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California to raise minimum wage for fast food workers to $20 per hour

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Fast food worker
Fast food worker (Representative Image)

Governor Gavin Newsom of California has recently approved a bill to raise the minimum hourly wage for fast food workers from $16.21 to $20.

As per a Restaurant Dive report, the newly enacted legislation will mandate that restaurants affiliated with brands boasting 60 or more establishments must raise their wage rates.

The recently revised AB 1228 bill, sponsored by Assembly Member Chris R. Holden (D-Pasadena), is slated to take effect on April 1, 2024. This legislation grants authority to the fast food council to establish minimum wage standards for fast food restaurants.

Holden said, “Today, we witnessed the signing of one of the most impactful fast food wage laws that this country has ever seen. We did not just raise the minimum wage to $20 an hour for fast food workers.

“We helped a father or mother feed their children, we helped a student put gas in their car and helped a grandparent get their grandchild a birthday gift.

“Last month, when we were knee-deep in negotiations, hundreds of workers slept in their cars and missed pay days to come give their testimony in committee and defend their livelihood. Sacrifice, dedication and the power of a government that serves its people is what got us to this moment.”

The amended legislation will also encompass the formulation of proposals addressing other aspects of working conditions, including health and safety standards and training.

The signing of the new legislation prevents the original fast food council law, AB 257, or the Fast Recovery Act, from undergoing a referendum process.

Gavin Newsom said, “California is home to more than 500,000 fast-food workers who – for decades – have been fighting for higher wages and better working conditions.

“Today, we take one step closer to fairer wages, safer and healthier working conditions and better training by giving hardworking fast-food workers a stronger voice and seat at the table.”

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Meridian Restaurants divests 70 Burger King outlets across the U.S. following bankruptcy

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Burger King (Representative Image)

Meridian Restaurants Unlimited (Meridian), a franchisee of Burger King, recently declared bankruptcy and subsequently sold off 70 of its restaurants.

According to QSR Magazine, the franchisee reportedly sold off most of its stores several months after initiating bankruptcy proceedings, which were prompted by the challenges brought about by the Covid-19 pandemic.

Meridian, purportedly one of the largest franchisees of the Burger King brand, attributed its bankruptcy to rising labor costs, increased wages, food inflation, higher shipping expenses, reduced staff availability, and a decline in customer foot traffic.

At the time of its March bankruptcy filing, the company was running a total of 120 restaurants.

In the recent auction held this month, the franchisee had a total of 91 restaurants, and Burger King successfully acquired 32 of them.

Other franchisees, such as Kansas King, Dakota Restaurant Partners, Kraf, and Snake River Foods, acquired the remaining 38 stores for a total of $17 million.

Burger King added restaurants in Utah, Montana, and Wyoming to its portfolio, while Kansas King secured restaurants in Kansas and Nebraska.

Dakota Restaurant Partners acquired a dozen restaurant outlets situated in Minnesota, Montana, and North Dakota, while Kraf obtained seven restaurant units in Arizona.

Snake River Foods obtained three restaurants located in Montana.

Meridian is reported to have submitted a motion to the court, seeking approval for the sale of the remaining 21 outlets.

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Magicpin teams up with NCCF and ONDC to offer affordable essential groceries in Delhi-NCR

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Magicpin (Representative Image)

Magicpin, a hyperlocal e-commerce company, announced on Friday that it has teamed up with the government-supported NCCF to offer groceries such as onions and pulses at affordable prices through the Open Network for Digital Commerce (ONDC).

This partnership comes after magicpin’s previous collaboration with the National Cooperative Consumers Federation of India (NCCF), where they sold tomatoes at INR 70 per kilogram when market prices were exceeding INR 100 per kilogram.

Read More: Magicpin and NCCF collaborate to offer tomatoes at INR 70/kg via ONDC; witness overwhelming response in Delhi-NCR

“We are thrilled to continue our partnership with NCCF and leverage ONDC to serve the community by making essential commodities easily accessible,” magicpin said, adding, “we’re committed to ONDC’s mission to democratise the e-commerce system.”

Under the new arrangement, magicpin has introduced the sale of Chana Dal at INR 120 per kilogram and onions at INR 50 for 2 kilograms, extending its services to over 100 pin code areas within the National Capital Region (NCR).

Initially, this service is accessible to residents of Gurugram and Delhi.

“This sale will be further extended to over 10 cities in a phased manner. In line with the government’s mission to utilise the potential of digital platforms and bolster e-commerce accessibility, magicpin, acting as the buyer app, will facilitate the purchase of 2 kg of Chana Dal at INR 120 plus delivery charges and 2 kg of onions at INR 50 plus delivery charges,” the statement said.

As part of the collaboration, magicpin will take on various responsibilities, including establishing the catalog, determining pricing, allocating margins, communicating delivery schedules and messages, formulating return policies and procedures for non-delivery with other buyer apps, and managing coordination with third-party logistics for order dispatch and handling.

Orders submitted prior to 3 pm will be delivered on the following day, while those placed after 3 pm will be delivered two days later. The delivery of the order will be finalized within a 48-hour timeframe, as per the statement.

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Coca-Cola HBC unveils €12M eco-friendly bottling line in Austrian facility

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Coca-Cola HBC
The addition of the new line substantially broadens Coca-Cola HBC's lineup of returnable products

The Coca-Cola Hellenic Bottling Company recently inaugurated a state-of-the-art returnable glass bottling line at its facility located in Edelstal, Austria.

Coca-Cola HBC invested €12 million in the project, with an additional €4 million grant provided by the Austrian government through its initiative to promote a circular economy in packaging for beverage companies and retailers.

The newly installed production line, known for its enhanced water and energy efficiency, is dedicated to manufacturing 400ml returnable and resealable glass bottles tailored for the Austrian market. Coca-Cola HBC asserts that this innovation is unique among its 29 markets and caters to the needs of both on-the-go and at-home consumers.

The addition of the new line substantially broadens Coca-Cola HBC’s lineup of returnable products, now encompassing 400ml glass bottles of Coca-Cola and Coca-Cola Zero Sugar.

This investment aligns with the company’s commitment to achieving net-zero emissions throughout its entire value chain by 2040. Coca-Cola HBC has expanded its range of returnable packaging in response to increasing consumer interest in sustainable packaging solutions in Austria. Additionally, this move will aid customers in meeting upcoming retail quotas for returnable packaging, set to be implemented by 2024.

Coca-Cola HBC CEO, Zoran Bogdanovic, said, “For some years now, Coca-Cola HBC Austria has been at the forefront of pioneering new sustainable solutions, and we’re delighted that our focus on investment, innovation and partnerships are helping us to meet our goal of delivering our drinks in more sustainable ways. Austria is already one of our fastest-growing markets for reusable packaging, and this new line will further accelerate this packaging type, which is in demand by our customers and consumers alike.”

He continued, “As returnable packaging options offer a reduced carbon footprint, this new line in Austria further supports our Net Zero by 2040 goal. We’re grateful for the partnership with the Austrian Government as we work together towards a common goal of a greener business model and a better environment.”

Over the past twelve years, Coca-Cola HBC has achieved a 30% reduction in emissions within Scope 1, 2, and 3. Notably, packaging constitutes 34% of Scope 3 emissions within Coca-Cola HBC’s complete supply chain, making it a pivotal element in the company’s strategy for reducing carbon emissions.

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BigMuscles Nutrition announces Hardik Pandya as brand ambassador

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Hardik Pandya
Hardik Pandya

BigMuscles Nutrition, a prominent player in the health and fitness sector, has appointed Hardik Pandya, a well-known international cricketer, as the brand ambassador for its extensive lineup of nutritional supplements. This partnership underscores the joint dedication of fitness influencer Hardik Pandya and BigMuscles Nutrition to advocating for a healthier lifestyle through top-notch protein nutrition.

Premium Gold Whey Protein, its marquee product which is Informed Choice certified, a global quality assurance program for dietary supplement products, provides 25 gm protein and 11 gm of essential amino acids per serving. It is designed for fitness enthusiasts, gym goers and high performance athletes who need global quality-assured products to meet their fitness goals.

Suhel Vats, Managing Director, BigMuscles Nutrition said, “We are thrilled to have Hardik Pandya, a high performing international athlete on board as our brand ambassador. Hardik’s reputation, dedication and passion for fitness and his commitment to excellence, perfectly align with our values at BigMuscles Nutrition. Our products are aligned with our performance personified ambassador and are a part of his workout regime.Our campaign #PerformanceHiPehchaan reflects the high-quality performance of our products that makes them acknowledged market leaders.”

Premium Gold Whey Protein, a derivative of milk, is a high biological value protein that contains essential amino acids necessary for muscle building and repair, and recovery. This concentrated source of amino acids facilitates muscle protein synthesis, essential for athletes and gym goers who undertake high intensity workouts.

Commenting on his association with BigMuscles Nutrition, Hardik Pandya, said, “As a professional athlete, I am very particular about my fitness and dietary regime. BigMuscles Nutrition’s Premium Gold Whey Protein is the perfect protein companion for individuals focusing on high intensity muscle-building workouts and looking for global standards in their supplement. I am excited about this campaign and look forward to having fitness enthusiasts experience this high-performance video.”

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Licious records INR 748 Cr in meat sales for FY23 as growth plateaus

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Licious
Licious (Representative Image)

Bengaluru-based meat delivery startup Licious experienced a 9.5% rise in operating revenue for the financial year 2022-23, increasing from INR 682.5 Cr in the previous fiscal year to INR 748 Cr.

The D2C brand generates income by offering a range of products including meat, seafood, cold cuts, and pre-cooked meat items.

Taking into account other sources of income, Licious posted a total revenue of INR 808.8 Cr in the financial year 2022-23, compared to INR 706.1 Cr in the prior fiscal year.

Meanwhile, the startup successfully reduced its net loss by over 38% to INR 528.5 Cr in FY23, down from INR 855.6 Cr, attributed to a decrease in cash burn.

Licious saw a 9.8% increase in its total expenditures, climbing from INR 1,191.4 Cr in the prior fiscal year to INR 1,309.2 Cr in FY23.

The largest expense for Licious was the procurement of meat. The startup allocated INR 644.6 Cr for this in FY23, marking a 16% increase from the INR 554.3 Cr spent in the previous fiscal year. This procurement cost made up 49% of the startup’s overall expenditures for the year in question.

Expenses related to employee benefits climbed 14.5% to INR 240 Cr in FY23, up from INR 209.5 Cr in the previous fiscal year. These costs include elements such as employee salaries, provident fund contributions, and gratuity.

The D2C brand allocated INR 128.5 Cr for advertising and promotional activities, showing a 24% decrease from the INR 169.8 Cr spent in the prior fiscal year. D2C companies are typically known for investing heavily in advertising to expand their customer reach.

In terms of unit economics, Licious expended INR 1.7 to generate each rupee from its operations. The startup’s EBITDA margin saw improvement, moving to -58.9% in FY23 from an earlier -115.1% in FY22.

Established in 2015 by Abhay Hanjura and Vivek Gupta, Licious achieved unicorn status in 2022 following a Series G funding round of $52 million. The round was spearheaded by IIFL AMC’s Late Stage Tech Fund and included participation from multiple other private equity investors.

After this milestone, the company secured $150 million in a funding round in March of the previous year, with Amansa Capital leading the charge. Subsequent to this capital infusion, the D2C brand expanded into the plant-based meat sector with the introduction of UnCrave.

Earlier this month, Licious found itself drawing media attention for less than positive reasons. Reports suggested a growing tension between the cofounders and stated that the company was engaged in raising a bridge round because it failed to meet its monthly goals. However, these allegations were later refuted by the cofounders in a subsequent interview.

Licious competes with several other brands in the market, including FreshtoHome, Captain Fresh, Zapp Fresh, and TenderCuts.

Last month, TenderCuts faced a distress sale as it couldn’t raise a new round of capital. Meanwhile, Bengaluru’s CaptainFresh has redirected its entire focus towards exports. Earlier this year, the Chennai-based meat retail brand Fipola also closed its operations.

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United Coffee House extends its legacy with United Catering Services 2.0

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United Catering Services

United Coffee House is proud to present United Catering Services 2.0, extending its illustrious 80-year heritage and heralding a fresh chapter of unparalleled catering excellence designed for memorable events. Embracing a boutique-style philosophy, they are unwaveringly dedicated to providing extraordinary service at every turn.

Presently, United Catering Services emerges as a revitalized brand, wholeheartedly dedicated to establishing itself as a pioneering force in delivering exceptional catering experiences. Rooted in their rich heritage, they are unwaveringly committed to harmoniously merging classic sophistication with contemporary ingenuity. Whether orchestrating intimate gatherings or grand festivities, their adept team meticulously harmonizes diverse elements to guarantee flawless execution on every occasion. UCS’ culinary artisans and food stylists are virtuosos in crafting dishes that not only captivate the eye but also explode with exquisite flavors. They painstakingly attend to every nuance of seasoning and presentation, ensuring immaculate perfection in each and every detail.

Established in 2004, the brand had already solidified its presence when the entire industry ground to a halt during the COVID-19 pandemic. Today, UCS returns stronger and more determined than ever, poised to redefine the culinary landscape as we know it. The brand’s core essence revolves around delivering exceptional cuisine, beverages, and unparalleled service, fueled by an unyielding commitment to curating extraordinary gatherings. Whether it’s a wedding, a party, or any celebratory event, United Catering Services stands as your ultimate choice for gracious hospitality, meticulous event planning, and innovative culinary creations. Their seasoned and proficient team stands ready to collaborate closely with you, aiming to surpass your expectations and leave your guests delighted, thereby transforming the occasion into an indelible memory.

“United Catering Services represents an evolution of our legacy, a manifestation of our commitment to crafting unforgettable experiences through the art of culinary excellence. It is with great pride and anticipation that we introduce this new chapter, bringing the renowned United Coffee House legacy to life in every event we cater,” says Akash Kalra, MD, United Group.

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Sector 144 debuts in Bengaluru, redefining the city’s pub culture

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Sector 144
Sector 144

Sector 144, the latest addition to Bengaluru’s vibrant pub culture, has made its grand debut in Electronic City. The name is a fusion of “Sector,” representing its unique locale, and “144,” signifying the myriad ways in which Sector aims to captivate and serve its cherished clientele.

Sector 144 has completely reinvented the pub experience, crafting a haven where individuals can forge connections, relax, and forge indelible memories. Its mission is to serve as a second home, extending a warm welcome to all, inviting them to revel and depart with cherished recollections and happiness. The brand’s emblem embodies a cohesive Sector 144 family, with its fonts and circles symbolizing the diverse communities congregating for a splendid time.

Nestled in the heart of Electronic City, it caters to the needs of working professionals and the youthful demographic of the region, providing them with a retreat to relax and rejuvenate after a taxing day at the office.

Sector 144 proudly showcases an exceptional array of bespoke artwork paying homage to music icons, meticulously presented alongside striking fluted paneling. Its allure is further enriched by the enchanting stained glass windows, complementing its grace and sophistication. The meticulously crafted tilework forms intricate floor patterns, amplifying the artistic atmosphere. The outdoor seating area boasts a retractable roof, rustic brick walls, and bespoke furniture and lighting fixtures, creating a welcoming and stylish sanctuary for its patrons.

“Sector 144 is more than just a name; it’s a promise of excellence and a unique experience. We’ve designed this space to cater to a diverse audience who appreciate warmth, artistry, and impeccable service. Our aim is to provide our customers with the city’s finest offerings, ensuring they can savour their desires without the inconvenience of extensive travel. We want Sector 144 to be a space where everyone feels welcome and cherished,” said Kushal Raj and Sagar MH, Founders of Sector 144.

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Authenticity in the Digital Age: Building Trust Through a Thoughtful Social Media Strategy

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Authenticity has emerged as the crux of trust in the corporate sector in an era dominated by digital connections. Consumers are becoming more discriminating as businesses and people flood the digital world with material, seeking true relationships rather than glitzy facades.

The Quest for Authenticity

The rise of social media has given businesses and individuals alike unprecedented access to a global audience. While this presents immense opportunities, it also poses a challenge: standing out amidst the noise and establishing genuine connections.

Consumers are inundated with advertisements, sponsored posts, and carefully curated content. In such an environment, authenticity has become a rare and highly prized commodity. Authenticity in this context refers to transparency, honesty, and a genuine reflection of values and beliefs. It’s about being real, even if that means showing imperfections.

Why Authenticity Matters
  • Trust Building: Authenticity is the bedrock of trust. Consumers are more likely to engage with and support brands they perceive as honest and genuine.
  • Connection and Engagement: Authenticity fosters meaningful connections with your audience. It invites conversation, feedback, and engagement.
  • Differentiation: In a crowded digital landscape, authenticity sets you apart. It helps you stand out from competitors who rely on generic marketing tactics.
  • Long-Term Relationships: Authenticity builds long-term relationships with customers. When they feel a genuine connection to your brand, they are more likely to become repeat buyers and advocates.
Building Authenticity Through Social Media
  • Tell Your Story: Share the story of your brand or yourself. Highlight the journey, the challenges, and the values that drive you. Authentic storytelling resonates with audiences.
  • Show Behind the Scenes: Give your audience a peek behind the curtain. Share the daily operations, the faces behind the brand, and the process of creating your products or services.
  • Engage Authentically: Respond to comments and messages personally. Show appreciation for positive feedback and address negative comments constructively and respectfully.
  • Admit Mistakes: Everyone makes mistakes. When you do, admit them openly, take responsibility, and show how you plan to make amends. Authenticity shines through in moments of vulnerability.
  • Consistency: Be consistent in your messaging and values across all social media platforms. Consistency builds trust and reinforces your brand identity.
  • Share User-Generated Content: Encourage your customers to share their experiences with your brand. Repost user-generated content to show appreciation and authenticity.
Examples of Authenticity Done Right
  • Patagonia: The outdoor clothing brand is known for its commitment to environmental and social causes. They authentically align their actions with their values, supporting environmental initiatives and encouraging customers to repair their clothing instead of buying new.
  • Dove: Dove’s “Real Beauty” campaign challenged traditional beauty standards and promoted body positivity. By embracing real women with real bodies, Dove connected authentically with its audience.
  • Buffer: The social media management company Buffer shares insights into its company culture, values, and challenges through blog posts and social media updates. This transparency fosters authenticity.

Authenticity isn’t a buzzword; it’s a vital aspect of your digital presence. In the digital age, building trust through a thoughtful social media strategy is essential for businesses and individuals alike. By being transparent, engaging genuinely, and staying true to your values, you can create authentic connections that foster trust, loyalty, and long-lasting relationships in the digital landscape.

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Beyond Revenue: Sales Metrics Investors Analyze for Investment Decisions

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Revenue has long been a major measure of a company’s financial health and development prospects in the world of business and finance. Smart investors and stakeholders, on the other hand, are increasingly going beyond top-line revenue data to acquire a more complete knowledge of a company’s sales success and prospects. 

The Limitations of Relying Solely on Revenue

While revenue is undoubtedly a vital metric, it can sometimes provide an incomplete picture. Relying solely on revenue figures can be misleading, especially in cases where revenue growth is driven by unsustainable factors such as one-time deals, price hikes, or market fluctuations. To gain a deeper understanding of a company’s financial stability and growth prospects, investors are turning to a broader set of sales metrics.

Key Sales Metrics for Investment Decisions
  1. Customer Acquisition Cost (CAC)
    CAC measures the cost of acquiring a new customer. It helps investors assess the efficiency of a company’s sales and marketing efforts. A high CAC relative to the customer’s lifetime value can signal potential profitability challenges.
  1. Customer Lifetime Value (CLTV or LTV)
    CLTV estimates the total revenue a company can expect to generate from a customer over their lifetime as a client. Investors look for a healthy CLTV-to-CAC ratio, indicating that customer acquisition efforts are generating value over the long term.
  1. Churn Rate
    Churn rate measures the rate at which customers stop using a company’s products or services. High churn rates can erode revenue growth, so investors often seek companies with low churn rates, as they suggest strong customer retention and loyalty.
  1. Sales Pipeline and Conversion Rates
    Investors examine a company’s sales pipeline to understand the volume of potential deals at various stages of the sales process. Conversion rates at each stage can provide insights into the efficiency of sales operations and the predictability of future revenue.
  1. Average Deal Size
    This metric calculates the average value of a company’s sales deals. Investors consider this metric in conjunction with other factors to assess a company’s growth potential and target market.
  1. Sales Velocity
    Sales velocity measures how quickly deals move through the sales pipeline. A high sales velocity indicates that the sales process is efficient and can contribute to revenue growth.
  1. Customer Satisfaction and Net Promoter Score (NPS)
    Investors may consider customer satisfaction metrics like NPS to gauge the company’s relationship with its customer base. Satisfied customers are more likely to stay, buy more, and refer others.
  1. Sales and Marketing Efficiency
    Evaluating the efficiency of sales and marketing spending is crucial. Investors want to see that the company is getting a good return on its investment in these areas.

Why These Metrics Matter to Investors

Investors are increasingly aware that sustainable growth and profitability depend on more than just revenue. Metrics like CAC, CLTV, and churn rate provide insights into the quality of revenue, while conversion rates, deal size, and sales velocity shed light on the efficiency and scalability of sales operations. Moreover, customer satisfaction and loyalty metrics indicate the potential for repeat business and referrals, which can drive organic growth.

While revenue remains a critical factor in investment decisions, investors are becoming more discerning, looking beyond top-line numbers to assess a company’s sales performance comprehensively. By analyzing a range of sales metrics, investors can better evaluate a company’s growth potential, financial stability, and long-term prospects, ultimately making more informed investment decisions in the ever-evolving world of business.

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