Viveat Susan Pinto, Financial Express June 5, 2023 A lot has happened at the Cafe Coffee Day (CCD) since its founder VG Siddhartha tragically passed away on July 29, 2019. Once India’s largest cafe chain, with a peak store count of 1,752 outlets in FY19, the company, part of Coffee Day Enterprises (CDEL), has now slashed its footprint by over two-thirds to 469 outlets in FY23, its latest results show. The need to manage group debt and ensure that the business is profitable, say experts, has led to CCD shuttering stores over the last few years. The company was not…
Chloe Cornish in Mumbai and Eleanor Olcott in Hong Kong, Financial Times May 26 2023 India’s biggest company Reliance Industries is seeking to dominate the country’s $10bn online domestic fashion market, striking a deal with Shein that will allow the rapidly growing Chinese retailer to return to the world’s most populous nation. The retail unit of billionaire Mukesh Ambani’s petrol-to-telecoms conglomerate will tie up with Shein three years after India banned the online retailer’s app in its attempt to freeze Chinese companies out of the local market in retaliation for border clashes that had left at least 20 Indian soldiers…
Rochelle Britto & Shabori Das, The Economic Times May 25, 2023 “Taiyaar Hoke Aaiye”. It seems the tagline has worked for the company which has been able to attract investors who came prepared for its offer for sale (OFS). In a bid to reduce promoters’ shareholding down to 75% as per SEBI norms, Vedant Fashions, known for its ethnic wear brand Manyavar, floated the OFS on May 19 which saw huge participation — oversubscribed 1.4 times with bids for 34 million shares as compared to 24 million shares on the offer. The non-retail segment was oversubscribed 2.24 times. The shares…
Shambhavi Anand, Economic Times New Delhi, May 24, 2023 Retailers and shopkeepers will soon not be allowed to seek phone numbers of their customers while generating bills, according to a diktat by the department of consumer affairs, a senior government official said. Taking the numbers of customers without their "express consent" is a breach and encroachment of privacy, said the official, without wanting to be identified. The official added that such a move will be classified as an unfair trading practice defined as any business practice or act that is deceptive, fraudulent, or causes injury to a consumer. Most large…
Viveat Susan Pinto, Financial Express May 16, 2023 The country’s top two organised retailers, Reliance Retail and DMart, are shifting focus to the large but fragmented pharma retail market in India in their quest for growth. The Rs 2-trillion domestic pharma retail industry is largely dominated by mom-and-pop stores, much like the fast-moving consumer goods market and kiranas. On Saturday, Avenue Supermarts, which runs the DMart chain of stores, said it had set up a new subsidiary called Reflect Healthcare and Retail to launch pharmacy shop-in-shops. Reliance Retail, on the other hand, proposes to step up the launch of offline…
Geopolitical friction has again sparked renewed concerns over inflation and rising input costs for FMCG companies as @itmeansjustice @whysnavi write. @devangshu commented.
