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What key retail players say about 2023

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Shiv Joshi
Shiv Joshi
An editor with over 20 years of experience across industry verticals and content formats from tabloids to magazines, he is the Deputy Group Managing Editor at Images Group.

Here’s what key players across categories say about how the year was for their business

Overall, for retail, the year was a moderate one but growth was muted in comparison to 2022. However, despite the tinge of gloom, for some players the year turned out to be one of the best.

Here’s what key players across categories say about the year that was.

Pepe Jeans India: For the leading denim brand, 2023 was a year of growth over the last year. “Last year on a consumer sales revenue we did close to Rs 1,200 crore and book revenue of Rs 562 crore. We grew almost 55% as compared to the previous year. Pepe Jeans grew almost 42%, as compared to the pre-COVID numbers,” managing director Manish Kapoor said.

He added that Pepe Jeans London is getting a “bigger proportion” of its growth coming from small tier 2 & 3 markets. Currently, the top eight cities contribute to around 58% of the Pepe Jeans business, and the rest 42% comes from tier 2 and below markets.

Pansari Group: The Delhi-based Pansari Group manufactures commodity and FMCG products and sells them through its website, channel partners and modern trade. “For Pansari Group the year 2023 has been exceptionally promising,” said Director Shammi Agarwal.

“Through our recent ventures and product launches our brand has received remarkable success,” he added. This year, Pansari introduced a new line of teas and a range of syrups for the HoReCa segment.

The group expanded into new geographies including Mumbai and Gujarat.

Burger Singh: For the homegrown burger chain, the year was a good one in terms of financial performance. “The company’s revenue soared from Rs68 crore in the previous year to an impressive Rs100 crore, signifying a substantial growth of approximately 47%,” Kabir Jeet Singh, chief executive officer, Burger Singh shared.

Burger Singh also secured pre-series B funding in December 2023 for an undisclosed amount at a valuation of Rs430 crores, more than double its Rs200-crore valuation from the series A funding round in July 2022.

The brand reports a current monthly run rate of Rs10 crore. “Based on this rate, the company is projected to close the financial year at Rs150 crores, underscoring its strong trajectory and optimistic outlook,” Singh added.

Jumboking: The Mumbai-based homegrown burger chain experienced a 60% year-on-year growth in revenues this year. “The third quarter has recorded slower growth across the industry but overall, we feel the India story is playing out well,” Dheeraj Gupta, founder, Jumboking said.

Snapdeal: It was a big year for the value fashion online marketplace according to its CEO Himanshu Chakrawarti. “We’ve managed to stabilise operations and performance and are very close to breaking even, it is now about booking profit versus investing in growth,” he said adding that the company is now getting ready for its next big step, which is to focus on growing sustainably.

Renee Cosmetics: The D2C-first cosmetic company reached an annual recurring revenue (ARR) of Rs100 crores in just 20 months of restarting our operations after the pandemic. “Recently, we achieved a significant milestone by surpassing Rs250 crores in annualized revenue,” co-founder Priyank Shah said.

Renee is now venturing into standalone modern trade outlets. Its footprint includes flagship stores in prominent cities of India like Mumbai, Ahmedabad, Lucknow, Amritsar and seven airports.

Swiss Beauty: The brand witnessed ~70% YoY growth in terms of overall brand revenue shared Saahil Nayar, chief executive officer, Swiss Beauty. “Besides that, multiple channels like D2C, have shown a 100% YoY growth. The brand has also forayed into multiple beauty and quick commerce platforms and it now ranks as the makeup brand on Nykaa,” Nayar added.

Lloyds Luxuries: The company has exclusive distribution / Franchise rights for Luxury Grooming Brands like TrueFitt & Hill and Marycohr in India. “We’re thrilled to report a robust over 10% increase in overall sales compared to 2022, showcasing the continued trust and preference for our luxury grooming services and products,” managing director Prannay Dokkania said.

Vaum Tonics: For tonic water and premium mixers brand, revenues nearly tripled from the previous year. “The brand expanded its presence across six major Indian markets, bolstering both HORECA and retail channels. Collaborations played a pivotal role,” said co-founder Siddharth Saraf.

Amág Beauty: The company reported doubling its revenue over the previous year. The company attributes this to strong marketing, developing new products, streamlining e-commerce processes and effective supply chain management. “All things considered, amág Beauty’s diverse business and marketing strategy was essential to attaining outstanding financial outcomes in 2023,” co-founder Aanchal Malhotra Gupta said.

BabyOrgano: For the company that primarily sells Ayurveda-based baby care products, the year brought 300% growth compared to last year. “We have seen good growth in number of customer as well. We also received $150K in a pre-seed funding led by DevX Venture Fund,” founder Riddhi Sharma said. The company launched three more products Shankhpushpi, Sitopaladi, Ayurvedic Hair Oil for kids.

EcoSoul Home Inc.: Noida-based eco-friendly home essentials company reported a staggering 600% increase in comparison to the previous year. The company also expanded its product offerings this year reaching 1800 stock keeping units. “Our emphasis on digital presence resulted in 68% of our revenue generated through online channels,” co-founder Rahul Singh added.

A. O. Smith India: The home appliance company that makes geysers and purifiers reported robust growth this year. Parag Kulkarni, Senior Vice President – International and President, A. O. Smith India said the company grew higher than the industry growth rate in both water heaters and water purifiers this year. “Our focus on launching new age products and enhanced distribution, especially in the tier-2 and tier-3 cities, along with a 360-degree advertising campaign & strong focus on e-commerce channels led to strong growth for our organization,” he said.

Dharishah Ayurveda: “For us, the year 2023 was a period marked by significant growth and success,” Founder Naman Dhamija shared adding that in the last financial year, the Ayurvedic products company achieved a revenue of Rs 5 crore.

Farmley: The healthy snacking brand experienced 200% growth from FY 2022 to FY 2023. “We proudly surpassed the Rs 150 crore revenue milestone. The industry, particularly in healthy snacking, has sustained a robust CAGR of over 10%. This success is indicative of a shifting consumer mindset towards mindful snack choices,” co-founder Abhishek Agarwal said.

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