Category: Retail

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.

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

Nykaa Pink Friday Sale sees over 400 orders every minute as beauty shoppers can’t keep calm

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

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The shares of Nykaa’s parent firm FSN E-Commerce Ventures rose over 4 percent on Friday as the beauty, wellness, and fashion company’s flagship Pink Friday Sale saw over 400 orders every minute, a growth of 40 percent from last year’s Pink Friday.

The biggest beauty sale in the country, Pink Friday, is currently live until November 28 on the website, app and Nykaa stores.

The omnichannel consumer-tech company announced that on Day 1, it recorded eight lakh orders. This year’s sale saw more than 10 million visits, up 37 percent compared to the previous year.

Also Read: Nykaa CFO Arvind Agarwal steps down to explore the digital economy and start-up space

A slew of the brand offers led to Nykaa clocking a growth of 34 percent in unique visitors from 4.3 million on last year’s Day 1 to 5.8 million this year. Among categories that did well compared to regular days, purchases of make-up, skincare and haircare rose dramatically by 14X, 12X and 9X respectively.

Nykaa added that 57 percent of the purchases were made by shoppers from Tier 2 and Tier 3 cities collectively. Besides metros, the highest orders came from Lucknow, Chandigarh, Ghaziabad, Jaipur, Guwahati and Jammu.

“The phenomenal consumer response to our Pink Friday sale on Day 1, right after a successful festive season, reiterates our leadership in beauty. Along with unique deals, our unparalleled curations and interactive experiences such as Watch and Buy have driven extremely high engagement,” a Nykaa spokesperson said.

Also Read: Has Nykaa managed to avert or just delay a potential sell-off?

The firm added that because of the ongoing wedding season, the sale saw luxury brands and make-up being scooped off at a significantly higher rate than non-sale days.

“With deals across categories offering up to a whopping 50% off on top brands, Nykaa also has exciting price drops and flash sales every day,” it said.

Watch latest stock market updates on CNBCTV18.com’s blog

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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

From Bath & Body Works to Samsung, the biggest Black Friday deals in India

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

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As the fourth Friday of November approaches, so do big discounts and exciting deals for shoppers. Black Friday is the immediate Friday after Thanksgiving. The day marks the start of the Christmas shopping period with many brands, retailers and shops offering some of the biggest discounts and deals of the year on Black Friday itself. Originally an American holiday, today Black Friday is a trend that has made its way to other regions like India.

Here are some offers that you can take advantage of this Black Friday.

Bath & Body Works, a retail store chain that specialises in soaps, lotions, fragrances, and candles, has announced a Black Friday sale on its website and stores. The company is offering a ‘Buy 2 and Get 2’ offer on its entire range of products.

Beauty retailer Victoria’s Secret has also opened a ‘Buy 1 Get 1 Free’ scheme on its range of body mists and lotions.

ALSO READ:  Best Black Friday deals you can’t miss

Electronic retailer Croma also announced its Darkest Black Friday sale which has seen several appliances, electronics and gadgets being put on hefty discounts.

Fashion giant Marks & Spencer opened its Black Friday sale with up to 50 percent off on everything till November 27.

Sports fashion major Adidas also offered Black Friday Sales on its range of products with flat 40-60 percent off and an additional 15 percent off on certain products. Rival sports fashion brand Puma would be opening its own Black Friday discounts from November 25.

South Korean electronics giant Samsung also announced a Black Friday sale with discounts being offered on smartphones like Samsung Galaxy Z Flip 3, Galaxy S22 series, Galaxy S21 FE and other handsets. The company is also offering discounts on appliances like fridges, flat-screen televisions, washing machines and more.

ALSO READ: Apple MacBooks, smartwatches go on sale in US as Black Friday nears

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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

Millennials in Asia Pacific judge checkout experience more while shopping online

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

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You are not alone if you have found yourself shifting towards online shopping at an extremely fast rate in the last few years. According to a study by Zebra Technologies in the Asia Pacific region, including India, nine out of every ten millennials prefer mobile ordering over physical shopping. Moreover, tech enhancements like faster checkouts and UPI payment options are being preferred.

“Shoppers don’t necessarily evaluate retail channels. Rather, they view it as one shopping experience however they shop,” said George Pepes, APAC Vertical Solutions Lead for Retail and Healthcare, Zebra Technologies.

The study further added that overall, shoppers are ready for technological advancements, with about eight-in-ten expecting retailers to give a good browsing and checkout experience.

Also Read | Indians spend more on OTT and Travel this festive season than in 2021: Report

Better tech, better shopping

According to the report, in the Indian and APAC markets, 79 percent of retailers view staffed checkouts as less necessary while more than half have converted store space to self-serve areas and are offering contactless options.

“With e-commerce as today’s normal, channels have since converged and it is essential for retailers to ensure a seamless experience across their offline and online platforms. More importantly, they need to empower retail associates with the right technology to better perform their tasks, as the retail sector heads into the future of fulfilment,” said Pepes.

Customers in India and the APAC markets also prefer self-checkouts and cashless payments. Payments using the UPI interface are commonplace and almost a habit now. The recently concluded festive season saw UPI transactions rise 133 percent as a report by PayU.

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Shopping continues despite inflation

What is surprising is that, according to the report, nearly 75 percent of shoppers globally and 68 percent in the APAC region mentioned that inflation has caused them to delay big purchases but hasn’t trimmed down their regular shopping.

In fact, as per the PayU report, India saw expenditures increase by 124 percent compared to the 2021 festive season.

Also Read | Shoppers back this festive season but Chennai retailers say sales subdued

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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

Too many featured reviews can confuse customers: Study

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

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A new study has found that too many featured or top reviews can cause more confusion among customers. E-commerce sites like Flipkart, Amazon and many others use featured reviews to bring information and clarity to users. But using too many of these reviews can lead to less effective conversions. Published in the journal Management Information Systems Quarterly, the researchers suggested past a certain number of reviews that e-commerce should instead ask buyers of a product to select the best reviews instead. 

“But when there are enough reviews, they may want to find a way to nudge the customers to decide on top reviews because that’s going to be much more valuable than writing one more review,” explained co-author Wael Jabr, the assistant professor of supply chain and information systems in the Smeal College of Business, Pennsylvania State University. 

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The researchers studied 2.2 million reviews and all review-related information like the number of reviews and featured reviews for 1,000 products on Amazon. The researchers then tracked the sentiment of reviews, based on the rating given by customers, and tracked the sales ranking of these products over a 10-month long period. The researchers found that for products with more than three featured reviews, the value of those featured reviews seemed to diminish. 

The researchers also found that it was important for the top or featured reviews to match the overall review sentiment, based on the product’s rating given by customers. If the top or featured review matches the review sentiment, the top review’s ability to influence customers gains strength. 

Also Read: Google may lay off 10,000 ‘low performing’ employees starting 2023: Report

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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

Food safety authority proposes regulations for genetically modified produce

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

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FSSAI has come out with draft regulations for genetically modified food, proposing mandatory prior approval from the regulator to manufacture, sell and import food or ingredients produced from genetically-modified organisms.

The proposed Food Safety and Standards (Genetically Modified Foods) Regulations, 2022 will apply to Genetically Modified Organisms (GMOs) intended for food use, as per the Food Safety and Standards Authority of India (FSSAI).

The regulations, once implemented, will also be applicable to food ingredients produced from GMOs that contain modified DNA as well as for food ingredients produced from GMOs that do not contain modified DNA but includes ingredients/additives/processing aids derived from GMOs.

Also read: States asked to on-board maximum products from aggregators, emporia and artisans on GeM portal

GMO means any living organism that possesses a novel combination of genetic material obtained through the use of modern biotechnology.

“No person shall manufacture, pack, store, sell, market or otherwise distribute or import any food or food ingredient produced from GMOs, except with the prior approval of the food authority,” the draft regulations said.

All food products (GMOs intended for food use and food ingredients produced from GMOs that contain modified DNA) must be labelled with the words ’contains genetically modified organisms’. This is subject to the condition that if the product contains one per cent or more of the GM ingredient considered individually.

This label must appear on the front of pack of pre-packaged products. This labelling requirement also applies to adventitious or technically unavoidable presence of GM ingredients, FSSAI said.

The labelling requirement will not be applicable to GM-food products in which the modified DNA is not detectable.

The draft, dated November 18, has been floated for public consultations and the suggestions can be submitted to the regulator within 60 days.

Also read: India’s retail sales last month were up 19% over pre-pandemic levels of October 2019

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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

Haldiram brothers to merge Delhi and Nagpur operations as they prepare for market debut

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

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Days after ethnic snacks major Bikaji, a company from the stable of the original Haldiram family, listed on the bourses, the other three brothers, who run Haldiram’s in Delhi and Nagpur have decided to merge their operations to create one snacking behemoth.

CNBC-TV18 has learnt from sources that the process of the merger between Delhi-based Haldiram Snacks and Nagpur-based Halidram Foods International is currently underway and bankers have been approached for the same.

The merger is part of a plan to file for an initial public offering (IPO) in a bid to debut on Dalal Street in the next 18 months, as per people in the know.

According to data from a survey from Frost & Sullivan commissioned during Bikaji’s IPO, both the Haldiram companies combined currently hold 48.5 percent share in India’s ethnic snacks market and 8.6 percent share in the western snacks market. 

The owners of both Haldirams and Bikaji are four brothers who split the original Haldiram, founded in 1932 by their grandfather Ganga Bishan Agarwal. The oldest brother Shiv Kishan Agarwal runs the Nagpur entity with control over the west and south India market, while the second brother Shiv Ratan Agarwal runs Bikaji.

Also Read | Goldman Sachs wants to munch on Bikaji snacks as well

The youngest two brothers Manohar and Madhusudan Agarwal run the Delhi-based entity with control over the north India market. Together the family controls nearly 50 percent of India’s ethnic snacks market.

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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

States asked to on-board maximum products from aggregators, emporia and artisans on GeM portal

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

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States are being encouraged to onboard maximum products from aggregators, emporia and artisans on GeM (Government e-marketplace), for which initial meetings are scheduled to be held in Rajasthan and Karnataka. The Union Government has said that these meetings will serve as a unique opportunity to strengthen livelihood opportunities for India’s artisans and craftspeople and provide them with international visibility.

In ODOP (One District One Product) GeM Bazaar’s Review meeting on November 14 chaired by DPIIT’s Special Secretary Sumita Dawra, opportunities were discussed for States to strengthen supply chain linkages and increase visibility of their products through the Bazaar. 

Expressing its readiness to facilitate projects and handhold states if needed, the ODOP team at Invest India said that it is providing all possible support to states in the on-boarding process.

Also read: Fertiliser subsidy unlikely to hit Rs 3 lakh crore, says government official

G20 delegates visiting India next year to be gifted ODOP items procured via GeM portal

G20 delegates visiting India next year will be gifted ODOP (One District One Product) items procured via the GeM (Government e-marketplace) portal. The plan has been envisaged as part of the Union Government’s endeavour to showcase India’s heritage to the visiting delegates. 26 Indian missions abroad have expressed interest to procure ODOP products for exhibitions, permanent displays and gifting.

While Madhubani painted wood trays, wooden chess boards and Kashmiri saffron are being shipped to Croatia this week, requests for papier mache, bidriware, dokra, marble have been received from Indian missions in Washington DC, Nigeria, Saudi Arabia and the Czech Republic. Indian Missions in Riyadh, Doha, Sydney, Abu Dhabi and Kuwait have sought products to create an ODOP wall for display, and Missions in Cairo and Hanoi have received requests to procure cashews, spices and fruits for exhibitions.

The ODOP team is also in process of shipping 100 footballs, customised with national colours of Argentina and India, to the Indian High Commission in Argentina. The footballs handcrafted by artisans from Jalandhar in Punjab will be gifted to to diplomats for upcoming FIFA World Cup 2022.

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The full list of Indian High Commissions which sent requests to procure ODOP products are:

• Riyadh, Saudi Arabia
• Vienna, Austria
• Bangkok, Thailand
• Cairo, Egypt
• Abu Dhabi, UAE
• Kazakhstan
• Doha, Qatar
• Hanoi, Vietnam
• Sydney, Australia
• Buenos Aires, Argentina
• Abuja, Nigeria
• Madrid, Spain
• Slovenia
• Kuwait
• Paris, France
• Croatia
• Colombo, Sri Lanka
• Beirut, Lebanon
• Amman, Jordan
• Kathmandu, Nepal
• New York, USA
• DC, USA
• Prague, Czech Republic
• Brunei
• Taiwan
• Helsinki, Finland

Also read: Internal deadline to close India-UK trade deal is March 2023: Government sources

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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

Apple MacBooks, smartwatches go on sale in US as Black Friday nears

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

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Apple products rarely go on sale — but as Black Friday nears, the unthinkable is happening. Retailers in the US are unleashing mouth-watering deals on Apple MacBooks, smartwatches and iPads. Black Friday is the Friday the follows Thanksgiving, which marks the start of the Christmas shopping season as brands, retailers and companies offer huge discounts on their products.

Here are some deals on Apple products being offered in the US:

MacBook

The biggest discount is on Apple’s MacBook Pro lineup where you can get discounts of around 25 percent. The 14-inch M1 Pro MacBook Pro (10-core CPU, 16-core GPU, 16GB RAM, 1TB SSD) and the 16-inch M1 Pro MacBook Pro (10‑core CPU, 16‑core GPU, 16GB RAM, 512GB SSD) both retail for around $2,000 on Amazon but currently have a hefty $499 off on their prices. The slightly cheaper 14-inch M1 Pro MacBook Pro (8-core CPU, 14-core GPU, 16GB RAM, 512GB SSD) retails for around $1,600 and has a discount of $399 currently. The MacBook Air (M1) 256GB is also being sold for its lowest ever price of $799 on Amazon, with a discount of $200.

Also read: Tim Cook wishes speedy recovery to Maharashtra boy who was saved by Apple watch

Smartwatch

Apple’s newly-refreshed entry-level smartwatch is also available on the e-tailer for a steal. The Apple Watch SE is priced at $279 but is currently available for just $199 on Amazon. If you’re looking for a high-end smartwatch from the company then you can buy the latest Apple Watch Series 8 with a $50 discount over its retail price of $399 at Amazon.

Also read: Apple prepares to source chips from Arizona plant: Report

iPad

One of the best tablets in the market, the 12.9-inch iPad Pro 2021 also has a discount of $300 at Best Buy, the American electronics chain. With the discount, the 128GB model is being sold for just $799.

Also read: You can get up to Rs 7000 off on Apple iPhone 14 at JioMart: Here is how

While no such sales have been announced in India, major retailers may offer some of their own deals on Apple smartphones, laptops, tablets and more.

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

How to get a Nothing phone (1) for less than half its price on Flipkart

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

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Flipkart is offering exclusive discounts on the Nothing phone (1). Customers can combine several offers to get the maximum discount. The Nothing phone (1) is a unique smartphone with a transparent design on the back developed by the budding tech company.

Flipkart is giving a flat Rs 1,000 off on the phone’s price and has listed it at a starting price of just Rs 32,999. Customers using a Flipkart Axis Bank credit card can get an additional 5 percent cashback. Further, customers who opt for exchanging their old smartphone (in working condition) can get up to Rs 17,500 off on the Nothing phone (1).

Customer can also sign up for Flipkart Pay Later option to get a Flipkart gift card worth up to Rs 500. Easy EMI options are available as well, with EMIs starting at Rs 2,963 per month.

Also read: Nothing announces ear (stick) limited drops on Flipkart and Myntra today

Features of Nothing phone (1)

The Nothing phone (1) is a mid-range phone offered in three models, 8GB+128GB, 8GB+256GB and 12GB+256GB. It is powered by Qualcomm Snapdragon 778G+ processor and features a unique transparent design and glyph interface on its back.

It comes in two colour options, black and white, and its glyph interface at the back has light patterns made up of 900 LEDs that indicate signals, app notifications, charging status and more.

Also read: Are big fat Indian weddings back? Vendors rejoice as post-pandemic sales soar even as inflation pinches

The smartphone boasts a 6.55-inch full HD+ OLED display with 60Hz to 120 Hz adaptive refresh rate and a layer of Corning Gorilla Glass 5 for protection.

The phone is equipped with dual 50 MP camera with advanced sensors on the back, with the main camera is the flagship Sony IMX766 and the front camera is a 16MP Sony IMX471 camera. It packs a decent battery of 4500 mAh.

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