Key Signals in Retail and Consumer Goods
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Centre Setup and Expansion
Pou Chen Corporation is planning to set up a factory in Tamil Nadu
The world’s largest contract manufacturer of branded athletic and casual footwear company plans to set up a new factory in Tamil Nadu. It can invest over INR 500 Cr (USD 61 Mn) in this initiative. The shoe company is in the advanced stages of finalizing the location for the unit, which will be a mega project for sports shoe manufacturing. Read More>>
Layoff
Asda shake-up risks job cuts and lower pay for 4,000-night workers
Asda proposed that some overnight restocking shifts at 184 stores are moved to the daytime, putting 211-night shift manager roles at risk. The plans would also see fewer hours worked at 23 in-store Post Office branches, with four opening hours cut. Read More>>
Merger and Acquisition
Owners of UK supermarket Asda and EG Group are considering a merger
The combination would create a retail giant worth between GBP 11 Bn (USD 13.6 Bn) and GBP 13 Bn (USD 16 Bn), which would have more than 581 supermarkets, 700 petrol forecourts, and 100 convenience stores in Britain. Read More>>
DSM shareholders approve DSM-Firmenich merger at EGM
The DSM Shareholders approved the proposed merger between DSM and Firmenich International SA (Firmenich). They voted in favor of all related resolutions as set out in the notice of the EGM. There are powerful synergies from bringing together DSM and Firmenich that can deliver superior growth. Read More>>
Mass Hiring
CARS24 plans to hire over 500 employees across divisions this quarter
Cars24 will hire both tech-related and non-tech-related employees. It has openings in the divisions, including technology, product, data sciences, engineering, business, customer success, human resources, finance, marketing, and sales. Read More>>
Executive Movements
Campbell Soup Co. names new CFO
Carrie L. Anderson is the new VP and CFO at Campbell Soup Co. She joins the company from Integra LifeSciences, a global medical technology company. Previously she held leadership roles in finance at Dover Corp. and Delphi Product & Services Solutions, a division of Delphi Corp. Read More>>
The RealReal appoints Neiman Marcus Vet as CEO and board member
RealReal, Inc. has named John Koryl as CEO and board member. Koryl joins the luxury resale company after spending five years at Canadian Tire Corporation (CTC), where he most recently served as the president of CTC Digital. Before that, he worked at Neiman Marcus as the president of stores and online. Read More>>
Ardent Mills names the new director of DEI
Garrett will create, implement, and evolve Ardent Mills’ DEI framework in his new role. Garrett joins Ardent Mills from Westfield, where he worked cross-functionally to integrate DEI initiatives across distribution, marketing, and HR groups, provided oversight and support to ERGs that increased cultural competence, strengthened employee engagement, and drove incremental revenue growth. Read More>>
Financial and Market Activity
S. Africa retailer Truworths expects higher profit as sales jump
The company forecast half-year profit growth of up to 11% on bumper sales over Black Friday in November and Christmas, even as power outages at malls hampered shopping. Shares in Truworths were up 3.35% to ZAR 65.70 (USD 3.72) as of 12:36 GMT. Read More>>
Greencore forecasts annual earnings at the lower end of expectations
Greencore expects its full-year outturn to be at the ‘lower end of market expectations as industrial action and slow recovery from inflationary pressures hit demand and volumes. First-quarter revenue at the group increased by 19% year-on-year to USD 526.5 million, driven by inflationary effects, with manufactured volumes slightly down yearly. Read More>>
Diageo sees sales and profits jump as consumers favor premium tipples
The company has reported strong growth in sales and profits at the interim stage benefiting from favorable currency movements, higher prices, and consumers drinking more premium brands. Operating profits grew by 15.2% to USD 3.2 Bn, although the operating margin declined by 92 basis points, with organic margin expansion more than offset by exceptional operating items and foreign exchange. Read More>>
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Latest Industry Insights from Draup Braindesk
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Funding Alert
Ethos Wallet raises USD 4.2 Mn in seed funding
Ethos Wallet will increase headcount, develop its wallet, infrastructure, and apps, and expand capabilities outside of traditional wallet functionality. It aims to enable web3 users to store digital assets and discover and engage with decentralized applications. Read More>>
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Startup Spotlight
Company – Dropit Shopping
Total Funding – USD 49.8 Mn
About: Dropit integrates multiple technology platforms to create a seamless network between consumers, retailers, retail property owners, and logistics companies. Eventually, Dropit will help property owners communicate directly with their visitors and deliver relevant and targeted marketing. Read More>>
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Latest Reports Published in Draup
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