Britannia to enter bridge snack segment
Britannia Industries Ltd. is all set to launch its new product ‘Timepass’ which will mark its entry into the healthy bridge snack segment. Timepass will be a product with double baked bread and is expected to be launched in about three to four months.
Britannia believes that the bridge snack segment will be another foray into the healthy snack segment which is a big market in India now and is growing at a healthy rate. Britannia had recently also launched Nutrichoice diabetic buscuits, to fortify its market share in the healthy snacks segment.
Conde Nast launches 3rd magazine
Conde Nast just launched its third magazine, Conde Nast Traveller. This follows its two magazines, Vogue and GQ, which have been successful in the Indian market.
The reason behind the success of Conde Nast is its proper identification of its target customer. Conde Nast is targetting the affluent Indian, and all of its magazines are prices at over Rs. 100. Since its focus is solely on the upper-class segment, Conde Nast also finds it easier to get advertisers targetting the same segment.
Though it has competitors in the travel magazine market, most of their competitors are licensee brands which have a low focus on brand-building. On the other hand, Conde Nast it trying to build its brand by having high-class events and having a greater digital presence.
Canon India strengthens retail footprint
Canon India has strengthened its retail footprint by launching its first stand-alone store, Canon Image Square, in Noida. This store is an initiative towards its ambition of having 300 exclusive retail stores in India.
The company had previously launched exclusive non-selling stores called ‘Xperience Zones’ and ‘Image Lounges’ in a few tier I cities in India where consumers could experience the look and performance of the Canon Products.
This foray of Canon India is similar to the foray that Sony entered in the form of Sony World, which had worked well for Sony India. Also, exclusive retail stores can be a good supplement to multi-brand stores where consumers can finally purchase a Canon product after experiencing it at the exclusive Canon store.
ONGC to invest in renewable energy
ONGC will be investing Rs. 500 crore in renewable energy R&D to make the country less dependable on hydrocarbon reserves. India currently is highly dependent on hydrocarbon reserves and the non-conventional sources of energy are barely used.
Energy is a major infrastructural bottleneck for India and India’s growth rate is largely contingent upon the energy available. To be self-sustainable in energy consumption, ONGC intends to conduct R&D mostly in the solar, thermal, LED (light emitting diode) and fuel cells, which also result in less carbon emission.