Brands
Godrej Appliances aims to reach 80% capacity by July 2020
NEW DELHI: Home appliances player Godrej Appliances today launched new products and aims to reach full production facility from August onwards.
The company shared that the pandemic has impacted badly the sales figures and the company reported a revenue loss of 40-45 per cent. April was a complete washout as there was no business.
Godrej Appliance business head and executive VP Kamal Nandi said, “Sales in May were at 30-35 per cent on average, while in June it is already at last year's level. 95-97 per cent market has begun which is encouraging for the industry we will reach 80 per cent capacity in July and full capacity from August. Godrej Appliances said sales in May was at 35-40 per cent of last year, while in June it is already at last year's level. Industry too has reached 90 per cent of pre-Covid2019 level sales. We expect sales will improve from July onwards and will be better than pre-Covid2019 till the festive season. We expect to reach 80 per cent capacity in July and full capacity from August."
He also shared that the last two months saw a demand for cooling products.
Nandi explained that the self-reliance campaign by the government will boost confidence among manufacturers, “The #MakeinIndia, and vocal for local will bring opportunities not only for local players to establish but will help big players as well in terms of doing business and it will enhance manufacturing, which will lead to more demands.”
He added that manufacturing, logistics and services were affected in the lockdown. Godrej Appliances faced issues on the service front as customers are not allowing mechanics to enter their homes. So, it is helping customers to do the product services by themselves, and at the same time re-building confidence among customers.
Nandi said, “The company has plans to expand into newer categories for products which are in demand right now and there will
be no immediate price hike since commodity prices are stable but any duty changes by the government will have an impact.”
Since the Covid2019 pandemic placed restrictions on large scale gatherings, Godrej Appliances has been the first in the industry to swiftly adapt to launching new products in a virtual format. These zone wise segregated launches were designed to engage with 5000+ trade partners from the comfort of their home.
Godrej Appliances national sales head Sanjeev Jain said, ‘’At the beginning of the lockdown, we took the herculean task of enabling our network of trade partners to reach customers digitally. We have been breaking barriers across all fronts – from product cataloging and showcasing, multiple cashless online payment facilities to initiation of video-assisted remote selling initiative. By exploring alternative ways to communicate and engage, we were able to offer fantastic opportunities to our trade partners. We plan to launch new products across the year across different segments."
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Brands
UK’s OnlyFans seeks US investor at $3bn valuation after owner’s death
The adult video platform is seeking stability after the death of its billionaire owner
LONDON: OnlyFans is looking for a new partner. The London-based adult video platform is in advanced talks to sell a minority stake of less than 20 per cent to Architect Capital, a San Francisco-based investment firm, in a deal that would value the business at more than $3bn (£2.2bn).
The move is driven by an urgent need for stability. Leonid Radvinsky, the Ukrainian-American billionaire who owned OnlyFans, died of cancer last month at the age of 43, leaving the future of one of Britain’s most profitable privately held businesses suddenly uncertain.
The choice of Architect Capital is not arbitrary. The firm has deep expertise in financial services, which aligns neatly with OnlyFans’ ambitions to offer banking products to its creators, many of whom have long struggled to access basic financial services because of the nature of their work.
The numbers behind OnlyFans are, by any measure, staggering. The platform posted revenues of $1.4bn in the year to 30th November 2024, with a pre-tax profit of $684m, up four per cent on the prior year. Payments to creators totalled $7.2bn over the same period, a rise of nearly ten per cent. Radvinsky personally collected $701m in dividends from the business in 2024 alone, on top of more than $1bn in such payments he had already received. The platform, run through its parent company Felix International, hosts 4.6m creator accounts, with performers keeping 80 per cent of subscription proceeds and the platform pocketing the remaining 20 per cent. It has 377m fan accounts in total.
The current minority stake talks represent a notable scaling back of ambitions. In January, OnlyFans was reported to be in discussions with Architect about selling a majority stake of 60 per cent. Before that, the company had explored a sale to a consortium led by Forest Road Company, a Los Angeles-based investment firm. Neither deal materialised.
OnlyFans has built an enormously lucrative business on content that mainstream finance has long refused to touch. Now, with its owner gone and a $3bn valuation on the table, it is looking for the kind of respectable institutional backing that might finally persuade the banks to take its calls.
