This is second time in a month when a packaged food co has complained
New variants and innovative product categories on the anvil to beat margin pressure.
ITC on Monday said it is conducting more tests on its products at accredited labs across India.
The road ahead is not expected to be easy for one of India's best-loved brands.
ITC has provided retailers with leaflets to assure customers of Yippee noodle's quality and safety standards
ITC has stated its products have been found to be in compliance with all food safety regulations.
Leading FMCG companies reported a decline in margins in the September quarter on account of higher input costs and food inflation, which ultimately slowed down the pace of urban consumption. Rising prices of commodity inputs such as palm oil, coffee and cocoa were also accentuated and some FMCG firms have hinted at a price hike. HUL, Godrej Consumer Products Ltd (GCPL), Marico, ITC, and Tata Consumer Products Ltd (TCPL) have expressed concerns over squeezing urban consumption, which according to industry experts forms 65-68 per cent of FMCG total sales.
The move is significant since it signals the growing importance of foods in Marico's overall strategy. It also comes six months after Marico stepped into honey, a Rs 1,500-crore category dominated by players such as Dabur.
A young couple sharing a laugh - in the living room over a Polish joke book, on the beach, in the rain - with the tagline, "Made for each other", hung from billboards at prominent street corners from the 1960s to the 1990s. It was a campaign for one of the largest selling cigarette brands in India, Wills (Navy Cut) from the ITC stable, that resonated with a generation of smokers and non-smokers alike till the curtains came down on tobacco advertising in 2004. As we prepare to welcome 2024, ITC has metamorphosed from a tobacco giant into a conglomerate straddling multiple large-sized businesses. In the mind space of Gen Z or millennials, the company represents a gamut of branded products - from frozen food (ITC Master Chef), noodles (YiPPee!), and cookies (Sunfeast) to snacks (Bingo!) and notebooks (Classmate), and so on and so forth.
According to analysts, winning back consumers' trust in instant noodles won't be easy for any player.
Over the past year, Amul has undergone a transformative journey, evolving from a dairy-centric entity to a comprehensive foods company. Since 2022, PepsiCo India, too, has embarked on extensive launches in the food category. Not to be left behind, ITC, which has been introducing an average of 100 fast-moving consumer goods (FMCG) products across categories every year, has also launched a number of packaged food items.
'Maggi noodles belong to the consumers.'
As per ITC's 'Report and Accounts 2019' filed at bourses, Puri's remuneration includes a basic salary of Rs 1.44 crore along with perks of Rs 40 lakh and performance bonus of Rs 4.32 crore.
ITC claimed sales of its noodles have increased by at least three times in Rajasthan.
Today, the company has created a portfolio of vibrant world-class brands.
Puri said ITC will focus on health and wellness products within the FMCG vertical. He also said the company will attempt to reinforce the existing categories in the FMCG segment.
ITC wasted no time in capitalising on its new acquisition.
The outgoing chairman believed in building for the future; for his successor, the challenge will be to maintain the momentum, says Ishita Ayan Dutt.
He wants to transform his retail-led enterprise into a consumer goods giant, and reach Rs 1 lakh crore in turnover by 2021, but is that feasible?
ITC is one of those few enterprises in the world that has traversed a 100 year journey and has yet managed to remain contemporary, relevant and competitive.
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