#RetailBuzz #Edition2 - What's Buzzing in Retail Industry, a Quick Roundup
1. Parle Products Pvt. Ltd crosses $2 billion in sales during FY22
Parle Products, which retails brands including #parle G, #monaco , and?#melody , crossed $2 billion in annual revenue during FY22, becoming the first packaged food company in India to breach the mark.The company registered a sales of Rs 14,923 crore and a profit of Rs 1,366 crore in the previous year, the company said in a filing with the registrar of Companies.? Parle Products highlighted that its value-for-money strategy has helped the brands, particularly Parle G, grow over the years, especially in time when customers are cutting back on spending due to inflationary pressures.
2.Online Ecommerce unicorn Meesho Joins? ONDC to help connect buyers with Hysperlocal sellers
Bengaluru-based online retailer @Meesho announced its integration with the government's Open Network For Digital Commerce (ONDC) (ONDC). The pilot will be launched in Bengaluru and gradually rolled out in other locations over the coming months, it said.
The move will help connect buyers with hyperlocal sellers and support India's vision of creating an inclusive e-commerce ecosystem, the startup said.
Even as shares of Zomato and Paytm continue to be in free fall, the top executives of these new age tech tech companies took home crores in employee stock options in the first half of the financial year 2022-23 (FY23).
According to?related-party disclosures?made by #paytm , the fintech major spent INR 564 Cr in lieu of employee stock option (ESOP) expenses towards directors, key management personnel (KMPs) and relatives of the KMPs.
On the other hand, Zomato also spent?INR 380 Cr on ESOP expenses, salaries and other employee benefits for its three KMPs namely chief executive officer (CEO) Deepinder Goyal, chief financial officer (CFO) Akshant Goyal and company secretary Sandhya Sethia in H1 FY23.?
4. ?Tata Consumer to acquire Bisleri International Pvt Ltd for about ?7,000 crore
Almost three decades after selling soft drink brands Thums Up, Gold Spot and Limca to Coca-Cola, Ramesh Chauhan is divesting Bisleri International to Tata Consumer Products Ltd (TCPL) for an estimated ?6,000-7,000 crore.
5. 亚马逊 to shut its online learning vertical in India amidst slowing edtech growth
Less than two years after its launch, #amazon India on Thursday said it would shut down its #onlinelearningplatform for high-school students in the country starting from August 2023.
The #ecommerce giant will wind down the #edtech service in the country in a phased manner starting August 2023. Going with the downward trend in the segment, now Amazon India is also shutting down its online learning vertical, #AmazonAcademy. The ecommerce giant will wind down the edtech service in the country in a phased manner starting August 2023. Amazon India will fully refund the fee for those who signed up for the current academic batch, as per media reports.
6. Flipkart has scaled down its latest attempt at quick-commerce.
Flipkart quick , the 沃尔玛 owned e-commerce retailer’s latest effort to crack open the grocery market with fast delivery of fresh items, is now shut in most cities it was operational in. This vertical was available in seven cities, but now remains operational in only two - Delhi and Hyderabad.
7. Dine-in is back: Burger King , KFC , Domino's et. al see FY23 as best year, post pandemic.
After two painful years of the pandemic, #restaurants are finally back in action and seeing an increased #footfall. While the majority of the industry continues to be unorganised, the chained players are having their best time this fiscal. Will year-end #festivities add to the cheer.
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8. Bengaluru man sues Reliance Retail for charging Rs 24.9 for carry bag, wins rs7000 compensation.
Forced to purchase a carry bag for Rs 24.9 after shopping for over Rs 2,000 at an outlet in Nandini Layout, a Bengaluru man sued?Reliance Retail Limited?in a consumer court, which recently ruled in his favour. he retail major was ordered to repay the customer the bag's cost, apart from a compensation of Rs 7,000 for unfair trade practices.
9. 亚马逊 shuts down food delivery, Ed-tech ventures in India amid layoffs
The Seattle-headquartered Big Tech, which until recently chased new areas of growth, is bringing a halt to them. 亚马逊 has long been facing the heat of policy decisions, investigations and high stake corporate battles in India that forced it to realign its business in some areas. Now, in the face of #stockmarket beatdown, it makes more tough decisions.
“As part of our annual operating planning review process, we have made the decision to discontinue Amazon #food , our pilot food delivery business in #bengaluru ,” Amazon said. “We don’t take these decisions lightly. We are discontinuing these programmes in a phased manner to take care of current customers and partners, and we are supporting our affected employees during this transition,” it added.
10. Aditya Birla Fashion and Retail seeks to acquire Bewakoof for rs 100 crore.
#ABFRL has large scale plans for the direct-to-customer segment of the market and created a new entity named Tmrw in June this year. Aditya Birla Fashion and Retail Ltd. is in the concluding stages of investing Rs 100 crore to acquire a controlling stake in BEWAKOOF? . Acquiring the clothing and accessories brand would mark ABFRL’s entry into the direct-to-customer segment of the fashion market.?
11. Rasna’s Founder Areez Pirojshaw Khambatta Dies at 85
Areez Pirojshaw Khambatta, the founding chairman of the popular drink ?Rasna passed away in Ahmedabad due to a cardiac arrest, the company said on Monday.
The 85-year-old industrialist, who was suffering from a prolonged illness, passed away on November 19.
12. Reliance, Adani Power set for an epic clash at Lanco unit auction
Reliance Industries Ltd (RIL) and Adani Power are set to compete at an auction scheduled on November 25 for distressed thermal power firm Lanco Amarkantak Power, which is undergoing corporate insolvency, said three people aware of the development.
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