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PBFIA and USSEC unite to launch ‘Navaratri Se Shubharambh’ campaign, fostering sustainable food choices in India

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PBFIA

Navaratri, a celebration of auspicious beginnings and a time for profound spiritual reflection, instills in many a desire to embrace simple, sattvic (pure) food choices. Expanding upon this rich tradition, the Plant Based Foods Industry Association (PBFIA), in collaboration with the U.S. Soybean Export Council (USSEC), is embarking on an initiative designed to inspire individuals to embark on a path to a more prosperous life by adopting plant-based dietary options. This campaign, spanning from October 15th to October 24th, carries the theme “Navaratri Se Shubharambh – Switch to Plant-Based Foods.” Its primary aim is to address pressing concerns related to sustainability, climate change, and animal welfare, one plate at a time.

The Plant Based Foods Industry Association (PBFIA), boasting a membership of over 125, stands as India’s sole national association dedicated to plant-based foods. PBFIA takes the lead in advancing India’s plant-based foods sector, providing support to startups through strategic partnerships, fostering essential connections, promoting research breakthroughs, advocating for impactful policies, and disseminating critical industry knowledge. The association’s primary focus areas encompass innovation, investment, supply chain management, and policy advocacy, collectively creating an enabling environment for industry expansion. PBFIA’s extensive knowledge and diverse global industry network, as a founding member of the International Plant Based Foods Working Group (IPBFWG), uniquely position it to drive India’s alternative protein strategy by promoting collaboration, guiding policy development, and delivering valuable insights.

The Plant-Based Navaratri Campaign promotes a “Shubharambh,” marking a positive start towards embracing plant-based diets. This not only resonates with ethical values, well-being, and environmental preservation but also paves the way to a more compassionate world. Plant-based foods offer the pleasures of taste, texture, protein, and essential nutrients without any associated guilt, thus contributing to a healthier and more sustainable planet. These food options replace animal-based ingredients, encompassing plant-based dairy, plant-based meat, plant-based eggs, and plant-based seafood, all of which can be relished during these festival days.

Sanjay Sethi, Executive Director, Plant Based Foods Industry Association (PBFIA) & Human Utilization Advisor, South Asia, USSEC, passionately expressed the campaign’s mission, stating, “The Plant-Based Navaratri Campaign is a movement that aims to educate and inspire as many individuals as possible, addressing their questions and guiding them toward embracing plant-based foods as a positive lifestyle change.”

The Plant-Based Navaratri Campaign warmly invites everyone to adopt plant-based foods and embark on a “Shubharambh” towards a healthier and more sustainable way of life.

With the valuable backing of a diverse range of organizations such as ProVeg International, Animal Climate Health Save India, Satvik Vegan Society, Ahimsa Land Foundation, Indian Culinary Forum, World Animal Protection India, FoodTechBiz, IMAGES Group, Mishry Reviews, Indo Agri Food and Feed, and many more, we are empowered to amplify the message of compassion and sustainability even further.

As part of the series of events, a highly impactful webinar is scheduled for the 22nd of October. This webinar will unite people from around the globe to commemorate and underscore the significance of opting for plant-based foods. Additionally, the event will explore the maintenance of a healthy lifestyle and the utilization of plant-based nutrition for addressing various health conditions. To join the webinar, please register at the following link: http://bit.ly/PBNC2023.

The campaign has sparked considerable excitement among the younger generation, who take proactive steps to coordinate outreach initiatives and competitions within their college campuses. It has also garnered enthusiastic backing on social media channels and within educational institutions, like the Indian Institute of Hotel Management Mumbai, where captivating discussions and plant-based food demonstrations are scheduled for their campus on the 20th of October.

The campaign also incorporates product tastings from a diverse array of companies, providing attendees with the chance to savor the delectable realm of plant-based cuisine. These participating companies encompass Another Foods, Born Reborn, Continental Greenbird, BVeg, Blue Tribe, Evo Foods, Evolved Foods, GoodDot, Greenest, goCore Superfood, Grabenord, Get Sain, Hello Tempayy, Hemp Horizons, Plantmade, Plantaway, Plantwise, Shaka Harry, Seaspire, Symega, Urban Tiller, The Vegan Marketer, Urban Platter, Vezlay, Vegan Dukan, Wakao, WhiteCub, and many others.

Furthermore, the campaign joined forces with the Ekatva Plant-Based Food Festival in Delhi on the 15th of October and lent its support to the World Food Day event, which was orchestrated by the Ministry of Food Processing Industries and NIFTEM-Kundli in collaboration with the Ind Food & Beverage Association. At this event, students had the pleasure of trying out Continental Greenbird’s plant-based kebabs, plant-based chicken nuggets, and Born Reborn’s millet-based products, creating a delightful culinary experience.

For the latest updates on captivating plant-based recipes, commitments, health advantages, and environmental implications, make sure to track the campaign’s social media profiles, using the hashtag #PlantBasedNavaratri.

For further information, kindly get in touch with Sanjay Sethi, who serves as the Executive Director of the Plant Based Foods Industry Association (PBFIA) and holds the role of Human Utilization Advisor for South Asia with the US Soybean Export Council (USSEC). You can reach him at +91 9004777119 or email him at [email protected].

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Taco Bell expanding to the Mall of Faridabad, marking its first Haryana venture outside Gurugram

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Taco Bell
Taco Bell (Representative Image)

Taco Bell, the renowned American fast-food chain, is poised to make its debut in a fresh location within Haryana, specifically Faridabad. The establishment will be situated in a food court within the recently inaugurated Mall of Faridabad.

The Mall of Faridabad featured a significant Taco Bell banner, prominently displaying the words “coming soon,” positioned in front of one of its stores.

Taco Bell currently operates six outlets in Haryana, all of which are situated in Gurugram. Among these six Gurugram outlets, the one located at M3M, IFC, Sector-66, holds the distinction of being the company’s official 100th outlet in the country, as stated on the brand’s official website. The forthcoming outlet at The Mall of Faridabad will mark Taco Bell’s first venture into a city outside of Gurugram within Haryana.

Taco Bell opened its first store in India in 2010 at Mantri Square Mall in Bengaluru. Since 2015, Burman Hospitality has been the sole franchise partner for Taco Bell in India, whereas prior to that, stores were jointly operated by Burman Hospitality and the company. According to its website, the company currently operates more than 130 outlets in the country.

Taco Bell was established by Glen Bell in California, United States, in 1962. Today, it stands as the world’s largest Mexican fast-food brand, boasting over 7,000 outlets worldwide as of September 2023.

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Shoppers Stop Q2 net profit slumps 83% to INR 2.73 Cr, revenue up 2.6% at INR 1,039 Cr

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Shoppers Stop
Shoppers Stop (Representative Image)

Retail chain Shoppers Stop saw a notable 83.14 percent decline in consolidated net profit at INR 2.73 crore for the second quarter ending on September 30. This significant downturn was primarily a result of subdued demand in the apparel sector, although it was somewhat offset by growth in the non-apparel business.

According to a regulatory filing by Shoppers Stop, the company had recorded a net profit of INR 16.20 crore during the July-September period one year ago.

During the initial quarter of this fiscal year, the company’s revenue from operations reached INR 1,039.12 crore, marking a 2.6 percent increase from INR 1,012.74 crore in the corresponding period of the previous year.

During the September quarter, the total expenses amounted to INR 1,041.31 crore, indicating a 5 percent rise.

“Shoppers Stop reported impressive financial results, despite challenging market conditions and shifting of Pujo from Q2 to Q3 this fiscal. We have witnessed a strong pick-up in the Beauty businesses and consistent performance from non-apparels,” Shoppers Stop Executive Director and CEO Kavindra Mishra said.

Its “net profit for the quarter was affected due to muted demand in apparel, partially offset by growth in non-apparel,” he added.

During the quarter, it added 11 stores, which include – four Department, three Beauty and four Intune stores, the company said.

“Overall, the company spent a capex of INR 46 crore. Our commitment to invest in new stores will remain unchanged and plan to open 15 Departmental stores during the year,” the statement said.

Over the outlook, Mishra said Shoppers Stop anticipates a rebound in discretionary spending, propelling the company’s growth trajectory further in the second half of the fiscal.

“The growth prospects of both the Indian economy and fashion apparel are expected to be positive and we are determined to leverage our robust brand portfolio to drive consistent, sustainable growth,” he said.

Meanwhile, in a separate filing, Shoppers Stop said Christine Kasoulis has resigned from the position of the Non-Executive Independent Director of the Company with effect from October 18, 2023, subsequent to her appointment as Director.

“… She has taken up full-time employment which has resulted in her getting preoccupied and other personal commitments,” it said.

Shoppers Stop operates 102 department stores, 7 premium home concept stores, 87 Specialty Beauty stores of M.A.C, Est e Lauder, Bobbi Brown, Clinique, Jo Malone, Too Faced, SS Beauty, 6 Intune stores and 22 Airport doors.

Shoppers Stop shares on Wednesday settled at INR 690.05 on the BSE, up 0.98 per cent from the previous close.

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Nestle India reports double-digit growth in domestic sales, crosses INR 5,000 Cr turnover in Q3

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Nestle India, a leading player in the FMCG sector, reported a strong double-digit growth in its domestic sales during the third quarter. The company attributed this growth to a combination of factors, including product mix, volume, and pricing, as stated in its filing with the stock exchange on Thursday.

“We crossed INR 5,000 crore turnover, which has been our first in any quarter in the history of the company and a landmark for us,” said Suresh Narayanan, Chairman and Managing Director, Nestle India.

Nestle stated that the company’s growth has been driven by evolving consumer trends and a growing inclination to embrace brands in smaller towns and larger villages.

“We are creating a differentiated and diverse food portfolio across brands that promotes millets or ‘shree anna’ as a more sustainable food,” said the FMCG major.

The company noted that irregular rainfall patterns would have a significant impact on the production of essential ingredients such as maize, sugar, and spices, leading to a surge in prices.

Nestle’s profit for the third quarter amounted to INR 908 crore, surpassing the anticipated INR 799 crore as per polls. Additionally, the company announced a second interim dividend of INR 140.

Nestle has reaffirmed its full-year projections, with expectations of organic sales growth ranging from 7% to 8% and an underlying trading operating profit margin falling within the range of 17.0% to 17.5%.

The company reported that E-Commerce accounted for 6.1% of quarterly sales, and this growth was sustained across various channels, primarily fueled by Quick Commerce.

Despite the increasing costs of essential commodities like vegetables and dairy products, Indian consumers, especially those residing in urban areas, have shown a willingness to indulge in affordable indulgences like chocolates and biscuits.

Nestle acknowledges the coffee market’s ongoing instability, primarily attributable to a global supply shortage. The FMCG company foresees that the upcoming Indian Robusta crop harvest could be impacted by weather conditions, which may, in turn, affect production.

The leading FMCG company disclosed that its well-known brands, including Kitkat, Nescafe Classic, Nescafe Sunrise, along with the support from Munch and milkmaid, maintained their robust performance.

The upcoming winter weather may affect wheat production, but there is a significant expected surplus in milk production during the winter, which is likely to uphold price stability.

Expanding its offerings in key global markets to cater to the Indian diaspora has led to increased satisfaction and subsequent growth for the company. The Maggi and Nescafe Sunrise product lines saw strong demand across both ethnic and mainstream distribution channels.

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Showroom B2B raises $6.5 Million in Pre-series A funding to amplify phygital presence in unbranded garments market

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Shubham Gupta & Abhishek Dua
Shubham Gupta & Abhishek Dua

Showroom B2B, a B2B marketplace specializing in unbranded clothing, has successfully raised $6.5 million in a Pre-Series A funding round. This funding was spearheaded by Jungle Ventures and saw active participation from Accion Venture Lab, Saison Capital, and ICMG Partners.

The funding round also featured continued support from existing investors such as Strive, Gemba Capital, and Titan Capital, along with the ongoing participation of debt partners Alteria Capital and Stride Ventures.

With the capital secured, the startup is poised to amplify its phygital distribution model and establish new experiential stores throughout India. Showroom B2B is committed to bolstering its private label capabilities and extending access to high-quality, cost-effective fashion for retailers in Tier II cities and beyond.

Established by IIM Lucknow graduates Abhishek Dua and Shubham Gupta in 2020, Showroom B2B operates three experience stores. These stores serve as a platform for fashion retailers to interact with manufacturing samples before placing bulk orders. By forming partnerships with over 500 garment manufacturers and 3,000 retailers, the startup simplifies transactions and ensures doorstep deliveries through its app-based ordering system.

Speaking on the fundraise, Dua, said, “Our unwavering commitment to removing middlemen and empowering small retailers and wholesalers, who were previously excluded, has yielded impressive results.”

“Notably, our order sizes are consistently 5-10 times larger than competitors, and our industry-low return rate is in single digits, a stark contrast to the industry norm of 25-30%. But we recognise that there is still much work to be done, and that’s where our new investment comes into play. This infusion of capital will give us a significant boost in scaling our operations to make an even greater impact in the untapped sections of the unorganised apparel market,” he further added.

Amidst the challenges faced by wholesalers in keeping up with an expanding range of designs due to growing inventories, retailers often find themselves making frequent trips to sourcing clusters to replenish their store stocks. The startup asserts that its asset-light business model addresses this issue by providing retailers with access to a more extensive selection of competitively priced unbranded garments right within their local communities.

Vishesh Sharma, VP of India investments at Jungle Ventures, added, “With major global apparel manufacturing clusters located in Indian cities, domestically manufactured apparel is going to continue gathering steam. Showroom B2B enables these manufacturers to reach the market more efficiently while enabling customers to access a wider assortment of designs at competitive prices.”

As per the startup’s projections, India’s unbranded garment wholesale market is expected to increase from $50 billion to $80 billion over the course of the next five years.

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Nars Cosmetics debuts in India, set to unveil first boutique in New Delhi this November

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Nars Cosmetics
Nars Cosmetics (Representative Image)

Nars Cosmetics, a global makeup brand under the ownership of Shiseido, made its official entry into the Indian market with an announcement on Wednesday. The brand is set to open its first boutique in India at Select CityWalk Mall, New Delhi, in November, as stated in a press release.

“Nars is thrilled to launch in India, a thriving market that holds immense potential for our brands. With a growing demand for premium cosmetics and passionate beauty consumers who are influenced by global beauty trends and self-care, Nars is excited to bring innovative and high-quality products that will empower our fans and enhance their self-expression,” said Barbara Calcagni, president, Nars Cosmetics, Drunk Elephant, and Tory Burch Fragrances.

Nars Cosmetics can now be found at specific Shoppers Stop and Sephora outlets throughout the nation, as well as for online purchase at www.shoppersstop.com and www.sephora.nnnow.com.

“This is a proud and much-awaited moment for us at Shiseido Asia Pacific as we expand our presence in a dynamic and vibrant market like India with the launch of Nars Cosmetics,” said Nicole Tan, chief executive officer at Shiseido Asia Pacific.

“Through our strong distribution partnership with Shoppers Stop, we are looking forward to expanding our consumer reach with our omnichannel presence across the country. We have bold ambitions for Nars Cosmetics in India and are confident that we will bring more excitement and empowerment through beauty to the Indian beauty market, starting from this festive season,” Tan added.

Shiseido Asia Pacific, headquartered in Singapore, is a prominent beauty retail company that boasts a diverse portfolio of brands. This portfolio includes Shiseido, Clé de Peau Beauté, Nars, Drunk Elephant, Elixir, Anessa, and d program.

“Through our partnership with Shiseido, we are excited to introduce the globally renowned brand, Nars Cosmetics, to our valued Indian customers. We will continue to deliver a world-class makeup experience to beauty enthusiasts in the country while allowing our customers to embrace this new era,” said Biju Kassim, chief executive officer, Beauty at Shoppers Stop.

Makeup artist and photographer François Nars established Nars Cosmetics in 1994, initially introducing the brand with a collection of 12 lipsticks.

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India allows export of over 10 Lakh tonnes of non-basmati white rice to seven countries

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On Wednesday, the government announced its approval for the export of 1,034,800 metric tons of non-basmati white rice to seven countries, which include Nepal, Cameroon, and Malaysia. This export authorization is facilitated through the National Cooperative Exports Limited (NCEL), as stated in a notification by the Directorate General of Foreign Trade (DGFT).

While a ban on non-basmati white rice exports was implemented on July 20 to enhance domestic supply, exceptions are made to permit exports to specific countries upon government approval, primarily to fulfill their food security requirements and upon request.

“Export of non-basmati white rice… to Nepal, Cameroon, Cote D’ Ivore, Guinea, Malaysia, Philippines, and Seychelles is notified,” it said.

The allocated quantities for the respective countries are as follows: Nepal (95,000 tonnes), Cameroon (190,000 tonnes), Cote D’ Ivore (142,000 tonnes), Guinea (142,000 tonnes), Malaysia (170,000 tonnes), Philippines (295,000 tonnes), and Seychelles (800 tonnes).

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Govt extends curbs on sugar exports beyond October 31 to boost domestic supply

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sugar
Sugar (Representative Image)

The government on Wednesday again extended restrictions on sugar exports beyond October 31 this year, a move aimed at increasing the availability of the commodity in the domestic market during the festive season.

Earlier, the restrictions were imposed until October 31 of this year.

“Restriction on export of sugar (raw sugar, white sugar, refined sugar, and organic sugar) is extended beyond October 31, 2023. Other conditions will remain unchanged,” the directorate general of foreign trade (DGFT) said in a notification.

Nevertheless, it should be noted that these limitations will not apply to sugar intended for export to the European Union and the United States within the scope of CXL and TRQ duty concession quotas. A defined quantity of sugar is exported to these regions through CXL and TRQ (tariff rate quotas) mechanisms.

India holds the title of the world’s leading sugar producer and the second-largest sugar exporter. To export sugar, which falls under the restricted category, an exporter must obtain a license or government permission.

The government has been continuously monitoring the situation in the sugar sector, including production, consumption, exports, and price trends in wholesale and retail markets all over the country.

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Starbucks adapts to growing competition in China with launch of new smaller cup size

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Starbucks

In an effort to draw in more customers amidst increasing competition in China, Starbucks, the prominent American coffee chain, has introduced a new, smaller cup size, targeting its second-largest market.

Launched on Tuesday across its network of 6,500 stores, the 259ml cup is a key addition to Starbucks’ recently unveiled “Intenso Collection.” This cup allows for a higher espresso-to-milk or cream ratio, intensifying the flavor compared to the larger cup sizes. It’s available for 33 yuan ($4.51).

It is approximately one-third smaller than the 355ml “tall” cup, which begins at a base price of 30 yuan, yet larger than the company’s most compact “short” size, which holds 236 ml.

According to Ben Cavender, who serves as the Managing Director and leads the strategy division at China Market Research Group, Starbucks’ latest product launch is a strategic move aimed at consistently providing “innovative options” in the market, specifically targeting dedicated coffee enthusiasts.

“These probably won’t appeal to everyone but are a relatively easy line extension to implement,” he said.

This development coincides with Starbucks’ domestic competitors, like Luckin Coffee and Manner Coffee, which is backed by ByteDance, aggressively expanding and swiftly introducing new products.

These brands have garnered considerable consumer attention through partnerships, including Manner Coffee’s collaboration with the renowned French luxury brand Louis Vuitton and Luckin’s introduction of a liquor-infused latte in conjunction with China’s Kweichow Moutai. An insider familiar with the situation revealed that Starbucks’ novel cup size, a debut in China, is presently exclusive to mainland China, with its availability abroad contingent upon customer feedback.

Back in August, Starbucks reported a notable resurgence in China, as the easing of COVID restrictions led to increased demand in the catering and tourism sectors. The company has set a target of expanding its store count in the country to 9,000 by the year 2025.

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Cabinet approves up to 9% hike in MSP of wheat, other major Rabi crops

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The Cabinet Committee of Economic Affairs on Wednesday approved the increase of up to 9 per cent in the Minimum Support Prices (MSP) for all mandated Rabi crops for marketing season 2024-25.

The maximum MSP raise has been granted for lentil (masur) at INR 425 per quintal, with rapeseed and mustard receiving an increase of INR 200 per quintal.

An increase of INR 150 per quintal has been sanctioned for both wheat and safflower.

Barley will see an increase of INR 115 per quintal, while gram will receive an approved raise of INR 105 per quintal.

The MSP hike for the prescribed Rabi crops for the marketing season 2024-25 aligns with the commitment made in the Union Budget of 2018-19, which aimed to set the MSP at a minimum of 1.5 times the All-India weighted average cost of production.

The anticipated margin over the All-India weighted average cost of production stands at 102 percent for wheat, followed by 98 percent for rapeseed & mustard, 89 percent for lentil, 60 percent for gram, 60 percent for barley, and 52 percent for safflower.

The heightened MSP for Rabi crops will guarantee profitable returns to farmers and encourage the diversification of crops.

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