Category: Retail

European Union hits fast-fashion giant Shein with new digital rules

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fast-fashion firm Shein has been drawn under the scope of flagship European Union rules designed to clamp down on illegal and harmful content online.

Shein, which was founded in China but is now headquartered in Singapore, has an average of more than 45 million monthly users in the EU, so meets the threshold to be targeted by the EU’s Digital Services Act, the European Commission said on Friday.

“Shein will have to comply with the most stringent rules under the DSA within four months of its notification,” the commission said. This includes “the obligation to adopt specific measures to empower and protect users online, including minors, and duly assess and mitigate any systemic risks stemming from their services.”

The move means Shein could be liable for fines of as much as 6% of global revenue for violating the law, designed to curtail the spread of illegal content online.

Platforms already drawn under the DSA include Alphabet Inc.’s YouTube, Meta Platforms Inc.’s Facebook, and Elon Musk’s X. Other marketplaces like Alibaba Group Holding Ltd.’s AliExpress and Amazon.com Inc.’s platform have also been designated, having met the criteria of having at least 45 million monthly active users in the bloc.

Leonard Lin, Shein’s global head of public affairs, said the company shares “the commission’s ambition to ensure consumers in the EU can shop online with peace of mind, and we are committed to playing our part.”

The DSA also requires online marketplaces to trace the sellers on their platform, add methods for customers to flag illegal content and randomly test for illegal products.

The EU’s move is the latest attempt from regulators to clamp down on companies with links to China. Under the same rules earlier this week, ByteDance Ltd.’s TikTok was forced to halt a controversial rewards programme on its Lite app before EU watchdogs carried out their threat to temporarily ban the feature over fears it could be addictive for children.

As part of a separate legal instrument — the Foreign Subsidies Regulation — EU competition watchdogs raided the premises of Chinese security firm, Nuctech, under suspicions that it may have received subsidies that could distort competition on the EU’s prized single market.

Other recent EU probes under the FSR have similarly targeted Chinese firms, involved in clean energy and rail. The deluge of investigations is a reflection of the EU’s increasingly assertive approach to China, threatening restrictive trade measures that could result in tariffs, cutting China off from European markets, and potentially leading to a trade war.

Also Read: Spotify says Apple has rejected its app update with price information for EU users

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy integrates Instamart with Mall to deliver a wider selection of products

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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On-demand convenience delivery platform, Swiggy, on Thursday (April 18), announced the integration of Swiggy Mall, with its popular quick commerce platform Swiggy Instamart.

According to the company, Swiggy Mall, which initially ventured into online retail, catering to a diverse range of home and family needs, has garnered significant traction in select areas of Bengaluru. It offers an array of categories spanning sports goods, footwear, clothing, electronics, appliances, toys, and stationery.

Phani Kishan, Head of Swiggy Instamart, expressed the company’s commitment to providing convenience to users. “With our latest update, customers can now explore an extensive selection across over 35 categories, that go way beyond groceries and home essentials, delivered in minutes. This marks a significant milestone in our journey towards providing unparalleled convenience, ensuring our users have everything they need at their fingertips, faster than ever before,” he said.

Swiggy added that consumers will now have access to a plethora of renowned brands such as HP, Croma, Realme, Liberty Footwear, Puma, Enamor, La Opala, and an assortment of products, including keyboards, headphones, vacuum cleaners, coolers, cookers, idli makers, dinner and crockery sets, AC blankets, shoulder bags, wallets, and more.

Swiggy’s expansion plans include scaling up Swiggy Mall’s operations across multiple cities, starting with Bengaluru.

Also Read: Swiggy partners with Park+ for doorstep delivery of IndusInd FASTag in under 10 minutes

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Blinkit partners with Lenskart for 10-minute delivery of sunglasses, Hustlr computer glasses

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a move that promises to enhance the convenience of its customers, the quick commerce platform Blinkit on Friday, April 12, announced a partnership with leading eyewear brand Lenskart. Effective immediately, Blinkit users can now order select Lenskart products, including sunglasses and the Hustlr line of computer glasses, and have them delivered in just 10 minutes.

Blinkit Founder Albinder Dhindsa took to X (formerly Twitter) to share the news, stating, “Blinkit customers can now get Lenskart products in 10 minutes. Starting with delivering sunglasses and their Hustlr range (Computer Glasses). Curious to see how Hustlr evolves as a brand over time @peyushbansal.”

Blinkit customers can now get Lenskart products in 10 minutes.

Starting with delivering sunglasses and their Hustlr range (Computer Glasses). Curious to see how Hustlr evolves as a brand over time 🤝 @peyushbansal pic.twitter.com/oODNEUM3J1

— Albinder Dhindsa (@albinder) April 12, 2024

The Hustlr range, Lenskart’s line of eyewear designed for extended digital screen use, was launched in 2023 and heavily promoted by Lenskart Founder Peyush Bansal, who appeared as a shark (judge) on the Indian reality television show Shark Tank India.

This latest collaboration comes on the heels of a series of partnerships announced by Blinkit in recent weeks. These include a tie-up with Atomberg, a manufacturer of energy-efficient home appliances, where Blinkit will deliver the company’s ceiling fans in just 12 minutes.

Stoked to see how well Arindam and team are building Atomberg. Happy to be a part of their journey 🙌 https://t.co/3DqZz1zoDG

— Albinder Dhindsa (@albinder) April 11, 2024

Last week, Blinkit also revealed that it would sell PlayStation 5 on its platform, with customers in Delhi NCR, Mumbai, and Bengaluru able to receive the all-new PlayStation 5 Slim editions and controllers in 10 minutes.

However, later Dhindsa took to LinkedIn to assure customers that the company is working on restocking PlayStation 5, as the product went out of stock within a week of its launch on the platform.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

German luxury watch brand Tutima is all set to enter India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Ethos” isinid=”INE04TZ01018″ bseid=”543532″ nseid=”ETHOSLTD” sector=”Watches & Accessories” exchange=”nse”]

Ethos Ltd. has signed an exclusive retail partnership deal with Tutima to introduce the German luxury watch brand in India.

As part of the partnership, the Chandigarh-based retailer, which operates luxury watch outlets, will exclusively retail sporty and performance-driven Tutima timepieces across India.

The selection, which will be available from early 2023, includes Tutima watches from the sought-after M2 collection, Saxon One, Grand Flieger, and Patria.

Tutima is popular among collectors and enthusiasts for pilot’s watches, which they first started making in the 1980s. The company is known for its innovation with its utilitarian timepieces.

Founded in 2003, Ethos Ltd. is one of India’s largest luxury and premium watch retailers. Last month, Ethos Ltd. tied up with Swiss watchmaker Trilobe to launch a core range of watch collections including Les Matinaux, Nuit Fantastique, Secret, and Une Folle Journée in India.

Trilobe, known for its premium and luxury watch collection, has been nominated for the esteemed Grand Prix d’Horlogerie de Genève (GPHG), often touted as the ‘Oscars’ of the watch industry.

Ethos also partnered with Swiss watch manufacturer Speake-Marin to be their exclusive retailer in the Indian market.

Founded by British watchmaker Peter Speake-Marin in 2002, Speake-Marin started as a brand for individual collectors but later evolved into a watchmaker focusing on Belle Horlogerie or ‘beautiful watchmaking’.

Ethos Ltd. posted a revenue of Rs 177.72 crore for the September quarter as against Rs 134.37 crore in the year-ago period. Its net profit rose to Rs 13.51 crore from Rs 2.65 crore in the year-ago quarter.

The Ethos Ltd. stock is currently trading at Rs 1,018.15, down 1.69 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Berger Paints sees the rural markets starting to recover

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Berger Paints” isinid=”INE463A01038″ bseid=”509480″ nseid=”BERGEPAINT” sector=”Paints & Varnishes” exchange=”nse”]

Berger Paints, which has seen its rural market share slightly falling in the last couple of quarters, says it is gradually improving.

“Our sales in the rural markets have been gradually improving and I think that it should improve further going forward,” said managing director Abhijit Roy in an interview. 

Paint industry has been a competitive industry so companies had been losing bit of a market share in the past. However, the players should be looking at restoring that back, he said.

The company’s current market share is about 18.8 percent and Roy is looking at pushing it upwards, towards 20 percent in the next one-two years. “If we can do that, that will be good,” he said.

“Overall, we think that we should be able to gain a little bit of market share,” he said.

Growing faster than the industry is Berger Paints’ objective, he said.

Crude oil prices have seen a big slide. The peak level of brent crude prices was about $140 per barrel and now it has almost halved to $77-78 per barrel, flat on a year-to-date (YTD) basis, the lowest level that has been seen in this year. This should be positive for a company like Berger Paints.

Also Read: Berger Paints hopes to see a turnaround as raw material prices cool off

While posting its quarter two results for FY23, the company had indicated that softening raw material prices should aid profitability in quarter three as well as quarter four of FY23.

“Prices are softening a little bit. The effect will probably be seen in quarter four. So quarter four margins will move upwards considerably,” he said.

Also Read: Berger Paints eyes Rs 10,000 crore in revenues aided by margin, new products

Last year, the company had taken the price increases in October, November period. Therefore the volume-to-value gap is almost negligible. In the current quarter, the base was high because of the price increases, there was a delayed withdrawal of monsoon impact as well. So quarter three has been relatively soft in terms of the growth that has been seen by the company so far.

For the full interview, watch the accompanying video

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Public procurement from GeM portal crosses Rs 1 lakh crore this fiscal, so far

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Procurement of goods and services from the government portal GeM has crossed Rs 1 lakh crore so far this fiscal on account of an increase in buying activities by different ministries and departments, a senior official said on Tuesday.

The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the Central government ministries and departments.

GeM CEO P K Singh said that going by the trend, the numbers may reach Rs 1.80 lakh crore by the end of this fiscal.

The portal will become the “largest” e-commerce platform in India this fiscal, by crossing “Amazon and Flipkart also”, he added.

“Today, we have crossed Rs 1 lakh crore figure. Our target for this fiscal was Rs 1.5 lakh crore but going by the trend, we may reach Rs 1.80 lakh crore,” Singh told reporters here.

In 2021-22, it stood at Rs 1.06 lakh crore.

The top five states buying from the portal include Gujarat, Uttar Pradesh, Maharashtra, and Madhya Pradesh.

The portal provides a wide range of products from office stationery to vehicles.

GeM has over 63,000 government buyer organisations, over 54 lakh sellers and service providers offering a wide range of products and services.

Further, he said that GeM has recently launched a focused campaign to boost procurement via states.

According to him, dedicated nodal officers with a data-backed roadmap have been identified for select states.

South Korea’s KONEPS is the largest such platform in the world. Currently, GeM stands at the third position after Singapore’s GeBIZ.

He exuded confidence that the GeM platform is growing at a faster pace and it would surpass GeBIZ this year.

Also Read: India approves sale of pesticides through e-commerce platforms

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India approves sale of pesticides through e-commerce platforms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amending the existing rules, the union government has approved the sale of pesticides through e-commerce websites in India. Now, all e-commerce platforms including majors like amazon and Flipkart can home-deliver pesticides to their customers.

The government amended the Insecticide Act to make the online sale of pesticides legal in India. However, it is mandatory for the company selling pesticides to have a licence and strictly follow the laid-out guidelines. Moreover, the e-commerce platforms would be solely responsible for the verification of the license.

Also Read:Government’s paddy procurement up 9% at 306 lakh tonnes so far this year

“A licensee may undertake the sale of any insecticide through e-commerce entity for supply of insecticides to the doorstep of the farmers during the currency of licence, and the licensee shall comply with the provisions of the Act and the rules made there under for the time being in force,” the notification read.

This latest step is set to increase competition in the pesticide market resulting in a reduction in the prices of pesticides. This move will also assist agrochemical manufacturers in establishing their online presence and increasing their customer base. Moreover, Farmers would now have more options available to them.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FSSAI’s draft norm on front-of-the-pack nutrition labelling will hit small manufacturers: CAIT

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Confederation of All India Traders (CAIT) on Monday said the FSSAI’s draft regulation on front-of-the-pack nutrition labelling (FOPNL) will impact small sweet and namkeen manufacturers.

In September, the Food Safety and Standards Authority of India (FSSAI) had issued draft regulations for FOPNL for packaged food companies. It proposes to introduce the concept of five star ratings to provide information about the nutritional value of the products to consumers.

The regulator has sought comments from stakeholders on the regulations.

The CAIT has written a letter to health minister Mansukh Mandaviya, raising concerns about this regulation.

The industry body has sought immediate attention towards a draft notification issued by the FSSAI for the printing of Indian Nutrition Rating (INR) on food packets as part of a labelling exercise with healthy food items getting a higher rating. “This move undoubtedly looks to be logical which has been brought with a good intention to ensure quality and nutritious food to the people of India. However, the proposed rules have not taken into account the ground reality of the food trade and various parameters of spending of the consumers,” CAIT National Secretary General Praveen Khandelwal said in the letter.

“The said rules are an attempt to run the food trade with one stick though India is land of great diversity,” he added.

Khandelwal noted that crores of small halwai, food operators, sweet and namkeen makers and others cater to the requirement of about 80 percent population of the country. “Any legislation or regulation which may be drafted to regulate them with one yardstick will end with closure of these large number of small sweet and namkeen manufacturers traditionally known as halwai and bakers, which will further result into unemployment of a large number of workers who work with these small halwai and sweet namkeen manufacturers,” he said.

Khandelwal urged the health minister to consider the submissions made by the CAIT.

Earlier, Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has opposed the FSSAI’s draft regulation on the FOPNL, saying that it will badly affect the MSME packaged food industry.

Also Read: Metro Brands sees premium segment demand on the rise

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Metro Brands sees premium segment demand on the rise

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Metro Brands” isinid=”INE317I01021″ bseid=”543426″ nseid=”METROBRAND” sector=”Footwear” exchange=”nse”]

One of the largest Indian footwear and accessories specialty retailers, Metro Brands, is seeing business normalize as premium segment demand continues to rise.

According to Nissan Joseph, Chief Executive Officer at Metro Brands, segments over Rs 3,000 are growing considerably, which speaks of the premiumisation that Metro Brands is pushing towards.

This also indicates that the consumer is willing to adapt their buying habits to where the prices are going.

“We did see some pressure on those below Rs 1,000 primarily because there was 700 basis points (bps) raise in the goods and services tax (GST),” he added.

However, the company will be lapping that as well in the next few months.

“We are seeing business normalize and as it normalizes, we are pleased to see where it is settling into,” he said.

Also Read: Metro Brands shares drop despite 50 percent jump in net profit; Here’s why

Metro Brands has opened close to about 28 stores in the first half of the year and is on pace to open around 260 stores in the next three years or so.

“We believe this pace will continue through the rest of the year. So we should close out the year with somewhere between 80 and 100 stores, which would put us on pace to open 260 stores that we said we would do in the first three years after listing,” he said.

Also Read: One of India’s top shoe makers says people shopping online have moved beyond discounts

People are shopping, there is a little bit of pent-up demand, wardrobe refreshes. “We are happy to see that demand continues to remain consistent against our expectations,” he said.

For the entire interview, watch the accompanying video

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The 45-year old founder of Manyavar is worth over Rs 30,000 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ravi Modi, the 45-year-old founder of Vedant Fashions, is the 50th richest person in India. Twenty years after he started the Indian ethnic wear manufacturing brand, Modi has a net worth of Rs 30,286.5 crore, according to the Forbes’ India’s 100 Richest List. He is also the 791st richest person in the world.

Modi started Vedant Fashions in 2002 in Kolkata, West Bengal, to manufacture traditional Indian garments. He named the business after his only son Vedant, who is now the chief marketing officer of the company. Meanwhile, his wife Shilpi is on the company’s board.

Vedant Fashions is the parent company of Manyavar, which is a leader in the branded Indian celebration and wedding wear market, and has a presence across the country. Other brands under Vedant Fashions include Manthan, Twamev, Mebav and Mohey.

The cut-off for this year’s 100 richest Indians was a net worth of $1.9 billion, nearly the same as last year’s cut-off of $1.94 billlion. The company has a revenue of USD 85 million. It has more than 600 stores across India and 11 stores at international locations at present.

The company made a strong debut on the stock market exchanges in February this year. On its listing day, its shares opened at Rs 935 apiece on NSE, a premium of eight percent over the issue price of Rs 866. On BSE, the stock began its journey at Rs 936 apiece.

The company recorded a 24.31 percent increase in net sales in the September quarter at Rs 241.96 crore, from the previous year’s Rs. 194.65 crore. Its quarterly net profit too increased 32.05 percent from Rs 52.22 crore last September to Rs 68.96 in this fiscal’s second quarter. Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) was up 26.79 percent from last year’s Rs 96.83 crore to Rs. 122.77 crore in the second quarter this fiscal.

Shares of Vedant Fashions on Monday ended 2.7 percent lower on BSE at Rs 1,350.60 apiece.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow