Isha Ambani announces the launch of Reliance's new FMCG brand, Independence
Reliancehas launched indigenous consumer packaged goods brand ‘Independence’ that will offer products under several categories, including staples, processed foods, and daily essentials.
- The company aims to start the national rollout of the brand with Gujarat.
- In India, packaged goods volume took a hit at the start of 2022
The company said that under this brand, it will offer a wide range of products like staples, processed foods and other daily essentials. The company is preparing for a national roll-out, but launched on Thursday in Ahmedabad, Gujarat. Reliance said that it will develop Gujarat as a ‘go-to-market’ state.
“I am happy to announce the launch of our own
Reliance Retail has over 12,000 stores across the country, and is one of India’s largest retailers. However, the company said that it is collaborating with trade partners including manufacturers and kirana for the same. The FMCG industry in India is currently dominated by Hindustan Unilever, Nestle in addition to ITC and Godrej.
A 2021 research by McKinsey Global Institute (MGI) stated that Asia represents a $10 trillion consumption growth opportunity over the next decade. While the long term growth levers are firm, this calendar year has not been very profitable for the sector which had many drag factors like rising inflation that affected the purchasing power of many of its consumers and also increased the input costs of the producers.
“Revenue growth was driven by price hikes, with volumes remaining subdued across categories. The volume contraction was more pronounced in rural areas. Companies expect rural demand to recover in the second half of FY23, on the back of government interventions, a good monsoon and higher crop realisations,” says a recent report BNP Paribas.
Godrej Consumer Products said in its March quarter update that “the sector continued to be hit hard by higher inflation levels, leading to successive price increases, and impacting volumes.”
A quarter of Indian gig workers’ salaries grew by 50% in the last one year
Sensex, Nifty50 fall over 1% as US Fed commentary disappoints
Popular on BI
- Over 60 schools in and around Bengaluru receive bomb threat, students evacuated safely
- TVS Motor Co sales rise 31% to 3,64,231 units in November
- Johnny Depp unknowingly taught Ranveer Singh the craft of acting
- Midcap index rising for last 21 sessions, hitting fresh highs since November 16
- Global smartwatch shipments up 9% in Q3, Fire-Boltt & Huawei hit new highs: Report