News

More in News

• Ethnix by Raymond plans aggressive expansion in tier-2, 3 cities, eyes 250 stores by fiscal end

  ​Ethnix by Raymond is aiming to reach 250 stores mark this fiscal year with a focus on regions with a high concentration of ethnic wear consumer brands, particularly in tier 2 and 3 cities, which constitute about 85 per cent of the market, said chief business officer Bidyut Bhanjdeo in an exclusive interview with ETRetail.

  • Exclusive

  

• Prada not looking at M&A, CEO says

  The CEO - appointed in January 2023 to lead the company as the next generation of its founding family gets ready to pick up the reins - said he did not know when the change at the helm would take place. Lorenzo Bertelli, one of the two sons of Prada's founders Miuccia Prada and Patrizio Bertelli, is expected to be appointed CEO after Guerra. In first quarter results published last month, Prada defied a slowdown across the luxury sector, reporting booming demand for its high fashion brand Miu Miu and continued growth in Asia.

  

• TCPL clocks 5.3 per cent sales from the launch of new innovative products

  "Last fiscal, we added 1,000 distributors. This fiscal, more than the number of distributors per se, we are adding salesmen because a big thrust for us is unlocking the bandwidth at the front end. So, we are going to add about 2,000 salesmen. Apart from this, we are also expanding our reach from 1.5 million to 1.7 million direct outlets," said Sunil D'Souza, MD and CEO, Tata Consumer Products.

  • Exclusive

  

• Apple slashes iPhone prices in China amid fierce Huawei competition

  Apple launches aggressive discounting campaign on its official Tmall site in China, offering up to 2,300 yuan discounts on select iPhone models to defend its position in the high-end smartphone market against increasing competition from local rivals like Huawei. Discounts are up to 2,300 yuan, with the steepest discount on the 1TB iPhone 15 Pro Max model.

  

• GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers

  "We are working to see whether a 'shared workplace' or 'coworking space' concept can be implemented for the warehouses maintained by e-commerce companies to store goods of multiple suppliers," the official told PTI. Under Goods and Services Tax (GST) law, suppliers to an e-commerce platform can store their goods at a common warehouse. However, the suppliers in their GST registration are required to show the warehouse as an additional place of business.

  

• Nikhil Kamath, Manyavar family office may join A91 in Rare Rabbit’s Rs 500 crore funding

  Bootstrapped till now, Rare Rabbit clocked revenue of over Rs 600 crore in fiscal 2024, with an operating profit of more than Rs 100 crore, as per sources in the know. Along with Rare Rabbit, the brand's parent company Radhamani Textiles also owns women's premium fashion brand Rareism and everyday wear brand Articale.

  

• Wipro Consumer VC looks for more follow-on rounds

  Sumit Keshan, managing partner of Wipro Consumer Care – Ventures, said the fund's approach has been to invest $1-3 million per deal with a follow-on investment that can go up to $4 million. The second fund will make a portfolio of around 15-16 companies, largely with the same ticket sizes, with a little more focus on follow-on funding, he added.

  

• Why AC makers may lose Rs 1200-1500 crore despite heatwave and an all-time high sales

  Major air conditioner manufacturers in India are facing a shortage of products due to a surge in demand caused by the prolonged heatwave. Summer set in early in the country this year, with 35 degree Celsius temperature being reported in many parts across India from the second half of March.

  

• Smartphone Co HTech plans to raise $100 million to diversify operations

  "We've already ploughed in $10 million into the business and are now looking to raise another $100 million, of which $20 million will be raised in the next six months," Madhav Sheth, chief executive officer of HTech, told ET. The smartphone player will be looking to dilute equity in the company - in which Sheth is now a majority shareholder - to raise the funds. "When you are doing something for the first time, having an equity partner will ensure the scale of growth is much faster," the executive said.

  

• Parag Milk Foods' Q4 net profit declines 56.1% to Rs 9.81 cr; annual revenue crosses Rs 3,000 cr mark in FY24

  ​Devendra Shah, chairman of Parag Milk Foods said, “Our consolidated revenues for FY24 have crossed the milestone of Rs 3,000 crore; along with improvement in margins and profitability. The profit after tax for the year amounted to Rs 91 crore, supported by healthy operating cash flows of Rs 99 crore."

  

• Gold prices climb to record high on US rate-cut optimism

  Data last week offered the U.S. Federal Reserve good news on two fronts, but policymakers haven't openly shifted views yet about the timing of rate cuts investors are convinced will start this year.

  

• ITC's Sanjiv Puri takes over as CII president

  Puri heads ITC Ltd, a conglomerate with businesses in FMCG, hotels, paperboards & packaging, agribusiness and IT. He is also the chairman of ITC Infotech India Ltd, its subsidiaries in the UK and US and Surya Nepal Private Ltd.

  

• Comm Min holds discussions on formulating SOPs to negotiate FTAs

  The commerce ministry discussed formulating SOPs for negotiating FTAs during a Chintan Shivir, engaging with trade partners like the UK, EU, Peru, Australia, and the Eurasian Economic Union. The discussions included India's trade strategy, vision 2047, and new disciplines like labour and environment.

  

• Naturals Ice Cream founder Raghunandan Kamath passes away

  Raghunandan Kamath, the founder of Naturals Ice Cream, passed away, as announced by the company on social media. Hailing from a humble background, Kamath learned fruit selection from his father and pursued his passion for handcrafted ice cream. With a modest investment, he started Naturals Ice Cream with a focus on authentic flavors, using fruit, sugar, and milk as core ingredients. Over nearly four decades, the brand expanded its menu to include unconventional flavors, maintaining its dedication to quality and authenticity.

  

• Growth gets thinner for Zara as competition grows in size

  Zara has been a runaway success since its arrival in the country more than a decade ago but after initially doubling sales every two years, the brand's rate of expansion had come down in the past few years. "The market is very competitive, and the challenges are real. Nevertheless, the opportunity pool and the size of the market means that there is space for multiple successful players. Trent remains well placed to navigate this next phase of growth by leveraging our platform and growth engines," P Venkatesalu, chief executive officer at Trent, said in the report.

  

• FMCG demand most in five southern states: Discretionary or essential, sales go north in south

  South India leads post-Covid demand recovery with increased FMCG sales, higher consumer spending, and more shopping trips in 2023, a Kantar report shows. Retail sales growth in the peninsula region outperforms the rest of India. The region's rapid recovery is fueled by a young workforce, new-age sectors, and robust manufacturing investment.

  

• Tea major B&A Ltd ventures into retail segment

  B&A Ltd, a prominent company in the tea industry, has ventured into retail with its 'Gatoonga' brand of black tea, marking its first entry into the retail segment in its century-long history. The brand was launched in Assam, with plans to expand across India gradually. The company, previously focused on tea manufacturing, processing, packaging, tourism, and broking, now includes retail branding as its fifth vertical. With 11 tea estates in upper Assam and a recent acquisition, B&A Ltd aims for pan-India growth, investing Rs 50 crore over the next seven years.

  

• Substandard soan papdi lands Patanjali manager, two others in jail for six months

  After many hearings, soan papdi of substandard quality would land Lila Dhar Pathak, a businessman, Ajay Joshi, the distributor and Patanjali assistant manager Abhishek Kumar in jail for six months under Section 50 of the Food Safety and Standards Act, 2006. Additionally, the three were hit with fines of Rs 5,000 (Pathak), Rs 10,000 (Joshi) and Rs 25,000 (Kumar).

  

• Nestle India shareholders vote against increase in royalty to Swiss parent

  ​Shareholders of Nestle India Ltd have turned down the company's proposal to raise the royalty payout to its Swiss parent. The resolution did not pass, with 57% of its shareholders voting against the plan, the packaged foods maker said in a stock exchange filing on Friday. The proposal was to increase the royalty by 0.15% of sales for each year over a duration of five years.

  

• Amazon, Flipkart to have quick commerce play in certain categories: Delhivery CEO Sahil Barua

  Quick commerce platforms like Zepto, Blinkit and Swiggy Instamart are venturing into ecommerce categories such as fashion, electronics, home appliances and luggage, and go beyond just daily essentials and groceries.