The year 2020 has been a truly challenging year for all kinds of businesses, including the most popular luxury brands. Due to store closures, Prada Group as well as luxury groups LVMH and Kering gained underwhelming financial results and tremendous losses in the first two quarters of 2020.
According to the research data analyzed and gathered by Comprar Acciones, Prada Group swung to a $219 million loss in Q1 and Q2 2020. In comparison, it was able to attain profits of around $190 million in the same period last year.
Due to the closure of 70% of its stores, Prada sales in the United States fell by 42%. Sales also dropped by 44% in the Middle East, 41% in Europe, while both the Asia Pacific and Japan experienced a 39% decline.
Other luxury brands such as LVMH and Kering also experienced drastic declines in their retail and wholesale sales. In the first half of 2020, Kering’s revenue collapsed by 29.6%. LVHM, the world’s biggest luxury group, also experienced a dramatic drop. From Q1 to Q3 2020, its total revenue stood at $36.9 billion, down by 21% year-over-year.
On the other hand, its sales in China have sharply recovered since the end of March 2020 when its stores have been reopened for the public.
By the end of Q2 2020, Prada registered a 60% sales growth in China. In July 2020, its sales were up by 66%. Additionally, a massive 44% of the company’s total global sales came from the Asia Pacific region.
Based on a study by American consultancy company Bain & Company, 37% of the total sales in luxury goods worldwide in 2019 came from Chinese shoppers. The bulk of these Chinese customers were travelling abroad at the time of their purchase.
Honeywell Flour Mills Introduces Spaghetti Mini Pack
Honeywell Flour Mills Plc has introduced its new spaghetti mini pack as part of efforts to develop pocket-friendly products to customers.
The product was introduced at an unveiling ceremony held recently in Ogun State. The launch was attended by the company’s key executives.
They included the Managing Director of Honeywell Flour Mills, Lanre Jaiyeola; Director of Manufacturing Operations, Ifeanyi Abadom; Head of Operations, Sagamu, Tunde Adebayo, and Consumer Marketing Manager, Esther Tontoye.
According to the company, the launch of Honeywell Spaghetti Mini was based on extensive research and insight into the Nigerian consumer behaviour over the past decade.
The product was specifically developed to meet the expectations of today’s Nigerian consumer market, it added. The Spaghetti Mini 200 gm pack has a retail price of N100, fulfilling the company’s drive for affordability.
Commenting on the launch of the product, Jaiyeola said: “Honeywell Flour Mills is a key player in the food manufacturing business in Nigeria today and our consumers play a pivotal role in this regard.
“This new product is the first of its kind in the pasta category and we are happy to have introduced it to the Nigerian market.
“We are more than delighted to launch this innovative product in response to our observation and findings into Nigeria’s consumer behaviour and the push for convenience,” he added.
As a customer-centric organisation, “we continue to look for diverse and innovative ways to satisfy our consumers optimally. Innovation for us remains the yardstick which we believe will allow us to deliver even more superior products.
“And we will continue to fulfil our core objective – to support the food security agenda of the government by producing good quality, nutritious and affordable food products for the complete satisfaction of Nigerians.”
Buttressing Jaiyeola’s statement, Abadom, said, “the Honeywell Spaghetti Mini is a unique product that will satisfy a yearning for convenience in Nigerians. And with the development of this product, we have ensured that the policies, desired standards and quality set for ourselves are being surpassed.”
Coca-Cola Partners NGOs To Clear Plastic Waste In Nigeria
Coca-Cola Nigeria has said it partnered with non-profit organisations to reduce plastic pollution across the country.
In a statement on Thursday, it said it would be doing more to promote environmental sustainability as part of efforts to commemorate World Environment Day.
It stated that it had introduced initiatives to protect the environment through its philanthropic arm, the Coca-Cola Foundation.
Coca-Cola said that it supported the Statewide Waste and Environmental Education Foundation to launch the Eko Beach Race 2021 themed ‘A race against plastic pollution.’
The event had in attendance 2,000 youths, students and sports enthusiasts who participated in a marathon race and beach clean-up.
SWEEP Foundation’s President, Obuesi Philips, stated at the event that it “was geared towards recognising the growing contributions of sport to the realisation of societal development.”
The drink maker also partnered with the Aid for Rural Education Access Initiative to host the “Recycle and Win” festival.
It included community outreach and clean-up programmes in Kwara, Kano, Kaduna, Yobe and Oyo States. Coca-Cola said that 10 tons of plastic bottles were recovered through the process.
The Director, Public Affairs, Communications and Sustainability at Coca-Cola, Nwamaka Onyemelukwe, urged Nigerians to adopt more eco-friendly practices while emphasising the urgency of the current global situation.
Onyemelukwe stated, “At Coca-Cola, we recognise there is a packaging waste problem globally and especially in Nigeria, which is why we pioneered the World Without Waste initiative to engineer innovative solutions to tackle this challenge.
“World Environment Day presents an opportunity for us to act on this mandate as seen by the number of environmental sustainability initiatives we have supported in collaboration with local implementing partners.”
Chivita Unveils Chivita Active Zest In A New Can Format
CHI Limited has unveiled Chivita Active Zest, a new and exciting sub-brand under the Chivita Active franchise.
The launch intends to disrupt the mid-pack segment of the juice category by fulfilling the growing consumer demand for a healthy on-the-go beverage to support their active lifestyle without compromising on great taste, convenience, and enhanced nourishment.
Chivita Active Zest comes in a premium 330ml Can format, and it is made from a mix of citrus fruits with all-natural ingredients, no artificial preservatives, and flavours.
Additionally, Chivita Active Zest is fortified with vitamin C for immunity support, is a good source of vitamin B1 and D3 for faster body metabolism. Chivita Active Zest also contains calcium for optimum bone health, making it a smart choice to get the right dose of essential vitamins and minerals for a healthy active life on the go.
The new Chivita Active Zest 330ml Can exude confidence and style, and appeals to the youth, providing satisfaction and refreshment away from home in line with changing lifestyle trends.
CHI Limited Marketing Director, Mrs. Toyin Nnodi, said the new Chivita Active Zest premium 330ml can is designed to provide a healthy and natural on-the-go option for trendy consumers desirous of a beverage option that compliments their non-stop active lifestyle.
“We are excited to introduce the new Chivita Active Zest in a premium 330ml Can that guarantees ease of handling and appeal, which makes it a format of choice for young consumers. In addition, with its all-natural ingredients, we are confident Chivita Active Zest will connect with trendy consumers as the preferred on-the-go beverage companion of choice for a healthy active life,” she said.
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