Fashion and apparel retailer V2 Retail unveiled its latest store in Bhubaneswar, as shared by a company official on social media. The newly established outlet can be found at Budhanagar, Kalpana Square, Bhubaneswar, Odisha.
“Celebrate the arrival of a new store in Bhubaneswar, Odisha! Experience the magic of shopping. Unleash your inner fashionista,” said Vinay Dubey senior executive- retail business development at V2 Retail in a LinkedIn post while sharing the image of the new store.
The retailer is actively expanding its presence and has recently launched new stores in Bihar, Jharkhand, Odisha (two stores), and Varanasi.
V2 Retail, initially established in 2001 under the name Vishal Megamart Ltd or Vishal Retail, underwent significant ownership changes over the years. In 2010, founder Ram Chandra Agarwal sold the financially troubled company to TPG and a Shriram Group entity for INR 70 crore. Subsequently, after eight years, the company was once more transferred, this time to a private equity consortium comprising Partners Group and Kedaara Capital, in a deal valued at over INR 5,000 crore, as reported by Forbes India.
Subsequently, the company underwent a name change to become V2 Retail Ltd.
Currently, V2 Retail boasts a presence of over 105 retail outlets spanning across 17 states in India. This includes five stores in Delhi-NCR, 24 in Bihar, 26 in Uttar Pradesh, 17 in Odisha, 6 in Assam, 7 in Jharkhand, 5 in Karnataka, 4 in Uttarakhand, 3 in Madhya Pradesh, and 2 in Goa. Furthermore, the retailer maintains one store in each of the following states: Himachal Pradesh, Arunachal Pradesh, Tripura, Jammu and Kashmir, Meghalaya, and West Bengal, as indicated on the company’s website.
Jewellery retailer Senco Gold & Diamonds has reached a noteworthy milestone in its expansion, as the company recently unveiled two new showrooms in Kolkata. This momentous occasion was officially announced in a press release on Friday, bringing the company’s total number of showrooms nationwide to an impressive 150.
In the presence of their brand ambassador, Bollywood actor Vidya Balan, the jewelry chain celebrated the grand opening of two fresh showrooms in Kankurgachi and Hatibagan, Kolkata.
Senco Gold & Diamonds Opens two New Showrooms!
The Hatibagan showroom, spanning over an impressive 11,500-plus square feet, stands as Senco’s largest showroom across the nation.
“Celebrating our 150th showroom is not just a milestone for Senco Gold & Diamonds, It’s a testament to our unwavering commitment to adorning the dreams of millions.” said Jyoti Sen, director and head of design and marketing, Senco Gold & Diamonds.
In addition, the company announced that it has introduced exclusive Diwali offers for its customers, including a 25% discount on the making charges of gold jewelry and a mere Rupee 1 making charge for diamond jewelry.
During the initial five months of the current fiscal year (2023-24), India experienced a noteworthy surge in mango exports, reaching a value of $47.98 million. This marks a 19% increase compared to the previous year’s corresponding period, where the export value stood at $40.33 million.
With the combined efforts of the Agriculture Ministry and APEDA, India achieved the export of 22,963.78 million tonnes of mangoes worth $48.53 million in the fiscal year 2022-23. Nevertheless, in the current fiscal year, 2023-24 (April to August), India has managed to surpass this record by exporting 27,330.02 million tonnes of mangoes, with a total value of $47.98 million.
India’s Mango Exports Hits Skyrocket!
As a part of its initiative to promote export of mangoes in the season 2023, the agriculture ministry and APEDA had invited the United States Department of Agriculture’s (USDA) Animal & Plant Health Inspection Service (APHIS) inspector for preclearance of mangoes at irradiation facilities at Vashi, Nashik, Bangalore and Ahmedabad.
Besides the US, with continuous efforts of the concerned authorities, India has exported 43.08 million tonnes of mangoes to Japan, 110.99 million tonnes of mangoes to New Zealand, 58.42 million tonnes of mangoes to Australia and 4.44 million tonnes of mangoes to South Africa – a new destination. In addition to this, India has invited inspectors from South Korea for preclearance of mango exports there.
This has allowed India to export 18.43 million tonnes of mangoes after being treated at the authorised Vapour Heat Treatment facility under the joint supervision of the Directorate of Plant Protection, Quarantine, and Storage (DPPQS), India and Animal and Plant Quarantine Agency (APQA), South Korea.
Gemini Edibles and Fats India Limited (GEF India) has introduced a new addition to its lineup of Freedom Refined Sunflower Oil products – a reusable 10-liter multi-purpose container. This latest offering further enhances the choices available for Freedom Refined Sunflower Oil, which is currently accessible in a range of sizes, including 200ml, 500ml pouch, 1-liter pouch, 500ml PET bottle, 1-liter PET bottle, 2-liter PET bottle, 5-liter HDPE jar, 10-liter multi-use jar, 15kg tin, 15-liter tin, and 15-liter HDPE jar.
The launch event was graced by the presence of Ms. Radhika Pandit, a renowned Kannada Actress, and P. Chandra Shekhara Reddy, Senior Vice President – Sales and Marketing at Gemini Edibles and Fats India Ltd, in addition to the GEF India management team.
The launch of the 10-liter multi-purpose jar for Freedom Refined Sunflower Oil reflects a deliberate response to shifting consumer preferences and the increasing demand for eco-conscious, reusable goods. This innovative jar is crafted to elevate convenience for households and meet the requirement for pragmatic and sustainable alternatives. It showcases a modern design, inclusive of a secure lid and user-friendly pouring technology, ensuring effortless usage.
It emerges as an excellent option for contemporary individuals, particularly women, in search of clever solutions that save time, space, prevent spills, and alleviate storage worries. Once the oil is used up, this versatile jar can be repurposed for storing essential kitchen items.
GEF India Initiatives:
Freedom Refined Sunflower Oil currently stands as the leading choice in India’s sunflower oil market. Sunflower oil commands a considerable market size, surpassing 32,000 tonnes in Karnataka. The state of Karnataka is a pivotal area of focus for Freedom Healthy Cooking Oils, as the brand steadily garners acknowledgment and approval within the region.
GEF India manages three advanced refineries in Andhra Pradesh, two situated in Kakinada and one in Krishnapatnam. A new refinery in Telangana is presently in the commissioning stage. Alongside its current operations in Andhra Pradesh, Telangana, Karnataka, Odisha, and Chhattisgarh, the company actively extends its presence into Tamil Nadu and Kerala.
P. Chandra Shekhara Reddy, Sr. VP Sales and Marketing, GEF India Ltd said, “We are a consumer-focused organization and are constantly assessing consumer requirements. We are happy to introduce the new reusable 10 Litre multi-use jar of Freedom Refined Sunflower oil, to provide an elegant and convenient SKU for the present-day consumers. We hope this new convenient reusable multi use jar is liked by our patrons and used for storage after the oil is consumed.
Having the rocking couple Yash and Radhika as our brand ambassadors has helped us connect with the people of Karnataka and improve the awareness of the brand. ‘Freedom’ is a value for money brand, with innovative packing designs, providing our consumers ‘Freedom to eat, Freedom to enjoy.”
In line with Apparel Group’s unwavering dedication to providing outstanding retail experiences, the conglomerate is delighted to introduce its premier lifestyle brands at the recently opened Phoenix Mall of Asia, located in the dynamic city of Bengaluru. This strategic expansion aligns with Apparel Group’s ongoing commitment to enrich the shopping experience by making highly coveted brands more accessible to their cherished clientele in Bangalore.
The newly established venue presents a rich assortment of esteemed brands affiliated with the Apparel Group, including renowned names like Bath and Body Works, Aldo, Charles and Keith, La Vie En Rose, Beverly Hills Polo Club, Tim Hortons, and Aldo Accessories. These brands encompass a wide range of products and styles, meticulously curated to cater to the unique preferences of Bengaluru’s vibrant and cosmopolitan population. Whether one is in search of the sophistication offered by Charles and Keith or Aldo, the blend of comfort and style provided by Beverly Hills Polo Club, or the indulgence of Bath and Body Works, our recently opened stores are poised to deliver an unrivaled shopping experience, designed to satisfy those with a penchant for quality and diversity.
Apparel Group strengthening retail footprint in India
Tushar Ved, the President of Apparel Group India Pvt Ltd said, “We are thrilled to announce the inauguration of seven new stores from the Apparel Group within Phoenix Mall of Asia. Our strategic expansion not only fortifies our brand positioning but also underscores our role as the gateway for international brands seeking to establish their presence in India. These store openings underscore our unyielding commitment to bridging the divide between global fashion and the discerning Indian consumer.”
Abhishek Bajpai, CEO of Apparel Group India Pvt Ltd said, “We are pleased to bring the finest lifestyle brands in their respective categories to the city of Bangalore. Our dedicated team has put in tireless efforts to ensure that each store reflects our expertise and unwavering commitment to excellence, thereby delivering an extraordinary shopping experience to our cherished patrons. This expansion is a testament to our dedication to serving our customers and providing them with world-class brands and exceptional experiences.”
The ongoing growth of Apparel Group within the Indian retail scene consistently elevates the status of globally acclaimed brands. The recent opening of new outlets within Bangalore’s Phoenix Mall of Asia reaffirms Apparel Group’s unwavering commitment to its mission and vision, persistently dedicated to surpassing expectations daily and providing esteemed customers with the utmost in retail experiences.
Jamie Oliver’s international restaurant business is launching a new culinary concept, “Jamie Oliver Kitchen,” for diners in India, offering an all-day dining experience.
The launch will mark the first Jamie Oliver Kitchen in India and the group’s very first 100% vegetarian venture, with Jamie Oliver Kitchen located at Palladium Mall in Ahmedabad. This establishment is the perfect destination for a super-tasty shopping pit-stop, offering next-level coffee, delicious drinks, and an opportunity to enjoy a memorable meal with friends and family.
Jamie Oliver – Ahmedabad debut!
“Ever since I grew up and saw the vibrant and highly successful Gujarati community in the UK, I’ve wanted to open a restaurant in Ahmedabad. This is a decades old dream and we are so honoured to be able to serve our customers in this great state capital and to make new friends for life. We hope to be as successful as the Gujaratis who went to the UK and promise we will work hard, learn from Gujarat and earn our right to be part of the community. This is the first all vegetarian Jamie’s restaurant anywhere on earth and I cannot think of a better place to launch,” said Jasper Reid, MD Jamie Oliver Restaurants, India at the launch of their first site in Ahmedabad, Gujarat.
Opening from October 20, 2023, this dining destination will delight guests with a diverse and exciting menu, celebrating Jamie’s culinary evolution spanning over 20 years. Featuring a completely new vegetarian menu crafted specifically for the Ahmedabad restaurant, it will showcase the fusion of Jamie’s global inspiration with locally-sourced ingredients, promising a remarkable culinary experience.
In addition to its enticing menu, Jamie Oliver Kitchen will provide an exemplary experience for family dining. Emphasizing flexibility, the restaurant enables patrons to savor tempting dishes made with fresh ingredients from morning coffee to a delightful dinner, including mocktails. Menus will encapsulate the finest of Jamie Oliver’s creations, thoughtfully tailored to embrace local culinary trends, infusing the restaurant with a distinct Ahmedabadi flavor.
Jamie Oliver Dish (Representative Image)
The restaurant will exude a relaxed and modern ambiance, characterized by vibrant bursts of color. Noteworthy elements will encompass an inviting open kitchen, a café space, and adaptable seating arrangements, offering both communal large tables for sharing and comfortable lounge areas.
“I am so happy to be opening my first-ever vegetarian restaurant in Ahmedabad! Jamie Oliver Kitchen is the ultimate tribute to my food travels and we’re dishing up some of my all-time favourite combinations from around the world. The key thing you need to know is that it’s a menu designed for sharing. Dining with us is about more than food – it’s about making memories with your loved ones,” said Jamie Oliver.
Within the restaurant, guests can anticipate an array of offerings, from captivating sharing plates to numerous healthy, vegan choices. This includes delectable options such as Mushroom Stroganoff, Sunshine Jackfruit Curry, a variety of enticing salads, freshly baked pizzas, nourishing appetizers, and irresistible desserts.
Haldiram’s, the renowned Indian restaurant and sweets chain, unveiled its latest food court in Mumbai, Maharashtra, as stated in a press release on Friday. Situated at Acme Mall in Santacruz, the establishment will feature an extensive array of their well-loved dishes, such as Raj Kachori, Chole Bhature, Pav Bhaji, and various other delectable options.
Haldiram’s Celebrates Grand Opening of Latest Mumbai Outlet
The inaugural event, which took place on October 27, 2023, was graced by the esteemed presence of key figures from Haldiram’s and Reliance Retail. Among the distinguished attendees were Neeraj Agrawal, Director, along with notable leaders from Reliance Retail, including Damodar Mall, CEO of Grocery Retail, Manu Bansal, Regional Business Head, and Jagdish Pancholi, State Business Head.
Neeraj Agrawal, director, Haldiram’s Food International, Nagpur, expressed his enthusiasm, stating, “Our aim is to provide customers with a range of delicious snacks and sweets, coupled with a joyous dining experience. We are thrilled to bring the rich and diverse flavours of India to Santacruz, Mumbai.”
Nagpur Branch holds a prestigious reputation in the realm of Indian cuisine, celebrated for its diverse assortment of snacks and delectable dishes. Over the course of more than eight decades, Haldiram’s Nagpur has firmly cemented its status as a reliable and respected brand within the industry.
In its quarterly results, Reliance Industries Limited (RIL) announced that the digital and new commerce divisions constituted 19% of Reliance Retail’s overall revenue during the second quarter (Q2) of the fiscal year 2023-24 (FY24).
During the preceding June quarter, these sectors comprised 18% of RIL’s retail division’s revenue.
In the second quarter (Q2) of the fiscal year 2023-24 (FY24), Reliance Retail’s revenue from operations increased by 19.5% year-on-year (YoY) to INR 68,937 Cr, and the net profit saw a YoY growth of 21% to INR 2,790 Cr.
Reliance Retail Portfolio:
Reliance Retail boasts a portfolio of brands that includes JioMart, AJIO, Netmeds, and Trends, offering a wide array of products from footwear to electronics, available through both online and offline retail channels.
The digital and new commerce segments demonstrated consistent expansion across various product categories, with strong operational performance. In particular, the new commerce division achieved ‘vigorous growth’ within the electronics category, driven by the sales of smartphones and premium televisions. Reliance Retail increased its network of electronics-selling merchants by 44% year-on-year (YoY).
AJIO
In the same period, the e-commerce platform AJIO witnessed a 50% year-on-year (YoY) expansion in its product catalog, while the premium segment Ajio Luxe increased its offerings by 61%. Reliance Retail also announced that its online furniture branch, Urban Ladder, ventured into the business-to-business (B2B) sector through institutional sales during the review period.
A year after the November 2022 acquisition of Metro Cash & Carry, Reliance Retail is still in the process of integrating the wholesaler’s operations with its new commerce grocery vertical.
JioMart, the prized asset within RIL’s digital and new commerce portfolio, has reported a consistent growth trajectory, marked by a significant uptick in both traffic and average transaction values. RIL stated that JioMart also expanded its product offerings by threefold and its network of sellers by twofold in the past year.
“I am delighted to report that we have delivered yet another quarter of stellar performance and achieved an all-time high across financial metrics. The performance is a testament to our customer-centric approach that defines Reliance Retail and we look forward to serving our customers this festive season with renewed optimism and enthusiasm,” Isha Ambani, executive director of Reliance Retail Ventures Ltd, said.
Reliance Retail (Representative Image)
JioCinema
The conglomerate’s media division maintained strong momentum, with streaming service JioCinema playing a significant role in this success. JioCinema’s growth was notably driven by its emphasis on sports, particularly cricket, as the company’s investments in sports programming resulted in a substantial increase in viewership on the streaming platform.
In its quarterly report, RIL also observed a decrease in the media division’s EBITDA due to substantial investments in sports and digital sectors. The company highlighted that these investments are essential in the short term to establish a compelling consumer offering within the media arm.
Following JioCinema’s successful acquisition of media rights for both domestic and international matches featuring the Indian cricket team, RIL reported that the broadcast of the India-Australia match garnered almost 9 crore viewers on JioCinema.
Acknowledging the growing shift in live sports consumption towards digital platforms, RIL stated that its media division intends to utilize Viacom18’s extensive content library to attract users seeking high-quality content and boost user engagement.
The conglomerate also reported that JioCinema’s advertising revenue experienced continued growth, primarily driven by its original digital content.
“JioCinema continued its journey of entertaining audiences with premium content like Bigg Boss OTT, Taali, Kaalkoot, and Khatron Ke Khiladi amongst others. Bigg Boss OTT became the most streamed entertainment property in India, watched by over 100 Mn viewers, generating 30 billion minutes of watch-time,” the company said.
This development coincides with reports suggesting that Reliance is currently engaged in discussions with Disney to potentially acquire Disney’s operations in India, which would include Disney+ Hotstar, as a means to enhance and expand JioCinema’s content offerings.
In the quarter ending September 2023, RIL’s consolidated profit after tax (PAT) surged by 29.7% year-on-year to INR 19,878 Cr. In a similar vein, Jio Platforms, the digital subsidiary, witnessed a 12% year-on-year increase in net profit, reaching INR 5,297 Cr in Q2 FY24.
IndiaMART InterMESH, a B2B marketplace, recorded a modest 2% increase in its combined net earnings, reaching INR 69 Cr in the second quarter (Q2) of the financial year 2023-24 (FY24), up from INR 68 Cr in Q2 FY23.
Nonetheless, the net profit plummeted by 17% on a quarter-on-quarter (QoQ) comparison, sliding from INR 83 Cr. This decline was primarily attributed to substantial investments in workforce, technology, sales, and customer service.
IndiaMART InterMESH Net Profit:
At the same time, operational revenue surged by 22% to INR 295 Cr in the quarter ending September 2023, compared to INR 241 Cr in the corresponding quarter of the previous year. In a sequential comparison, operational revenue increased by 4% from INR 282 Cr.
“We are happy to report continued growth in revenue, deferred revenue, and healthy operating margins in this quarter… With the rising internet adoption and on the back of healthy cash flows, we are confident of the long-term growth and sustained value creation for all our stakeholders,” said IndiaMART cofounder and chief executive officer (CEO) Dinesh Agarwal.
The company witnessed a 22.5% year-on-year (YoY) increase in expenses, totaling INR 225 Cr during Q2 FY24. The most significant portion of these expenses was allocated to employee benefits, amounting to INR 132.4 Cr in Q2 FY24, followed by ‘other expenses’ at INR 82.3 Cr.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 19% year-on-year (YoY), reaching INR 80 Cr during the period being examined.
The prominent B2B marketplace recorded a total traffic of 28.8 Cr and 2.4 Cr unique business inquiries in Q2 FY24, reflecting respective increases of 10% and 6%. The number of supplier storefronts on IndiaMART surged to 77 Lakh, while the count of paying subscription suppliers reached 2.09 Lakh by the end of September 2023.
The company achieved an annualized revenue per paying subscriber of INR 53,525, and the number of live listings on the platform reached 10.2 Cr in Q2 FY24.
IndiaMART’s combined cash and investment holdings amounted to INR 1,910 Cr by the conclusion of Q2 FY24.
The company’s shares closed Friday’s trading session with a 4.06% gain, reaching INR 2,766.20 on the BSE.
TajSATS, the inflight catering service of India, has entered into a concession agreement with Noida International Airport (NIA) to establish an in-flight kitchen facility.
The forthcoming greenfield airport in Jewar, known as Noida International Airport, is set to improve transportation links to and from Delhi NCR, Noida, and Western Uttar Pradesh.
Speaking on the occasion, Manish Gupta, Chief Executive Officer, TajSATS said, “The pace of addition of airports in India, which include marquee developments such as Noida International Airport present a tremendous growth opportunity for airline catering. We are delighted that it has partnered for this prestigious project with NIA. TajSATS with its strong network and market leadership will deliver a premium in-flight and lounge catering, leveraging its four decades of experience. This signing strengthens our presence in Delhi NCR as this will be the second facility in the region.”
TajSATS New Project:
TajSATS will establish the in-flight kitchen facility using a design, finance, build, operate, and transfer (DBFOT) model spanning 37 years. This arrangement encompasses passenger and crew meal services, the handling of in-flight catering equipment, as well as the loading and unloading of meals.
Christoph Schnellmann, Chief Executive Officer, Noida International Airport, said, “We are pleased to welcome TajSATS to build and operate an In-Flight Kitchen at the Noida International Airport. This partnership is a key milestone for us toward developing a modern, consumer-centric culinary experience for our customers. We believe meals are an integral part of a distinguished in-flight and airport experience. Company comes with a vast experience in serving numerous airports and we feel that their offering will synergize with ours to provide a thorough world-class experience to our customers.”
Positioned strategically within the airport, the cutting-edge kitchen will span 40,000 square feet and have the capacity to provide over 15,000 meals daily during its initial phase. Additionally, the kitchen will be well-prepared to cater to the lounge areas and the food and beverage establishments both within and near the airport. This addition will bring TajSATS’ total production facilities in India to nine.
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