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<a href="http://www.businessinsider.in/searchresult.cms?query=Nike&amp;sortorder=effectivedate">Nike</a>, the world’s biggest sportswear maker has shut down 35% of its stores in India so as to cut losses. Currently, there exists only 200 stores of the sportswear maker. 
 
According to the data filed with the <a href="http://www.businessinsider.in/searchresult.cms?query=Registrar+of+Companies&amp;sortorder=effectivedate">Registrar of Companies</a> (<keyword id="6605088" type="ORGANIZATION" weightage="20" keywordseo="ROC">Roc</keyword>) in March 2015, Nike’s losses were around Rs 541 crore. Its losses for the current year were Rs 101 crore. 
 
"As part of its strategy, Nike is reducing its number of partners in the country and will be working with just three or four to run its operations here, earlier it had around 20 partners and it has halved the number. Further consolidation will take place." a senior industry executive told ET. Many of the stores closed by Nike have been converted into Multi-Brand stores by its partners like <keyword id="3667865" type="UNKNOWN" weightage="20" keywordseo="SSIPL">SSIPL</keyword> and <keyword id="13319" type="PERSON" weightage="20" keywordseo="Ravi-Jaipuria">Ravi Jaipuria</keyword>'s RJ Corp. These multi-brand stores are showing encouraging results. 
 
According to the sources, Nike has been thinking about its strategy of sponsoring bats for top Indian cricketers. Though, Nike spends around Rs 60 crore per year to sponsor the Indian cricket team's kit, sponsoring bats of cricketers such as <a href="http://www.businessinsider.in/searchresult.cms?query=Axar+Patel&amp;sortorder=effectivedate">Axar Patel</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Ajinkya+Rahane&amp;sortorder=effectivedate">Ajinkya Rahane</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=R+Ashwin&amp;sortorder=effectivedate">R Ashwin</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Ravindra+Jadeja&amp;sortorder=effectivedate">Ravindra Jadeja</a> and <a href="http://Parthiv Patel">Parthiv Patel</a> among many others is an added cost. 
 
"Wrong marketing investments leading to poor return on investments has been a problem for Nike in India, the company's retail expansion strategy has also not worked according to plan, leading to closure of many stores," senior industry executives told ET. 
(image:Reuters)

Nike
shuts down 35% of its Indian stores to cut losses

<keyword id="20376663" type="General" weightage="20" keywordseo="Devyani-International" source="keywords">Devyani International</keyword> Ltd, the operator of <keyword id="19998734" type="General" weightage="20" keywordseo="Pizza-Hut" source="keywords" meta.keywordsubtype="org" meta.entityname="Pizza Hut" meta.hostid="261" meta.entityid="Pizza Hut">Pizza Hut</keyword>, <keyword id="20066481" type="General" weightage="20" keywordseo="KFC" source="keywords" meta.keywordsubtype="org" meta.entityname="KFC" meta.hostid="261" meta.entityid="KFC">KFC</keyword>, and <keyword id="20910882" type="General" weightage="20" keywordseo="Costa-Coffee" source="keywords" meta.keywordsubtype="org" meta.entityname="Costa Coffee" meta.hostid="261" meta.entityid="Costa Coffee">Costa Coffee</keyword> stores, has reported a profit of Rs 224.30 crore for June quarter FY25 helped by marketing campaigns and promotional deals. The Quick Service Restaurant (QSR) operator had reported a loss of Rs 1.59 crore in April-June FY24, according to a regulatory filing by the Jaipuria family-promoted firm on Monday. Revenue from operations in the quarter was Rs 1,221.90 crore as against Rs 846.63 crore in the year-ago period. Its "consolidated EBITDA for the quarter closed at Rs 220 crore, with margin at 18.3 per cent - an improvement of 1.7 per cent compared to the previous quarter," said an earning statement from the company. Total expenses in June quarter increased 42.9 per cent to Rs 1,201.28 crore. During the quarter, Devyani International Ltd (DIL) added 54 stores with an aim to reach consumers in its under-penetrated markets, it said. "With this addition, DlL's total store count moves to 1,836 stores as of June 30, 2024," it said adding it has plans to open 250-275 new stores in FY25. It is on track to meet the target of 2,000 stores across its brand portfolio within the current financial year, said DIL which also owns and operates South Indian vegetarian food QSR chain Vaango. The company continues to focus on "offering value-driven options to consumers to navigate market dynamics and drive growth. The company introduced innovative marketing campaigns and promotional deals across its range of brands, enabling it to capitalise on seasonal trends," it said. In June quarter, DIL opened 20 new restaurants for KFC taking the total count to 617. While for Pizza Hut, it added 15 stores in India, taking the total count to 570. It added 11 stores of Costa Coffee and by the end of June 2024, DIL was operating 192 stores. DIL also operates 40 stores of KFC in Nigeria and 28 stores of KFC and Pizza Hut in Nepal. It was also operating 295 stores of KFC in Thailand by the end of the June quarter. "We witnessed an improved performance for DIL in Q1, driven by seasonality and cost leverage from better ADS across our businesses. Our Thailand business also demonstrates growth with new store openings and a customer delight strategy," Chairman Ravi Jaipuria said. Shares of DIL were trading at Rs 178.60 apiece on BSE, down 1.27 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms" target="_blank">Neeraj Chopra’s Paris Olympics journey to begin with qualification round today – top rivals to look out for</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a>

Devyani International reports Q1 profit of ₹224 crore

Quick service restaurant operator <keyword id="20376663" type="General" weightage="20" keywordseo="Devyani-International" source="keywords">Devyani International</keyword> Ltd on Tuesday reported a consolidated net loss of Rs 48.95 crore in the fourth quarter ended March 31, 2024, impacted by forex translation loss due to the devaluation of Nigerian currency. The company had posted a consolidated net profit of Rs 59.88 crore in the fourth quarter of the previous fiscal, Devyani International said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 1,047.08 crore as against Rs 754.98 crore in the corresponding period a year ago, it added. Total expenses were higher at Rs 1,057.32 crore as compared to Rs 724.77 crore in the year-ago quarter, it added. During the quarter ended March 31, 2024, and the year ended March 31, 2024, due to significant devaluation of the Nigerian currency, the Nigerian subsidiary of the group has recognised Rs 42.37 crore and Rs 89.7 crore devaluation impact on account of translation loss of USD denominated liabilities in Nigerian subsidiary's financial information as at March 31, 2024, and year ended March 31, 2024, respectively, the filing said. "Considering the significance of the amount involved, the said exchange translation loss has been presented as an "exceptional item" in consolidated financial results of the group," it said. Devyani International Ltd (DIL) is the largest franchisee for <keyword id="20506161" type="General" weightage="20" keywordseo="Yum-Brands" source="keywords" meta.keywordsubtype="org" meta.entityname="Yum Brands" meta.hostid="261" meta.entityid="Yum Brands">Yum Brands</keyword> (KFC and Pizza Hut) in India. It is also the sole franchisee for Costa Coffee Brand and stores in India. Besides, it also has the South Indian vegetarian chain Vaango. For the fiscal ended March 31, 2024, the consolidated net loss was at Rs 9.65 crore. The company had posted a consolidated net profit of Rs 262.51 crore in the year ended March 31, 2023, according to the filing. In FY24, consolidated revenue from operations was at Rs 3,556.32 crore as against Rs 2,997.72 crore in FY23. "In 2024, we have diligently focused on our strategic expansion goals. Over the course of the year, we opened 256 new stores, including 47 in the fourth quarter. As of March 31, our total store count has reached 1,782, including the 283 KFC stores we acquired in Thailand on January 18, 2024," Devyani International Chairman Ravi Jaipuria said. He said alongside the global expansion, the company has also been working on a strategy to enhance its domestic footprint of the food courts business in response to India's emergence as a major destination for travel, tourism, and shopping. "The domestic travel market is picking up very well and we are seeing religious tourism as one of the important thrust areas. India is also gaining importance in the international markets for medico tourism and a value-for-money shopping destination," Jaipuria said. DIL said the investments in infrastructure and the revitalisation of the travel and tourism sector augur well for the quick service restaurant (QSR) industry. "The outlook for India in 2024 appears optimistic, and DIL is well poised to seize the opportunity presented by this favourable trend," it said. The company said its board has approved the appointment of Kamaljit Singh Bedi as CEO - Institutional Business and New Business Ventures with effect from May 14, 2024. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/chatgpt-maker-openai-has-launched-gpt-4o-a-new-ai-voice-assistant/articleshow/110112039.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/chatgpt-maker-openai-has-launched-gpt-4o-a-new-ai-voice-assistant/articleshow/110112039.cms" target="_blank">ChatGPT maker OpenAI has launched GPT-4o, a new AI voice assistant</a><a href="https://www.businessinsider.in/tech/news/google-i/o-event-today-how-to-watch-and-what-to-expect/articleshow/110105611.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-i/o-event-today-how-to-watch-and-what-to-expect/articleshow/110105611.cms" target="_blank">Google I/O event today – how to watch and what to expect</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank">OnePlus Nord CE 4 Lite to launch soon in India – expected price, specs and everything we know so far</a>

Devyani International posts net loss of ₹48.95 crore in Q4

Executive Director (R&amp;D), TSR Murali, the brain behind Kurkure and Aliva, has quit <keyword id="110163" type="CITY" weightage="100" keywordseo="PepsiCo-India">PepsiCo India</keyword>, a person familiar with the matter told TNN. He said Murali was one of the most important in the country’s efforts to spawn innovations in its food business. 
 
The high profile exits come at a time when the sales of soft drinks are slowing down in the country. Several executives in charge of key functions left the company recently while a few others are waiting in the wings, said people familiar with the matter, citing the frequent restructuring in the Indian subsidiary of the New York-based food and beverage giant. 
 PepsiCo veterans <keyword id="2933728" type="UNKNOWN" weightage="100" keywordseo="Meghnad-Mitra">Meghnad Mitra</keyword>, who worked as senior director, planning and strategy , at the company , and <keyword id="150453" type="PERSON" weightage="20" keywordseo="Sunil-Duggal">Sunil Duggal</keyword>, director of corporate affairs, who was responsible for liasoning with Indian government and industry bodies on behalf of the beverage major have also put in their papers recently . 
 
A PepsiCo India spokesperson told TNN: "While senior and middle management levels do witness churn, we are pleased by the fact that we have been able to fill most of these positions internally which speaks for our talent pipeline created by our robust leadership development model and people plans. PepsiCo India has over a period of time built a very strong pipeline by giving people a mix of different critical experiences within PepsiCo India and internationally and continues to do so.” 
 The company faced a churn of senior and mid-level executives from both its marketing and sales division when it divested its north India bottling operations to <keyword id="13319" type="PERSON" weightage="100" keywordseo="Ravi-Jaipuria">Ravi Jaipuria</keyword>'s <keyword id="477661" type="UNKNOWN" weightage="80" keywordseo="RJ-corp-">RJ Corp </keyword>in November last year. The deal saw PepsiCo handing over four plants and two co-packing units across six states. Around 900 direct employees of the company were affected by the deal. Glitches dogged PepsiCo till March this year when it had to pay sizeable compensations to the workers at most of the transferred plants in a bid to make them to start production for RJ Corp. 
 Industry experts said PepsiCo's "Power of One" strategy, which has also come under fire from activist investors, is one of the main reasons behind employee dissatisfaction at the company .Earlier, operations were divided into two individual entities at PepsiCo--food (FritoLay India) and beverages (PepsiCo India Holdings) --with individual leaders at the helm. Then, led by PepsiCo's long-term CEO <keyword id="6421975" type="PERSON" weightage="100" keywordseo="Indra-Nooyi">Indra Nooyi</keyword>, the company merged its foods and beverages businesses in many markets with the idea that selling food and beverages as part of a single portfolio will give the company more leverage to take on rivals such as <keyword id="6391475" type="CITY" weightage="20" keywordseo="Coca-Cola">Coca-Cola</keyword>, which only sells beverages. 
 
(Image credits: wikipedia)

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