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Showing posts from July, 2024

Godfrey Phillips to go ahead with exit from retail business under 24Seven

Th exit from 24Seven brand is followed by the setting aside of an interim injunction on the move by a district court in the Capital New Delhi: Cigarette maker Godfrey Phillips India Ltd. on Wednesday said it is going ahead with plans to exit from the retail business operated under the ‘24Seven’ brand following the setting aside of an interim injunction on the move by a district court in the Capital. Earlier an injunction order was passed against hiving of the retail business on June 27, 2024, by a city court here over an application filed by its executive director Samir Kumaar Modi. Now the District Judge of South-East District at Saket Court, New Delhi has set aside the said injunction order in favour of the company, said a regulatory filing from the company. Consequently, the company is taking steps in accordance with the decision of the Board of Directors on April 12, 2024, it added. The company’s board on April 12, 2024, approved exiting from carrying out the retail business ...

Vivo to enhance focus localising key components for smartphones

The smart devices company claims to have manufactured 15 crore smartphones in India in about nine years and invested Rs 3,500 crore in the last 10 years New Delhi: Chinese smart devices company Vivo will focus on enhancing local value addition in smartphones that it manufactures in India, a senior company official said on Tuesday. The company claims to have manufactured 15 crore smartphones in India in about nine years and invested Rs 3,500 crore in the last 10 years. “We remain steadfastly committed to the Indian market and aligned with the Government of India’s ‘Make in India’ initiative and the vision of ‘Atmanirbhar Bharat’ increasing localization of key components will be a key focus in the future, reinforcing our role in India’s manufacturing growth story,” Vivo India, head of the corporate strategy, Geetaj Channana said. While speaking on the company’s second edition of Vivo Tech Day 2024, Channana said that the company has created significant value in various aspects of t...

Mars Cosmetics eyes Rs 350 crore in FY25, to open over 50 outlets in 2 years

The omnichannel brand plans to launch around 25 stores in the fiscal year and aims to operate up to 65 outlets by 2026 Bengaluru:  New Delhi-based beauty brand Mars Cosmetics is targeting to reach Rs 350 crore in revenue by the end of the fiscal year (FY) 2025, a top company official told IndiaRetailing. In FY24, the cosmetic retailer achieved approximately Rs 200 crore in revenue. “The brand experienced significant growth in the last financial year, and we are currently on a high growth trajectory. As a young brand, we have numerous greenfield areas to expand into,” said Rishabh Sethia, director of the eight year old brand. Mars Cosmetics started as an online direct-to-consumer (D2C) brand in 2016, founded by Manoj Sethia, father of Rishabh, who has been involved in offline wholesale cosmetics retailing since 2013. Its first offline store opened in 2023 at V3S Mall in Delhi, and within less than a year, it has launched 14 exclusive brand outlets, primarily in North India. “B...

NCLT orders liquidation of Kishore Biyani-led Future Retail as resolution eludes

The Mumbai bench of NCLT appointed Sanjay Gupta as the liquidator in the matter Mumbai: The National Company Law Tribunal on Monday allowed the liquidation of Kishore Biyani-led Future Retail as the maximum period of the corporate insolvency resolution process (CIRP) has expired with no resolution plan approved by the lenders. The Mumbai bench of NCLT appointed Sanjay Gupta as the liquidator in the matter. The tribunal, led by Anil Raj Chellan and Kuldip Kumar Kareer, in the order said, “Looking at the application and averments made therein, it is evident that the maximum period of the CIRP has expired and no Resolution Plan has been approved by the CoC. “We are of the considered opinion that this is a fit case for liquidation. Therefore, we hereby order the liquidation of the Corporate Debtor.” The decision comes after the resolution professional, Vijaykumar V Iyer, failed to get any resolution applicants to turn around the insolvent company. In November 2023, the resolution pr...

PVR Inox to open 120 new screens, 4-5 food courts by end of FY2025

The multiplex operator is also looking to shift to an asset-light model to reduce capex in the new screens Mumbai: City-based multiplex major PVR Inox plans to add 120 screens in the current financial year while closing 70 screens, the company revealed in a Bombay Stock Exchange (BSE) regulatory filing. About 15% to 20% of the new screens will be premium or special format screens. The company is also planning to add a couple of rows of recliners in the existing or the new mainstream cinemas to capitalise on the premiumisation trend, one of the company representatives revealed in the filing. Tickets for these will be priced at a premium compared to the rest of the seats in the theatre. Currently, about 15% of the 1754 screens it has across India and Sri Lanka are premium and special format screens. The company, which has 361 cinemas in 113 cities in India and Sri Lanka also plans to have 3-4 food courts operational by the end of the financial year 2025 (FY2025) under a joint ventur...

BookMyCargo enters B2C logistics segment; aims Rs 100 crore turnover by FY30

Apart from India, the company has also started B2C services in Thailand, and its new service covers 75 provinces of the Southeast Asian country New Delhi: Logistics player BookMyCargo has entered the domestic business-to-consumer (B2C) segment to increase its market presence as it targets Rs 100 crore topline by FY30, a company official said. Established in 2016, the Gurugram-based BookMyCargo (BMC) is operating in the business-to-business (B2B) space serving clients in sectors like FMCG, consumer goods, and pharma among others. “As of 2016, the demand for same-day deliveries was less than 1 per cent. It is anticipated to increase to 22 per cent by 2025. We have entered into the B2C segment to tap this growth and increase our presence,” BookMyCargo Founder J D Yadav said. The company has also started B2C services in Thailand, he said. The company’s new service covers 75 provinces of the Southeast Asian country. As of March 2024, the company’s turnover was Rs 12.3 crore, Yadav s...

Colgate-Palmolive receives Rs 248.74 crore tax demand notice

The demand is mainly due to transfer pricing-related issues New Delhi: Colgate-Palmolive (India) Ltd. has received a tax demand notice of Rs 248.74 crore from the Income Tax Authority in a transfer pricing-related issue. The FMCG major said it will be challenging the order before the appellate tribunal. Colgate-Palmolive India Ltd (CPIL), which operates in oral care and personal care, received notice on July 26, 2024, according to a regulatory filing by the company. The income tax demand is for the financial year ended on March 31, 2021, for transfer pricing-related issues. “The company has received a Final Assessment Order for Assessment Year (AY) 2020-21 carrying a demand amounting to Rs 248,74,78,511/-,” it said. The said demand includes interest amounting to Rs 79.63 crore, CPIL added. “The company will be filing an appeal before the Income Tax Appellate Tribunal against the said order,” said CPIL adding “There is no impact on financial operations or any other activities of...

Tamil Nadu’s Thanjavur to get its first mall on 3rd August

Developed by the Langval Group, the 2.5 lakh sq. ft Langval Mall will cater to the aspirations of over 25 towns around Thanjavur and create 500 jobs Mumbai: The historic city of Thanjavur in Tamil Nadu, known for its temples and Chola Dynasty monuments, is about to get a taste of modern retail through its first mall, which will open on 3 August, a top executive involved closely in the mall’s development told IndiaRetailing. The mall will be inaugurated by leading South Indian film star Keerthy Suresh, who appears in Tamil, Telugu, and Malayalam movies. Developed by the region’s leading realty player Langval Group, the Langval Mall is spread across 2.5 lakh sq. ft. and is located in the heart of the city at the New Bus Stand Road. Designed, marketed, and leased by Beyond Squarefeet Advisory Pvt Ltd, the mall brings several international, national, and regional brands to the South Indian city. These include Levis, Max, Style Union, Go Colors, Lavie, Bata, Metro, Crocs, iPlanet, Sams...

51% of Indian shoppers prefer AI chatbots and QR codes for online shopping: Study

According to a recent study, 72% of consumers are currently using AI-enabled chatbots to search for products online Bengaluru:  As many as   51% of Indian consumers prefer using artificial intelligence (AI) chatbots and QR codes for their online shopping needs, followed by AI-based recommendations (42%), voice recognition (41%), augmented reality and virtual reality (39%) and livestream shopping (38%), as per a survey by online marketplace vendor Capterra. Metaverse is the least used platform, with a usage rate of 31%, followed by facial or biometric recognition at 34%. The survey reveals that 72% of consumers are currently using AI-enabled chatbots to search for products online and plan to continue doing so in the future. In contrast, 18% have never used an AI chatbot, and 8% have used it but do not intend to use it again. “From our data, it is clear that there is a significant openness among Indian consumers towards integrating technology into their shopping experience,...

RetailGPT is as easy as conversing: Sadique Ahmed Mohamed, Founder Pathfinder

Sadique Ahmed Mohamed, Founder & CEO, Pathfinder talks about RetailGPT and how it seeks to redefine retail for all stakeholders, including shoppers Launched recently at the Phygital Retail Convention, RetailGPT by Pathfinder claims to revolutionise physical retail by creating personal digital avatars that simplify shopping through conversational AI. As the retail sector continues to grow, RetailGPT represents a critical step forward, combining robust AI-driven insights with user-friendly technology to create experiences that are not only efficient but also engaging. In an exclusive interaction with IMAGES Retail at Phygital Retail Convention 2024, Sadique Ahmed Mohamed, Founder & CEO, Pathfinder talks about RetailGPT and how it seeks to redefine retail for retailers, shopping malls, airports, and other players. What is the concept of RetailGPT?   Retail GPT is a disruptive platform, which creates thousands of personal Artificial Intelligence (AI) for shoppers. It crea...

Parle, Britannia, and Amul named as top 3 most chosen in-home FMCG brands: Report

On a global scale, the five most chosen FMCG brands are Coca Cola, Colgate, Maggi, Omo and Knorr Bengaluru:  Parle Products has been recognised as the country’s most chosen in-home FMCG brand for the 12th year in a row, followed by Britannia, Amul, Clinic Plus, and Tata Consumer Products, according to a report by marketing data and analytics firm Kantar. The report titled Brand Footprint India covers over 445 brands within FMCG under the categories of foods, home care, health and beauty, beverages, snacking, and dairy. The study found that consumer reach points (CRPs), a metric to measure and compare the success of brands across different markets and regions, continue to grow, albeit slightly lower than last year. All sectors have seen CRP growth slow down, except dairy. Overall, CRPs have increased by nearly 33% over the past five years. “As we see over the years, consumers are making increasing trips for purchase and that adds their options and in-turn, their choice. This is...

Understanding India’s Retail Terrain: Offline Landscape and Consumer Trends

A glimpse of India’s offline retail landscape, how consumers shop offline, and the role data plays in connecting the dots for retail brands The biggest aid for retail brands in optimizing online commerce channels is the data generated with each order and sale. The data generated by e-commerce and D2C brands also helps understand at a macro level how people shop online. But what about the offline space? Most data generated online cannot be directly applied to take actions and decisions in the offline retail space. The growing omnichannel trend across the global retail landscape is also witnessing the advent of location intelligence within retail tech. Profitable offline expansions can now be calibrated with predictive analysis and machine learning to reach the most optimal revenue timeline. In this article, we give you a glimpse of India’s offline retail landscape, how consumers shop offline, and the role data plays in connecting the dots for retail brands. Retail Landscape: High str...

Apple slashes iPhone price by up to Rs 6,000 after govt proposes import duty cut

Apple was earlier selling iPhone 15 Pro and iPhone 15 Pro Max at a starting price of Rs 1,34,900 and Rs 1,59,900 each New Delhi: Apple has slashed iPhone prices in India in the range of Rs 300-6,000 after the government reduced import duty on mobile phones. According to the rate list issued by Apple, the imported iPhone Pro model will now cost Rs 5,100-6,000 less. Apple was earlier selling iPhone 15 Pro and iPhone 15 Pro Max at a starting price of Rs 1,34,900 and Rs 1,59,900 each. The iPhone Pro model with 128 GB storage will now cost Indian buyers Rs 1,29,800, which in percentage terms is a reduction of 3.7%. The price of entry-level iPhone Pro Max with 256 GB storage has come down about 10% to Rs 1,54,000 per unit from Rs 1,59,900. The Made-in-India iPhones, including 13, 14 and 15, have also seen a decrease in prices by Rs 300, while the iPhone SE will be cheaper by Rs 2,300. The entry-level iPhone SE will now cost Rs 47,600, down from Rs 49,900. The price changes come with...

Digital Icon : Zahid Ansari

As a seasoned technology and business leader at Forever New, a Melbourne-based global women’s fashion brand, Zahid Ansari specialises in driving business transformations through cutting-edge digital Technologies. With 20 years of experience, he has pioneered industry-first solutions in retail, collaborating with global consumer-facing brands across retail, QSR, FMCG, and hospitality. His strategic planning skills span IT and business strategies, policy formulation, and guideline implementation. Zahid is passionate about delivering innovative technological solutions for business growth. Recognised as a ‘Tech Icon of the Year’ for two consecutive years, he has been featured in top publications. He also holds expertise as an ITIL Certiȱ ed Practitioner and Microsoft Certiȱ ed Professional. The post Digital Icon : Zahid Ansari appeared first on India Retailing . from India Retailing https://ift.tt/3WGREms via IFTTT

DLF Mall of India, Noida marks Kargil Diwas, honours releatives of Kargil Martyrs

The event featured a heartfelt felicitation and a special lunch, attended by esteemed guests including parents of martyrs. New Delhi: To mark the 25th anniversary of Kargil Vijay Divas, DLF Mall of India, Noida on Friday invited relatives of martyrs of the Kargil War and honoured them, according to a social media post by DLF Malls. The event featured a heartfelt felicitation and special lunch, attended by esteemed guests including parents of martyr Captain Vijayant Thapar, Mrs Meena Nayyar (mother of martyr Captain Anuj Nayyar), Mrs. Nutan Batra Malik (sister of martyr Captain Vikram Batra) and many others. Senior Kargil War officers, including Air Commodore Anil Kumar Sinha, Captain Akhilesh Saxena, and Major Ashok Sharma, were present to honour the nation’s sacrifices too, the LinkedIn post added. Kargil Vijay Diwas, observed annually on July 26, commemorates the success of Operation Vijay in 1999. During this conflict, Indian forces successfully reclaimed strategic positions in...

Prism Mall opens in Hyderabad

The new mall is located at Gachibowli main road. New Delhi : Hyderabad gets a new mall with the opening of the new Prism Mall,  a social media post said on Friday. “Prism Mall at Gachibowli main road, Hyderabad,” said Biswajit Patnaik, Managing Director – Mandate & Beyond Advisory Pvt. Ltd., a real estate solution company based out of Hyderabad in a LinkedIn post. According to the post shared on social media, the mall is expected to have brands like Inox Multiplex, Zudio and HomeTown. According to SEP Architect’s website, a Hyderabad-based architectural expert design services, Prism Mall, a 1.24 lakh sq. ft. mall, is located in a prime area of the city. It includes three floors dedicated to 4 movie screens with adequate parking in 3 basements. IndiaRetailing does not confirm the authenticity of the information shared. Hyderabad, Telangana’s capital, is a major centre for the technology industry, restaurants and shops. The city has over 30 malls from major real estate d...

Amazon records biggest-ever Prime Day event in India

The platform has recorded a peak of 24,000 orders per minute during the two days and there was a 24% increase in Prime members in India shopping compared to Prime Day 2023 Mumbai: Amazon India — which hosted the 8th edition of its annual shopping fiesta Prime Day over the last weekend said it has received the highest engagement and recorded a peak of 24,000 orders per minute during the two days, making it the biggest-ever Prime Day in India. The shopping extravaganza witnessed the highest number of Prime members who ever shopped during any Prime Day, it said. “24 per cent more prime members in India shopped vs Prime Day 2023 …Prime Day 2024 also witnessed the highest-ever Prime membership signups in the two and half-weeks leading up to Prime Day. “Peak of 24,196 orders placed by Prime members in a single minute; Prime members purchased more items than any previous Prime Day shopping event,” it said in a statement. More than 65% of small and medium businesses from tier-2 and tier-...

Lavie Luxe aims to be a multi-category brand, forays into luxury fragrance

After entering the premium watch segment earlier this year, Lavie has now ventured into luxury fragrances in a bid to become a multicategory luxury player Bengaluru:  Fashion accessories brand Lavie’s luxury arm Lavie Luxe has forayed into the fragrance category with the launch of a new perfume line featuring four eau de parfums (EDPs), a top company official told IndiaRetailing. “The launch of the Lavie Luxe perfume line aligns with our broader strategy of becoming a multi-category brand,” said Ayush Tainwala, chief executive officer (CEO) of Lavie. “By entering the perfume market, we are expanding our footprint in the luxury segment and reinforcing our brand’s identity as a provider of premium lifestyle products.” The perfumes are available on the brand’s direct-to-consumer (D2C) website lavieworld.com , its exclusive retail outlets nationwide, and e-commerce marketplaces such as Amazon, Flipkart, Myntra, Nykaa, and Tira. The collection, featuring products named Lush, Lily, L...

Nandadeep Jayakar onboarded as the business head of Foot Locker India

Jayakar has held leadership positions at Adidas India, Future Group, Sony Music, Bajaj Auto, and Voltas before joining Metro Brands Ltd., which will own and operate Foot Locker stores in the country Bengaluru:  Mumbai-based footwear retailer Metro Brands Ltd. (MBL), which has procured the license to own and operate Foot Locker stores in India, has appointed Nandadeep Jayakar as business head of Foot Locker India, the company announced on Thursday. IndiaRetailing was the first to  report  that Metro Brands is set to open its first Foot Locker store in October this year. “As one of the leading footwear retailers in India, we take pride in resonating with the pulse of our customers. We are excited to elevate sneaker culture in the country with Nandadeep’s vast experience guiding us on this journey,” said Alisha Rafique Malik, president – Sports Division – e-commerce and customer relationship management at MBL. Jayakar has three decades of experience in operations, manage...

From Armani and Muji cafes and from Pret to EL&N, Reliance Retail to ramp up high-end global cafes in India

After Pret A Manger and Muji Cafes, Reliance Retail is now preparing to introduce Armani/Caffé and London-based boutique EL&N in the country New Delhi: Reliance Retail, which is the India partner of more than 70 global top-end to mass fashion brands, is now looking to ramp up its global café offering as affluent young Indians are increasingly seeking experiential café culture. Reliance Brands, the upmarket global brand seller for the Mumbai conglomerate, already operates about a dozen outlets of coffee chain London-based Pret A Manger in the country. Two months ago, Reliance Brands also introduced Muji Café at the Jio World Plaza, where the Japanese brand is offering artisan brew to curated snacks. Muji Cafe at Jio World Plaza, Mumbai Reliance Retail is now preparing to introduce two more cafes in India—the uber-swish Armani/Caffé and London-based boutique EL&N, which claims to be the “world’s most Instagrammable café,” owing to its lush decorations. In April 2023, EL...

LimeRoad.com enters physical retail with a 12,000 sq ft store in Karnataka

At the time of the acquisition of Gurugram-based LimeRoad, V-Mart had said that it would invest about Rs150 crore in three years into LimeRoad, which counts Tiger Global among other private equity players as its previous backers New Delhi: Online fashion retailer Limeroad.com has opened its first brick-and-mortar store in Karnataka, two years after the struggling social commerce platform was acquired by value consumer company V-Mart Retail. The inaugural 12,000 sq ft store, spanning three floors, is located in the heart of Hubli on Gokul Road and the outlet was rolled out a week ago. “The brand is set to offer its unique fashion philosophy to customers and become a landmark fashion destination for the region,” the company said in a press release. At the time of the acquisition of Gurugram-based LimeRoad, V-Mart had said that it would invest about Rs150 crore in three years into LimeRoad, an online fashion retailer, which counts Tiger Global among other private equity ...

Hindustan Unilever shares drop over 3% after Q1 earnings

The stock went lower by 3.33 per cent to Rs 2,674.10 on the BSE and at the NSE, it declined 3.29 per cent to Rs 2,675.10 New Delhi: Shares of Hindustan Unilever Ltd (HUL) on Wednesday declined over 3 per cent after the company reported just a 2.2 per cent rise in consolidated net profit at Rs 2,612 crore for April-June FY25 impacted by price reductions. The stock went lower by 3.33 per cent to Rs 2,674.10 on the BSE. At the NSE, it declined 3.29 per cent to Rs 2,675.10. The FMCG major had posted a net profit of Rs 2,556 crore in June quarter FY24, according to a regulatory filing from HUL on Tuesday. Revenue from sales of products in the quarter was marginally up 1.68 per cent to Rs 15,497 crore as against Rs 15,240 crore a year ago. The company delivered a 4 per cent volume growth during the quarter, according to an earning statement from HUL. The post Hindustan Unilever shares drop over 3% after Q1 earnings appeared first on India Retailing . from India Retailing https:/...

TDS rate cut for e-tailers to help free up working capital for sellers, say e-biz players

The budget proposed reduction in TDS rate on e-commerce operators to 0.1 per cent from 1 per cent now New Delhi: E-biz players on Tuesday said the proposed reduction in TDS rate on e-commerce operators to 0.1 per cent from 1 per cent now, promises to significantly free up working capital for sellers. An Amazon spokesperson said the company, on behalf of its sellers, “welcomes” the Government’s decision to reduce the Tax Deducted at Source (TDS) rate for e-commerce operators. Similar sentiments were echoed by others like Flipkart and Meesho. “Reducing the TDS rate from 1 per cent to 0.1 per cent will significantly free up working capital for sellers,” Kalyan Krishnamurthy, the CEO of Flipkart Group, said. Dhiresh Bansal, Chief Financial Officer at Meesho said the government’s forward-thinking measures in the budget, support the equitable development of small businesses. “Reducing TDS rates on e-commerce operators is a much-needed change which will enhance liquidity. Previously, s...

CCI clears Amazon Asia’s 76% stake buy in Frontizo

  Frontizo’s wholly-owned subsidiary, Appario Retail, is engaged in retail (B2C) business and wholesale (B2B) sales in India New Delhi: Fair trade regulator Competition Commission of India (CCI) on Tuesday approved Amazon Asia-Pacific Holdings’ proposal to acquire a 76% stake in Frontizo from Zodiac Wealth Advisors LLP. Frontizo’s wholly-owned subsidiary, Appario Retail, is engaged in retail (B2C) business and wholesale (B2B) sales in India. It offers products to customers on the Amazon India Marketplace. Appario is a JV of Amazon and Patni group-owned Zodiac Wealth Management. Zodiac had a 76% stake, Amazon Asia Pacific Holdings held a 23% stake with Zaffre LLC holds a 1% share in Appario Retail. “The proposed combination involves the acquisition by Amazon Asia-Pacific of 76% of the equity shares in Frontizo from Zodiac Wealth Advisors LLP (Zodiac),” the CCI said in a release.Meanwhile, the CCI also cleared the acquisition of Appario’s entire business, as a going concern, b...

Govt announces to remove angel tax on startups for all classes of investors

Angel tax refers to the income tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company’s fair market value New Delhi: Giving a big relief to startups, the government on Tuesday announced the removal of angel tax for all classes of investors further to promote the growth of budding entrepreneurs of the country. Angel tax refers to the income tax that the government imposes on funding raised by unlisted companies, or startups if their valuation exceeds the company’s fair market value. “To bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” she said. Ahead of the Union Budget, the Department for Promotion of Industry and Internal Trade (DPIIT) has recommended the removal of this levy on startups. In September last year, the Income Tax Department notified new angel tax rules that comprise a mechanis...

Mahindra Logistics profit falls 55% to Rs 10.15 crore in April-June

The revenue during the quarter under review, however, rose 10 per cent to Rs 1,156.66 crore from Rs 1,050.92 crore in the year-ago period Mumbai: Mahindra Logistics Ltd. (MLL) on Monday said its standalone profit fell 55 per cent to Rs 10.15 crore in June 2024 quarter due to higher startup costs, expenses on manpower and warehouse leasing. The logistics arm of the Mahindra Group had posted a standalone PAT (profit after tax) of Rs 22.90 crore in the first quarter of fiscal year (FY) 2024, according to a regulatory filing. The revenue during the quarter under review, however, rose 10 per cent to Rs 1,156.66 crore from Rs 1,050.92 crore in the year-ago period. Contract logistics experienced a 9 per cent revenue growth year on year in Q1 FY25, while freight forwarding business saw a 12 per cent increase quarter on quarter, driven by a growth in demand for inbound ocean cargo, the company said. The company said its express business saw an improvement of 2 per cent YoY in terms of rev...

ShopClues aims $100 million in e-commerce exports by year end; eyes US, European markets: MD Anuraag Gambhir

The Gurgaon-based company is also planning to introduce international brands to India from Southeast Asian countries  Bengaluru: ShopClues, the Indian e-commerce platform owned by Singapore-based Qoo10, has entered the next phase of its rebranding as a cross-border e-commerce platform, now targeting the North American and European markets, Anuraag Gambhir, managing director of ShopClues told IndiaRetailing. The company’s export business currently makes $12 million per year, which it expects to increase to $100 million by the end of 2024. ShopClues was founded by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal in 2011 as a wholly-owned subsidiary of Clues Network Inc. Until 2019, it focused on domestic e-commerce, partnering with over 40 courier companies to achieve the highest pin code coverage in India, primarily targeting tier 2 and tier 3 markets. In 2019, global e-commerce platform Qoo10 acquired ShopClues in an all-stock deal, with the aim of making Indian brands avai...

Mother Dairy aims Rs 17,000 cr turnover in FY25 on better demand: MD

The onset of the 2024-25 fiscal has been very encouraging with most of its summer-led categories like curd, ice creams and dairy beverages New Delhi: Mother Dairy is targeting a 13% growth in its turnover to Rs 17,000 crore this fiscal, as it expects higher demand for its dairy and edible oils products. Mother Dairy is a leading milk supplier in Delhi-NCR. It sells edible oils pan-India under the ‘Dhara’ brand and markets fresh fruits and vegetables in Delhi-NCR through around 400 ‘Safal’ retail outlets. “As we mark our 50th anniversary, we crossed a milestone revenue of Rs 15,000 crore in the last fiscal year,” Mother Dairy Managing Director Manish Bandlish told PTI. He said the company has been consistently growing and achieved over 40% jump in revenue in the last three years. “As we progress into the current fiscal year, we are confident in accelerating our growth momentum, expecting to add another Rs 1,500 to 2,000 crore,” Bandlish said. The onset of the 2024-25 fiscal has b...

EESL to launch retail shops to distribute energy-efficient products

The franchisee shops called ‘Urja Dakshta Dukan’ will offer energy-efficient products like LED lights, ACs and fans to consumers New Delhi: State-owned Energy Efficiency Services Ltd. (EESL) will soon introduce retail franchisee shops called ‘Urja Dakshta Dukan’ which will offer affordable energy-efficient products like LED lights, ACs and fans to consumers, a senior official said. EESL, at present, distributes products through retail tie-ups with power distribution utilities to consumers. Buyers can also purchase the products online from its web portal EESLMART.in. The first batch of franchisee outlets is expected to open in Jharkhand, Maharashtra and Telangana, the official said. The invitation for pan India franchise tie-ups will be available on the EESL website from August. The official informed that the EESL’s exclusive retail outlets will showcase energy-efficient product lines for mass adoption via a franchise model at the pan-India level. These retail shops will create m...