CONSUMER PRODUCT AND RETAIL MARKET ANALYSIS

Market News

Global Consumer Product and Retail Market: Key Developments

• In May 2023, Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), partnered with General Mills (a U.S.-based processed food company) to launch Alan’s Bugles (General Mills’ corn chips snack brans) in India. This will help Reliance to expand its footprint in India’s FMCG market.
• In September 2021, Amazon announced the opening of Amazon Style, the company's first physical apparel store. The tech-powered store combines Amazon's strengths in data analytics and personalization to provide a customized shopping experience. This move deepens Amazon's brick-and-mortar footprint in the apparel and fashion market.
• In December 2021, Nike (American athletic footwear company) acquired RTFKT, a leading digital fashion studio that creates virtual sneakers and collectibles. The acquisition accelerates Nike's digital transformation and allows it to grow its presence in the metaverse and NFT space. This taps into younger demographics interested in digital fashion and culture.
• In May 2022, IKEA (home furnishing company) partnered with Better Meat (B2B ingredients company) to develop plant-based meatballs and other substitutes for its iconic Swedish meatballs. As consumers shift towards more plant-based diets, this will IKEA respond to changing consumer preferences and expand its sustainability efforts.