Britannia Industries, a cookie manufacturer, is strengthening its regional strategy and focusing on product localization to compete more effectively with fast-growing local brands. This is being done in parallel with utilizing express delivery services to test new offerings.
Rakshit Hargave, Managing Director and CEO of Britannia Industries, stated that the company is creating small, reinforced teams and intensifying localization efforts. This is necessary to respond to growing competition from regional brands gaining popularity in local markets.
Hargave emphasized that local companies with regionally focused products represent a 'reality' and require a differentiated approach to competition. He noted that if they have to compete with them, it must be on equal footing.
Although Hargave did not comment on pricing policy, he pointed out that Britannia possesses the strength of a recognizable national brand. However, success at the consumer level depends on local competitors matching parameters such as taste, packaging, and price. He concluded that regardless of what is being compared—price, taste, or packaging—competition is necessary because locally, everything can be equal, even if the brand is better known.
Large enterprises operating in the packaged food segment face intense competition from numerous regional brands expanding their presence across various states. These brands intensify competition in categories such as baked goods, snacks, and cookies by offering aggressive pricing, better distributor margins, and products adapted to local taste preferences.
Regarding market conditions, Hargave reported that inflation trends remain uncertain, and the industry is closely monitoring the situation's development. He added that inflation driven by high crude oil prices persists, and further observation is needed as everyone considers it unpredictable.
Hargave also highlighted the increasing importance of express delivery as a channel for innovation and premiumization, noting that this channel is primarily geared towards young and urban consumers. According to him, due to geographical characteristics and consumer sentiment, more expensive and experimental goods are purchased through this channel.
He added that express delivery allows companies to test new products and adjacent categories with lower risks and faster consumer feedback. At the same time, Hargave warned that the cost of entry and the cost of failure are also low, making this channel a good place for experimentation and learning, and successful projects can then be scaled to other channels.
According to a senior executive, the Air India group plans to receive between 50 and 60 new aircraft over the next eighteen months, continuing its transformation program despite challenges related to supply chains and the geopolitical situation.
Following the acquisition of the loss-making Air India by the Tata group in January 2022, the airline is implementing an ambitious transformation plan. Nipun Aggarwal, Commercial Director of Air India and Chairman of Air India Express, noted that 'tons of lessons' have been learned over the past years, and that the project is complex and not easy.
He emphasized that the industry has faced a number of difficulties, including multiple 'black swan' events that could not have been foreseen at the beginning of the transformation journey. These problems include issues with supply chains, airspace, oil price volatility, and geopolitical factors.
Air India has encountered various obstacles, including the fatal crash of its Dreamliner last June, which resulted in 260 fatalities. The airline has embarked on a five-year large-scale transformation plan, and Aggarwal reported that most of the planned activities, including fleet renewal and investments in MRO (Maintenance, Repair, and Overhaul), are being implemented.
Nevertheless, there are delays in aircraft deliveries and retrofitting. Despite external circumstances that have significantly impacted the company, Aggarwal expressed optimism, stating that they remain on track to achieve their goals.
The Air India group has an order for nearly 600 aircraft, and less than ten percent of them have been delivered so far. This order will be valid until the middle of the next decade. Aggarwal forecasts that between 50 and 60 aircraft will be added annually over the next seven to eight years. He specified that deliveries will begin to accelerate at the end of the current year, and then in the following year, ensuring a steady flow of both wide-body and narrow-body models—approximately 10-15 wide-body and 45-50 narrow-body per year.
Approximately 50-60 aircraft are expected to be received in the next 18 months. Regarding modernization, Air India Express plans to complete the retrofitting of its entire fleet into a single harmonized fleet by March of next year, while Air India's wide-body aircraft will be modernized over two to three years. Retrofitting the Dreamliner or Boeing 787 is expected by mid-next year, whereas the Boeing 777 will require more time.
Aggarwal also mentioned that deliveries of Boeing MAX 8 are already arriving, and the company will be one of the first customers to receive the MAX 10 after certification, which is expected to begin early next year. Previously, Air India faced operational issues with older wide-body aircraft, but this period, according to the Commercial Director, is behind them, and modernization is gaining momentum.
Due to high oil prices and the Middle East conflict, Air India has reduced some services. However, Aggarwal reported that network recovery is underway since the second half of this year. In the Middle East region, a 90 percent level has already been reached, and most reductions in Europe and the US, made in August-September, have already resumed. He predicts that within a couple of months, the airline will return to the level it was before the war began.
Furthermore, Air India is investing in improving the customer experience at all touchpoints, focusing on new standards for crew and airport staff service, as he believes that hardware will not bring significant benefit without good software for equipment operation.
Protecting homes or commercial establishments has become simpler and more accessible thanks to the available offers. Three Wi-Fi security cameras on sale at Amazon were selected, all featuring good resolution, night vision capability, and smart functionalities for those who wish to monitor their belongings without complications.
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The escalation of the conflict in the Persian Gulf and the rise in global oil prices have prompted economists to warn that the South African Reserve Bank (SARB) may raise interest rates again this week to curb inflationary risks.
The increase in oil prices, driven by the worsening situation in the Persian Gulf, has increased the likelihood that SARB will raise interest rates again. The Monetary Policy Committee (MPC) is scheduled to announce its next rate decision on Thursday, July 23, just one day after the release of June consumer inflation data from Statistics South Africa (StatsSA).
Experts note that the renewed conflict around the Strait of Hormuz has significantly altered the inflation forecast. Previously, markets expected falling oil prices and a strengthening of the South African rand following the announcement of a ceasefire earlier this year.
The Reserve Bank previously raised the repo rate by 25 basis points in May, bringing the prime lending rate to 10.5%. Frank Blackmore, lead economist at KPMG, stated that expectations favored maintaining the current rate until the resumption of military action. He noted that before the new escalation, it was anticipated that oil prices would fall and the rand would strengthen, which would help reduce inflation.
However, according to Blackmore, the start of the war forces the bank to assess whether prolonged impact warrants an additional rate hike. He expressed the view that the MPC might implement another 25 basis point increase in the repo rate at its next meeting.
Andreas Tindlund, a fixed income specialist at Abax Investments, emphasized that rising oil prices are already affecting global financial markets and intensifying inflationary risks for South Africa. He explained that higher oil prices lead to increased global bond yields and a stronger US dollar, which weakens the rand and increases imported inflation.
This creates pressure on South African bonds and interest-rate sensitive sectors such as real estate and retail, although commodity sectors related to energy and gold may provide support. Tindlund believes that the key issue for the Reserve Bank remains inflation expectations, which now exceed SARB's target of 3% and are approaching 4% according to recent surveys.
Abax Investments forecasts another 25 basis point rate hike at the upcoming MPC meeting, while warning of the possibility of further policy tightening later this year. Tindlund added that the combination of high rates and rising cost of living will place additional financial pressure on households, leading to a double blow for South Africans: higher living expenses and increased bond payments.
He advised investors to monitor three key indicators: oil prices as the most obvious indicator of geopolitical risk; the rand exchange rate, as currency weakening will intensify imported inflation; and central bank communications, which will be closely analyzed by the markets.
Tindlund concluded that the development in the Strait of Hormuz will remain the main factor determining market expectations, as events there can very quickly change oil prices, the rand exchange rate, and rate expectations.
