that the transaction, finalized on October 29, 2023, is poised to significantly bolster the company’s standing in the breakfast category, leveraging its prior accomplishment with the popular introduction of Ambrosia porridge pots.
The company is set to make an initial payment of £29.6 million, utilizing its existing cash reserves. Additionally, a minimum deferred payment of £4 million will become due in the fiscal year 2026/2027, with any potential increments contingent on meeting specific growth targets.
Premier referred to Fuel10k as a breakfast brand enriched with protein, labeling it as ‘on-trend’ in the statement that revealed the acquisition.
The brand’s product lineup encompasses granola, porridge, cookies, and a range of protein-rich snacks. Over the past three years, it has consistently achieved robust double-digit revenue growth. Its products are available through prominent UK retailers, convenience outlets, and online platforms.
Alex Whitehouse, chief executive officer of Premier Foods, said, “Possessing a differentiated category position, with its protein-enriched product range and appealing to a younger demographic, we expect to deliver significant further profitable growth of Fuel10k through the deployment of our successful branded growth model”.
Fuel10k’s Co-Founder, Barney Mauleverer, commented, “We are very excited to be passing the reigns on to the owner of such a great stable of UK brands. Having built the foundations from start-up, the FUEL10K brand is now primed to accelerate into the future and achieve even more great things.”
Ecotone, a producer of organic and plant-based food, has recently unveiled what the company asserts to be the largest 100% organic coffee and tea facility in Europe.
The company, which possesses brands in seven different countries, has introduced La Caféière with a €10 million investment in response to the increasing need for high-quality, organic hot beverages.
Supported by funding from the European Union and the European Agricultural Fund for Rural Development, La Caféière is a crucial element of Ecotone’s worldwide ‘Food for Biodiversity’ initiative, aimed at achieving the most rigorous environmental and sustainability criteria.
As stated by Ecotone, La Caféière’s roasting smoke burner reduces CO2 emissions by 30% when compared to conventional approaches. The facility is designed to enhance global sustainability standards through the use of green energy, efficient wetland water management, 100% LED lighting, and photovoltaic roof panels, all with the goal of making tea and coffee production as environmentally sustainable as possible.
The facility also adheres to a complete circularity policy, with 85% of all remaining materials being either recycled or repurposed into compost, and the remaining 15% are incinerated with energy recovery.
Ecotone stated that La Caféière’s suppliers engage in agricultural practices that surpass conventional organic standards. These practices encompass the cultivation of diverse plant species within each plot, ensuring fair income for small-scale producers, and active efforts by partner cooperatives to combat deforestation in their respective regions.
Over 60% of La Caféière’s sales will be comprised of Fairtrade certified products moving forward, with a goal to reach a level of over 70% Fair Trade coffee and tea within the next two years. The facility is set to annually produce 100 tonnes of tea and receive 3200 tonnes of organic coffee, resulting in the sale of 5.5 million units of organic coffee each year.
In order to monitor the potential adulteration of sweets during the Diwali festival, the Food Safety and Standards Authority of India (FSSAI) has instructed over 4,000 state-level officers to enhance their scrutiny of sweet vendors and producers nationwide.
In India, milk is the most frequently adulterated product, and since most sweets are crafted using dairy ingredients, they are often affected as well.
“Usually, consumption of sweets goes up during Diwali festival. We have directed our officers in the states and Union territories to intensify the surveillance of sweets to check on adulteration,” FSSAI CEO G Kamala Vardhana Rao told media on the sidelines of the Eat Right Summit.
State food safety officials have been tasked with the responsibility of conducting shop inspections and gathering samples to assess product quality. Additionally, they have been instructed to take appropriate measures against individuals or businesses found to be in violation of quality standards.
Meanwhile, the FSSAI has increased the number of surveillance samples to 1 lakh this year, and this will increase to 7 lakh next year, he added.
To check the quality of milk and milk products, Rao shared that a national survey is underway jointly by the National Dairy Development Board (NDDB) and the Quality Council of India.
The survey, which will collect about 10,000 samples, will be completed in a month, he added.
On Tuesday, Reliance Industries unveiled the Jio World Plaza in Mumbai’s BKC area, touting it as a versatile hub for retail, leisure, and dining experiences.
The multi-tiered JWP will open its doors to the public from November 1. According to the company, it is seamlessly connected to the Nita Mukesh Ambani Cultural Centre, the Jio World Convention Centre, and the Jio World Garden.
“Our envisioning of the Jio World Plaza is aimed at bringing the best global brands to India as well as highlighting the prowess and craftsmanship of top Indian brands; and hence create a very unique retail experience. Our pursuit of excellence, innovation, and enhancing customer experience continues to propel us in every venture.” Isha M Ambani, Director, Reliance Industries Limited, said.
The multi-tiered JWP will open its doors to the public from November 1. According to the company, it is seamlessly connected to the Nita Mukesh Ambani Cultural Centre, the Jio World Convention Centre, and the Jio World Garden.
Items crafted by renowned designers such as Manish Malhotra, Abu Jani-Sandeep Khosla, Rahul Mishra, Falguni and Shane Peacock, Ri By Ritu Kumar, and various others will also be offered for sale.
The Plaza’s design was a collaborative effort involving TVS, a US-based company.
“The shopping concourse is punctuated with meticulously placed sculptural columns, that act as a visual thread weaving design continuity into the fabric of the space. Marble-clad floors, soaring vaulted ceilings, and an artful play of soft lighting coalesce harmoniously to establish a backdrop that exemplifies the essence of luxury,” the statement read.
On Monday, Walmart, the U.S. retail chain, announced a $9 billion investment over two years to revamp and modernize certain U.S. stores, focusing on enhanced layouts, wider product offerings, and the integration of new technological advancements.
Walmart announced in a statement that on Friday, it will unveil the upgraded features in 117 stores located across 30 states, reflecting an investment exceeding $500 million. The company intends to modernize over 1,400 out of its 4,717 Walmart stores nationwide. It’s important to note that these renovations will not extend to its warehouse club chain, Sam’s Club, as confirmed by a spokesperson.
“These construction investments allow us to create more local jobs and make it easier for our associates to get customers what they want, when they want it,” John Furner, chief executive officer of Walmart’s U.S. business said.
Walmart’s affordable and narrow-margin grocery offerings have proven highly popular among Americans grappling with significant food price inflation, particularly in items such as eggs, protein, and chocolate, during the preceding two years. Notably, in 2022, the company achieved record-breaking sales, exceeding $600 billion.
The retailer, headquartered in Bentonville, Arkansas, is now aiming to transform its identity from being solely a deep-discount store to a place where customers can also buy stylish home goods and clothing, becoming a sought-after destination for these items.
As a part of these initiatives, the company trialed revamped concept stores known as “Stores of the Future” in select Walmart Supercenters, including one in Teterboro, New Jersey, earlier this year. Company executives have previously reported the success of this concept, resulting in same-store sales increases of a few percentage points, and in the case of Teterboro, a remarkable upsurge of as much as 20%.
According to a Walmart spokesperson, the investments made on Monday signify the nationwide implementation of this concept.
The improved stores will feature revitalized interiors and exteriors, including fresh paint, upgraded flooring, modernized restroom facilities, LED lighting, and new signage designed to enhance brightness and facilitate easier navigation throughout the stores, as per the company’s statement.
Customers will also notice expanded checkout choices, such as staffed lanes and self-checkout stations, as well as an increased selection of grab-and-go food and beverage options within the grocery sections.
The stores will also feature larger pharmacies equipped with private screening rooms for pharmacist consultations and services. Additionally, digital screens and QR codes will be available to provide information about Walmart’s online services, as stated by the company.
This year, Halloween candy prices are soaring as consumers grapple with the consequences of a worldwide shortage of sugar and cocoa.
Unfavorable weather conditions spanning from West Africa to India have given rise to deficits in the two essential crops used by chocolate and candy manufacturers. The impending El Niño weather phenomenon may exacerbate the situation by introducing drier conditions, potentially hindering production in the newly commenced season.
The bleak prospects for crops have recently driven wholesale cocoa prices to their highest point in nearly 45 years and sugar prices to the highest in over a decade. This has added to the expenses of producing holiday treats in preparation for Christmas. Both Halloween and Christmas are pivotal periods for candy sales, and it’s anticipated that US consumers will spend 9.2% more on sugar and sweets this year, surpassing the 5.8% increase in overall food prices.
“I would expect to see higher Halloween prices, but certainly higher Christmas and probably Valentine’s prices,” said Andrew Moriarty, Mintec’s US director of commodity insights.
Based on a report from the National Retail Foundation, it is projected that Americans will allocate $3.6 billion to candy purchases this Halloween, a notable increase from the $3.1 billion spent in 2022.
The inclination toward pricier candy is mirrored in developed economies worldwide, as evidenced by a 13% rise in confectionery costs in the UK in September compared to the previous year. Similarly, in Germany, products such as chocolate bars and gummy bears saw a substantial price increase of over 19% in the same month.
David Branch, the Vice President of Wells Fargo’s Agri-Food Institute, opines that while the surge in sugar prices is a significant contributor to the rise in candy costs, it is not the exclusive factor at play.
“The cost of ingredients is up by a lot, inflation is up and transportation costs are higher than they were two years ago. The rising prices of raw materials play a part, but you can’t pinpoint the rise in candy costs to one factor,” he said.
Nonetheless, Branch points to climate change in West Africa as a primary factor prompting major chocolate companies such as Hershey Co. to increase their prices this year.
This poses a challenge for stores like Economy Candy, which proudly claims to be the oldest candy shop in New York City. The week leading up to Halloween represents the peak of the store’s annual business, but according to Mitchell Cohen, the third-generation owner, profits will be impacted this holiday season.
Mitchell Cohen mentioned that his candy suppliers have increased prices on as many as eight occasions since 2020, shifting from their typical 1% to 2% increment every few years to a substantial 10% to 20% hike within just three years. At present, he is maintaining stable prices to satisfy trick-or-treaters, but he acknowledges that this decision may result in reduced profits for the business.
“We have a big selection of Hershey, KitKat and candy that people love to eat, but these things pre-pandemic cost us 60-65 cents, now I can’t get any of it for less than a dollar,” Cohen said.
Furthermore, it’s worth noting that the impact of increased raw material costs on candy prices can take several months to materialize. Therefore, even though the prices of sugar and cocoa continued to rise in the third quarter, the full effects may not be experienced until a later point in time.
“A lot of the time, the price that is actually going into the Halloween candy might be from several months ago when the price still wasn’t as high as it is now,” said Moriarty from Mintec.
In the midst of notable market volatility, Mamaearth, a D2C unicorn, witnessed oversubscription of its employee allocation in the initial public offering (IPO) within the opening hours of trading on October 31st.
As per BSE data, out of the 34,013 shares allocated for employees, bids were made for 56,166 shares by 2 PM IST, resulting in a 1.65X oversubscription.
However, during the initial hours of the offer’s first day, the overall demand for the IPO stayed subdued.
Retail investors submitted bids for 1.325 million shares, a fraction of the 5.248 million shares allocated to them, whereas non-institutional investors’ participation was minimal at 0.01X subscription, with bids covering only 107,000 shares.
Qualified institutional buyers (QIBs) did not submit any bids. Up until 2 PM IST on the first day, the overall subscription for the IPO was merely at 0.05X.
The initial public offering (IPO) for the D2C beauty and personal care unicorn is scheduled to conclude on November 2. Mamaearth has set the IPO price band at INR 308-INR 324 and is targeting a valuation of about $1.2 billion through the offering.
The startup’s IPO includes a fresh issuance of equity shares, amounting to INR 365 Crore, and a 4.12 Crore shares offer for sale (OFS) component.
Founded in 2016 by the husband-wife duo of Varun and Ghazal Alagh, Mamaearth’s parent company Honasa also includes brands like Aqualogica, The Derma Co., and Ayuga, while acquiring stakes in BBlunt and Dr. Sheths.
While the outcome of Mamaearth’s IPO remains uncertain, especially in the near term, it has the potential to set a significant and defining trend for all unicorn IPOs.
On Monday, McDonald’s surpassed Wall Street’s expectations for its quarterly results, thanks to the success of recent product launches, promotional campaigns, and increased demand for its budget-friendly burgers and fries. This surge in popularity can be attributed to consumers seeking cost-effective dining options amidst the persistently high prices of food and essential goods.
Shares initially opened 2% higher, but later trimmed some of their gains following a warning from the burger giant regarding a potential impact on franchisee cash flow in California. This concern arises from the forthcoming increase in minimum wages for restaurant workers, which is set to reach $20 per hour next year in the state.
The expansive size and scale of McDonald’s have contributed to maintaining comparatively affordable meal prices, despite a general increase in prices across the industry last year. This has acted as a counterbalance to the prevailing trend where consumers, affected by inflation, opt to eat at home more frequently and experience an overall decrease in in-person visits.
After successful testing in markets like Germany, the company has expanded the availability of its compact and budget-friendly meal packages, which include its core menu items, to various other regions.
“Consumers continue to be more discriminating about what and where they spend…(but) we’re seeing really no change at all in terms of customer acceptance… on pricing,” CEO Chris Kempczinski said on a post-earnings call.
Kempczinski noted that McDonald’s recorded an increase in customer traffic from lower-income demographics, even as there was a decline in overall foot traffic across the industry.
Leveraging its tradition of menu improvements, the company introduced the Cheesy Jalapeno Bacon Quarter Pounder in July and reintroduced the popular Spicy Chicken McNuggets to menus in September.
“Despite a lukewarm response, we see a solid MCD setup into (2024),” Wells Fargo analyst Zachary Fadem wrote in a note.
McDonald’s stated that it plans to mitigate some of the effects of the California wage increases by adjusting prices, without providing a detailed account of the overall impact.
In the quarter ending September 30, global comparable sales surged by 8.8%, surpassing the average analyst expectation of a 7.36% increase, as reported by LSEG data.
“The value, the affordability, and just the consistency that the McDonald’s brand can bring to the consumer” would further fuel sales momentum in the rest of the year, Stephens analyst Joshua Long said.
With an adjusted per-share profit of $3.19, the company exceeded expectations, which were set at $3.00 per share. This positive outcome was attributed to reduced costs for commodities such as vegetables and proteins. Additionally, the company raised its full-year margin projections.
On Monday, the Ministry of Consumer Affairs reported a 4.5% decrease in the weighted average price of onions in Maharashtra’s various markets. This decline was also observed in consumption centers following the increase in the minimum export price.
“The Government’s decision to impose Minimum Export Price of $800/ton on onion with effect from 29th October 2023 till 31st December 2023 to discourage exports and maintain availability in domestic markets has shown an immediate impact of price correction in Maharashtra markets, where prices recorded a decline of 5 per cent to 9 per cent from the highest price registered during last week,” an official statement said.
“In view of increasing demand in the month of November, the Department of Consumer Affairs and Food Distribution has started releasing Onion Buffer stock into the market both through mandi sale and discounted sale to retail consumers at centres of high prices. This includes retail sale through 685 Mobile retail outlets covering over 170 cities,” the statement added.
The NAFED and the NCCF have initiated the acquisition of an additional 2 lakh metric tons (LMT) of kharif harvest onions, with the intention of distributing them in high-price centers to effectively manage and stabilize onion prices.
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