Carrefour to re-enter Indian market through franchise deal with Apparel Group
Carrefour is set to re-enter the Indian market after exiting in 2014, partnering with Dubai-based Apparel Group to launch retail stores instead of its previous wholesale model. The retailer will initially focus on North India, starting with a store in the National Capital Region in 2025, with plans for nationwide expansion. Store sizes will range from 8,000 to 30,000 square feet. This move is part of Carrefour's strategy to enter 10 new countries by 2026. It remains unclear if Carrefour will sell only food or a broader range of products....
Indian hospitality sector set to expand at 10.5% CAGR
India's hospitality industry is set to grow at a Compound Annual Growth Rate (CAGR) of 10.5% over the next three years, generating an additional annual demand of INR 8,200 crore, driven by domestic travellers, international tourists, and the MICE segment. Domestic travellers will contribute around 50% to this growth, with foreign tourists and MICE segments accounting for 30% and 20%, respectively. By 2027, the number of hotel rooms is expected to increase to 241,000. Demand is strong across Tier II and III cities, with a 13% annual growth, although room supply in these areas grows slower at 10%. Enhanced connectivity is further boosting this trend....
Nexus Seawoods Mall will host 'Onam Opulence 2024' on September 14th and 15th, showcasing a 64 sqm Pookkalam made from 250 kg of flowers. The event will also feature traditional performances, including the Theyyam Dance, a first for Navi Mumbai. Cultural activities on September 14th will include various dance forms such as Thiruvathirakali, Mohiniyattam, and Kathakali. The festival celebrates Kerala's rich heritage and aims to bring the community together in Navi Mumbai....
PVR INOX to close underperforming screens, focus on expansion and debt reduction in FY25
PVR INOX plans to shut 60-70 underperforming screens in FY25 while adding 120 new ones, focusing on expansion in South India. The company is shifting to a capital-light growth model, partnering with developers through a franchise-owned, company-operated approach. With a goal to become net-debt free, PVR INOX is considering monetizing non-core real estate assets. Despite reducing capital expenditure, it aims to restore pre-pandemic margins by increasing revenue through higher footfalls, innovative customer strategies, and cost efficiencies. In FY24, the company reported INR 6,203.7 crore in revenue, but a loss of INR 114.3 crore, largely due to merger integration costs....
Ventive Hospitality, a joint venture between Blackstone Group and Pune-based Panchshil Realty, is planning to file a draft prospectus for an Initial Public Offering (IPO). The company could become India's largest international multi-brand hotel owner by EBITDA. It aims to raise around INR 2,500 crore through new shares. The IPO is expected to be filled in the next few weeks. Ventive Hospitality's move is part of its own strategy. The company seeks to expand India's booming hospitality sector and capitalise on market opportunities....
ChrysCapital-backed CFS acquires 51% stake in Laxmi Eye Hospital
Delhi-based Centre for Sight (CFS), a leading eye care chain, has acquired a 51% stake in Navi Mumbai's Laxmi Eye Hospital, enhancing its presence to nine centers in Maharashtra. This acquisition is part of CFS's broader expansion strategy, which includes investing INR 300-500 crore over the next few years. Founded in 1989, Laxmi Eye Hospitals operates four centers and is renowned for its quality and affordable care. In May, CFS raised USD 100 million from ChrysCapital, with half used to facilitate an exit for Mahindra and the rest allocated for expansion. CFS recently added 10 centers and reported over 1.5 million annual visits as of March 2024....
DS Group's Pulse Candy recognized by IIMA as a case study in marketing excellence
Pulse Candy, a leading brand of Dharampal Satyapal Group (DS Group), has been featured in a prestigious Institute of Management Ahmedabad (IIMA) case study. This recognition highlights Pulse Candy's journey from a disruptive market entry to industry leadership in the hard-boiled candy segment. The study examines DS Group's innovative marketing strategies, market identification, and product differentiation that propelled Pulse Candy to success. It covers the brand's launch, its unique appeal with tangy raw mango flavor, and its achievement of INR 1 billion in sales within eight months, despite challenges like counterfeits and shortages. This case study serves as an inspiring example of effective market strategy....
Oyo, a travel tech platform, has projected a profit after tax (PAT) of over INR 700 crore for the current fiscal year, a significant increase from the INR 229 crore PAT in FY 2024. In Q1 FY 2025, Oyo reported a net profit of INR 132 crore, a sharp turnaround from the INR 108 crore loss in the same period last year. The growth is driven by strong hotel operations in India, Southeast Asia, and the U.S. Oyo's strategic expansions in Europe and aggressive U.S. market entry further bolster its financial outlook for FY 2025....
The Hive Hostels secures INR 11.5 crore in pre-IPO funding to expand luxury student housing
The Hive Hostels, a leader in luxury student accommodation, has raised INR 11.5 crore in a pre-IPO funding round, supported by prominent investors including Dr. Shriram Madhav Nene and Sahil Vachani of Max Estates. The funds will fuel the development of "Aurus," a new luxury extension, and support the launch of Hive Campus Living, an initiative aimed at managing university accommodations. With an upcoming IPO and projected revenue of INR 60 crore this fiscal year, The Hive Hostels is poised to strengthen its position in India's premium student housing market....
Trehan IRIS and Marriott International to open first Courtyard hotel in Greater Noida by 2027
Trehan IRIS has teamed up with Marriott International to introduce the Courtyard by Marriott brand to Greater Noida West, marking its debut in the Noida region. This new hotel, part of the Iris Broadway Greno West project, will feature 135 rooms, banquet facilities for over 2,000 guests, and amenities like a swimming pool, terraces, and an all-day dining restaurant. The project, including retail and office spaces, represents a INR 400 crore investment and is expected to be operational by 2027. Designed by Benoy, it spans 3.4 acres and will include a high-rise office tower and various upscale features....
Raymond Lifestyle plans 900 new stores in 3 years targeting 12-15% sales growth
Raymond Lifestyle, the demerged entity from Raymond, plans to open 900 stores in the next three years, targeting 12-15% annual sales growth and an 18-20% increase in operating profit. The company, set to list on September 5, aims to unlock shareholder value by focusing on the lifestyle segment, driven by a professional management team. Last year, Raymond Lifestyle invested INR 100 crore to boost capacity and plans another INR 100 crore investment this financial year. The company reported FY2024 revenue of INR 6,691 crore, with a 16.3% EBITDA margin and a net cash surplus of INR 227 crore....
Royal Orchid hotels targets 200 properties by 2027 with 35 new openings this year
Royal Orchid Hotels Ltd. plans to expand its portfolio to 200 properties by FY27, focusing on tier-two and tier-three cities across India to capitalise on the growing domestic travel demand. The company, currently operating over 107 locations, will open 35 new hotels this year, with 30 in smaller cities. Despite a 19% drop in profit after tax to INR 8.72 crore and rising costs, total income rose by 5.34% to INR 77.66 crore. The expansion aligns with India's strong GDP growth and increasing local tourism, positioning Royal Orchid for future growth in the evolving hospitality sector....
BigBasket to transition fully to quick commerce amid growing demand for speedy deliveries
BigBasket, the top online grocery store in India, is changing into a full-fledged platform for fast commerce, with an exclusive emphasis on delivery made in 10 to 30 minutes via its BB Now service. This strategic move, which accounts for more than 50% of the company's sales, indicates the increasing desire for deliveries that happen more quickly. BigBasket, which was established in 2011, is eschewing its conventional slotted delivery methodology in order to maintain its competitiveness in the rapidly changing e-commerce market. The move, which represents a substantial shift in the company's business strategy, will be finished in the upcoming weeks, according to founders Hari Menon and Vipul Parekh....
Godrej Interio targets 20% growth with 104 new stores and enhanced digital presence in FY25
Godrej Interio, a leading home and office furniture brand under the Godrej & Boyce, plans to open 104 new stores and add over 2 lakh sq ft of retail space in the year 2025, aiming for a 20% growth. With 900 stores across 600+ cities, the company is set to surpass 1,000 stores in August 2024. The expansion includes 34 new stores in the North, 24 in the West, 19 in the South, and 27 in the East. Additionally, Godrej Interio continues to enhance its digital presence, with its e-commerce platform now serving over approximately 17,000 pin codes nationwide....
Trent's Star Bazaar aims for 90 stores by the end of 2024
Retail giant Trent is rapidly growing its Star Bazaar chain. In the first quarter of FY25, the number of supermarkets increased from 66 to 72. The chain plans to add 20-25 new stores in FY25, aiming to reach about 90 stores by the end of the year. This follows a previous financial year where they ended with 66 supermarkets. This expansion is part of Trent's strategy to make Star Bazaar a key growth driver, alongside Zudio and Westside. By FY26, Trent hopes to have 110-120 stores across 15-20 cities. The plan focuses on increasing store numbers, making prices more affordable, and boosting private-label products....
Decathlon plans major India expansion with EUR 100 million investment over five years
French sporting goods company Decathlon has announced a significant investment of EUR 100 million (approximately INR 933 crore) in India over the next five years. The company aims to double its current revenue of around INR 4,000 crore in the country during this period. Decathlon plans to expand its retail presence, strengthen its omnichannel strategy, and increase local production as part of its "Make in India" initiative. The investment reflects Decathlon's confidence in India's potential as a global manufacturing and innovation hub for the brand, with the goal of nurturing local talent and contributing to the country's journey towards becoming a sporting powerhouse....
Brigade Group and Accor launch their second hotel Ibis Styles in Mysuru
Brigade Group and Accor have launched ibis Styles Mysuru, marking their second hotel in Mysuru and the fourth project from their ongoing partnership. This hotel is Brigade Group's 27th project in Mysuru and their 9th hotel in India with global brands. Located on KRS Road, the hotel blends contemporary design with local cultural elements, inspired by the nearby Ranganathittu Bird Sanctuary. Building on the success of their first Mysuru property, Grand Mercure Mysuru, this launch enhances their presence in India's hospitality sector. ibis Styles Mysuru offers 130 rooms, including 30 suites with small kitchens and private balconies, plus dining options, a pool, fitness centre, and event spaces....
Limited hotel openings and rising demand keep room rates elevated in India
Hotel room rates in India are set to remain elevated due to a slow 1.4% growth in supply, with the total number of rooms reaching 191,000 by June 2024. Major cities like Delhi, Mumbai, and Bengaluru saw only a 0.6% increase in room availability, while strong domestic demand continues to drive up occupancy rates. As the peak travel season approaches, industry experts anticipate further rate hikes, particularly in luxury segments, amid a forecasted 10% growth in hotel room demand, outpacing the expected 8% annual increase in supply until 2027....
Reliance Industries invests INR 14,839 crore in retail arm
Reliance Industries injected INR 14,839 crore into Reliance Retail as debt during the last fiscal year, marking the largest capital infusion from the parent company in a decade. This funding supports the retail giant's expansion into smaller towns and new store formats, with a total investment of INR 19,170 crore in FY24. Reliance Retail also accelerated loan repayments, cutting non-current bank borrowings by 30% to INR 13,382 crore, signaling a cleanup of its balance sheet. Despite increased debt, the company continues to strengthen its retail presence, potentially paving the way for an IPO....
Madison platform to invest USD 200 million in 25 mid-market luxury hotels across India
Hyderabad-based JV Ventures and Terminus Group have launched Madison, a USD 200 million platform to develop 25 mid-market luxury hotels across Indian cities, including Thiruvananthapuram, Visakhapatnam, Tirupati, and Hyderabad. Over the next five years, Madison will create over 3,000 rooms, with a focus on reducing seasonal risks in the hospitality sector. The initiative aligns with the growing Indian hospitality market, which saw a 19% increase in first-time hotel investments in 2023 and an 11.4% rise in RevPAR in Q1 2024, indicating strong future growth....
Atmosphere Living India to invest INR 500 crore in luxury real estate and hospitality across South Asia
Atmosphere Living India, a subsidiary of Atmosphere Living Dubai, is set to invest around INR 500 crore in the luxury real estate markets across India as part of their expansion plans in South Asia. The parent company will fund key projects in locations like Goa, Lonavala, Himachal Pradesh, Jaipur, and Mysore. Each project will offer a seamless combination of real estate and hospitality, providing an unparalleled living experience. Simultaneously, Atmosphere Core, the hospitality arm of the group, will be opening new hotels in Kolkata, Coorg, and Bhopal. The flagship Ozen-branded residences in Mussoorie will be its first project in this expansion plan and it is set to create new benchmarks in ultra-luxury living....
Lucknow leads tier 2 cities with 5.7 million sq. ft GLA in retail space
Lucknow, Uttar Pradesh, tops Tier 2 cities in India with a substantial 5.7 million square feet of gross leasable area (GLA) for shopping centres, surpassing Kolkata and Ahmedabad. Knight Frank India's survey reveals Lucknow's 5% share of the national retail stock and an 18.4% share of Tier 2 cities' GLA. With a density of 1,439 square feet per thousand people and over 580 retail stores, the city blends local and international brands, driven by growing demand and improved infrastructure. Abhishek Sharma from Knight Frank emphasizes Lucknow's role as a retail hub, aligning with India's expanding Tier 2 city market....
K Hospitality Corp to raise INR 2,500-3,000 crore via IPO, targeting INR 10,000 crore valuation
K Hospitality Corp, a player in India's food services industry, plans to raise INR 2,500-3,000 crore through an IPO early next year, targeting a valuation between INR 8,000 and INR 10,000 crore. The company, known for brands like Copper Chimney and The Irish House, aims to use the funds for expansion, debt reduction, and market visibility. Partnering with Kotak Mahindra Capital and ICICI Securities, K Hospitality's IPO reflects confidence in its growth potential amidst rising consumer demand in the hospitality sector....
The New Shop in advanced talks to acquire 24Seven retail chain from Godfrey Phillips
New Delhi-based grocery startup The New Shop is in advanced talks to acquire the 24Seven retail chain from Godfrey Phillips India for a strategic rebranding and expansion. The acquisition follows a court verdict allowing Godfrey Phillips to exit its unprofitable retail segment. Established in 2019, The New Shop operates 160 stores across 35 cities with a 24-hour model. 24Seven, which once boasted 130 outlets, has struggled with performance issues, reporting INR 403 crore in FY24 revenue. If finalized, the deal will integrate 24Seven's locations into The New Shop's omnichannel network, enhancing their market presence....
Rohit Sharma joins forces with True Elements to launch health-focused brand RS
Indian cricket captain Rohit Sharma is entering the food industry by partnering with True Elements to launch "RS by True Elements," a new brand offering healthy breakfast options and snacks. As the brand ambassador, Sharma will play a vital role in product development and marketing, with RISE Worldwide managing the collaboration. True Elements, known for its commitment to transparency and healthy foods, aims to provide nutritious, easy-to-understand products. Co-Founder and CEO Puru Gupta emphasized that this is the first time a cricketer has licensed a health food brand in India. The RS line will be available by August 2024, with a marketing campaign to follow. This partnership highlights the growing trend toward health-conscious eating in India....
SAMHI Hotels reports INR 2,568 million revenue for Q1 FY24; 13% RevPAR growth
SAMHI Hotels Limited has announced its financial results for Q1 FY24, with revenue reaching INR 2,568 million and EBITDA at INR 934 million. The company reported a 13% year-on-year increase in Revenue per Available Room (RevPAR), reflecting a robust recovery in the hospitality sector. The successful integration of ACIC Hotels has boosted profit margins by 520 basis points. SAMHI is focusing on financial stability and expansion, with plans to open new hotels and rebrand existing ones. The growth strategy aims to capitalize on rising travel demand and enhance market presence in India's expanding hospitality industry....
PVR INOX seeks INR 4.5 crore in arbitration over sealed multiplex at Ansal Plaza
The Delhi High Court intervenes in a dispute between PVR INOX and Ansal Plaza Mall, Greater Noida, following the sealing of PVR INOX's multiplex due to unpaid dues by the mall's lessor. PVR INOX claims significant losses from the closure on July 23, 2022, and seeks INR 4.5 crore, covering its security deposit and lost revenue. Justice C. Hari Shankar appointed an arbitrator to resolve the issue, underscoring the court's role in commercial dispute resolution and the broader implications for lease agreements in India's retail and entertainment sectors....
Dubai based Atmosphere Living to invest INR 550 crore in Mussoorie villas and hotel project
Atmosphere Living, based in Dubai, has committed INR 550 crore to develop villas and a hotel in Mussoorie and plans further projects in Goa, Lonavala, Himachal Pradesh, and Jaipur, with international expansion goals. CEO Sandeep Ahuja highlighted that INR 150 crore has already been invested in the 11.5-acre Mussoorie project, featuring a 100-key hotel, 70 villas, 90 apartments, and 12 ultra-luxury residences. The company, part of Atmosphere Core, offers an option for investors to lease homes back for rental income. Atmosphere Living aims to redefine the second home market with high-end, well-managed properties across South Asia....
Elan Group partners with CBRE to manage Gurugram malls in INR 7.5 crore annual deal
Elan Group has teamed up with global real estate leader CBRE to manage its four malls in Gurugram: Elan Epic, Elan Town Centre, Elan Miracle, and Elan Mercado. This INR 7.5 crore annual contract aims to enhance customer experiences and operational efficiency. CBRE will bring its expertise in property management to optimise mall operations, implement best practices, and drive tenant satisfaction. Elan Group's Senior VP, Pooja Patti, expressed excitement about the partnership, while CBRE's Rajesh Pandit highlighted the importance of professional facility management in maintaining the value and appeal of real estate assets....
Shoppers Stop Ltd. reported a net loss of INR 22.72 crore for the June 2024 quarter, attributed to weakened consumer spending amid heat waves, elections, and inflation. This loss underscores broader challenges for the Indian retail sector, impacting real estate dynamics. Retail chains' struggles may lead to increased vacancies and rental concessions in malls and high-street locations. Shoppers Stop's strategy to close underperforming stores and focus on premiumization could shift demand towards high-traffic, affluent areas, impacting real estate needs. This situation prompts landlords and retailers to adapt to evolving consumer preferences and market conditions....
New retail chain Broadway to launch with over 100 D2C brands in Delhi, Hyderabad and Mumbai
Vivek Biyani, along with actor Rana Daggubati, Apurva Salarpuria of the Salarpuria Group, and Anuj Kejriwal of Anarock, are launching Broadway, a new retail chain that bridges the gap between online direct-to-consumer (D2C) brands and physical retail. Broadway stores will feature over 100 Indian D2C brands and aims to create a unique shopping experience with interactive zones and community spaces. The first store will open in Delhi this August, with plans for Hyderabad and Mumbai in 2024 and 2025. Broadway aims to redefine the retail landscape in India....
Five-star hotels in Delhi contest ground rent hike with notices exceeding INR 240 crore
The Union Government has increased the annual ground rent for land leased to several major five-star hotels in New Delhi to crores of rupees. The Imperial and Claridges hotels are fighting the verdict in the Delhi High Court. The Land and Development Office (L&DO) issued demand notices for INR 177.29 crore for The Imperial and INR 69.37 crore for The Claridges, calculated at a 5% rate of the property value. Both hotels argue that the adjustments are arbitrary and retrospective. The court has ordered hearings before finalising the ground rent, with additional hearings set for July....
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