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India's diversified entity <keyword id="19896958" type="General" weightage="20" keywordseo="ITC" source="keywords" meta.keywordsubtype="org" meta.entityname="ITC" meta.hostid="153" meta.entityid="ITC">ITC</keyword> plans to open more hotels overseas with neighbouring countries and the Middle East as primary target markets after opening of its first international property here, company Chairman and Managing Director <keyword id="20049280" type="General" weightage="20" keywordseo="Sanjiv-Puri" source="keywords">Sanjiv Puri</keyword> said on Thursday. The company's arm <keyword id="20032522" type="General" weightage="20" keywordseo="ITC-Hotels" source="keywords" meta.keywordsubtype="org" meta.entityname="ITC Hotels" meta.hostid="153" meta.entityid="ITC Hotels">ITC Hotels</keyword>, which had opened 22 new properties in the last 24 months, plans to add another 70 hotels in the next five years in India as part of expansion plans in the <keyword id="20402233" type="General" weightage="20" keywordseo="hospitality-sector" source="keywords">hospitality sector</keyword>. Besides the hotels business, the company will look for opportunities to expand the presence of <keyword id="19931572" type="General" weightage="20" keywordseo="FMCG" source="keywords" meta.keywordsubtype="org" meta.entityname="FMCG" meta.hostid="153" meta.entityid="FMCG">FMCG</keyword> and other verticals in new overseas markets as well. "We are open to exploring opportunities that come about. I think we have strong credentials in hospitality which we can take outside India now. Very clearly at the moment the focus is on proximal markets, be it for hospitality, be it for FMCG...," Puri said here at a press conference after the opening of the 352-room luxury property, <keyword id="20911944" type="General" weightage="20" keywordseo="itc-ratnadipa" source="keywords">ITC Ratnadipa</keyword> here. He said as the company explores and understands a place for a particular business, it may look at it as a market for other verticals as well. Citing the example of Nepal, Puri said,"We started with other businesses and are now looking at hospitality (there). Here (in Sri Lanka) we have started with hospitality...as we explore and understand the place, we will look at possibilities in some of our other sectors as well." On overseas expansion of the hospitality business, while the company's focus is more on 'proximal markets', he said,"We are open to it if there are some interesting opportunities beyond it. We will certainly be interested in pursuing that." When asked if ITC is looking at the Middle East as a market for the hospitality business, he said it is a vibrant economy right now with terrific growth plans and "if opportunity comes our way then we will certainly explore that". Puri also said the company will look to expand in more destinations in Sri Lanka going forward. "This (opening of ITC Ratnadipa) is the starting point and yes, we want to expand and grow the economy and contribute to the development of tourism in Sri Lanka," he said. When asked about ITC's overall expansion plans in the hospitality sector, he said,"We have a very healthy pipeline of 70 hotels in five years." All these 70 hotels are for the Indian domestic market and most of them will be the upscale segments. He, however, said "(For) overseas we're just starting our journey. So we have not yet got to the stage to start putting a number right here." On investments planned for the overall expansion, he did not share a specific number but said "between renovation and new properties will spend somewhere between Rs 700 crore to Rs 1,000 crore a year". When asked about the progress of the demerger of ITC Hotels and its planned public listing, Puri said it is happening in line with the indicated timelines and is expected "before the second half of this year or the end of this year". At its new property here, the company had invested about USD 500 million. It was inaugurated on Thursday by Sri Lankan President Ranil Wickremesinghe. The ITC Ratnadipa or 'Island of Gems' has 352 guest rooms, suites and service apartments, each with private balconies with waterfront views. Earlier in the day, speaking at the opening of the new hotel, Puri said,"It is very natural for us to specifically focus on markets in proximal areas, encouraged also by our Prime Minister's (Narendra Modi) vision of neighbourhood first where Sri Lanka has a very special position. ITC is deeply committed to growing our presence and contributing to hospitality in the region." 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ITC plans to open more hotels overseas: CMD Sanjiv Puri

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH said sales dropped</a> during the third quarter, with revenue down double digits in China.</li><li>The company acts as a bellwether for the luxury industry, which is expected to continue to struggle.</li></ul>The luxury slump isn't going anywhere — and the fashion and leather goods houses of the world should beware.<a target="_blank" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH, the largest of the luxury conglomerates</a>, announced its third-quarter earnings this week, and the results were grim. Revenue was down 3% at the Louis Vuitton owner, and for the first time since the pandemic, sales in the company's fashion and leather goods sector, its largest, fell. Its other sectors — watches and jewelry, wine and spirits, and perfume and cosmetics — missed analysts' estimates, and the company's stock dropped.Salvatore Ferragamo, which also reported earnings this week, had an even steeper sales decline.Word on the Street is that things may <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/lvmh-stock-price-earnings-lucury-sales-china-economy-demand-stimulus-2024-10">get worse for the sector before they get better</a>."We see a challenging backdrop for luxury consumption and expect a difficult six months ahead," Goldman Sachs analysts wrote in a note following LVMH's earnings call.Over the next week, Kering, the owner of <a target="_blank" class="" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci</a> and Balenciaga, and Hermès will announce their earnings. Richemont, Moncler, and Burberry will follow.In some ways, the poor showing may have been inevitable."This is largely cyclical, and right now we're kind of in the trough or valley, so there is a fair amount of weathering that needs to take place on an industry-wide basis," Sky Canaves, a principal analyst at EMARKETER, a sister company of Business Insider, said.Luxury has had its ups and downs before and was riding a particularly — and perhaps artificially — high high fueled by a pandemic bump in spending. Consumers had savings and stimulus checks and nowhere to go, so they spent extra cash on bags, wallets, and the like.While economic uncertainty has affected countries worldwide in recent years, <a target="_blank" href="https://www.businessinsider.com/china-luxury-slump-stimulus-measures-lvmh-revenue-earnings-2024-10">a property crisis and high youth unemployment rates in China</a>, one of the world's biggest luxury markets, have hit the region particularly hard. LVMH sales in Asia, excluding Japan, fell 16% year-over-year for the quarter."Consumer confidence in mainland China today is back in line with the all-time low reached during COVID," LVMH's chief financial officer, Jean-Jacques Guiony, told analysts during its earnings call.He added that it's too early to tell if the country's stimulus package or the recent national holiday would boost sales.While personal luxury sales in China grew by more than 37% each year from 2019 through 2021, that annual growth is not expected to hit more than 4.2% through 2028, according to EMARKETER data.<h2 id="a8668278-865b-4731-8ca2-2e215ef67ebd">How brands can bounce back</h2>Still, the contraction in luxury spending may not have had to be as sharp as it was, regardless of the macroeconomic conditions. There are levers that brands can pull to hamper their losses — or add to them."The big question is whether it is only a weakness in consumer confidence that is responsible for the slowdown in spending or whether there are some more structural issues," Adam Cochrane, a retail and luxury equity analyst at Deutsche Bank, told BI over email.Pricing, for example, is well within companies' control, and some have been too liberal with increases. Houses like Louis Vuitton and Chanel have more than doubled the prices of their signature bags — the Never Full and Classic Flap, respectively — over the past decade, and the brands have accelerated price hikes since 2020, turning off customers, according to data from Sotheby's.<a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès</a>, meanwhile, has raised prices more moderately.More conservative increases appeal to customers, who may be turned off from buying a product that they could have bought five years ago at a significantly lower price, Canaves said.LVMH, for its part, defended its price hikes. "Do you really think that if we had not increased prices the way we have done, we would be doing double-digit [growth] today? I really don't think so," Guiony said.Birkin-maker Hermès, which has consistently outperformed its luxury rivals this year, has also been smart about expanding product offerings slowly and intentionally. It has largely relied on an affluent consumer base rather than the aspirational customers that helped fuel growth at Louis Vuitton or Gucci. Those <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-says-the-aspirational-customer-is-suffering-2023-7">aspirational customers</a> are the first to go when the economy gets choppy.There are some other bright spots.Sales in LVMH's jewelry and watch business only fell 4%, and the "<a target="_blank" class="" href="https://www.businessinsider.com/critics-roasted-lvmh-spending-big-tiffany-bet-is-paying-off-2024-7">Tiffany rebrand</a> is being well received," Deutsche Bank's Cochrane wrote in his note. That may mean that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/lvmh-stock-price-earnings-lucury-sales-china-economy-demand-stimulus-2024-10">Richemont, the owner of Cartier,</a> will have "less negative" results, he said.Brunello Cucinelli, the Italian house best known for its cashmere, reported increased revenue in the third quarter, including in China.Moving forward, brands that innovate more may fare better.EMARKETER's Canaves pointed to the collaborations and moves toward streetwear that helped some brands emerge from the last luxury slump. This time around, she said, labels may turn to experiences, like hospitality and services, to appeal to consumers.Louis Vuitton sells everything "from chocolates to bespoke jewelry," HSBC's Erwan Rambourg wrote in a note earlier this month. Earlier this year, LVMH made headlines when it purchased the Paris restaurant Chez L'Ami Louis.Of course, any expansion into new categories should not take attention from handbags and clothing, the revenue drivers of luxury brands."Time is ripe for brands to start taking those creative risks and laying the groundwork for when the consumer does come back and seek out the opportunities," Canaves said.

LVMH had a rough week. That's a bad sign for the luxury sector. 

Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

Small and medium enterprises (<keyword id="20086849" type="General" weightage="20" keywordseo="SMEs" source="keywords">SMEs</keyword>) are driving a major surge in <keyword id="21881529" type="General" weightage="100" keywordseo="job-applications" source="keywords">job applications</keyword> across key sectors, with more than 35 million job applications recorded in the first eight months of 2024, according to a report by jobs and professional networking platform apna.co. The growth is fueled by rising demand in sectors like BFSI (Banking, Financial Services, and Insurance), BPO (Business Process Outsourcing), and hospitality. The report highlights that the surge in job applications is largely for roles such as Sales &amp; Marketing Managers, Accounting Technicians, Telecallers, Back Office Executives, and Business Development Associates. These positions are critical for the expansion of businesses in these sectors, and the growing demand reflects a strong upward trend in hiring. "SMBs and MSMEs employ more than 110 million people, making them the backbone of our economy. Their success is crucial for our nation's journey towards achieving a USD 5 trillion economy," said Nirmit Parikh, Founder &amp; CEO of apna.co. Parikh emphasised that the demand for skilled workers in these sectors is expected to continue growing, creating vast opportunities for <keyword id="20019820" type="General" weightage="20" keywordseo="job-seekers" source="keywords">job seekers</keyword> across India. <h2>Major growth in Tier-2 and Tier-3 cities</h2>An interesting trend noted in the report is that over 55% of the total job applications for SMB roles came from tier-2 and tier-3 cities, including Jaipur, Indore, Ahmedabad, Lucknow, Kochi, and Bhubaneswar. As businesses expand into these cities, the talent pool is evolving to meet the growing demand, fostering a symbiotic relationship between employers and job seekers. Out of the 35 million job applications received, 14 million came from women, marking a 30% year-on-year increase in female participation. Women are increasingly taking on roles across diverse fields like finance, accounts, marketing, and graphic design, reflecting their rising involvement in the workforce. As SMEs and MSMEs continue to grow, the <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword> they generate are set to further contribute to India’s economic goals, fueling progress toward the USD 5 trillion economy target. (With inputs from PTI)

Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report

<keyword id="20144550" type="General" weightage="20" keywordseo="white-collar" source="keywords">White-collar</keyword> <keyword id="21469703" type="General" weightage="100" keywordseo="hiring-activity" source="keywords">hiring activity</keyword> grew by 12% in July compared to the same month last year, as most sectors reported healthy double-digit growths, a report said on Friday. India's white-collar hiring activity grew to 2,877 job postings in July 2024, registering a 12 % year-on-year increase compared to 2,573 during the corresponding month last year, according to the <keyword id="20125498" type="General" weightage="20" keywordseo="Naukri-JobSpeak-Index" source="keywords">Naukri JobSpeak Index</keyword>. The <keyword id="20577913" type="General" weightage="20" keywordseo="Naukri" source="keywords" meta.keywordsubtype="org" meta.entityname="Naukri" meta.hostid="261" meta.entityid="Naukri">Naukri</keyword> JobSpeak is a monthly index representing India's job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of <keyword id="20120149" type="General" weightage="20" keywordseo="naukri-com" source="keywords">Naukri.com</keyword>. Most sectors reported healthy double digit growths, with <keyword id="22645356" type="General" weightage="20" keywordseo="pharma/biotech" source="keywords">pharma/biotech</keyword> (26%), FMCG (26%), real estate (23%), and <keyword id="22645355" type="General" weightage="20" keywordseo="AI-ML" source="keywords" meta.keywordsubtype="org" meta.entityname="AI-ML" meta.hostid="261" meta.entityid="AI-ML">AI-ML</keyword> (47 %) leading the way, said the report. However, the report cautioned that this could be due to an impacted base of July 2023, when there was an atypical dip in hiring activity on account of <keyword id="19916570" type="General" weightage="20" keywordseo="IT-sector" source="keywords" meta.keywordsubtype="org" meta.entityname="IT sector" meta.hostid="261" meta.entityid="IT sector">IT sector</keyword>'s woes. The IT sector experienced a healthy 17 % growth in July, compared to the year-ago period, while the artificial intelligence and machine learning (AI-ML) sector continued its robust performance with a remarkable 47 % year-on-year increase, it added. Further, Gujarat continued to lead the pack with Rajkot, Jamnagar and Baroda recording 39%, 38% and 25% growth, respectively. Hyderabad emerged as a key hub for job creation across multiple key industries, including hospitality (76%), insurance (71%), BPO (52%) and oil and gas (44%). Vijayawada and Visakhapatnam have reported a healthy sequential growth of 13 % and 14 %, respectively, said the report. "The robust 12 % growth in hiring activity is a much-awaited, encouraging sign for this financial year. This is the first month this year that we have seen positive growth, and the fact that it is secular, cutting across sectors and geographies, makes it truly promising. This broad-based, positive shift could potentially be the onset of an upcycle in the Indian white-collar job market," Naukri Chief Business Officer Pawan Goyal added.

Hiring activity up 12% in July, most sectors report double-digit growth, says a Naukri.com report

Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

You Searched For "hospitality sector" and got 6 results

ITC plans to open more hotels overseas: CMD Sanjiv Puri

PTI

LVMH had a rough week. That's a bad sign for the luxury sector.

Madeline Berg

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

PTI

Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report

BI India Bureau

Hiring activity up 12% in July, most sectors report double-digit growth, says a Naukri.com report

PTI

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

Ira Alok Puranik

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