The home furnishing chain, which currently has 50 stores in 27 cities, also cited longer replacement cycles as reason for low sale of durable big-sized furniture such as three and five-seater sofa sets. The cash-and-carry category will sell small furniture options such as side-tables and petite chairs for nooks and corners of rooms to create impulse shopping.
About 1.2 billion cases of baijiu, a heritage white spirit from China made with sorghum at an ABV (alcohol by volume) of about 40%, are sold each year globally making it the world’s top selling spirit followed by whisky. While the global baijiu market was valued at about US$ 110 billion, the global whiskey market at US$ 56.7 billion in 2018.
About 170 microbreweries mushroomed in the past decade as the country’s high population of millennials showed keen interest in craft beer, a niche segment that still accounts for just 2-3% of the beverage consumption. Packaged craft beer brands such as White Owl and Geist are feeling the impact of the economic slowdown as well.
In October, the Mumbai-based brewer had raised Rs 40 crore in its second round of funding led by existing investors IIFL India Private Equity Fund to expand geographic footprint to cash in on the rising popularity of craft beer. Javed Murad, founder of White Owl, had told ET that the funds will be used to widen its product portfolio and newer formats.
Durban-based Canway Corporation is a USD 21 million personal care company which markets mass brands such as Oh So Heavenly, Iwori and IQ with a category portfolio including bath and shower, hand cream, body spray and kids products.
The beer company announced the appointment of Kartikeya Sharma as President-South Asia. Sharma has succeeded Ben Verhaert who will now be President-East Asia. According to the company statement, both Sharma and Verhaert will report to Jan Craps, CEO Budweiser APAC and President – APAC at AB InBev, with effect from January 1, 2020.
The ROC has granted CBDEL 30 days extension to hold AGM for the financial year ended March.
“We have bagged a multi-million dollar order from the Ministry of Defence to make rucksacks for the Indian army. It is an unchartered territory but creating an ideal rucksack for an Indian jawaan who spends maximum time outdoors in challenging terrain will be good learning. The order will be executed next year,” said Siddharth Sood, cofounder of Wildcraft India.
The retailer that sell brands such as Pantaloons, Louis Philippe and Allen Solly, said it had revenues of Rs 2297 with net profit of Rs 30 crore.
The company said it continued to invest in category innovation during the phase of sluggish demand.
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