Latest news with #ReckittBenckiserGroupPlc
Hindustan Times
15-05-2025
- Business
- Hindustan Times
Billionaire Lakshmi Mittal said to buy ‘Beverly Hills of Dubai' home
(Bloomberg) -- Lakshmi Mittal, among Britain's richest residents, is the buyer of one of Dubai's priciest mansions, people familiar with the matter said. The India-born billionaire snapped up a palatial home in a gated community known as the 'Beverly Hills of Dubai,' said the people, who didn't want to be identified speaking publicly about the purchase, adding the home sold earlier this year. The Baroque style residence in the Emirates Hills community was listed for about $200 million in 2023 and is lavishly decorated with gold leaf, the selling agent said at the time. It sold for around half of the listing price, according to people familiar with the matter. Mittal is the executive chairman of steelmaking giant ArcelorMittal SA and has a net worth of more than $23 billion, according to the Bloomberg Billionaires Index. His purchase ranks among the priciest residential sales ever in Dubai, which has lured the uber-wealthy since the coronavirus pandemic and turned into one of the world's best-performing property markets. Indian billionaire Mukesh Ambani's family has also bought luxury real estate in the city, which is part of the United Arab Emirates. Property prices have surged around 70% over the past four years in Dubai and outpaced much of the world. The boom in the city's luxury market continued into the first quarter this year, with wealthy buyers again driving record sales of homes valued above $10 million. Mittal, 74, made the purchase as he joins other wealthy individuals exploring residency options outside the UK, spurred by a wave of tax reforms that have made the country a less attractive place for the global elite. Mittal has been considering leaving the UK in the fallout of the recent tax changes but no final decision has been made yet, according to a person familiar with the matter, who asked not to be identified as the details are private. Among the measures unsettling the UK's wealthy residents is the scrapping of its preferential tax regime for non-domiciled residents. Under that system, which dates back to 1799 and ended in April, so-called non-doms could avoid UK taxes on their overseas earnings for as long as 15 years. Other wealthy individuals who recently did decide to leave the UK include Egyptian billionaire Nassef Sawiris and Bart Becht, the former CEO of Reckitt Benckiser Group Plc, but any move by Mittal to quit the UK would be a particularly high-profile blow for the nation's business sector as Chancellor Rachel Reeves seeks to revive Britain's economy. Mittal's become a figurehead for Britain's community of billionaires hailing from overseas since he and his family relocated to the UK more than two decades ago. Along the way, he's been a focus of parliamentary debates on Britain's preferential tax regimes for wealthy foreigners after donating to the Labour Party under Tony Blair's leadership as his government reviewed the UK's non-dom regime. The steel firm he founded has also made him a prominent figure in Britain's strategic infrastructure, though ArcelorMittal warned the British government last year that one of its main divisions may be forced to leave the nation over plans to redevelop a southeast England port. Mittal's influence in Britain extends beyond business and politics too. He and his wife, Usha, have imported artworks, jewelry and wines to the UK over the past decade, according to public trade data, which still list the Mittals' Kensington home as their address. The family has also committed more than £20 million ($26.6 million) in recent years to healthcare and medical causes in the UK through their namesake foundation based in London, where they have an investment firm, LK Advisers, that helps to oversee their fortune from central Mayfair. A representative for the Mittals said there are no plans to relocate LK Advisers from London. --With assistance from Julius Domoney. (Updates with surge in property prices in the sixth paragraph.)
Time of India
15-05-2025
- Business
- Time of India
Lakshmi Mittal said to buy ‘Beverly Hills of Dubai' home
Lakshmi Mittal , among Britain's richest residents, is the buyer of one of Dubai's priciest mansions, people familiar with the matter said. The India-born billionaire snapped up a palatial home in a gated community known as the 'Beverly Hills of Dubai,' said the people, who didn't want to be identified speaking publicly about the purchase, adding the home sold earlier this year. The Baroque style residence in the Emirates Hills community was listed for about $200 million in 2023 and is lavishly decorated with gold leaf, the selling agent said at the time. It sold for around half of the listing price, according to people familiar with the matter. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Mittal is the executive chairman of steelmaking giant ArcelorMittal SA and has a net worth of more than $23 billion, according to the Bloomberg Billionaires Index. His purchase ranks among the priciest residential sales ever in Dubai, which has lured the uber-wealthy since the coronavirus pandemic and turned into one of the world's best-performing property markets. Indian billionaire Mukesh Ambani's family has also bought luxury real estate in the city, which is part of the United Arab Emirates. Live Events Property prices have surged around 70% over the past four years in Dubai and outpaced much of the world. The boom in the city's luxury market continued into the first quarter this year, with wealthy buyers again driving record sales of homes valued above $10 million. Mittal, 74, made the purchase as he joins other wealthy individuals exploring residency options outside the UK, spurred by a wave of tax reforms that have made the country a less attractive place for the global elite. Mittal has been considering leaving the UK in the fallout of the recent tax changes but no final decision has been made yet, according to a person familiar with the matter, who asked not to be identified as the details are private. Among the measures unsettling the UK's wealthy residents is the scrapping of its preferential tax regime for non-domiciled residents. Under that system, which dates back to 1799 and ended in April, so-called non-doms could avoid UK taxes on their overseas earnings for as long as 15 years. Other wealthy individuals who recently did decide to leave the UK include Egyptian billionaire Nassef Sawiris and Bart Becht, the former CEO of Reckitt Benckiser Group Plc, but any move by Mittal to quit the UK would be a particularly high-profile blow for the nation's business sector as Chancellor Rachel Reeves seeks to revive Britain's economy. Mittal's become a figurehead for Britain's community of billionaires hailing from overseas since he and his family relocated to the UK more than two decades ago. Along the way, he's been a focus of parliamentary debates on Britain's preferential tax regimes for wealthy foreigners after donating to the Labour Party under Tony Blair's leadership as his government reviewed the UK's non-dom regime. The steel firm he founded has also made him a prominent figure in Britain's strategic infrastructure, though ArcelorMittal warned the British government last year that one of its main divisions may be forced to leave the nation over plans to redevelop a southeast England port. Mittal's influence in Britain extends beyond business and politics too. He and his wife, Usha, have imported artworks, jewelry and wines to the UK over the past decade, according to public trade data, which still list the Mittals' Kensington home as their address. The family has also committed more than £20 million ($26.6 million) in recent years to healthcare and medical causes in the UK through their namesake foundation based in London, where they have an investment firm, LK Advisers, that helps to oversee their fortune from central Mayfair. A representative for the Mittals said there are no plans to relocate LK Advisers from London.
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Business Standard
15-05-2025
- Business
- Business Standard
Billionaire Lakshmi Mittal buys mansion in 'Beverly Hills of Dubai'
By Ambereen Choudhury, Damian Shepherd, Ben Stupples and Zainab Fattah Lakshmi Mittal, among Britain's richest residents, is the buyer of one of Dubai's priciest mansions, people familiar with the matter said. The India-born billionaire snapped up a palatial home in a gated community known as the 'Beverly Hills of Dubai,' said the people, who didn't want to be identified speaking publicly about the purchase, adding the home sold earlier this year. The Baroque style residence in the Emirates Hills community was listed for about $200 million in 2023 and is lavishly decorated with gold leaf, the selling agent said at the time. It sold for around half of the listing price, according to people familiar with the matter. ALSO READ: Steel tycoon Lakshmi Mittal looks to leave UK over govt's non-dom crackdown Mittal is the executive chairman of steelmaking giant ArcelorMittal SA and has a net worth of more than $23 billion, according to the Bloomberg Billionaire's Index. His property purchase ranks among the priciest residential sales ever in Dubai, which has lured the uber-wealthy since the coronavirus pandemic and turned into one of the world's best performing property markets. Indian billionaire Mukesh Ambani's family has also bought luxury real estate in the city, which is part of the United Arab Emirates. Mittal, 74, made the purchase as he joins other wealthy individuals exploring residency options outside the UK, spurred by a wave of tax reforms that have made the country a less attractive place for the global elite. ALSO READ: Lakshmi Mittal discusses mill closure plans with South African officials Mittal has been considering leaving the UK in the fallout of the recent tax changes but no final decision has been made yet, according to a person familiar with the matter, who asked not to be identified as the details are private. Among the measures unsettling the UK's wealthy residents is the scrapping of its preferential tax regime for non-domiciled residents. Under that system, which dates back to 1799 and ended in April, so-called non-doms could avoid UK taxes on their overseas earnings for as long as 15 years. ALSO READ: ArcelorMittal Q1 income dips 14% to $805 mn as sales drop 9% to $14.79 bn Other wealthy individuals who recently did decide to leave the UK include Egyptian billionaire Nassef Sawiris and Bart Becht, the former CEO of Reckitt Benckiser Group Plc, but any move by Mittal to quit the UK would be a particularly high-profile blow for the nation's business sector as Chancellor Rachel Reeves seeks to revive Britain's economy. Mittal's become a figurehead for Britain's community of billionaires hailing from overseas since he and his family relocated to the UK more than two decades ago. Along the way, he's been a focus of parliamentary debates on Britain's preferential tax regimes for wealthy foreigners after donating to the Labour Party under Tony Blair's leadership as his government reviewed the UK's non-dom regime. The steel firm he founded has also made him a prominent figure in Britain's strategic infrastructure, though ArcelorMittal warned the British government last year that one of its main divisions may be forced to leave the nation over plans to redevelop a southeast England port. ALSO READ: ArcelorMittal warns of trade disruption despite strong quarterly profit Mittal's influence in Britain extends beyond business and politics too. He and his wife, Usha, have imported artworks, jewellery and wines to the UK over the past decade, according to public trade data, which still list the Mittals' Kensington home as their address. The family has also committed more than £20 million ($26.6 million) in recent years to healthcare and medical causes in the UK through their namesake foundation based in London, where they have an investment firm, LK Advisers, that helps to oversee their fortune from central Mayfair. A representative for the Mittals said there are no plans to relocate LK Advisers from London.
Time of India
25-04-2025
- Business
- Time of India
Reckitt Benckiser's rare reflection: India a big growth driver
In a rare acknowledgement of India's strategic importance, Reckitt Benckiser Group Plc 's global chief executive officer Kris Licht said the country stands out as a growth driver even as global economies remain vulnerable to potential shocks. "As we sit here, we fully expect sustained strong volume growth in India and China as we go through this year," Licht told investors at Reckitt 's March quarter earnings call late on Wednesday. The £14.2-billion British consumer and healthcare company saw "some really strong volume growth in germ protection ( Dettol ) and intimate wellness ( Durex condoms) spaces" in India". This, Licht said, was powered by "simply strong organic performance". "Our businesses (in India) have very good momentum... We're scaling innovation. And we absolutely expect that to continue," said Licht, who took over the corner office at Reckitt in October 2023. India holds strategic importance for Reckitt, not only due to its large consumer base but also its alignment with public health goals. The company launched its 'Dettol Banega Swachh India' campaign in 2014 to support the government's Swachh Bharat Mission. Since then, Reckitt has leveraged this alignment with the government's campaigns to drive behaviour change to deepen its market penetration to smaller towns and rural areas with lower-priced packs of hygiene brands such as Dettol anti-germ soap and Lizol and Harpic disinfectant cleaners. The company-which has had two Indian global chiefs in Rakesh Kapoor and later Laxman Narasimhan-has also extended each of these brands to premium variants to attract better-off urban consumers. Reckitt Benckiser 's core like-for-like business grew 3.1 per cent in net revenue in the January-March '25 quarter to touch £2.63 billion, driven by strong performance in emerging markets such as India and China. Sales in Europe and North America declined 1.7 per cent and 0.9 per cent , respectively, amid reduced consumer spending. Reckitt reported consolidated net revenue of £3.68 billion for the first quarter. In India, the company reported a turnover of Rs 9,336 crore in calendar 2024, up 5.4 per cent on year, while profit jumped 22.6 per cent to Rs 2,231 crore, as per RoC filings. Reckitt's Lizol, Harpic and Dettol compete aggressively with HUL's Domex disinfectant cleaner and Lifebuoy anti-germ soap. Both companies had also capitalised on pandemic-induced demand. While Dettol leads the anti-germ protection soap category, Durex trails category leader Mankind Pharma 's Manforce in terms of market share, industry executives said, citing NielsenIQ data. Reckitt's India portfolio also includes Mortein mosquito repellent, Moov pain relief cream, Veet hair remover, Air Wick air fresheners and Strepsils lozenges. In its recently released 2024 annual report, Reckitt said it is well placed in the world's most populated country that accounts for 8 per cent of its core net revenue. "We sell through over one million outlets in India and have grown strongly over the past five years. Our manufacturing capability enables us to supply 95 per cent of products locally, helped by the recent doubling of our direct customer coverage," it said. The annual report stated that Reckitt is "confident about growth opportunities in emerging markets such as India, Africa and Latin America, where changing social attitudes are helping to drive higher adoption rates." Collectively, emerging markets represent the largest single area in Reckitt's power brand portfolio, led by the high-growth markets of India and China, it said. Addressing an analyst query on high prices of palm oil, the most crucial ingredient in soaps, Licht said: "We're paying a lot of attention to it, but I don't think that that's going to keep us from being successful." Recent months have seen palm oil prices surging on account of floods in high-producing countries such as Indonesia and Malaysia, resulting in soaps makers such as HUL, Reckitt and Godrej Consumer Products increasing prices.
Economic Times
25-04-2025
- Business
- Economic Times
Reckitt Benckiser's rare reflection: India a big growth driver
In a rare acknowledgement of India's strategic importance, Reckitt Benckiser Group Plc's global chief executive officer Kris Licht said the country stands out as a growth driver even as global economies remain vulnerable to potential shocks."As we sit here, we fully expect sustained strong volume growth in India and China as we go through this year," Licht told investors at Reckitt's March quarter earnings call late on Wednesday. The £14.2-billion British consumer and healthcare company saw "some really strong volume growth in germ protection (Dettol) and intimate wellness (Durex condoms) spaces" in India". This, Licht said, was powered by "simply strong organic performance". "Our businesses (in India) have very good momentum... We're scaling innovation. And we absolutely expect that to continue," said Licht, who took over the corner office at Reckitt in October 2023. India holds strategic importance for Reckitt, not only due to its large consumer base but also its alignment with public health goals. The company launched its 'Dettol Banega Swachh India' campaign in 2014 to support the government's Swachh Bharat Mission. Since then, Reckitt has leveraged this alignment with the government's campaigns to drive behaviour change to deepen its market penetration to smaller towns and rural areas with lower-priced packs of hygiene brands such as Dettol anti-germ soap and Lizol and Harpic disinfectant cleaners. The company-which has had two Indian global chiefs in Rakesh Kapoor and later Laxman Narasimhan-has also extended each of these brands to premium variants to attract better-off urban consumers. Reckitt Benckiser's core like-for-like business grew 3.1% in net revenue in the January-March '25 quarter to touch £2.63 billion, driven by strong performance in emerging markets such as India and China. Sales in Europe and North America declined 1.7% and 0.9%, respectively, amid reduced consumer reported consolidated net revenue of £3.68 billion for the first India, the company reported a turnover of Rs 9,336 crore in calendar 2024, up 5.4% on year, while profit jumped 22.6% to Rs 2,231 crore, as per RoC Lizol, Harpic and Dettol compete aggressively with HUL's Domex disinfectant cleaner and Lifebuoy anti-germ soap. Both companies had also capitalised on pandemic-induced demand. While Dettol leads the anti-germ protection soap category, Durex trails category leader Mankind Pharma's Manforce in terms of market share, industry executives said, citing NielsenIQ data. Reckitt's India portfolio also includes Mortein mosquito repellent, Moov pain relief cream, Veet hair remover, Air Wick air fresheners and Strepsils lozenges. In its recently released 2024 annual report, Reckitt said it is well placed in the world's most populated country that accounts for 8% of its core net revenue. "We sell through over one million outlets in India and have grown strongly over the past five years. Our manufacturing capability enables us to supply 95% of products locally, helped by the recent doubling of our direct customer coverage," it annual report stated that Reckitt is "confident about growth opportunities in emerging markets such as India, Africa and Latin America, where changing social attitudes are helping to drive higher adoption rates."Collectively, emerging markets represent the largest single area in Reckitt's power brand portfolio, led by the high-growth markets of India and China, it an analyst query on high prices of palm oil, the most crucial ingredient in soaps, Licht said: "We're paying a lot of attention to it, but I don't think that that's going to keep us from being successful." Recent months have seen palm oil prices surging on account of floods in high-producing countries such as Indonesia and Malaysia, resulting in soaps makers such as HUL, Reckitt and Godrej Consumer Products increasing prices.
