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<div type="image" title="Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment" msid="115018213" hostid="261" caption="&amp;lt;p&amp;gt;Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment&amp;lt;/p&amp;gt;"></div> It's time to move over from plain, vanilla budget basics! Indians are no longer looking for “best purchases and value buys under Rs 1,000”—at least not as much as before. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s getting fancy, and how! From gold-flaked chocolates to swanky SUVs that look like they’re wheeled straight out of a Bollywood blockbuster, Indian companies are rapidly jazzing up their product lines, even faster than you can say the word "premiumization." But what does this mean for Indian companies and consumers? What is this jazz about premiumization all about? Is it just urban India that’s riding this wave, or has rural India also joined the bandwagon? We decode for you. <h2>What's premium, really?</h2>Imagine you’re eating Pav Bhaji at a roadside thela. Later during the day, you decide to dine out at a fancy, upmarket cafe, only to find Pav Bhaji Fondue on the menu. Same same, but much more expensive—often 5 to 10 times higher—for a little more hygiene and some better ambience! Think of premium products as this fondue. They are a notch up your regular, daily-use products soaps or shampoos, and even cars, all packaged luxuriously, offering just about the right touch of quality. The main differentiator, though, would be the price range. <h2>Driving home premium wellness</h2>A recent report by Nielsen suggests that over 70% of urban Indians are okay with paying a premium for their products. And companies are cashing in on this sentiment like never before. This explains why 58% of new products launched so far this year have been in the premium+ segment, as opposed to just 38% of new launches in regular, traditional trade. Take cars, for instance. Indians are no longer vying for a good old <keyword id="19950117" type="General" weightage="20" keywordseo="maruti" source="keywords">Maruti</keyword> 800 or <keyword id="20400567" type="General" weightage="20" keywordseo="alto" source="keywords">Alto</keyword>, traditionally known for their healthy mileage, but are rather happy investing in more swanky features that come along with high-end cars. In October 2024, India’s largest car manufacturer, <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, sold 65,948 units of its compact cars like Swift, WagonR, Dzire, and more. Compared to the year-ago period, which saw sales of 80,662 units, this was an 18% dip. But take a look at their SUV (sport utility vehicle) sales for the same period. Cars like Brezza, Ertiga, and Grand Vitara sold about 70,644 units, a 19% uptick from the sales made in October 2023, i.e. 59,147 units. Simply put, when it comes to cars, Indians are saying the bigger, the better! The same is true for India's second biggest automobile manufacturer, Hyundai. Its SUV lineup made up a staggering 68.2% of the firm's total sales made for October 2024. What's more, SUV demand remained largely consistent across urban and rural markets. <h2>Consumers are inching up</h2>FMCG (fast-moving consumer goods) are also riding the premiumization wave, with Indians prioritizing their health and wellness and not bothered about dishing out a few extra bucks for the same! You’ll find no dearth of words like organic, vegan, gluten-free, and sugar-free, peppered generously over every product you’ll see today, be it soaps, juices, or more. No wonder then, sales from premium segments in 2024 make up around 27% of all FMCG sales and even contribute a massive 42% to the sector’s value growth in India. Nielsen report further adds that luxury brands that position themselves at twice the price of their category’s average are even witnessing stellar growth. In fact, for most FMCG brands like Tata Consumer Products, <keyword id="20002610" type="General" weightage="20" keywordseo="hindustan-unilever" source="keywords">Hindustan Unilever</keyword> (HUL), Dabur, and Nestle, it is this premium segment that is growing much faster than their regular ones. And it's not just about daily-use products; Indians are also taking their celebrations a step over. Spirits manufacturer <keyword id="20125704" type="General" weightage="20" keywordseo="radico-khaitan" source="keywords">Radico Khaitan</keyword> highlighted that for the first half of 2024, their prestige &amp; above segment made for 88.4% of its net sales value. In the same period, the regular popular segment accounted for just 9.1% of their net sales. From Hindustan Unilever, which saw its premium products grow 30% over the last quarter, to <keyword id="20521971" type="General" weightage="20" keywordseo="kingfisher" source="keywords">Kingfisher</keyword> beer's parent company, <keyword id="20124009" type="General" weightage="20" keywordseo="united-breweries" source="keywords">United Breweries</keyword>, whose premium product sales volume jumped by 27% during the quarter as opposed to just a 5% rise in overall volumes, everyone is seemingly taking their lifestyle a notch above. Per the Nielsen report, in 2024, a typical global consumer spends about $13.7k per year. This is set to grow by around 2.4% to $14k as early as next year. Even a report by Goldman Sachs also highlighted a similar trend, noting that India’s affluent class, or those earning over $10,000 (Rs 8,42,694.97), is set to reach 100 million in the next 3 years. And where will this consumer spend? On premium products! <h2>Online shopping shifts from mass to class</h2>Amazon’s Great Indian Shopping Festival, which was live between September 27 and October 29 this year, saw 140 crore customers, more than 85% of whom came from non-metro Indian cities. On the site, there was a 400% spike in sales in premium sales across categories like watches, fragrances, handbags, jewelry, and more. Rival <keyword id="19896939" type="General" weightage="20" keywordseo="flipkart" source="keywords">Flipkart</keyword> noted a similar trend, recording 1.8x growth in premium beauty and personal care products during the first half of this year. <h2>Dialing in premiumness</h2>The Indian smartphone ecosystem has always been dominated by basic phones, or those entry- and mid-range phones that are priced between Rs 10,000 and Rs 6,000. But that has changed in recent times, with premium smartphones (i.e., those priced over Rs 60,000) registering 20%+ growth in 2024. During the first quarter of this year, sales of mass phones (priced between Rs 10,000 and 20,000) reached 44%, compared to 51% in the year-ago period. But it's all sunny and shiny in the mid-premium (priced between Rs 40,000 and Rs 60,000) and super-premium segments (priced above Rs 60,000). Sales growth has burgeoned by as much as 27% and 86% in these categories, respectively. As India continues its march toward becoming the world's third-largest economy by 2027, the premium party is just getting started. Industry experts predict that premium segments will grow faster than you can say "sustainable organic handcrafted artisanal batch of coffee." So the next time you see someone dropping serious rupees on a fancy bottle of black water that also somehow plays music and tracks their hydration (yes, that's a thing), remember: This is just the trailer. Picture abhi baaki hai, mere dost! Do you have a topic in mind you'd want a simpler explanation for, or insights or experiences to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: From Dal to Dolce—India is loving its luxury life

<ul><li>FMCG giant HUL’s shares reported a decline of over 6% on Thursday.</li><li>This comes a day after the company reported a 2.33% decline in consolidated net profit in Q2.</li><li>The stock tanked 6.59% to ₹2,483.95 on the NSE.</li></ul>Shares of FMCG major <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword> Ltd (HUL) on Thursday tumbled over 6% after the firm reported a 2.33% decline in consolidated net profit for the second quarter ended in September. The stock tanked 6.59% to ₹2,483.95 on the NSE. The stock emerged as the biggest laggard among the Sensex and Nifty firms during the morning trade. Hindustan Unilever Ltd on Wednesday reported a 2.33% decline in consolidated net profit at ₹2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of ₹2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36% at ₹15,703 crore in the September quarter, from ₹15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakme, Brooke Bond, Lipton and Horlicks said. "In the September quarter, <keyword id="21419477" type="General" weightage="20" keywordseo="FMCG-demand" source="keywords">FMCG demand</keyword> witnessed moderating growth in urban markets, while rural continued to recover gradually. In this context, we delivered a competitive and profitable performance," HUL CEO and Managing Director Rohit Jawa said. HUL reported an underlying sales growth of 2% and underlying volume growth of 3%. Total expenses were at ₹12,581 crore in the September quarter, up 3.03% year-on-year. HUL's total income, which includes other income, was up 2.14% to ₹16,145 crore in the September quarter of FY25. Addressing an earnings call, HUL CFO Ritesh Tiwari said, "Two thirds of our business we do in urban areas, and one-third we do in rural areas … we are seeing growth in the urban market moderating. We are seeing rural growth recovery is gradual … it impacts all the categories that we have." On the outlook, he said, "In the near term, we expect demand trends to be stable with no further acceleration in pace of growth." In this context, Tiwari said, "Our focus remains on driving competitive volume-led growth, while continuing investments behind our brands and strategy priorities … If commodity prices remain where they are, we expect a low single digit price growth in the near-term." With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Hindustan Unilever shares tumble over 6% post Q2 results

<ul class="summary-list"><li>Ben &amp; Jerry's filed a lawsuit against its parent company, Unilever, on Thursday.</li><li>It claims Unilever stopped it from making 4 public statements supporting Palestinians.</li></ul>Ben &amp; Jerry's is taking legal action against its parent company, Unilever, saying it was prevented from speaking out in support of Palestinians.In a lawsuit filed on Thursday in the US Southern District of New York, the ice cream brand said its parent company blocked four statements.Ben &amp; Jerry's said that in doing so, Unilever repeatedly prevented the company from fulfilling its social mission and breached a settlement agreement.The suit is a telling clash between Ben and Jerry's, which has long been politically outspoken, and its huge multinational owner, which generally keeps politics at arm's length.Unilever said it rejected the claims, saying in a statement sent to Business Insider: "We will defend our case very strongly."Here are the posts from the lawsuit:<h2 id="30bad0dc-4494-4674-8f7f-6676982fdf36">December 2023: Cease-fire call</h2>Ben &amp; Jerry's claims it told Unilever in December 2023 that they planned on issuing a statement calling for peace and a permanent cease-fire in Gaza.At the time, Israel was several weeks into its sprawling invasion of Gaza, retaliation for the October 7 terrorist attacks by Hamas."Ben &amp; Jerry's calls for peace and a permanent and immediate," the statement read.<h2 id="9c909ddf-0ff9-4707-9061-63e008a1bdab">May 2024: Visas for refugees</h2>Ben &amp; Jerry's tried to issue another statement in May 2024 through its social activism managers in Europe. This one called for a legal immigration pathway to the UK for Palestinians fleeing the war in Gaza, the lawsuit said."Just like the UK did for Ukrainians, we ask that the Government urgently create a visa scheme allowing Palestinians to reunite SAFELY with their loved ones in the UK," the statement said.<h2 id="6d9e1c54-d986-4e80-bff1-13f73dbe8ee5">June 2024: Supporting campus protests</h2>Ben &amp; Jerry's said it intended to support pro-Palestine college protesters across the US by posting a public statement in June.It said the post would support their First Amendment rights, but the lawsuit did not include its text.<h2 id="57a8ebba-5829-4cd4-8862-b2ad6d0a4363">September 2024: Backing Bernie Sanders</h2>In September, Ben &amp; Jerry sought to endorse Sen. Bernie Sanders' <a target="_blank" class="" href="https://x.com/SenSanders/status/1839070105935950292">resolution</a> calling for legislation blocking $20 billion in arms sales to Israel."We urge you to join us in calling on the Senate to pass the Sanders resolution and halt an additional $20 billion in military aid to Israel," the statement said.

Here are the 4 posts Ben and Jerry's said its parent company ordered it not to publish

India’s oldest conglomerates: 10 pre-independence giants still leading the market

<ul class="summary-list"><li>Unilever is selling Dollar Shave Club seven years after paying $1 billion for the brand.</li><li>Nexus Capital Management, which owns Toms, will have majority ownership of Dollar Shave.</li></ul>Dollar Shave Club, the brand that pitched cheap razors with quirky commercials, is being sold by Unilever, its multinational owner.The sale ends seven years of awkward partnership. Unilever struggled to grow <a target="_blank" href="https://www.businessinsider.com/how-the-dollar-shave-club-became-a-615-million-company-2015-6">Dollar Shave Club</a>, sources previously told. The boundary-breaking brand helped shape the direct-to-consumer segment but never quite fit in at the more button-up multinational company.<a target="_blank" href="https://www.businessinsider.com/unilever-reorganization-layoffs-might-not-be-enough-2022-3">Unilever</a> is selling most of its stake in the brand to private equity firm Nexus Capital Management, the company said Thursday. Unilever will keep a 35% stake in the brand. The price of the deal wasn't disclosed."This marks another step in our journey to transition our portfolio towards core strategic growth areas," Fabian Garcia, president of Unilever Personal Care, said of the sale. He added that Dollar Shave "has a loyal membership and following."Nexus owns a portfolio of other consumer brands, such as shoe maker Toms.Dollar Shave Club got its start in 2011, when Michael Dubin and Mark Levine founded the company to undercut the prices of razors offered by brands like Gillette and Schick. An early ad for Dollar Shave Club featured Dubin riding around on a forklift, extolling the virtues of the company's cheaper razors and blades."Do you think your razor needs a vibrating handle, a flashlight, a back-scratcher and 10 blades?" Dubin asked in the ad. "Your handsome-ass grandfather had one blade — and polio. Stop paying for shave tech you don't need."Unilever acquired the brand for $1 billion in 2016 because it had "a very distinctive appeal to a growing number of largely millennial men," CFO Graeme Pitkethly told investors at the time. Deodorant brands Native and <a target="_blank" href="https://www.businessinsider.com/how-schmidts-naturals-found-built-deodorant-company-unilever">Schmidt's Naturals were both acquired</a> in 2017, by Procter &amp; Gamble and Unilver respectively.Unilever struggled to grow sales at Dollar Shave Club and the brand was later than rivals to establish itself in brick-and-mortar retailers. While it introduced new products, many, such as a $50-a-bottle cologne, were too expensive for the budget-conscious consumers that Dollar Shave had attracted with its pitch for inexpensive razors."You've created the cheapest way to buy razors in the world," one source familiar with Unilever's acquisition strategy told Insider in 2022. "You've chosen the Groupon consumer." Another source told Insider last year that Unilever did not move quickly enough to balance what Dollar Shave spent to acquire a customer — through ads and discounts, for example — with what that customer spent. Balancing acquisition costs and customer spend is a common concern for DTC brands, but less so for the more established brands under Unilever's umbrella.Even former CEO Alan Jope admitted that the acquisition hadn't worked out. "Dollar Shave Club did not deliver as expected, and the economics of the DTC model changed," then-CEO Jope said during an earnings call in 2022.Nexus, Dollar Shave's new owner, is hoping it will succeed where Unilever failed."We see growth potential and will invest in cutting-edge marketing, product quality, and new innovations," Nexus partner Michael Cohen said. "Dollar Shave Club will also serve as a platform for additional brands with a similar DNA."Do you have a story idea about Dollar Shave Club or Unilever to share? Reach out to this reporter at abitter@insider.com

Unilever is selling Dollar Shave Club after 7 long, awkward years of trying to make it work

<ul class="summary-list"><li>Unilever CEO Hein Schumacher will have his pay frozen until 2026.</li><li>Shareholders voted against his base salary of $1.96 million at the AGM in May.</li></ul>The CEO of <a target="_blank" href="https://www.businessinsider.com/unilever-reorganization-layoffs-might-not-be-enough-2022-3">Unilever</a> won't be able to get a pay rise until 2026 amid shareholder frustration, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-10-30/unilever-freezes-ceo-pay-for-two-years-after-investor-meetings">Bloomberg</a> reported.The board's proposed pay package was rejected by shareholders at Unilever's annual general meeting in May, per Bloomberg.Hein Schumacher will take home a base salary of 1.85 million euros ($1.96 million), but it won't be reviewed again for two years.That's a nearly 20% increase on the fixed pay of the previous CEO, Alan Jope, from whom Schumacher took over in July. Jope was <a target="_blank" href="https://www.unilever.com/files/deb60070-b400-466b-b2f2-2a567e4c28fc/unilever-2022-ara-directors--remuneration-report.pdf">paid</a> 1.56 million euros ($1.65 million) in 2022.But nearly 60% of shareholders voted against the deal put forward by the Unilever board, which includes the activist investor <a target="_blank" href="https://www.businessinsider.com/billionaire-nelson-peltz-children-family-nicola-brooklyn-beckham-brad-trian-2023-2">Nelson Peltz</a>, <a target="_blank" href="https://www.reuters.com/business/unilever-freeze-ceo-schumachers-fixed-pay-two-years-2023-10-30/">Reuters</a> reported."Whilst the majority of shareholders agreed that the fixed pay level for the new CEO appropriately reflected the size and complexity of the role, there was a preference that alignment with the market could have been achieved gradually, rather than in one step on appointment," the company said in a statement seen by the news agency.Unilever said it held 37 meetings with 24 of its top shareholders to discuss that vote, and their feedback led it to decide on the pay freeze, per Reuters.It means Schumacher won't be eligible for a pay increase in 2024 or 2025, and his fixed pay level will be reviewed by a compensation committee in 2026.The decision comes days after Schumacher changed the company's tact on promoting brands with a social purpose, <a target="_blank" href="https://www.telegraph.co.uk/business/2023/10/30/unilever-freeze-chief-executives-pay-shareholder-backlash/">The Telegraph</a> reported.Under Jope, the company said it would sell off brands that "are not able to stand for something more important than just making your hair shiny, your skin soft, your clothes whiter or your food tastier," per The Telegraph.That had prompted a backlash from shareholders like Terry Smith, who said in a 2022 letter to his fund's investors that Unilever had "clearly lost the plot."Unilever declined to comment when contacted by Insider.

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