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IKEA prices to drop as brand sees profit double

Livemint

Livemint · 1y ago

Inter IKEA, the owner of the furniture brand IKEA, reported a doubling of its annual profit as cost pressures eased. The company's pretax profit reached 1.95 billion euros ($2.07 billion) in the year through August, compared to 931 million euros the previous year. This allows Inter IKEA to cut prices, with the expectation of further reductions in the future. The company aims to retain new customers gained during the pandemic and draw back others with price cuts. IKEA's annual sales increased by 6.6% to reach 47.6 billion euros.

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Livspace to file for domicile flip from Singapore for IPO in 2025-26

Economic Times

Economic Times · 11m ago

Livspace to file for domicile flip from Singapore for IPO in 2025-26

Ikea-backed home decor startup Livspace is planning to shift its domicile from Singapore to India and has received in-principle approval for the same. The company aims to launch its IPO by late 2025 or early 2026. Livspace, which is currently Ebitda negative, expects to achieve Ebitda profitability by March 2025. It has a revenue run-rate of INR 1,500 crore for FY25. Livspace is also actively pursuing the acquisition of a consumer brand in the appliances and home furnishing business. The company plans to double its number of stores to 200 by March.

HMD to double mobile phone exports from India, make it global hub, COO says | Mint

Livemint

Livemint · 1y ago

HMD to double mobile phone exports from India, make it global hub, COO says | Mint

HMD, the maker of Nokia-branded mobile phones, plans to double its exports from India to 4 million units over the next year. The company also aims to increase local production by more than a third. HMD will make India its global operational platform for production and exports, as it launches its own brand of smartphones and feature phones. India is already the company's biggest market and it sees it as a vital base for growth. The company is currently exporting Nokia-brand phones to West Asia and Africa and plans to expand to new markets including Europe and the US.

Whirlpool to sell 24% stake in India business to reduce debt

Reuters · 1y ago

Whirlpool to sell 24% stake in India business to reduce debt

Whirlpool plans to sell up to 24% of its stake in Whirlpool of India to alleviate debt, following the Indian unit's 23.7% drop in Q2 profit due to competition and pricing pressures. The sale won't impact Whirlpool's full-year forecast. Despite challenges, Whirlpool sees India as a vital growth market, committing to expansion through new product launches and the recently acquired Elica India business. The company will maintain a majority interest post-sale.

Gainers & Losers: 10 stocks that moved the most on October 17

Money Control

Money Control · 10m ago

Gainers & Losers: 10 stocks that moved the most on October 17

The Sensex and Nifty continued to decline, driven by foreign investor selling, weak earnings reports, and geopolitical tensions. Bajaj Auto's reduced sales growth guidance led to a significant drop in the Nifty Auto index. CRISIL's shares slipped despite reporting a YoY increase in net profit. Kolte-Patil Developers' strong Q2 results resulted in a surge in shares. Nalco's shares rose due to positive global trends. Mphasis reported a jump in net profit but a drop in revenue. Nestle India's shares dropped after a marginal decline in quarterly profit. Hero MotoCorp shares declined due to weak demand. Hind Rectifiers and Titagarh Rail saw positive gains in their share prices.

Women wear brand Berrylush partners with GoKwik to expand online presence

Economic Times

Economic Times · 10m ago

Women's fashion brand Berrylush has partnered with e-commerce enablement platform GoKwik to expand its online presence. The collaboration aims to double Berrylush's order volume and revenue by 2025 by providing a superior shopping experience and expanding its direct-to-consumer presence across India. The partnership will leverage GoKwik's solutions to reduce drop-offs and return-to-origin rates, helping Berrylush maintain profitability and customer satisfaction. Berrylush plans to integrate GoKwik's system into its mobile app, with an anticipated reduction in drop-offs by 20% and return-to-origin rates by 50%.

Pricey SUVs help small-car king Maruti Suzuki battle domestic blues

Livemint

Livemint · 1m ago

Pricey SUVs help small-car king Maruti Suzuki battle domestic blues

Maruti Suzuki's consolidated revenue grew by 10% in the June quarter due to increased sales of pricier SUVs like the Grand Vitara, Fronx, Jimny, and Brezza, despite a 5% drop in total domestic sales. The company's profit grew by only 1% to ₹3,792 crore, with overall revenue reaching ₹40,493 crore. Profitability was impacted by reduced operating profit margins due to higher commodity prices and employee costs.

Samsung flags bigger-than-expected Q4 profit drop on weak demand

Economic Times

Economic Times · 1y ago

Samsung flags bigger-than-expected Q4 profit drop on weak demand

Samsung has reported a bigger-than-expected drop in its Q4 profit due to weak demand. The company expects operating profit to decline about 34% from a year earlier, falling below market expectations. This drop in profit is primarily attributed to decreased demand for memory chips and display panels, as well as intensifying competition in the smartphone market.

FTA will help reduce luxury watch taxes: Panerai CEO Pontroué

Livemint

Livemint · 10m ago

FTA will help reduce luxury watch taxes: Panerai CEO Pontroué

- Panerai sees India as a promising market for luxury timepieces, aiming to make it to its top 10 or even top five countries by 2030. - The recent India-European Free Trade Association agreement, signed in 2024, aims to reduce taxes on luxury Swiss watches in India over the next eight years. - Panerai has experienced double-digit growth in India and plans to open a fourth boutique in Bengaluru by October 2024. - Panerai's approach diverges from market trends, focusing on larger dial watches and not following the digital or quartz watch trend. - The company sees digital watches as a complementary market that could convert some users to luxury timepieces in the future. - While India is not yet among Panerai's top 10 markets, the brand is optimistic about India's potential, especially as China's luxury market experiences a downturn.

Hyatt to tap into India's golden age with luxury hospitality offerings: CEO

Livemint

Livemint · 1y ago

Hyatt to tap into India's golden age with luxury hospitality offerings: CEO

Hyatt Hotels Corp. is focusing on the Indian luxury hospitality market by introducing its Miraval Resorts and Spas brand to cater to high-end guests. India is Hyatt's fourth largest revenue-generating market, and the company plans to double its current 48 properties within five years. They are also broadening their strategy to include smaller-inventory hotels for semi-urban areas. Hyatt acknowledges the shift towards domestic travel and aims to attract more Indian leisure travelers. The company sees India as a great opportunity with a strong economy and growing travel trends. Challenges include high capital formation costs and delayed infrastructure projects.

Fireside Ventures-backed 10clubhomes ropes in former IKEA executive Kavitha Rao as co-founder, COO

Inc42 · 1y ago

Fireside Ventures-backed 10clubhomes ropes in former IKEA executive Kavitha Rao as co-founder, COO

10clubhomes, a direct-to-consumer home and kitchen furnishing startup, has appointed Kavitha Rao, a former executive of IKEA and Accenture, as its cofounder and chief operating officer (COO). In her new role, Rao will oversee various business functions and drive growth and profitability. The startup aims to expand its retail presence online and offline, focusing on brand-building, product design, technology, and enhancing the shopping experience. With the goal of becoming a INR 1000 Cr brand, 10clubhomes plans to explore distribution possibilities and capitalize on the growing Indian consumer market.

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