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Tag: india

  • Nestle India Q2 net profit jumps 50 pc to Rs 395 crore

    Nestle India Q2 net profit jumps 50 pc to Rs 395 crore

    FMCG major Nestle India has reported 49.95 percent jump in net profit at Rs 395.03 crore for the second quarter ended June 30, helped by lower expenses.

    According to a PTI report: The company, which follows January-December financial year, had posted a net profit of Rs 263.43 crore for the April-June quarter of 2017-18.

    Total income during the quarter stood at Rs 2,758.63 crore. It was Rs 2,525.96 crore in April-June, 2017-18, Nestle said in a BSE filing.

    The company said financial results for the reported quarter are not comparable as sales for the June quarter 2017 were reported gross of Excise Duty and net of Value Added Tax (VAT)/ Sales Tax. Excise duty was reported as a separate expense line item.

    “Consequent to the introduction of GST with effect from July 1 2017, VAT/Sales Tax, Excise duty etc have been subsumed into GST and accordingly the same is not recognised as part of sales,” the company said.

    “The market momentum continued to be favourable and…we have sustained our broad based volume growth across categories. There is an improvement in margins due to favourable cost of commodities and cost efficiency programmes.

    “However, we are now witnessing headwinds in commodity prices,” Suresh Narayanan, Chairman and Managing Director, Nestle India was quoted by PTI as saying.

    The company said its total sales and domestic sales increased 8.5 percent and 8 percent, respectively in the reported quarter.

    “The growth rates are adversely impacted due to lower reported sales by the change in structure of indirect taxes and reduction in realisations to pass on the GST benefits.

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  • India mall space leasing saw a rise of 77 percent Y-o-Y in H1 2018

    India mall space leasing saw a rise of 77 percent Y-o-Y in H1 2018

    JLL, one India’s largest professional real estate services firm, in their half yearly update note that net absorption in H1 2018 for retail space has seen a rise of over 75 percent year–on–year (y-o-y) recording a total absorption of 1.9 million square feet (msf) in the first half of 2018.

    In the same time new completions saw a decline of about 25 percent year–on–year with total completion of new mall space recorded at approximately 2.1 msf in H1 2018 over 2.8 msf in H1 2017.

    The retail market, which has been experiencing a new lease of life with investment interest returning to the market, has also see a growth in leasing activities from both international and domestic brands.

    RETAIL REAL ESTATE PERFORMANCE (H1 2018)

    City New Completion (‘000) Net Absorption (‘000)
    H1 2017 H1 2018 H1 2017 H1 2018
    Mumbai 800 120 652 118
    Delhi 2,005 385 726 325
    Bangalore – – 2 –
    Chennai – 988 8 957
    Hyderabad – 500 -104 358
    Kolkata 75 150 169 154
    Pune – – -355 33
    TOTAL 2,880 2,143 1,098 1,945

     

    The total net absorption for H1 2018 was recorded at close to 2 msf in top seven cities[1] of India of which Chennai saw the highest absorption at 950,000 square feet (sf). Chennai saw the completion of a major retail project which attracted many brands to set up and start operations.

    Delhi (325,000) and Hyderabad (358,000) also saw healthy leasing activities, though, Delhi saw a slowdown owing to reduced new completion in the period under study.

    Mumbai, saw total new leasing of 118,000 sf in H1 2018. The trends of retail supply and absorption are linked as malls usually are reticent in starting operations without complete or near complete absorption of malls. Only in very limited cases, do malls start with noticeable vacancies.

    The new supply for retail mall space was estimated to be 2.1 msf in H1 2018 which was lower by approximately 25 percent over the same time last year. However, with robust leasing activities, the reduced supply will help the rentals remain stable and even firm up over a period of time.

    Development companies have been aiming at creating products that match the requirements of retail companies in terms of location, quality of development, as well as design and other relevant aspects to ensure sustained sales velocity.

    Chennai saw the highest volume of retail mall supply in H1 2018 which was close to 1 msf. While Hyderabad recorded new supply of 500,000 sf in the same period. Both these cities had not witnessed any new supply in the comparable period last year.

    Ramesh Nair, CEO & Country Head, JLL India said: “The retail scenario in India has started to show signs of maturity now, by concentrating on malls that will have longevity, sustainable business and have scope of refurbishment and renovations in the future. As Indian consumer becomes more discerning, the physical asset surrounding retail has become important in creating the right experience. Therefore, developer companies are now creating retail destinations rather than mere shopping centres. In the next few years, we will see a concentration of large format malls that will allow shoppers a variety of experience beyond purchase.”

    JLL’s estimation for next 6 months of 2018 (July – December) to see fresh supplies of 3.7 msf in the top 7 cities of the country. Of the total, Hyderabad will see the highest volume of 1.8 msf. Delhi at 715,000 sf will see the next highest volume of mall space supply followed by Chennai (511,000 sf) and Bangalore (500,000 sf). Pune is expected to be the only market which will not see any new addition of retail mall space in 2018.

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  • New e-commerce policy draft may curb deep discounts by India online retailers

    New e-commerce policy draft may curb deep discounts by India online retailers

    Any group company of an online retailer or marketplace may not be allowed to directly or indirectly influence the price or sale of products and services on its platform, a recommendation in the initial draft of a national e-commerce policy suggests.

    The policy draft has been circulated among stakeholders for discussion and could completely restrict e-tailers from giving deep discounts. The draft has also suggested to introduce a pre-set timeframe for offering differential pricing or deep discounts by e-commerce players to customers.

    The suggestions are part of the strategy to address anti-competitive issues in the e-commerce sector effectively, says a report.

    “The restriction imposed on e-commerce marketplace, to not directly or indirectly influence the price of goods and services, would be extended to group companies of the e-commerce marketplace.

    “A sunset clause, which defines the maximum duration of differential pricing strategies (such as deep discounts) that are implemented by e-commerce platforms to attract consumers, would be introduced,” the draft reads, according to a report.

    Further the draft recommended to permit 49 per cent foreign direct investment (FDI) in inventory-based business-to-customer model of e-commerce. Currently, FDI in such businesses is prohibited and it is allowed only in marketplace model.

    It stated that sale of country-made goods through online platforms would be promoted by permitting limited inventory-based business-to-customer model, where 100 per cent made in India items would be sold through Indian owned e-retail companies.

    The initial draft has also talked about adopting a common definition of e-commerce for the purpose of domestic policy making and international negotiations as currently there is no commonly accepted definition.

    At present, industry ministry, consumer affairs, department of IT, WTO, OECD and UNCTAD have separate definitions.

    The draft has proposed that “e-commerce may be understood to mean buying, selling, marketing, selling, marketing, distribution, or delivery of goods, services and digital products (like e-music, e-books, software) through electronic means”.

    It also called for steps to develop capacity for and incentivise data storage in India though creation of facilitative data infrastructure.

    The incentives could include according infrastructure status to data centres and server farms besides extending tax benefits and rebate in customs duties.

    The draft, said that the development of cutting-edge and innovative technologies in India would be promoted by ensuring access to data.

    In context of international trade negotiations, policy space for granting preferential treatment and imposing customs duties on e-transmission to digital items created in India would be retained.

    Further, it recommends steps for increasing use of Rupay. The steps could include identifying deficiencies in infrastructure, providing budget, branding, and addressing quantitative deficiencies in service for wider use of Rupay.

    It suggested to set up a ‘social credit database’ through PPP to promote digital lending and use of blockchain technology for further financial inclusion.

    To enhance participation of MSMEs in e-commerce, it has called for several steps including setting up of e-retail platform, addressing issues of financing for online participation, incentivising platforms and aggregators to engage MSMEs.

    The initial draft has recommended the Competition Commission to consider amending some threshold rules to mandatorily examine competition-distorting M&As below the existing ‘de minimis’ level.

    E-commerce companies may be asked to mandatorily make full disclosure to the consumer regarding the purpose and use of data in a simplified way, and also share main features of their terms and conditions besides disclosing clauses governing their arrangement with the vendors.

    It has also suggested setting up of a central consumer protection authority to act as a nodal agency for intra-government coordination, mandatory registration of all e-commerce operators, registration of complaints.

    “The legal framework governing unsolicited commercial SMSs and calls would be strengthened. A law/regulation to govern unsolicited commercial e-mails would be framed,” the draft stated.

    It said that the grounds for seeking disclosure of source code to government would be expanded to include situations of unfair trade practise, fraud.

    “The policy space to seek disclosure of source code would be retained, by not taking any commitments on this issue in international trade negotiations,” the draft said.

    The relevant GST provisions would be modified to create a level playing field between online and offline delivery of goods and services, besides providing GST refund for goods exported by courier would be considered.

    “A single legislation to address all aspects of ecommerce would be enacted and a single regulator would be set up to consider issues like FDI implementation,” the initial draft said.

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  • JLO’s capsule collection cosmetic range with Inglot now in India

    JLO’s capsule collection cosmetic range with Inglot now in India

    Jennifer Lopez’s capsule collection cosmetic that she has made for brand Inglot Cosmetics is now available in India and the singer-actress says the entire range is filled with all her go-to products in her favourite colours.

    The 70-piece collection ranges from powders to lipsticks, eye shadows and mascara to eyelashes, nail enamels and cosmetic palettes.

    “The capsule collection we created with Inglot is filled with all my go-to products in my favorite colors. We have everything from mascara, lipsticks, eyelashes, blush, eye shadow and of course…bronzers.”

    “What I think is unique and exciting is our Freedom System Palette-which allows you to create your own personalized palette with the specific colors and products that you need. Now you no longer have to buy that 5-piece eyeshadow kit to get the one color you really want,” Lopez said in a statement.

    The expertly formulated products range in shades from nude to glow and add a touch of smoky glam! The products in the collection include eyeshadows, eyeliners, eyelashes, nail enamels, highlighters, bronzers, blushes, powders and matte and gloss lipsticks.

    Commenting on the association, Tushar Ved, President, Major Brands (INDIA) Pvt. Ltd. said, “Jennifer Lopez is an icon for women all over the world. With her sense of style and expertise on beauty, she remains the apt choice for Inglot to connect with its consumers. We are positive, our Indian customers will take great affinity towards the new collection considering her connect with Indian audiences as well.”

    Roy N Subramoney, Managing Director, Inglot Cosmetics, APAC & Middle East added, “It is our privilege and pleasure to collaborate with a style icon like Jennifer Lopez to launch this special collection. With the perfect formulation and products across categories, this special JLO capsule collection offers our Indian consumers the opportunity to achieve Jennifer’s authentic JLO glow.”

    The capsule collection is now available across Inglot stores in India.

  • Numero Uno India takes sustainable fashion a notch higher with One Glass Water Denims

    Numero Uno India takes sustainable fashion a notch higher with One Glass Water Denims

    Numero Uno, one of India’s first indigenously manufactured denim labels, has always been a strong believer of sustainable fashion. Adding to their commitment towards the global green movement, the brand has recently launched its one glass water denim collection.

    Traditionally, a pair of jeans requires 70 liters of water to complete the washing and finishing process but Numero Uno, through its new sustainable process and improvised technology, has managed to reduce the water and chemical consumption drastically by using one glass of water to create one  pair of jeans.

    Numero Uno adopted this technology as an answer to the environmental issues that are being faced today thus representing a new era in the industry where environment protection and worker well-being play a key role.

    Narinder Singh, CMD, Numero Uno says “We believe that we can create attractive looking denims & protect our natural resources at the same time. This collection is actually an initiative towards revolutionizing the harmful impact of industrial wash processes of making jeans on our environment”

    Numero Uno prides itself on responsibly innovating and driving the transformation of the textile industry towards sustainability by launching their new range of jeans, One Glass Water Denims. The jeans are priced between Rs 1,899 to 2,499 per pair.

    Numero Uno, one of India’s first indigenously manufactured denim labels, was incorporated in 1987 by Hi Fashion Clothing Co., the Flagship brand of Numero Uno Clothing Ltd.

    Over the years, Numero Uno Jeanswear has transformed into a dynamic and perceptive label for the youth. Today, it has the privilege of being one of the few power brands that fuses international trends, innovative fabrics, washes, treatments and accessible pricing.

     

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  • Jabong announces the 4th edition of its ‘Big Brand Sale’, targets big growth

    Jabong announces the 4th edition of its ‘Big Brand Sale’, targets big growth

    India’s leading online fashion brand, Jabong, has announced the dates of its much awaited Big Brand Sale (BBS). The 4-day shopping extravaganza will be held between the July 27-30, with discounts ranging from 55-80 percent, across all product categories. The fashion major is offering 4 lakh styles from over 3,000 international and Indian brands at very attractive discounts. Over 1 lakh styles are for the first time on over 50 percent discount, in addition to over 80 percent off on more than 15,000 styles.

    The 4-day fashion festival on Jabong will see never before deals on premium brands like U.S. Polo Assn., Calvin Klein, Next, Adidas, Nike, Guess, Superdry, Mango, Fossil, Dorothy Perkins, Lee Cooper, Vero Moda, Jack& Jones, Puma, Blackberrys, Lakme, Lavie, Sangria and many more.

    Ananth Narayanan, CEO, Myntra-Jabong said, “The Jabong Big Brand Sale is our marquee property that aims at celebrating premium fashion in a unique way. We have witnessed a significant growth in the last 3 editions, and we are expecting 100 percent growth this edition over last year’s Big Brand Sale in July. We are anticipating 25 million sessions across platforms, acquiring 4X new Jabong customers as compared to same edition last year.”

    Speaking about the Big Brand Sale, Gunjan Soni – Head of Jabong, said, “Jabong customers are fashion forward and have a taste for international, premium and exclusive styles. The Big Brand Sale is a unique sale which has a disproportionate focus on global brands and is in line with Jabong’s affluent consumer base. It is a great opportunity for them to acquire their favourite brands at great discounts ranging from 55-80 percent. Over 1 lakh customers will also get exclusive VIP slots to shop before millions of other shoppers, leading to 15X sale during the slot hours vs. a normal day. We are prepared to provide a great shopping experience to over 13 million customers over the 4 days of BBS, leading to 4X traffic during peak hours compared to a normal day. This time we are also offering 100 percent cashback (in Jabong points) to all our customers to make their shopping experience on Jabong much more exciting.”

    Jabong promises an extraordinary fashion experience to its customers and is launching an exclusive on-demand stylist service on Whatsapp for these 4 days. Jabong customers can Whatsapp their wardrobe picture to get curated looks and personalized fashion advice from an in-house fashion expert.

    For each edition of BBS, Jabong encourages its customers to wishlist their favourite products to avoid missing out on buying them at great discounts. Sale prices will be revealed at 7 pm on July 24, and customers can continue to wishlist till 7 pm on July 26. Jabong will start allotting the VIP slots to select consumers who can buy the wishlisted products from 7-11 pm on July 26, before the sale goes live. Shoppers can also earn their slots by wishlisting or playing amazing games on the Jabong app.

    In addition, Jabong is offering 10 perent cashback using HDFC credit and debit card of up to Rs 750 on a minimum spend of Rs 3,000. New customers will get free shipping on their first orders.

    The Jabong Big Brand Sale is India’s biggest fashion bonanza of the biggest brands. Bigger and better than the previous edition, the current edition of BBS will offer an out-of-the-world experience to its customers. Jabong also launched its 360-degree marketing campaign on July 21 to support this property.

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  • Panasonic India eyes Rs 12,300 crore revenue in FY2018-19

    Panasonic India eyes Rs 12,300 crore revenue in FY2018-19

    Japanese consumer electronics major Panasonic is aiming for revenues of Rs 12,300 crore in India this fiscal, driven by its refrigerator and TV businesses. Panasonic India reported revenues of about Rs 10,500 crore in the previous financial year.The company also expects its B2B business to contribute almost half of its revenues by FY 2020-21 as it is expanding its presence in the segment. Panasonic also introduced new models of OLED and 4K TVs here to strengthen its presence in the segment.

    “This financial year, we are looking at Rs 12,300 crore revenue overall. Last year we had closed around Rs 10,500 crore,” Panasonic India and South Asia President and CEO, Manish Sharma told news agency PTI.

    This includes Panasonic’s revenue from its step-down firm Anchor Electricals.

    “Our intention is to grow for three years with a CAGR of 20 per cent and this year, we are looking for 30 per cent growth in TV,” he further told PTI.

    “By FY 2020-21, we expect our B2B business to contribute half of our revenue,” Sharma said.

    Panasonic also expects its consumer business to be double in the next three years.

    “Last year, we had Rs 7,800 crore from the consumer business (including Anchor) and we are looking it at Rs 9,100 crore this financial year,” said Sharma who is also Vice President, Appliances Company, Panasonic Corporation.

    “Last year, B2B was Rs 2,300 crore and this year it is expected to be Rs 3,200 crore,” he told PTI.

    In the mobile phone market, where Panasonic is struggling, the company has decided to focus only on the niche segment.“We are looking at Rs 800 crore this year and the strategy in mobile is to focus on niche segment of Rs 9,000 and above,” he told PTI.

    In the TV segment, the company expects its 4K range of televisions to account for around 25 per cent share of sales this fiscal.

    “This year we are looking at 1.2 million units of sales which is 11 to 12 per cent of value share. Market share is currently 9 per cent and next year, we are looking at 11 to 12 per cent,” he he told PTI.

    “From less than one million units last year, we are looking up to 1.5 to 1.6 million unit in next three years” he added.

    The TV market in India is estimated to be around 12.5 million units. It is growing at around 10 per cent every year and is expected to touch 14 million units in 2018.

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  • Jubilant FoodWorks operating revenues for Q1 FY19 stand strong at Rs 8,551 million

    Jubilant FoodWorks operating revenues for Q1 FY19 stand strong at Rs 8,551 million

    Jubilant FoodWorks Limited reported its financial results for the quarter ended 30th June, 2018.

    Operating Revenues for Q1 FY19 stood strong at Rs 8,551 million, representing a growth of 26.0 percent over Q1 FY18, and a sequential growth of 9.6 percent over the preceding quarter. The growth was on the back of a strong Same Store Growth (SSG) of 25.9 percent in Domino’s Pizza.

    Overall profitability also improved, with EBITDA for Q1 FY19 coming in at Rs 1421 million at 16.6 percent of revenue, a growth of 78.5 percent over Q1 FY18. Profit after Tax in Q1 FY19 stood at Rs.747 million at 8.7 percent of revenue and a growth of 213.2 percent over Q1 FY18.

    The strong performance in Q1 FY19 was on account of a good response to the Every Day Value offer on regular pizzas launched in March 2018, and which was supported aggressively during the IPL T20 cricket season. In addition to this, the continued success of the all new Domino’s product upgrade launched last year also drove a strong growth in core pizza orders.

    In addition, Dunkin’ Donuts made sustained progress towards its goal of breaking even with a slew of innovations that drove sales growth and which was accompanied by disciplined cost management.

    Commenting on the performance for Q1 FY19, Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said,”We are pleased to start the year on a strong note with our robust performance in Q1 FY19. The strong growth in Domino’s came on the back of a superior product, Value for money delivery and growing digital contribution. This together with our focus on achieving break-even in Dunkin’ Donuts by the end of the financial year will continue to drive profitable growth for us.”

    Commenting on the performance for Q1 FY19, Pratik Pota, CEO and Whole time Director, Jubilant FoodWorks Limited said, “We delivered a strong quarter in both Domino’s and Dunkin’ Donuts. In Domino’s, the extension of EDV to Regular Pizzas received a very good response with an increase in both new customer acquisition as well as existing customer frequency. Dunkin’ Donuts too saw encouraging growth and made good progress towards profitability on the back of successful innovations and disciplined cost management.”

  • Monte Carlo launches largest brand outlet in Delhi, unveils new logo

    Monte Carlo launches largest brand outlet in Delhi, unveils new logo

    Monte Carlo, India’s premium fashion brand has inaugurated a new retail outlet in Delhi. The newly launched store is in Janakpuri, a prominent shopping hub of India’s capital city. The brand outlet offers a diverse range of stimulating clothing options for men and women across all age groups. The alluring ambiance of this exclusive store is all set to treat its customers with modern décor, plush feel and sophisticated shopping experience. The staff at the store is specifically trained to deliver a smooth and pleasant experience to the customers.

    Monte Carlo’s latest spring and summer collection along with Luxuria, a luxury collection designed for elite buyers are featured at the new store.

    “Our new store is one of our largest stores in Delhi. Following our strategy to revamp the brand identity and render it a fresh appeal, the store features new-fangled collection with an utterly pleasing décor. Given its presence at one of Delhi’s most posh and shopper busy localities, the retail outlet will provide us a strategic presence and visibility in West Delhi” says Rishabh Oswal, President, Monte Carlo.

    The newly launched store already registered heavy footfall on its very first day with residents of Janakpuri checking out the stylish summer collection and rejoicing the new look and feel of the brand.

    Previously Monte Carlo had launched a brand outlet in Rajouri Garden, another popular shopping hub in Delhi. The store launches are being followed after the unveiling of the new logo by Monte Carlo, revamping its brand identity.

    In the new logo, the blue background and red rectangle enclosing the text have been given up and the tagline is also brought closer to the brand name “Monte Carlo”, which is given a new typography style. The triangle with letters “mc” has been retained, and given a dynamic appeal in order to connect with the fashion conscious populace and exhibit a contemporary and modern expression.

    Designed with utmost planning and attention, the bolder and trendier logo signifies the ethos of the company better and will be featured in all brand communication hence forth, including TV commercials and outdoor advertising. The company has retained its tagline “It’s the way you make me feel”.

    Monte Carlo is already an established brand in North, Central and East India and enjoys great customer loyalty. The brand has always been bringing the latest international trends to Indian market and offers meticulously designed apparels that are always high on quality. Coming up with a new logo and adding more brand outlets at prominent locations in major Indian cities is part of the brand’s new marketing strategy to become the ‘one-shop-destination’ for all fashion conscious consumers in India.

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  • Onitsuka Tiger Delhi store opens door

    Onitsuka Tiger Delhi store opens door

    Japanese luxury sneaker brand Onitsuka Tiger has opened its third store in India, expanding its footprint to Delhi.

    The debut Onitsuka Tiger Delhi store is located in the Select Citywalk shopping centre, which hosts more than 80 luxury brands, this is Onitsuka Tiger’s third store in India. It has opened previous outlets in Mumbai and Chandigarh.

    Select Citywalk executive director and CEO Yogeshwar Sharma said Select Citywalk has always been at the forefront of retail experience keeping pace with the changing priorities in the retail landscape… “With the Onitsuka Tiger Delhi launch, Select Citywalk brings the deep-rooted heritage and craftsmanship of Japan mixed with modern flair, for the people of Delhi.”

    The Onitsuka Tiger Delhi launch was attended by popular Bollywood actor Tiger Shroff.

    Onitsuka Tiger, launched in 1949, is the original brand name of Asics, which was revived as a luxury brand spurning an independent retail network about a decade ago.

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  • Walmart to open 6 more stores in Uttar Pradesh India soon

    Walmart to open 6 more stores in Uttar Pradesh India soon

    US retail major Walmart will open six more stores in Uttar Pradesh soon, taking the number of such outlets to ten, a top company official said.

    “We have four stores at present – two in Agra, and one each in Meerut and Lucknow,” Krish Iyer, President and CEO of Walmart said.

    According to a PTI report: He was addressing reporters after launching Walmart India’s second B2B Fulfilment Centre here — the first in Uttar Pradesh and the second in the country after Bhiwandi, Mumbai, which was set up last November.

    “Uttar Pradesh is a very important and priority growth region for us and we are further expanding our business in the state to support kiranas, small farmers and local suppliers to help make them successful,” Iyer said.

    “The next such centre will be set up in Hyderabad,” he said.

    Iyer said that these centres would support ‘kirana shops’ and other small businesses.

    “It aims to contribute to local and state economy by creating thousands of job opportunities at the local level, besides giving a boost to the SME sector and the farmers,” he said.

    “The Fulfilment Centre will cater to the business needs of under-served small businesses such as kiranas (re-sellers), offices and institutions, and hotels, restauants and caterers,” he said.

    Walmart also plans to set up its ‘Best Price’ stores at various locations in Uttar Pradesh, including Kanpur, Moradabad, Varanasi, Gorakhpur, Sharanpur, Lucknow and Ghaziabad.

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  • Food-Tech startup SmartQ acquires Goodbox’s Digital Cafeteria business

    Food-Tech startup SmartQ acquires Goodbox’s Digital Cafeteria business

    In an effort to scale up its expansion plans, SmartQ, a Bengaluru-based leading online food tech platform has announced that the company has acquired the Digital Cafeteria business of Goodbox which provides mini apps to businesses.

    The acquisition is a part of the company’s long term strategy to aggressively increase its footprint across India. Post the acquisition, Goodbox will continue its current focus on the hyper-local delivery business for groceries, pharmacies, etc.

    Speaking about the acquisition, Krishna Wage, Co-founder and CEO, SmartQ, said, “This is another important landmark for SmartQ as it reinstates our position as a leader Digital Cafeteria Business. Goodbox already has an existing customer base of 10+ MNCs across the country. Post the acquisition, SmartQ will further strengthen its digital cafeteria business by adding Goodbox’s customer base to the portfolio.”

    He further said, “Next few years are very important for us as an organization. To take the organization to the next level of strategic growth, we are further scaling up our product portfolio, service offerings and business strategy”.

    SmartQ has clocked more than 1 crore transactions in last one year. Experiencing a 50 percent month-on-month growth with over 1,20,000+ daily transactions, SmartQ has grown to 100+ locations in India and globally.

    Founded by Krishna Wage and Abhishek Ashok in 2014, the company has immensely grown its product portfolio, customer base, geographical presence and sales turnover over the years. Charting a great success story for itself, SmartQ has expanded its operations to international markets such as Singapore and New Zealand.

    SmartQ has raised close to Rs 9-10 crore funds in total. In 2016, the startup raised Rs 3.1 crore funding from YourNest Angel Fund. In 2018, the company again raised close to a Rs 4.75 crore from an investor group led by some Dubai-based investors, while existing investor YourNest also participated in the round.

    Addressing various challenges faced by employees and caterers, SmartQ enhances cafeteria and food-court experience by eliminating queues, minimizing wait time, increasing collaborative work time. By enabling corporate employees to place their orders through multiple means, SmartQ implements its innovative and cutting-edge product digital cafeteria Solutions.

    SmartQ is the exclusive technology partner with some of the largest food service providers in the world. SmartQ plans to expand their horizons to multiple other sectors where there are queue issues and ultimately remove queue from the face of the earth.

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  • Sephora plans expansion in India, marks fifth store in Mumbai

    Sephora plans expansion in India, marks fifth store in Mumbai

    Sephora opened its doors at Oberoi Mall, Goregaon, Mumbai recently. Spread across 3,130 square feet, the store is located on the ground level of one of the city’s buzzing retail hubs in the suburbs. With presence in cities such as New Delhi, Noida, Gurgaon, Mumbai, Kolkata, Chennai, Chandigarh, Bangalore and Pune, this is Sephora’s 17th store in the country.

    Talking about the brand journey Vivek Bali, Chief Operating Officer – Sephora India at Arvind Beauty Brands said, “It’s been a very strong journey for Sephora with a fantastic response from the millennial customers. I am very proud to say that Sephora is the No.2 searched brand for millennial. So when we opened the physical stores in India with the right assortment of brands matching the Indian skin types it brought in an overwhelming response. We are different and we have brands which nobody has. We continue to promise the customer about 6-10 new brand additions every year which we will be exclusively available at Sephora. We have started our journey in the urban centers as 60 percent of the business comes from here. Balance 40 percent comes from the Tier II and III cities which are very important. Sephora will be embarking its journey in Tier II cities this year. We are registered a double digit growth with Sephora.”

    Like all the other Sephora stores in the city, this store too carries the retailer’s popular in-house and exclusive range across make-up, skin-care, fragrances, bath and body categories as well as beauty accessories. The collections include well-known names in beauty such as Sephora Collection, Benefit, Makeup Forever, Cover FX, Becca, Stila, Smash Box, Glam Glow, Boscia, Burt’s Bees etc.  In addition to these product ranges, beauty enthusiasts are also able to shop luxe brands such as Dior, Estee Lauder, Clinique, Tom Ford Private blend, Clarins, Givenchy, Shiseido, Forest Essentials and Elizabeth Arden, making Sephora the one stop destination for all things beauty. Australian makeup brand, Klara Cosmetics with its 100 percent colour pigment range launched its collection at the store. Collections from Jo Malone and Olive will be unveiled shortly at the new store. For the discerning man, the store carries a wide range of men’s grooming products.

    The store houses the newest edition of the Beauty Studio, where shoppers are offered Mini Flash Make overs and personalized consultations from Sephora’s beauty advisors. At the beauty studio, shoppers can learn to create key makeup looks from Sephora such as Night Smokey, Diamond Lips, Perfect Brows, Dewy Foundation, Frozen Eye Shadow and Golden Frame Smoky Eyes. They can also learn the techniques for 4K contouring and how to achieve the perfect eyeliner.

    Speaking on the customer experiences and its way forward Vivek says, “We look forward in enhancing the customer experience in Sephora and we talk about the new looks. We demonstrate, promote and educate the customers for the new looks which in turn gives an experience to the customer to try the product and then buy it. This exercise will go a long way in improving the consumption in India.”

    In line with its brand ethos, the Sephora store is brightly lit with vibrant colours creating a lively atmosphere for its shoppers. The various categories of products have been divided into convenient sections enabling shoppers to pick their favourites with ease.

    Quoting on the retail numbers and its retail Omnichannel approach Vivek comments, “We have 16 operational stores and this Oberoi Mall, Goregaon, Mumbai store is the 17th store. We will be looking at opening 8 to 10 stores every year. As we evolve we have already seen the larger sizes of the stores also. On an average our stores are around 3,300 sq.ft. now and this will keep increasing with more and more brands coming in. Sephora is already a fully Omni brand where the customer can get the same experience from both online and offline. They have the choice to buy from the online store or come at the physical store and can even book the product online and pickup from the store. We operate through pour store and we deliver to the customer from the nearest store.”

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  • Reliance Brands buys 8 pc additional stake in Genesis Colors

    Reliance Brands buys 8 pc additional stake in Genesis Colors

    Reliance Industries Ltd on Saturday said its subsidiary has purchased additional 8.14 percent stake in luxury fashion retail firm Genesis Colors for about Rs 34.17 crore.

    “Reliance Brands, a subsidiary of the company, has purchased an additional 8.14 percent equity stake in luxury fashion retail firm Genesis Colors Limited for about Rs 34.17 crore, taking its total stake in GCL to 9.29 percent,” RIL said in a filing.

    According to a PTI report: GCL was incorporated in November, 1998 and is in retailing and wholesale business of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/ joint ventures.

    “GCL belongs to a similar industry as Reliance Brands Limited. This acquisition will add to the existing portfolio of branded fashion retail outlets,” the filing said.

    GCL’s had provisional annual turnover of Rs 86.02 crore in fiscal year 2017-18. It had turnover of Rs 80.04 crore and Rs 114.16 crore in 2016-17 and FY 2015-16, respectively, the filing added.

  • Prime members in India enjoyed the biggest Prime Day yet

    Prime members in India enjoyed the biggest Prime Day yet

    Prime members in India joined members in 16 other countries to celebrate Prime Day, Amazon’s exclusive shopping event for Prime members. The 36 hours during Prime Day saw members in India shop and stream as never before, taking advantage of 200+ exclusive new product launches, thousands of deals, and video and music selections specially curated for Prime Day.

    More new Prime members joined the program in the one week leading up to Prime Day than any week since the launch of Prime in India. Additionally, more members than ever enjoyed Prime Video and Amazon Prime Music content, with the week leading up to Prime Day having the highest number of streamers ever.

    “Prime Day offers us a unique opportunity to thank Prime members with a celebration of our best deals, exclusive selection as well as new Prime Video and Prime Music content,” said Amit Agarwal, Senior Vice President and Country Head, Amazon India.

    Agarwal adds, “Extending Prime Day to 36 hours this year allowed us to further reward members with unbeatable deals, access to exclusive new products and unforgettable experiences that highlight the many benefits of a Prime membership. We also want to thank our sellers, brands and our content partners who helped to make Prime Day bigger and better.”

    Amazon Prime Day 2018 Shopping Highlights (Compared to normal business days in June 2018)

    – Prime members shopped for deals and streamed content across hundreds of cities in India, including Lucknow, Ludhiana, Jamshedpur, Ahmedabad, Noida, Thane, Kochi, Ernakulam, amongst others.
    – Customers in India purchased over 5X as many Fire TV devices this Prime Day than last Prime Day. July 17 was the best day ever for Echo devices on Amazon.in.
    – Wireless grew over 5X, offering members brands like OnePlus, Redmi, Huawei and Honor.
    – Large Appliance grew 9X and included selection from Bosch dishwashers and washing machines.
    – Everyday essentials saw 3X overall growth with Amazon Pantry finding strong customer favour. Members enjoyed brands like Nestle’s new breakfast cereal NesPlus, Saffola Oats, Dettol Liquid Handwash and Nivea Fresh Active Deodarant.
    – Fashion saw an over 2X growth with new brand launches including brands like Marks & Spencer and New Balance.
    – Consumer Electronics grew over 4X, with a Buy One Get One deal from TCL TVs and new launches of Sennheiser Wireless Noise Cancellation headphones and Bose QC 25 headphones.
    – Prime members topped up their Amazon Pay balance 7X more than on a regular day.

    Small and Medium-Sized Business Spotlight

    Prime Day 2018 was a success for small and medium-sized businesses who put their passion and unique skill sets on display. Prime members around India purchased thousands of products from these entrepreneurs, startups, artisans and mom-and-pop shops. Over 50,000 participating small and medium-sized businesses saw an average growth of 240 percent this Prime Day over an average day in June. Amazon Launchpad start-ups saw an average of 6X growth.

    In the new Prime exclusive launches, RoadGods (Xator backpack), Leaf Wearables (Beast headphones), Spruce Shave Club (beard oil & beard wash), Fego (motor bike air suspension seat) and Smartivity (DIY educational toys) were among the most popular products.

    “We are extremely happy with how Prime Day turned out for us. Our brand saw a spike of over 2X in sales and units sold over business as usual! This is very encouraging for us and the artisans working with us.”- Ravi and Gunjeet Singh, Two Moustaches

    “Prime Day 2018 has been phenomenal for RoadGods. The response to our new products ‘Xator’ and ‘Blue Ghost’ have been extremely encouraging. We saw a 2X growth in our overall business in just 36 hours! ” – Apoorv Mangalam RoadGods

    “Being a new start-up on Amazon Launchpad, this was our first Prime Day experience and we couldn’t have asked for more. Our brand saw more than 10X sales growth over business as usual in less than two days. And the cherry on the cake was to get mattress orders from all across the country, from Faridabad to Mysore.” – Ankit Garg, Wakefit

    Brand Spotlight

    “Red as a colour emotes a sense of self-confidence and positivity, and with the OnePlus 6 Red Edition, we aim to deliver a vivid sensory experience that will last for years. Amazon’s Prime Day is a great opportunity for our community to get their hands on this special edition in India. Last year, we received record sales for OnePlus 5 during Prime Day and this year, OnePlus 6 Red has crossed that mark by miles.” said Vikas Agarwal, General Manager – India, OnePlus

    “The launch of NesPlus through a digital-first approach marks an important milestone in the brand’s journey. We are extremely overwhelmed by the response that NesPlus has received for Prime Day across the towns and cities of India. NesPlus became no. 1 in the gourmet section of grocery and sold 1 unit every 3 seconds within hours of being on sale. With consumers increasingly opting for solutions online, it has become vital for all brands to move towards an integrated plan of action. Over a million customers have already interacted with the brand so far through the various online initiatives, specially the Virtual Reality integration. We are very excited to partner with Amazon for the NesPlus journey in India.” said Aparna Chopra, Business Executive Officer, Nestlé Breakfast Cereals

    Unique Prime experiences Across India

    In the weeks leading up to Prime Day 2018, Prime members saw Amazon unbox real-world experiences across the country. Amazon India had featured a virtual reality (VR) experience for customers in India’s top metros. Tens of thousands of customers in Delhi, Mumbai, Bangalore, Chennai and Kolkata visited top malls before July 17 to experience hundreds of new products launching exclusively on Prime Day. Additionally, pop-up installations and augmented reality experiences fueled customer excitement in the run-up to Prime Day 2018.