MAM
Nutrine to take on Cadbury, launches Éclair Hazelnut in Re 1 segment
BANGALORE: Chennai-based Nutrine Confectionery Company has decided to intensify the battle with Cadbury’s in the Eclairs segment.
The company has launched Nutrine Éclair Hazelnut in Bangalore, entering the Re 1 segment that has so far been dominated by Cadbury’s. Nutrine expects to capture 20 per cent of this market.
The overall Eclair market is worth around Rs 2.1 billion, of which Nutrine, Nestle and Cadbury have a 30 per cent market share each, in terms of volume while Parry’s holds a 3-5 per cent share, according to senior VP (Marketing and Sales) of the company B L Venkateswar.
For both Nutrine (which till now did not have a Re 1 offering) and Nestlé, it is the 50 paise milk Eclair from where the bulk of their revenues in this segment come.
Venkateswar feels that there is a demand for the Re1 Eclair segment in the metros and class A cities and estimates its present share to be around Rs 650 million. Éclair Hazelnut will add around Rs 200 million to Nutrine’s share this year. They have doubled their ad budgets to Rs 160 million, of which Rs 80 million will be spent on Eclair campaigns.
Around 90 per cent of this year’s budget will be spent on TV advertising. The new campaign for the Éclair Hazelnut will hit TV screens around mid June, according to Nutrine deputy marketing manager P Sekar. GIII (Gray Worldwide) has done the creative work and OMS is responsible for media.
In the first phase, Nutrine Éclair Hazelnut will be available across 6000 outlets in Bangalore, then move into 12,000 outlets in Karnataka. By July, this product would be available across 400,000 outlets nationally.
The Eclair segment witnessed an estimated 20 per cent year-on-year growth, as against the confectionery industry growth of 5 per cent. The total confectionery market is worth around Rs 12 billion (organized sector) while a further Rs 6 billion comes from the unorganised sector. This figure does not include imports, which could be as much as 5 per cent of the market.
Nutrine has annual revenues of Rs 3.36 billion. The products in Nutrine’s portfolio include Maha Lacto, Naturo Fruit bar with its soft center candies, Nutrine Honey fab, Nutrine Aaam Ras and Nutrine Gulkhand.
Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
