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<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>Pet ownership is on the rise, and Americans are spending more time and money on their furry friends.</li><li>Dogs, in particular, are increasingly being welcomed into public spaces.</li></ul>Your next wedding might be full of drooling guests.The Dog Bar — a sprawling dog venue in Saint Petersburg, Florida —has had at least six (human) proposals, and one wedding. Some of the couples who got engaged met at the dog-catered venue; others just love it so much that that's where they wanted to make things official.It's not just romance brewing at the Dog Bar. Politicians come by to do <a target="_blank" class="" href="https://www.facebook.com/MayorKenWelch/videos/thanks-for-coming-out-to-support-last-night-at-the-dog-bar-st-pete-99-days-until/834832220788817/">some stumping</a> (and, presumably, dog petting). Young professionals convene for meet-ups. And a good chunk of customers don't even have dogs; they just want to hang out amongst both friends human and furry.It's all part of a new shift in American public and social life: It's gone to the dogs.Virtually all <a target="_blank" href="https://www.pewresearch.org/short-reads/2023/07/07/about-half-us-of-pet-owners-say-their-pets-are-as-much-a-part-of-their-family-as-a-human-member/">US pet owners</a> now say their furry companions are part of their family — up from 86% of dog owners and 78% of cat owners <a target="_blank" href="https://www.pewresearch.org/social-trends/2006/03/07/gauging-family-intimacy/">in 2006</a>. This might be in part because many younger Americans are having kids later than previous generations, or <a target="_blank" href="https://www.businessinsider.com/child-free-millennials-dont-want-kids-to-hamper-travel-life-2024-9">not having them at all</a>."People are really combining their social life with their dog ownership nowadays," Kendal Kulp, the co-founder and CEO of <a target="_blank" href="https://www.wagbar.com/">Wagbar</a>, a dog park and bar in Asheville, North Carolina, that regularly hosts weddings, dog birthday bashes, and Halloween parties. The space is currently hosting hurricane relief efforts for the local community.If you feel like you can't turn a corner without seeing a four-legged friend, you're not alone. America's younger workers are getting hooked on their dogs, and they're generating their own revenue streams — and popping up everywhere, occasionally to some people's chagrin."The dog today is not the dog of 10 years ago," Bobby Boivin, the co-owner of Boo's Dog Bar in Sarasota, Florida, said. "The dog today is literally a child in the family. It is a family member. And well, when people go out to dinner, they want to bring the whole family with them."You can feel that at the Dog Bar. Some of their community events are directly inspired by the other type of kids — the human variety. Stephanie Marble, the events coordinator and membership director, said she's taken inspiration from the birthday parties she threw for her sons when they were little."One thing that we do that's really simple in Florida is we just put sprinklers out in the yard," Marble said, "because in the summertime when you're trying to get the kids to do something, get out of the house and stop complaining, you just turn the sprinkler on and throw them all outside in the front yard and they can play for hours with their little pools and their little sprinklers. And so we do that once or twice a year at Dog Bar."She offers party packages, Santa for holiday photos, and an Easter egg hunt for dogs. Santa Steve, in particular, is a big hit — his photos with dogs frequently end up in their owner's digital Christmas cards. He has almost 200 sittings with dogs every year, broken up across two days.The obsession with canines is shaping our built environments, from bars to apartments to your favorite coffee shop. Our urban infrastructure and lifestyles are increasingly designed around pet ownership. Call it the invasion of the dogs.<h2 id="e6e1611e-a9f7-4ff4-b264-e769292d445a">Everyone got dogs</h2>In Washington, DC, a single-story laundromat and parking lot just off Logan Circle is being transformed into a 6,000-square-foot "dog-friendly garden" called Dog Daze. The turf and tree-dotted venue will feature vendors serving coffee, beer, pizza, smoothies, and acai bowls. The idea is to create a place where both people and dogs want to be regulars."You can go to a dog park, and you can sit down for a quick amount of time, but it's really more of a check-the-box activity versus actually somewhere you want to stay and hang out," said Dog Daze managing partner Kyle Cissel. "We wanted to make sure that it was somewhere they felt at home, they're willing to spend time, and they would actually stay for longer periods of time and make it part of their daily, weekly, and monthly schedule."Over the last few decades, the percentage of households with kids <a target="_blank" href="https://www.pewresearch.org/short-reads/2021/11/19/growing-share-of-childless-adults-in-u-s-dont-expect-to-ever-have-children/">has plummeted</a>, while the share that owns a pet has ticked up. The percentage of homebuyers with a child under 18 living with them has fallen by nearly half since the 1980s, according to <a target="_blank" href="https://www.nar.realtor/blogs/economists-outlook/a-stunning-stat-for-international-cat-day-there-are-more-american-households-with-pets-than-children">a NAR analysis</a> of US Census data. At the same time, the share of households with pets has grown <a target="_blank" href="https://americanpetproducts.org/industry-trends-and-stats#:~:text=2024%20APPA%20National%20Pet%20Owners,type%20and%20by%20generational%20segment.">from 56% in 1988 to 66% today</a>. And during the pandemic alone, over <a target="_blank" href="https://www.aspcapro.org/resource/new-aspca-survey-vast-majority-dogs-and-cats-acquired-during-pandemic-still-their-homes">23 million US households</a> welcomed dogs into their homes."We see dogs all the time where people are like, 'Yeah, this is my covid baby. I never liked dogs before, but I got one, and now it's my favorite thing in the world,'" said Kulp, of Wagbar.That dog boom coincided with a few other key trends: Americans were <a target="_blank" href="https://www.businessinsider.com/modern-loneliness">feeling lonely</a>, they couldn't afford to <a target="_blank" href="https://www.businessinsider.com/rising-cost-dating-millennials-gen-z-soaring-cost-love-apps-2024-8">sink more money into dating</a>, and larger homes with yards were financially out of reach.Nearly one in five homebuyers factor pets into their housing and neighborhood choice, <a target="_blank" href="https://www.nar.realtor/blogs/economists-outlook/a-stunning-stat-for-international-cat-day-there-are-more-american-households-with-pets-than-children">according to data</a> from the National Association of Realtors (NAR). That's up from 15% in 2018. Among unmarried couples, the number jumps to 29%. A third of those who consider their pets needs when choosing a home say they want to be close to parks and recreation, NAR found. Inside the home, features like dog and cat doors, outdoor "catios" for felines, and fenced yards are all in demand.It pays for landlords and homebuilders to provide for their non-human customers. After all, the dog business is booming. Spending on US pet care alone <a target="_blank" href="https://americanpetproducts.org/news/u.s.-pet-industry-reaches-147-billion-in-sales-in-2023">has ballooned</a> from $53.3 billion in 2012 to $147 billion in 2023. Americans are also increasingly spending more time on their fuzzy friends; in 2003, according to the American Time Use Survey, Americans ages 25 to 34 spent just over four minutes a day on average on animal and pet care (that includes Americans without pets). By 2023, it had risen to nine minutes a day.And while playgrounds have traditionally been a social hub for parents and kids alike, dog amenities offer a new kind of community or third place. That might explain why dog-centric bars and restaurants — where dogs aren't just a patio feature but the main attraction — are popping up all over the country.Cissel thinks the future is bright for dog-friendly third spaces. He argued that a dog social club like Dog Daze is similar to a local gym or convenience store — an amenity neighbors would use multiple times a week, as opposed to other leisure amenities like movie theaters. "It's definitely something that I think you'll see in every neighborhood in the next 10 years," he said.Tara Downs, the owner of the seven-year-old Pub Dog in Colorado, said that she's noticed some economic shifts from her customers — three or four years ago, someone would come in and order a few beers and food for themselves, and food for their dogs. Now, they're seeing humans cut back on what they're spending on themselves but still getting their dogs the same treats."So they're still finding ways to make sure that they're giving their dogs everything that they want for them — no matter what it means for them in the human sense," she said.Take Fred Metzler. He was working a corporate job selling automatic doors when he decided he wanted a change. After adopting two puppies, he fell in love with a dog bar in his neighborhood. He and his former business partner decided to bring that concept down to St. Petersburg, Florida and ended up opening the Dog Bar in 2016.Metzler also noticed something else over the last decade or so: "The pet industry seemed to be kind of recession-proof. I mean, through '07, '08, when things were just terrible, and our business was way down in construction, companies like PetSmart never slowed down." Even in 2009, PetSmart's store sales growth slowed down to what the <a target="_blank" href="https://www.wsj.com/articles/SB10001424052702304607104579212232612242394">Wall Street Journal</a> hailed as a "respectable" rate that rebounded and then some. After all, as Kulp, the co-founder and CEO of Wagbar, said: "People spend more money on their dogs sometimes than themselves."According to a survey from the American Pet Products Association of 10,156 pet owners from December 2023 to January 2024, 27% of dog owners said that they hold holiday or birthday parties for their dogs — up from just 14% in 2018.In some tangible ways, today's dog owners indeed see their pets as children. It does make sense: In a country where the cost of living is rising and raising a kid <a target="_blank" href="https://www.businessinsider.com/how-much-kids-cost-raising-child-inflation-childcare-tax-exemptions-2024-1">costs $26,000 a year</a>, becoming a dog parent might feel more financially sound — and still help stave off loneliness."People are lonely, people take dogs as serious as children," Luke Silverman, the CEO and co-founder of Bark Social, a social club for dogs and humans with locations across the country, told BI. "All that together brings together these really unique opportunities to create a community."<h2 id="20b14fe7-56a0-4109-839f-fcf696ab8d55">What it means to have dogs everywhere</h2>Stephanie Chez, 26, first noticed more dogs around when she spent the summer of 2021 working at IKEA. Since then, she's seen them everywhere, from Sephora to Target to coffee shops.Chez loves dogs, but her fiance is allergic. Obviously, she said, some dogs are service animals and people with allergies will have to contend with that. And she enjoys seeing dogs around — but she's still adjusting to the new normal."Sometimes it's like, oh, did you have to bring your dog into this tiny little coffee shop?" she said.It's a question that Americans might be reckoning with more, especially as society becomes more dog-centric. According to the APPA survey, 15% of dog owners are bringing their dogs with them in the car daily to run errands or go about their daily routines — up from 10% in 2018. More dog owners are also bringing their dogs with them on vacation; around a third of them have brought their dogs on a two-plus night trip via car, and around a fifth did the same via plane.Other pet owners might be looking to do the same. Silverman said that someone once called and asked if they could bring a miniature horse in. His answer: If it was a service animal, yes. The horse ultimately never made an appearance.Unleashed Hounds and Hops in Minnesota has had one cat come in a backpack, according to founder Kevin Knutson. The cat mostly kept to itself; as long as it wasn't disrupting the dogs, it was okay for the not-dog to attend."It's the same thing with kids," Knutson said. "We do allow kids at our facility too, but we have a strict rule about they have to stand up within arms reach of an adult. This is not a playground for kids. This is a playground for dogs."Dog bars are also increasingly becoming a site of life's big moments. Multiple dog bars BI spoke with touted their singles events. Kulp said that couples have met, gotten engaged, and even gotten married at Wagbar.Some — like the Dog Bar in Florida — also use their spaces as a neutral ground for dog parents to meet adoptable dogs and see if their current pups get along with a potential new sibling. That neutral stomping ground has also made it a good space for broken-up dog couples to do custody hand-offs; Metzler has heard of one or two break-ups happening there, too."I think the individual was like, this was a good-energy place. My partner can only get so mad," he said.And as dog bars and dog-centric spaces have become a larger part of life for many Americans, some have also become a place for a send-off from life. Kulp said that a customer in his 80s found Wagbar, and came every day like clockwork. When he passed away, his family got in touch; they'd never been to the venue before, but they knew what a big impact it had on his final years. They decided to hold his memorial there — with dogs in attendance."That's just not something you see at very many places and businesses," Kulp said. To him, that's a testament to the power of dogs. "They just are a catalyst for that connection and conversation."

Invasion of the dogs: How surging canine ownership is reshaping cities and businesses

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

From the moment Wende Zomnir answers my call, it's like I can feel rays of California sun beaming through the phone.While I'm settled in a New Jersey suburb, she's enjoying Newport Beach, California. It's where the beauty mogul runs her latest cosmetics venture out of a Zomnir-described "surf shack" that sits in front of the ocean.Natural light filters through every window, and a mix of beauty products, succulents, and driftwood decorates seafoam-green shelves beyond the rainbow-painted entryway."I was just lifting in my garage gym before this interview," she told me. "You can see the beach from here."<div type="image" title="Wende Zomnir using a Caliray lip gloss." height="3000" width="2001" msid="111713106" hostid="261" sizebytes="305274"></div>If you're unfamiliar with Zomnir's name, you're certainly acquainted with her work. She cofounded Urban Decay in 1996 and created the brand's most iconic products. Remember the beloved <a target="_blank" href="https://www.businessinsider.com/urban-decay-naked-palette-discontinued-sale-2018-8">Naked eyeshadow palette</a>? Yeah, it was her idea.She led the brand to reach $1 billion in annual sales and sold the company to <a target="_blank" href="https://www.businessinsider.com/meet-richest-woman-world-francoise-bettencourt-meyers-loreal-2023-9">L'Oréal</a> in 2012. Less than a decade later, Zomnir launched a sustainability-focused beauty venture called Caliray.But she's not starting over. Zomnir is simply expanding on something she's been doing for years."I tried making eyeshadow compacts out of corn plastic 15 years ago. And Urban Decay was the first brand to have all recycled paper cartons," she told BI. "So it's not like Caliray's wellness and sustainability is a 180 departure from Urban Decay. It wasn't part of the brand's messaging, but it was always part of my personal vision."<h2 id="1045af10-9a97-4402-95e7-5a9d6aa71f63">'Makeup is in my blood'</h2>Zomnir grew up in Texas, where blush was bold, and hair was sky-high.Her beauty memories start early. She recalls sneaking into her mom's bathroom, the smell of her makeup drawer, and the eyeshadow brush that seemed like the "biggest, fluffiest in the world."Zomnir has also never forgotten the massive Calvin Klein makeup kit her mom gifted her around age 13."It was probably the best Christmas gift I've ever gotten, other than this giant diamond ring my husband bought me a few years ago," she added with a laugh.Despite her innate love for makeup — and a college job selling Elizabeth Arden skincare at a department store — Zomnir didn't envision a career in beauty."My customers were all in their 70s and 80s, and the women I worked with were in their 50s and 60s," she said. "They were amazing, like moms to me, but that had been their career. They'd talk to me about progressing mine, and I would think: 'Oh no no, I'm not doing this.'"Zomnir went into advertising, working an internship at Leo Burnett Worldwide that turned into a job working on cosmetic advertising accounts. Her career took her to California in the mid-'90s, where her life changed forever.Zomnir's friend was engaged to a man who worked as an asset manager for Sandy Lerner, the cofounder of Cisco Systems. When Lerner told him she'd set her sights on makeup and wanted to create a brand, he called Zomnir and asked if she'd like to meet with the tech entrepreneur."I was thinking, 'How can we possibly break this giant beauty industry?' She looked at me and said: 'Well, I broke tech. Why can't we break beauty?'" Zomnir recalled. "So I quit my job and jumped in. Sandy and I started Urban Decay." <h2 id="8cfd8094-66ee-4e6e-a8a4-a84a608cac56">No regrets; just makeup</h2>Urban Decay is famously known as one of the first indie beauty brands to make it big. At its peak, Zomnir said the company was selling at least one Naked palette every few seconds and had gone global, largely thanks to help from L'Oréal.<div type="image" title="Wende Zomnir at an Urban Decay party in 2018." height="2000" width="3000" msid="111713103" hostid="261" sizebytes="515674"></div>Zomnir left in 2022, a decision she made when she felt Urban Decay needed a "fresh perspective," she told <a target="_blank" href="https://www.beautyindependent.com/caliray-founder-wende-zomnir-urban-decay-today-clean-beauty-shoppers/">Beauty Independent,</a> and a chance to fully acclimate to L'Oréal's branding. The founder told BI she's at peace with the brand now being out of her control."Are you ever going to completely align with someone else's creative vision for your brand? Nope. You're not," she said, pointing to the brand's Moon Dust eyeshadows as an example."I don't love the new package they put them in, but it's the same formula," Zomnir said of the powder products, now encased in see-through acrylic squares rather than small, silver spheres."But I get a lot of satisfaction from the fact that many of the things I created are still the top sellers and top of the industry," she added. "Moon Dust shadows, the Naked palettes, the 24/7 pencils — all of those are things I cooked up."She's still close with many people who brought the brand to the top with her. Zomnir said she attended a "mini-reunion" with ex-Urban Decay employees at the Caliray office the night before our call. Attendees included L'Oréal group president Carol Hamilton, beauty veteran Tara Simon, and, in true Urban Decay fashion, lots of pets."This is very emotional and top of mind for me," Zomnir said, reflecting on her past role. "While I was there, I'd look around and see a couple hundred people spread across a few buildings, all working toward a really unique and amazing mission."<div type="image" title="Wende Zomnir." height="1620" width="1080" msid="111713101" hostid="261" sizebytes="67356"></div><h2 id="079e9c71-3d92-4a1b-b006-e6b5aab60763">Starting fresh with Caliray</h2>Conceptualizing a new makeup brand with a California aesthetic was a no-brainer for Zomnir.While on the road promoting Urban Decay, she noticed that people asked her the same questions: What's California like? Does she surf and do yoga? Does she eat kale for breakfast, lunch, and dinner?Then Zomnir took a surfing trip with her family and noticed a surplus of plastic trash across the island.Sustainability was always important to her. She introduced a biodynamic garden to the Urban Decay office so that employees could harvest their meals and ensured that eco-friendly materials like cork and bamboo were used throughout its office furniture and supplies.But she knew she could make even bigger changes."I thought about all the Naked palettes that are probably in landfills right now, and I was like, 'We have to do a better job,'" she said.So, she officially launched Caliray in 2021. Its makeup, made with skin-friendly ingredients, is meant to be effortlessly applied. Its packaging, however, utilizes recycled plastic, sugarcane barrels, algae and vegetable ink, and other eco-friendly components."What we're trying to do is get the most recycled plastic we can into everything," Zomnir said. "We're trying to use glass and not coat it with materials that render it unrecyclable."Those shiny, plastic lipstick tubes that look like metal? They're a no-go for Caliray."They're beautiful, but it takes a <a target="_blank" href="https://www.sciencedirect.com/science/article/pii/S0160412021002476">highly toxic process</a> that really pollutes the air environment to make them," she said. "We're trying to be cognizant, not only of the materials we use but how we treat those materials."A Caliray press representative cites the brand's <a target="_blank" href="https://caliraybeauty.com/shop/product/come-hell-or-high-water-clean-mascara">Come Hell or High Water mascara</a> as its most popular product. It's followed by its <a target="_blank" href="https://caliraybeauty.com/shop/product/so-blown?variant=42815579881661">So Blown primer</a>, which the brand says has sold out seven times at Sephora.Both products are also extremely popular on TikTok. Caliray's mascara first <a target="_blank" href="https://www.tiktok.com/@katie.org/video/7182695170972863786?is_from_webapp=1&amp;sender_device=pc&amp;web_id=7381479116761663022">went viral in 2022</a> and is still regularly discussed <a target="_blank" href="https://www.tiktok.com/discover/mascara-caliray">on the platform</a> today.The representative also said Caliray is expected to reach $18 million in sales this year and was named one of the most innovative brands by <a target="_blank" href="https://www.fastcompany.com/91034298/caliray-most-innovative-companies-2024">Fast Company</a> in March. BI couldn't independently confirm that estimate. <h2 id="1567da92-d2d7-4f46-8dcb-3cfc99fb3f4e">Doing things the Zomnir way</h2>Zomnir's Caliray surf shack doesn't run like a typical office.<div type="image" title="Inside the Caliray surf shack." height="4032" width="3024" msid="111713105" hostid="261" sizebytes="729420"></div>"Deliveries come, and we all basically get up out of our chairs and haul boxes into the product closet," Zomnir said. "It's scrappy, but it's fun. I love having my hands dirty and understanding every little aspect of the business."Starting a new venture is difficult, even for a beauty veteran. The days of beauty consumers being loyal to one specific brand are long gone."There's not even loyalty to favorite products anymore, which is OK. That's the customer's choice," Zomnir said. "But as a brand, it's your job to make products so good, and the packaging and the branding so compelling, that even if they stray, they do come back to you."That's why she's stuck with her tried-and-true business method: starting from the bottom and naturally working her way up."You can throw $20 million at something, get it launched, drive the awareness, and make it successful," she said. "But I do think there's something to be said for starting really, really granular. I started with almost no employees."And in doing so, Zomnir can finally take a step back and enjoy everything she's created — so far, of course."I just graduated my youngest child from high school, so I really want to take the time he's out of the house to experience more and spend some more time with friends. And to be super honest, to keep myself from crying every day," she said.She's also booked a ticket for a vacation with friends and is slowly but surely passing on some of her workload to Caliray colleagues."Hopefully, I can be an even better visionary for them now that I'm able to take my hands off the reins," she said.

Wende Zomnir revolutionized makeup with Urban Decay. She's not done building her empire.

<ul class="summary-list"><li>Harris has proposed expanding the small business tax credit from $5,000 to $50,000.</li><li>Experts told BI the proposal would shift the timing of deductions and isn't all that pricey.</li></ul>Patricia Oswlad, 55, and her husband have spent years building up their retirement fund. But when Oswald decided to launch a small business in the fall of 2022, the couple liquidated some of their assets to fund the company, throwing their financial planning to the wind.With fewer than five weeks until Election Day, Vice President Kamala Harris is <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-small-businesses-tax-breaks-cut-red-tape-2024-9">making a targeted pitch to entrepreneurs</a> like Oswald, who are burdened by startup expenses. She even mentioned a key proposal in her opening answer at the presidential debate: expand the small business tax credit 10-fold, from $5,000 to $50,000.In a pamphlet on her economic plan, dubbed the <a target="_blank" class="" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">"Opportunity Economy,"</a> Harris explains that she would let business owners take advantage of the $50,000 tax deduction right away or a few years after launching, to help lower taxes once they start turning a profit. The proposal, <a target="_blank" class="" href="https://www.businessinsider.com/harris-added-policy-website-before-trump-debate-venture-capital-startups-2024-9">like many of her others</a>, would need <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-senate-races-ted-cruz-rick-scott-2024-9">congressional</a> approval.Oswald told Business Insider the credit would have been "invaluable" in getting Brisa Systems, which offers powered drying racks, off the ground.<h2 id="7006e4c2-613d-4eb9-8fc4-ad020faacaad">Harris' proposal shifts the tax timeline for entrepreneurs.</h2>Tax experts told BI that enacting the credit would mean a change in timing more than anything else. Under current law, small businesses can deduct up to $5,000 in expenses immediately and must deduct any future expenses against their income over 15 years. Harris' proposal would let entrepreneurs deduct more money quickly.Owners have expenses before even launching their business, and the deduction would help cover those costs.Rhett Buttle, the co-executive director of Small Business Roundtable and a former business advisor for President Joe Biden, told Business Insider that startup costs accumulate in three primary areas: marketing, basic equipment, and hiring.For Oswald, most early costs have been in manufacturing and intellectual property services. Taylor McCleneghan, who launched her product development company, Small Shop LLC, in 2018, named inventory and marketing as the biggest upfront costs. Both women are based in the Chicago area.<div type="image" title="Kamala Harris at a campaign event about small businesses" height="3439" width="5159" msid="113963121" hostid="261" sizebytes="769310"></div>Brett Theodos, a senior fellow at Urban Institute who specializes in small business loans, told BI that entrepreneurs would "love" to be able to deduct more of those expenses right away. Moving up the timeline would, he said, make many feel less strapped for cash from the very outset.And there's another potential upside, according to Garret Watson, a senior policy analyst at the nonpartisan Tax Foundation. Small businesses would likely benefit from getting the deduction more quickly because of inflation, he said.Many entrepreneurs are psyched about the effort. Theodos struggled to think of a reason why they wouldn't want this, and Buttle said that those he works with are overwhelmingly excited about the plan.McCleneghan, of the Small Shop, said having access to a $50,000 tax deduction early on would have allowed her to do better long-term planning. With the expanded tax deduction, Oswald said she might not have had to divest retirement funds or take out lines of credit."Getting money in the hands of entrepreneurs sooner is going to allow them to hire, to get equipment, to get a space, to pay off some debt, to pay themselves," Theodos said. "So it's meaningful to allow them to accelerate the deduction of startup expenses."But while small business owners may jump at the opportunity for more early cash flow, where this money would come from is more unclear. McCleneghan herself acknowledged that the details seem hazy.<h2 id="af50011b-34e9-4f5e-9a3b-b001ea7f148b">Despite the flashy numbers, the proposal likely wouldn't have a significant impact on the federal budget.</h2>Though $50,000 sounds like a big-ticket promise, the experts BI spoke to said Harris' proposal actually wouldn't make a big dent in the federal budget. The Tax Foundation, where Watson works, examined cost estimates from prior expansions and found that the proposal would cost about $24.5 billion over 10 years."Relative to the federal government's budget and spending, it's very small," Watson said. "This $25 billion number is in the context of a tax plan for the Harris campaign that would raise about $5 trillion over 10 years. So you're talking about orders of magnitude more money on the tax hike side."<div type="image" title="Kamala Harris and Mike Johnson during the State of the Union speech" height="4000" width="6000" msid="113963120" hostid="261" sizebytes="522916"></div>Some of the loss, he said, stems from the likelihood that certain entrepreneurs will use the deduction and then go out of business. Since the proposal changes when businesses can deduct rather than how much they deduct, it will cost some money, but not "big money," Theodos said.And the proposal could help spur growth, if it becomes law. According to a study from the <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2024/04/22/a-look-at-small-businesses-in-the-us/">Pew Research Center</a> published in April 2024, small businesses employ nearly half of the country's private sector employees.Theodos called small businesses "essential" for the US economy, and Buttle said they're a<a target="_blank" class="" href="https://www.businessinsider.com/harris-sec-ftc-khan-gensler-crypto-regulation-biden-warren-2024-9"> crucial source of innovation</a>. But the tax experts said the full potential economic impact of the proposed expansion is still up in the air."The question is, will this significantly contribute to a startup boom or really change the needle there or move the needle there? I think that's a reasonable question. It's up for debate, particularly because this is such a narrow provision," Watson told BI, while noting that giving businesses deductions is generally a good policy.If the policy did spur more development, though, Mary Hansen, an economics professor at American University and co-director of the nonpartisan Institute for Macroeconomic and Policy Analysis, said it would eventually have a net positive impact on government revenue.As of now, Harris' promise is just that — a promise.Should she win the election, Congress would need to pass legislation to turn her expanded tax deduction idea into a reality. Despite the prevailing congressional gridlock, all of the experts BI spoke with said small businesses are a rare point of potential bipartisan agreement. Watson predicted that lawmakers would likely tie the proposal to their actions on the expiring 2017 tax provisions.<div type="image" title="Kamala Harris and Doug Emhoff go shopping to support Small Business Saturday" height="3788" width="5973" msid="113963117" hostid="261" sizebytes="2365956"></div>Should Congress ever pass the expanded tax deduction, all startups and small businesses would access the same amount of money — but the experts told BI that some would feel the impact more than others. Entrepreneurs with less initial cash flow would disproportionately benefit from the change, they said.Buttle said it would help women and people of color who have a harder time accessing capital. The Pew Research study found 61% of small businesses are majority-owned by men and, as of 2021, 85% were majority-white owned."We're talking about community businesses, micro-businesses, businesses where the founder doesn't have as much net worth," Theodos told BI. "Everybody can benefit from $45,000, but the question is, who is that making the critical difference for?"

Kamala Harris' tax plan for small businesses sounds like it will cost a lot of money — it won't 

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

<ul class="summary-list"><li>Urban Revivo has been touted as a rival to Zara in Asia and is looking to expand to the West.</li><li>I tried on clothes at both shops, but my shopping experience at Urban Revivo was better.</li></ul>Urban Revivo is quickly emerging as a <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-06-24/chinese-zara-rival-urban-revivo-is-said-to-weigh-hong-kong-ipo">rival to Zara</a> in the Asian fashion market, with competitive prices, similar store aesthetics, and a large selection of clothing items.The fast-fashion brand, founded in 2006, has <a target="_blank" class="" href="https://urbanrevivo.sg/pages/about-us#:~:text=The%20brand%20has%20more%20than,United%20States%2C%20Europe%20and%20more">more than 300 outlets</a> in mainland China and Southeast Asia.But it now plans to expand its business to <a target="_blank" class="" href="https://www.businessinsider.com/urban-revivo-us-uk-expand-fast-fashion-nyc-london-fmg-2024-7">cities like New York and London.</a>Meanwhile, Urban Revivo's competition — the Spanish fast-fashion powerhouse Zara — is <a target="_blank" class="" href="https://www.theguardian.com/fashion/2023/dec/12/zara-pulls-uk-ad-campaign-images-gaza">weighed down</a> by <a target="_blank" class="" href="https://www.newsweek.com/zara-boycott-controversial-ad-bodies-sheets-israel-hamas-1851186">boycotts over the Israel-Gaza war</a>, impacting its reputation.I checked out the two brands' outlets in Singapore's Jewel Changi Airport and put together basic outfits in each store. Here's my review.<h2 id="baca7690-c343-4a6f-8321-42ad80b9f1ee">Urban Revivo's fits felt way better than Zara's</h2><div type="image" title="(Composite image) The author trying out basics from Zara and Urban Revivo." height="768" width="1024" msid="112163879" hostid="261" sizebytes="54848"></div>I wear US size 6, but I found it difficult to find pieces that fit me properly in Zara.I tried on four basic white tops, but some were too loose around the armholes, while others were too tight around the waist.I tried on a couple of pairs of jeans, too, but was again faced with the same issue.<div type="image" title="The outfit that the author picked out at Zara, consisting of a pair of jeans, a white tank, a beige cardigan and a handbag." height="960" width="1280" msid="112163870" hostid="261" sizebytes="163576"></div>I finally settled on a no-frills white tank ($18.50), a beige knit cardigan ($49), and the straight-leg jeans ($45.90). I added a basic white handbag ($56.60), bringing the total to $170.In contrast, the first thing I noticed about Urban Revivo's offerings was the quality of the pieces. They felt sturdier than the clothes at Zara. The first tank top I put on fit me like a glove, as did the first pair of jeans I tried.<div type="image" title="The outfit that the author picked out at Urban Revivo, consisting of a pair of jeans, a white tank, a black cardigan and a handbag." height="1280" width="960" msid="112163873" hostid="261" sizebytes="75446"></div>My picks included a black-outlined white tank top ($10), a cropped black cardigan ($41.60), a pair of dark wash jeans ($41.60), and a sparkly black handbag ($57.90), for a total of $151.10.However, one drawback for Urban Revivo was the range of sizes available in the store. The largest jeans size I saw was a US size 8, whereas, in Zara, the range went up to size 14.As the name suggests, Urban Revivo's pieces were more street-style than Zara's. Most pieces had a neutral color scheme compared to Zara's more colorful offerings.<h2 id="373b5067-cb9a-40b6-a406-858acacfd69c">The Urban Revivo store experience rivals Zara</h2>The two stores have similar aesthetics, with clean white interiors.Zara's store was largely open concept — a rectangular-shaped floor plan with most products hugging the walls.<div type="image" title="(Composite image) Zara's storefront in Singapore's Jewel, and a picture of its interior." height="768" width="1024" msid="112163880" hostid="261" sizebytes="62830"></div>It was also very brightly lit. The store design worked fine, but it wasn't anything spectacular.In contrast, Urban Revivo felt like it had intentionally curated its space with a flow in mind. The products were displayed in aisles, prompting shoppers to follow a proposed pathway.The store also had arches, adding visual interest to the outlet's design. <div type="image" title="Urban Revivo's interior." height="813" width="1083" msid="112163865" hostid="261" sizebytes="126878"></div>Unlike Zara's bright lights, Urban Revivo was lit more dimly, creating a more relaxed environment.Mário Braz de Matos, the cofounder of Flying Fish Lab, a branding consultancy agency in Singapore, told BI that Urban Revivo invests "far more than any other fast fashion brand in the shopping experience," something other brands like Zara, H&amp;M and Uniqlo are focusing less on.<h2 id="e4618bb1-1337-41b5-8074-989376f78d2a">But Zara doesn't have to worry just yet, experts say</h2>While I thought that Urban Revivo was a strong alternative to Zara, experts told BI it doesn't pose a major threat yet. For one, they say the two brands cater to different target demographics."The UR (Urban Revivo) styles are mostly cute and youthful, while Zara offers more sophisticated clothing, most likely for working," said Marcie Cooperman, a professor from the fashion marketing department of Parsons School of Design.Gregory Angel, an assistant professor of fashion at Parsons, echoed Cooperman's sentiments."Urban Revivo has a variety of products, but there is a 'sophomoric' feel to it," Angel said.And while one might think the Gaza boycott would have people searching for a Zara alternative, the experts are skeptical that political activism will have a lasting impact on the Spanish brand's business."Customers do not have the courage of their convictions for very long," Cooperman said."If they even have a conviction to boycott a brand, they will forget about it as soon as they see something cute on its website," she added.They also say that it's too early to determine if Urban Revivo will be a true threat to Zara."Fighting the incumbents is always an uphill battle," Braz de Matos of Flying Fish Lab said."For now, Urban Revivo is too small outside China to be felt as a threat to Zara. They can compete with Zara in every market where they are present but may not be seen as a menace," he added.Angel said: "Will it be a competitor or a little sister? The market has yet to find out."Richard Tang, CEO of international business at Fashion Momentum Group, Urban Revivo's parent company, said that his firm did identify Zara as a primary competitor. Tang added that while both companies have a broad consumer base, Urban Revivo is gunning for customers who are "quality-driven elites, white-collar professionals, and the new generation of fashion pioneers.""Urban Revivo has evolved, particularly with its global expansion, into its own distinct market position, despite price and product range similarities to Zara," Tang told Business Insider."This strategy is not only about competing with Zara but also about creating a distinct brand image and influence in the foreign market," Tang said. Representatives for Zara did not respond to a request for comment from BI.

I shopped at Urban Revivo, Asia's answer to Zara. I'm a convert, but experts say Zara has nothing to worry about — yet.

<ul><li><keyword id="20243924" type="General" weightage="20" keywordseo="MapMyIndia" source="keywords" meta.keywordsubtype="org" meta.entityname="MapMyIndia" meta.hostid="261" meta.entityid="MapMyIndia">MapMyIndia</keyword> has accused <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> of stealing its map data for <keyword id="20251740" type="General" weightage="20" keywordseo="Ola-Maps" source="keywords">Ola Maps</keyword>.</li><li>The company has claimed that Ola Electric has copied its data for “unjust commercial gains”.</li><li>The company has reportedly sent a legal notice to Ola Electric.</li></ul> Ola Electric is all set to raise funds from the primary market through an<a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-ola-electric-akums-drugs-and-more/slidelist/112097714.cms"> initial public offering</a> (IPO) which is set to open on August 2. Ahead of the IPO, <keyword id="21641099" type="General" weightage="20" keywordseo="CE-Info-Systems" source="keywords" meta.keywordsubtype="org" meta.entityname="CE Info Systems" meta.hostid="261" meta.entityid="CE Info Systems">CE Info Systems</keyword>, the parent company of homegrown MapMyIndia has accused the Bhavish Aggarwal-led company of stealing map data. According to a<a href="https://www.forbesindia.com/article/news/mapmyindia-alleges-ola-copied-data-for-maps-slaps-legal-notice/93765/1"> report</a> by Forbes India, MapMyIndia in a legal notice has accused Ola Electric of stealing its map data after the company launched its own mapping service, Ola Maps. MapMyIndia has claimed that Ola Electric has breached its license agreement. The electric two-wheeler maker had partnered with MapMyIndia to offer navigational services on its electric scooters. <h2>Data copied</h2>MapMyIndia has claimed that Ola Electric has duplicated the API (application programming interface) and SDKs (software development kits) from the company’s proprietary sources to build Ola Maps. <div type="Article" hostid="261" msid="112039063" title="Pixel 9 series design and specs revealed ahead of launch next month" mstype="2" mssubtype="0"></div> “It is firmly stated that our client’s exclusive data has been copied/derived by you to further your illegal motive and for your unjust commercial gains,” MapMyIndia reportedly said in its notice. Further, the company dismissed Ola Electric’s claim of developing the map data for Ola Maps from Open Map. “Your assertion that you have developed API and map data/Ola Maps solely through open map is factually incorrect and not tenable,” the company added. The company has said that the agreement signed between the two companies prohibits co-mingling and reverse engineering under the Intellectual Property laws. “By indulging in such unscrupulous and illegal activities, you have acted in blatant defiance of the terms and conditions of the agreement and have further infringed the copyright vested exclusively in our client pertaining to the source code,” the notice reads. Ola Electric in a statement to Business Insider India has denied the allegations. “Ola Electric wishes to address the recent claims made by CE Info Systems Limited (“CE Info”) in relation to the alleged issues with Ola Maps vis-à-vis MapMyIndia and reported in news media. We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly," an Ola Electric spokesperson said in a statement to Business Insider India. The Delhi-based Geotech startup has said that it will initiate appropriate civil and criminal legal action against Ola Electric. Earlier this month, the share price of MapMyIndia jumped by up to 10% during the Budget 2024-25 as Finance Minister Nirmala Sitharaman announced that land records in urban areas will be digitised using GIS mapping, highlighting the rising importance of such data. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-ola-electric-akums-drugs-and-more/slidelist/112097714.cms">Upcoming IPOs this week – Ola Electric, Akums Drugs and more</a> <a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms">Government extends EV subsidy scheme till September 30, increases outlay</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms">Apple to manufacture iPhone 16 Pro models in India soon after launch</a>

Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens

<ul class="summary-list"><li>For decades, Detroit was seemingly caught in an economic time warp that hobbled its full potential.</li><li>But the city's downtown has one of the most stunning urban reinvention stories in the United States.</li></ul>Last week, more than 775,000 football fans converged in downtown Detroit for three days as the city hosted the NFL Draft.Detroit obliterated the previous <a target="_blank" href="https://www.freep.com/story/sports/nfl/2024/04/27/detroit-nfl-draft-weekend-breaking-attendance-record/73482236007/">draft turnout record</a> set in 2019 when Nashville hosted roughly 600,000 fans across three days.Campus Martius Park, perhaps the most revered public gathering space in Detroit, served as the centerpiece of the festivities.Such positive developments are not atypical for Detroit these days. New residents continue to flock to <a target="_blank" href="https://www.businessinsider.com/us-cities-downtowns-fight-doom-loop-office-crisis-2024-4">residential developments downtown</a>, and businesses occupy early-20th-century architectural gems that sprouted when the city was at its industrial zenith.So, just how did this Midwestern city become a model for urban reinvention?<div type="image" title="NFL Draft" height="3024" width="4032" msid="109675229" hostid="261" sizebytes="2498410"></div><h2>The past informs the present</h2>In the 1980s and 1990s, downtown Detroit was a visible reminder of the "urban doom loop," when residents head for the exits and office towers empty out — leading to diminishing tax revenues that threaten core municipal services.The legendary flagship location of Hudson's department store, beloved by generations of Detroiters, closed in 1983. The 1980s saw scores of layoffs in the automobile industry and the closing of numerous factories, causing economic strain in a region once known for its prosperity and its gateway to the middle class. Many small businesses either closed up shop or moved to the region's suburbs, a trend that continued into the 1990s.But when the city of Detroit filed for Chapter 9 bankruptcy in July 2013, <a target="_blank" href="https://www.npr.org/2023/07/22/1189093540/detroit-bankruptcy-comeback-hurdle">the largest municipal bankruptcy filing in US history</a>, many wondered whether an economic comeback would ever be fully realized. At the time, even weekly trash pickup had become unreliable in many neighborhoods.Now, the city is seemingly in its best economic position in decades.Detroit beat out Miami as the fastest-appreciating housing market in the country last November, with home prices rising by 8.7% year-over-year, <a target="_blank" href="https://www.businesswire.com/news/home/20240109628017/en/CoreLogic-US-Home-Price-Growth-Speeds-Up-Again-in-November">according to a CoreLogic report</a>.<div type="image" title="Hudson's" height="5584" width="8368" msid="109675230" hostid="261" sizebytes="1641784"></div><h2>People want to live in the city</h2>The allure of walkable neighborhoods, public transportation, green spaces, and businesses catering to local needs is something that many millennials and Gen Zs have embraced with open arms — but it's also a quality attractive to many boomers headed into retirement.Downtown Detroit has <a target="_blank" href="https://www.nytimes.com/2018/03/26/travel/architecture-detroit-albert-kahn.html">an abundance of towering, historic buildings</a> that are perfect for office-to-housing conversions and office renovations that have taken hold in downtowns across the country.Dan Gilbert, the cofounder of Rocket Mortgage (formerly Quicken Loans) and a Detroit native, has poured billions into the city's downtown to revitalize the area.Gilbert's real-estate firm, Bedrock Detroit, is building a 45-story mixed-use skyscraper at the site of the old Hudson's department store. When completed, the development will be home to General Motors' <a target="_blank" href="https://www.freep.com/story/money/cars/general-motors/2024/04/15/gm-headquarters-rencen-detroit-hudsons-tower/73328040007/">new global headquarters</a>, a five-star hotel, and high-rise residences.GM is currently headquartered at the 1970s-era Renaissance Center, a Detroit icon. While the company's move from the Renaissance Center has certainly raised questions about the complex's future, GM is staying in the city. GM's future headquarters, which will be even closer to the residential buildings sprouting up downtown, is poised to continue contributing to the city's vitality.

Detroit's 'doom loop' was unlike any other American city. Its downtown is now a model for urban reinvention.

<ul><li>Inflation has been eating into the purchasing power of lower and middle income groups with many essentials’ sales falling.</li><li>Majority of the upper and upper middle class respondents saw their household incomes go up more than inflation.</li><li>There is a dichotomy seen in online festive sales too as premium products are bought with discounts and purchase options say experts. </li></ul>There are two Indias within the great sub-continent. One where the day-breaking drink of tea has become dearer for many this year and the other half is doubling down on wine purchases. Neither of them are affected by the base effect of last year. <keyword id="2653343" type="General" weightage="20" keywordseo="tea-sales" source="Orion">Tea sales</keyword> were down last year too, and <keyword id="806378" type="General" weightage="20" keywordseo="wine-sales" source="Orion">wine sales</keyword> were up — darkening the ‘K’ line on economic recovery charts. Madan Sabnavis, the chief economist of Bank of Baroda calls it a schizophrenic pattern of consumption. “Sales are doing better in categories where price does not matter,” he tells Business Insider India. <div type="image" title="grocery demand" msid="104810160" hostid="261" caption="&amp;lt;p&amp;gt;Source: Pixabay &amp;lt;/p&amp;gt;"></div> It’s discretion not price The categories of goods where price matters are seeing low growth in output – a reflection of demand. Some of the casualties are detergent powders, groundnut oils, shampoos and hair dyes. Their output fell between April to August 2023, compared to the year before, as per BoB economics research. Inflation has a more indirect effect on these purchases. For example, tea and shampoo saw moderate inflation but their demand fell. Inflation was high in coffee, toothpaste and soaps but their demand grew. “The generalized inflation factor has been at work where real income has come down thus leading to lower purchasing power,” said BoB. In a survey conducted by UBS, about 46% of respondents said that they’re buying less personal care and packaged food compared to last year. For purchase of home care products, the respondents were largely neutral versus last year, it added. India’s largest FMCG player Hindustan Unilever with a large presence across rural and urban India has seen a direct impact of it in the quarter that ended in September 2023. Its overall urban volumes grew 3% and rural volumes fell 1%. “Rural recovery is likely to remain gradual,” the company said in its investor presentation indicating that the situation might not see any dramatic recovery in the coming months. Rural India saw reverse migration during the pandemic, but not all of them have gone back, opines Sabnavis. A chunk of downtrading is also being seen in urban areas amongst income groups that are facing the heat of inflation, experts add. At the other end This is, however, only one half of the story. At the other end, many Indians are not blinking while making discretionary purchases. A majority of the upper and middle class respondents – 65% – surveyed by UBS, saw their household incomes go up more than inflation. “The top 20% of the population account for the bulk of discretionary consumption. The survey results support our view that affluent consumers‘ income levels are holding up, as reflected in corporate wage growth that continues at double digits,” said UBS. Lalit Jhawar, co-founder and CEO, LandCraft Retail says that high-end gourmet products in urban areas have been steadily increasing over the last few years. He owns a luxury gourmet retails store- Food Square in Mumbai, which sells cheeses, truffles, caviar, artisanal breads and all the other international food items. “Affluence in urban areas has grown, resulting in a larger number of consumers with higher discretionary income,” Jhawar tells Business Insider India. Online sales: A story of dichotomy Another sign of higher spending is seen in the e-commerce festival sales. The first week of the many festival discount sales saw ₹47,000 crore worth of goods being sold, which is 19% higher than last year, says Redseer Consulting. Online sales, which now sees a good measure of metro and demand from Tier 2 and Tier 3 cities, is showing a dichotomy as well, say experts. “Two Indias have come into play where one India is saving up and waiting for prices to come down to clinch a good deal on premium products. On the other hand, there are low-value product sales i.e value-for-money purchases that are being bought more frequently,” said Abhishek Tandon, engagement manager at Redseer Strategy Consultants. The sale season, which is manna for bargain hunters, is also enthused by the number of Buy Now Pay Later and EMI options. “When it comes to big ticket purchases, premiumization is bolstered by financing options and discounts that make it affordable,” adds Tandon. In the pre-festive period between April and August,however, most consumer durable sales were in a negative zone, due to the high-base effect of last year, says Bank of Baroda’s report. Refrigerators, mobiles, readymade garments all showed a negative output – also indicating that discounts play a large role in discretionary purchases. Indian consumers have always been complicated and price has always played a big role in purchase decisions, choice of brands and more. But it’s no longer a linear story. One end of the market, driven by affluence, is veering towards premium purchases. The other end is looking for ways to survive with less in hand as inflation is eating into their purchasing power. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/mamaearth-this-fmcg-scion-is-all-set-to-gain-a-windfall-from-honasa-ipo/articleshow/104721052.cms">This FMCG scion is all set to gain a windfall from Honasa Consumer IPO</a> <a href="https://www.businessinsider.in/careers/news/genzs-millennials-wants-to-be-back-to-offices-even-as-costs-pinch/articleshow/104700780.cms">GenZs, millennials want to be back to offices even as costs pinch</a>

Wine vs Tea: India’s consumption trends show a sharp divergence

<ul class="summary-list"><li>A former PepsiCo exec sued the company for fraud and defamation after it said he didn't invent Flamin' Hot Cheetos.</li><li>Richard Montañez said he proposed the idea while working as a janitor and ultimately rose through the company's ranks.</li></ul>A former executive at <a target="_blank" class="" href="https://www.businessinsider.com/pepsico-pepsi-high-prices-putting-off-us-shoppers-sales-america-2024-2">PepsiCo</a> has sued the company, claiming he should get credit for being the brains behind Flamin' Hot Cheetos.Richard Montañez has frequently spoken of his rags-to-riches story, from starting out as a janitor to pitching the idea for Flamin' Hot Cheetos to PepsiCo's CEO to becoming an executive himself at the drink and snack giant, which formed the basis of his successful career as a motivational speaker. He published a memoir in 2021, and his life story was made into the film <a target="_blank" class="" href="https://www.businessinsider.com/flamin-hot-cheetos-movie-devon-franklin-eva-longoria-richard-montanez-2023-3">"Flamin' Hot"</a> in 2023.But an explosive Los Angeles Times investigation in 2021 claimed to debunk his claims about the origins of the Flamin' Hot flavor, supported by evidence from PepsiCo. Montañez filed a six-count lawsuit against his former employer on July 18, accusing it of fraud and defamation for making the comments to the publication.PepsiCo declined to comment when contacted by Business Insider, citing ongoing litigation. Frito-Lay did not respond to a request for comment. <h2 id="50d637c8-24bb-4f4b-b71e-955486143747">Montañez says he pitched spicy Cheetos while working as a janitor</h2>Richard Montañez's PepsiCo career began in 1976 when he started working as a janitor at its Frito-Lay factory in Rancho Cucamonga, California, per the lawsuit.During his time at the company, he experimented with making various flavored snacks at home to potentially pitch to the company, according to the lawsuit. But his big breakthrough came when a machine in the factory broke, and he was able to take home a batch of unflavored Cheetos, which he dusted with chile powder to try to replicate the flavor of elote, Mexican grilled corn with chile powder, per the lawsuit.In 1991, Montañez set up a meeting with PepsiCo CEO Roger Enrico to present his idea for spicy Cheetos, which he thought would be popular with the Latino community. Enrico liked the idea so much that he ordered PepsiCo to start making spicy Cheetos, the lawsuit says.But PepsiCo "attempted to cut Mr. Montañez out of parts of the process," the lawsuit says.PepsiCo launched nationwide sales of Flamin' Hot Cheetos in 1992. The product has since become a huge success for the company.PepsiCo sent Montañez on speaking engagements at places including Walmart, Target, and Harvard University to talk about how he developed the product, the lawsuit says.Montañez continued to develop other spicy snacks for PepsiCo and ultimately became PepsiCo's vice president of multicultural marketing and sales, according to the lawsuit.Montañez left PepsiCo in 2019 to dedicate his time to motivational speaking, charging between $10,000 and $50,000 per talk, per the lawsuit.<h2 id="8aaa9bfb-7665-40b0-802a-bb8d71ca3b4f">Frito-Lay says the 'facts do not support the urban legend'</h2>Montañez's story has been disputed. In 2021, <a target="_blank" class="" href="https://www.latimes.com/business/story/2021-05-16/flamin-hot-cheetos-richard-montanez">The Los Angeles Times</a> published an investigation that seemed to debunk Montañez's claims. More than a dozen former Frito-Lay employees, as well as the company itself, told the outlet that Montañez wasn't behind the development of the Flamin' Hot flavor."We do not credit the creation of Flamin' Hot Cheetos or any Flamin' Hot products to him," a spokesperson for Frito-Lay told The Times, adding that its records didn't show that he was involved "in any capacity" in the product's test market."The facts do not support the urban legend," the spokesperson said.Instead, Flamin' Hot Cheetos were developed by a team of snack food professionals in Frito-Lay's Texas headquarters, designed to compete with products sold in inner-city mini-marts in the Midwest, The Times reported. Enrico, the PepsiCo leader that Montañez said he met to pitch the product, didn't become CEO until nearly six months after Flamin' Hot Cheetos were launched in test markets, the Times reported.Montañez didn't start taking public credit for developing the products until nearly two decades after they were invented, per The Times.The lawsuit said that PepsiCo had made "false and misleading statements" to The Times in what it described as "an inexplicable about-face." The article was "defamatory," the lawsuit says.The lawsuit says the article made potential business partners and members of the public "distrustful" of Montañez to the detriment of his livelihood and mental health. This includes a significant drop in speaking bookings.The lawsuit says that Montañez was unaware that PepsiCo was already testing spicy snacks in some Midwestern markets at the same time that he was working on his own product.In a later statement, a spokesperson for PepsiCo told <a target="_blank" class="" href="https://variety.com/2021/film/news/pepsico-defends-richard-montanez-claims-earlier-statements-were-misconstrued-1234979160/">Variety</a> that it attributed the launch and success of Flamin' Hot Cheetos "and other products" to several people, including Montañez.Montañez "had a remarkable 40-plus-year career at PepsiCo and made an incredible impact on our business and employees," the spokesperson said. PepsiCo's previous comments had been "misconstrued" and fractured its relationship with Montañez, the spokesperson said.The lawsuit accused PepsiCo of fraud and defamation and said the company discriminated against Montañez because he was Mexican. It is seeking damages and an order preventing the company from making comments suggesting Montañez didn't create the product.

A former PepsiCo exec sued the company for saying that he didn't invent Flamin' Hot Cheetos while working as a janitor

If you step out into <keyword id="19895037" type="General" weightage="100" keywordseo="bengaluru" source="keywords">Bengaluru</keyword> traffic these days, there’s a good chance you’ll discover a bulky water tanker spearheading the all-too-familiar clog in traffic. Amidst the ongoing <keyword id="6355836" type="General" weightage="20" keywordseo="water-crisis" source="Orion">water crisis</keyword>, India’s Silicon City has mobilised thousands of tankers that zip, almost heroically, across the city, rescuing parched residences from the metro’s urban planning crisis. Bidding to reduce their reliance on the exorb<keyword id="6354185" type="General" weightage="20" keywordseo="it" source="Orion">it</keyword>ant tankers — a necessary step after the exhaustion of half the city’s groundwater-fed borewells — many residential societies have begun innovating water-saving techniques, with varying degrees of success. However, for the several businesses and industries littering the metropolitan town, it seems like dark days are looming. <cmsannotation type="cmsannotation" annotationid="IT in turmoil" comment="subhead" text="IT in turmoil">IT in turmoil</cmsannotation> Hosting over 1,400 tech companies that employ tens of lakhs of employees, Bengaluru has certainly earned its title as India’s ‘Silicon Valley’. Not only has this driven a rapid boom in economic, infrastructural and industrial development, the city has acted as a magnet for people looking for attractive employment opportunities. Unfortunately, this success has also resulted in <a href="https://bpac.in/bangalore-population-growth-consequences-and-possible-solutions/" data-type="tilCustomLink">population levels haphazardly spiking</a> from 2,900 people per square kilometre in 2001 to 4,300 within a single decade. Estimates suggest that this figure may have breached 8,000 by now! In addition to deterring water-cooler conversations, the lack of water in their workplaces have led to several companies already urging employees to work from home. Echoing a growing sentiment among the city’s techies, <a href="https://m.economictimes.com/news/india/it-companies-in-bengaluru-urged-to-give-15-lakh-employees-wfh-option-as-city-grapples-with-water-crisis/articleshow/108761390.cms" data-type="tilCustomLink">ex-Chief Justice K Sreedhar Rao also pleaded</a> for temporary remote arrangements for migrant IT workers to depopulate Bengaluru till the water crisis is dealt with. However, many such multinational employees have already begun to preemptively take matters into their own hands by temporarily or permanently moving to other cities, such as the nearby Mysuru. Needless to say, this has disrupted operations for many companies, including some of the top IT firms in Bengaluru. In a surprising turn of tragic events, senior personnel at <keyword id="19969515" type="General" weightage="20" keywordseo="dell" source="keywords">Dell</keyword> have begun skipping meetings to prioritise their procurement of water, reported the Deccan Herald. <cmsannotation type="cmsannotation" annotationid="Real estate rates to fall; restaurants forced to adapt" comment="subhead" text="Real estate rates to fall; restaurants forced to adapt"><keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">Real estate</keyword> rates to fall; restaurants forced to adapt</cmsannotation> With pleasant weather the year round, Bengaluru has proven itself time and again as an excellent place to settle down and relax. The city’s diverse population is a testament to its uncanny ability to draw people from all over India, even before the city’s notable IT boom. Real estate has now hit an all-time high, with high demand and attractive financial options helping the sector grow exponentially in the past few decades, reportedly recording a staggering nine-year-high 54,000 housing units sold in 2023. However, the city’s recent water woes have left potential property investors second-guessing. According to a recent Deccan Herald poll, around 60% of the respondents noted that they have postponed their move to Bengaluru due to the ongoing shortage, while a similar number of people have also begun evaluating investment options in other cities. Homebuyers have also begun to diligently inquire into <keyword id="55273" type="General" weightage="20" keywordseo="groundwater" source="Orion">groundwater</keyword> borewell depths and water-saving technologies when consulting developers. While <a href="https://www.deccanherald.com/business/bengaluru-water-crisis-alarms-property-investors-dh-poll-2930539" data-type="tilCustomLink">many contractors remain firm</a> that these reactions are not representative of a long-term trend, some experts have predicted that a fall in property prices may become inevitable. A <a href="https://www.republicworld.com/business/real-estate/bengaluru-water-crisis-property-prices-in-peenya-hsr-layout-marathahalli-to-fall-15-say-experts/" data-type="tilCustomLink">Republic report</a> explains that house rates could fall up to 10-15% in the most water-stressed regions of East and Central Bengaluru, including HSR Layout, Marathahalli, Rajaji Nagar and Peenya. Needless to say, the crisis has also taken a toll on Bengaluru’s various hotels and eateries, many of which are severely dependent on tanker water for cooking, cleaning and drinking purposes. Krishna Raj, owner of the popular <keyword id="21126683" type="General" weightage="20" keywordseo="nisarg-grand-hotel" source="keywords">Nisarg Grand Hotel</keyword>, <a href="https://www.livemint.com/news/india/bengaluru-water-crisis-news-hotels-disposable-utensils-shortage-lok-sabha-polls-karnataka-dk-shivakumar-congress-bjp-11710055127680.html" data-type="tilCustomLink">explained</a> that they might have to begin serving food in disposable utensils if the trend continues into the summer months. <cmsannotation type="cmsannotation" annotationid="Industrial district parched" comment="subhead" text="Industrial district parched">Industrial district parched</cmsannotation> Located in Northwest Bengaluru, Peenya is home to thousands of industries of varying sizes, producing a host of electronics, textiles, packaging, machines and other consumer items. However, being one of the largest industrial areas in Asia hasn’t protected its businesses from the ongoing crisis. In an <a href="https://www.business-standard.com/industry/news/bengaluru-water-crisis-to-impact-local-industries-in-coming-weeks-experts-124030601026_1.html" data-type="tilCustomLink">interview with Business Standard</a>, <keyword id="21126682" type="General" weightage="20" keywordseo="peenya-industries-association" source="keywords">Peenya Industries Association</keyword> President H. M. Arif explained that the area’s micro-industries are strained to the point that many could be forced to close soon if the water crisis continues unmitigated. Many such sectors have also become hopelessly reliant on tanker water, and the associated rising costs have begun to bottleneck the manufacturing process. Prices of several commercial products could go up soon if this trend continues. “Many from the hosiery or garment sector need water for processing,” Arif explains. “You need water for workers as well as other needs. The government is saying it will source recycled water for the industry. But for that, there is a tendering process and at this rate, we will not get water this season.” <cmsannotation type="cmsannotation" annotationid="Solutions and cautious optimism" comment="subhead" text="Solutions and cautious optimism">Solutions and cautious optimism</cmsannotation> This is not to say that the government isn’t taking measures to tackle the crisis. After ordaining centralised control over water tankers and actively regulating prices to ensure the city’s water isn’t hoarded solely by the rich, officials also placed bans on recreational water use. In addition, initiatives are underway to “inject” 1,300 million litres of purified water into the city’s drying lakes per day, which the officials allege will help restore local groundwater levels. <keyword id="19927086" type="General" weightage="20" keywordseo="bwssb" source="keywords">BWSSB</keyword> has also announced plans to build an array of next-gen water treatment plants near restored lake beds to purify and deliver water wherever required. Addressing the harsh summers ahead, Karnataka government officials have expressed optimism that the completion of the Cauvery Five — a massive array of treatment plants that will treat sewage to produce 100 million litres of water a day — will help make up for any deficits by July. Meanwhile, many large corporations, including Microsoft, have begun utilising water-saving tap aerators to control water flow in the Bagmane Business Park offices. The city’s water board, the BWSSB, has also launched four mobile apps to help tackle the city’s water crisis. Attempting to bridge a gap between the water department and the citizens it serves, these apps will help residents book water online, apply for borewell permissions, report water misuse and more. At 24% of its total capacity, reservoirs across Karnataka are also drying up. Despite growing shortages, the state government has assured that the Cauvery River reservoir that supplies water to Bengaluru holds sufficient water levels to last at least until June. After that, the pre-monsoon and monsoon rains are expected to replenish the water resources. However, the supply remains much lower compared to the demand, and the only way to survive this summer could be to adopt drastic water-saving measures and a few good spells of pre-monsoon showers.

You Searched For "urban company business" and got 12 results

Hindustan Unilever shares tumble over 6% post Q2 results

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I shopped at Urban Revivo, Asia's answer to Zara. I'm a convert, but experts say Zara has nothing to worry about — yet.

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Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens

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Detroit's 'doom loop' was unlike any other American city. Its downtown is now a model for urban reinvention.

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Wine vs Tea: India’s consumption trends show a sharp divergence

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A former PepsiCo exec sued the company for saying that he didn't invent Flamin' Hot Cheetos while working as a janitor

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Water crisis affects businesses across Bengaluru; Is there room for cautious optimism?

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