Global Confectionery Giant Lotte Wellfood Chooses India for First Pepero Production Line

Global Confectionery Giant Lotte Wellfood Chooses India for First Pepero Production Line

By Author

Published on February 7, 2024

Lotte Wellfood, formerly Lotte Confectionery, is embarking on a strategic expansion in India with the establishment of an exclusive line in Haryana dedicated to the production of its globally loved confectionery, Lotte Pepero. This move signifies Lotte Wellfood's commitment to global growth, marking its first line set up outside of Korea.

Scheduled to be operational by mid-2025, the new facility in Haryana, complementing the existing factory producing Lotte Choco Pie, represents a significant investment of over Rs. 200 crores. The state-of-the-art production line is equipped with automated systems, geared to meet the rising global demand for Lotte Pepero.

The new facility aims not only to fulfill international export demands but also to introduce Original and Crunky Pepero products to the Indian market. Lotte Wellfood's focus includes establishing Lotte Pepero as a premium brand in India, initially targeting large retail formats and e-commerce channels, with plans to expand into smaller traditional channels in the future.

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Lee Chang-yeop, CEO of Lotte Wellfood, expressed enthusiasm about expanding investments in the Indian market, recognizing its substantial growth potential. Following the success of Lotte Choco Pie, the introduction of Lotte Pepero aims to strengthen the brand's position in India. The company is actively working on creating locally tailored Lotte Pepero products that align with regional food culture and preferences.

India's confectionery market, valued at approximately Rs. 27,000 crores, holds significant promise. Lotte India achieved sales of Rs. 654 crores in 2023, with a targeted growth of over 20% in 2024. The positive response from Indian consumers, especially towards the innovative chocolate stick snacks, indicates a favorable market for Lotte Pepero.

Lotte Wellfood's strategic move into India underscores the company's global vision and responsiveness to consumer preferences. The establishment of a dedicated production line for Lotte Pepero signifies a new era for the brand in the Indian market, promising sweetness and success in the confectionery landscape.


Wow! Momo Raises $9 Million in Latest Series D Funding Round

Wow! Momo Raises $9 Million in Latest Series D Funding Round

By Nishang Narayan

Published on April 21, 2024

Indian fast-food chain Wow! Momo has announced a significant boost in its financing with a $9 million injection in an expanded Series D funding round from Z3 Partners. This recent funding brings the total raised in this round to $51 million, which includes $34 million in primary funding and $27 million in secondary funding.

Earlier participants in this round included the Indian Angel Network and Lighthouse Funds, which contributed through a secondary acquisition. The initial phase of the Series D funding in January secured $42 million, led by Khazanah Nasional Berhad, which significantly contributed to the company's current valuation of over $300 million, as reported by TheKredible.

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The Kolkata-based company, founded by Sagar Daryani and Binod Homagai, operates under the Wow! Momo Foods umbrella, which includes Wow! Momo, Wow! China, and Wow! Chicken. Currently, Wow! Momo boasts 630 outlets across 38 cities and employs a direct workforce of 6,000 individuals.

With the latest funding, Wow! Momo plans to enhance and expand its quick-service restaurant brand, improve distribution channels, and invest in research and development for its FMCG sector, which it entered in July 2021.

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For the fiscal year 2025, Wow! Momo aims to increase its footprint by adding 200 more outlets and targets a revenue projection of $83-89 million, up from $55 million in FY23. The company's financial growth is evident, as its operational revenue doubled to $28 million in FY22 from $13.5 million in FY21.

This strategic funding and expansion plan underscore Wow! Momo's commitment to strengthening its market presence in India's competitive food service industry and enhancing its product offerings to meet the evolving tastes and preferences of consumers.


Catch Spices Joins the INR 1000 Crore Club

Catch Spices Joins the INR 1000 Crore Club

By Nithyakala Neelakandan

Published on April 21, 2024

Catch Spices, a flagship brand of the DS Group, has achieved a remarkable milestone by entering the prestigious INR 1000 crore club in the packaged spice industry. With an impressive year-on-year growth rate of 24 percent over the last two years, Catch Spices is now setting its sights on a robust Compound Annual Growth Rate (CAGR) of approximately 30 percent over the next five years.

Expanding its horizons, Catch Spices is diversifying its product range to include herbs, gourmet gravies, cooking pastes, and more, catering to the diverse tastes of Indian consumers. This move comes as the packaged spices industry in India witnessed substantial growth, reaching approximately INR 34,000 crores in 2023.

Rajiv Kumar, Vice Chairman of DS Group, expressed his enthusiasm, stating, "Catch Spices' relentless commitment to quality and understanding of consumer preferences has propelled us to this milestone. Our focus remains on delivering purity, taste, and convenience."

With over 125 variants and 300 SKUs, Catch Spices has become a household name, reaching more than 2 crore households across India. Leveraging modern trade and e-commerce platforms, the brand has demonstrated remarkable growth, surpassing industry benchmarks.

Supported by brand ambassadors like Akshay Kumar and Bhumi Pednekar, Catch Spices has resonated with consumers through its campaign "Kyunki khana sirf Khana nahi hota," emphasizing the emotional connection to food. The brand's increased focus on digital marketing and strategic partnerships further strengthens its market presence.

Catch Spices' journey to the INR 1000 crore club signifies its unwavering dedication to excellence and innovation, promising a flavorful future for Indian kitchens.

With a strategic investment of INR 125 crore earmarked for advertising, marketing, and distribution network expansion, DS Group aims to enhance Catch Spices' presence and market share in the highly competitive FMCG sector. The company is also set to introduce new products tailored to suit the tastes of consumers in South India, further expanding its foothold in the region.

As DS Group continues to focus on growth and market expansion, it remains committed to innovation and consumer satisfaction, aiming to strengthen its position as a leading player in the FMCG sector while delivering value to its customers and stakeholders.


Taylor Swift's Concerts Drive Record Revenue for Singapore Hotels

Taylor Swift's Concerts Drive Record Revenue for Singapore Hotels

By Nithyakala Neelakandan

Published on April 13, 2024

In March, Singapore's hotel industry experienced a remarkable surge in revenue thanks to six sensational concerts by Taylor Swift. According to preliminary data from CoStar, these concerts led to the highest average daily rate (ADR) and revenue per available room (RevPAR) on record.

Here's a snapshot of the impressive performance in March 2024 compared to the previous year:

Occupancy: 79.1% (+5.1%)

ADR: SGD358.91 (+12.7%)

RevPAR: SGD284.03 (+18.5%)

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Typically, occupancy levels are lower in the first and second quarters after the Chinese New Year, but Swift's Eras Tour injected much-needed energy into Singapore's hotel industry. During the concert dates from March 2nd to 4th and March 7th to 9th, daily occupancy rates soared, with peaks reaching 92.7% and 92.5% on Saturday, March 2nd, and Sunday, March 3rd, respectively.

Overall, the market consistently maintained daily occupancy levels above 70%, with Swift's performances driving ADR levels to a high of SGD438.36 on Saturday, March 2nd.

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The impact of Swift's concerts extended beyond Singapore, with CoStar highlighting a full analysis of the APAC Eras Tour. For additional insights and data requests, CoStar's world-leading hotel performance sample of 81,000 properties and 10.5 million rooms provides comprehensive information.

Taylor Swift's concerts not only entertained fans but also significantly boosted revenue for Singapore's hotel industry, setting new records in March. For more details about CoStar and its services, visit www.costargroup.com.

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