Industry

Global Consumer enters chocolate business

The Chennai-based Global Consumer Products Pvt. Ltd. has announced the launch of ‘LuvIt’ range of chocolates in southern states.

The Rs.315-crore company is floated by A. Mahendran, former Managing Director of Godrej Consumer Products, along with two private equity investors Goldman Sachs and Mitsui Global.

Targeted at consumers in the age group of 15-30 years, the company will offer 14 types of ‘LuvIt’ chocolates in nine variants.

They are priced between Rs.5 and Rs.45, said Mr. Mahendran, Chairman and Managing Director of Global Consumer Products.

Mr. Mahendran termed the new venture as ‘synthetic’ start-up, as it combined entrepreneurial zeal with global strategic, financial and technological expertise of various stakeholders and partners.

While announcing his entry into the Rs.7,000-crore Indian chocolate market dominated by a couple of big players, he said the company was eyeing confectionary, snacks and beverages segments.

Global Consumer recently acquired drinking water brand of Goodlife Industries ‘Cherio’ for an undisclosed amount. Juice and fruit drinks would be launched under the ‘Cherio’ brand name.

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Printable version | Aug 7, 2020 6:56:35 AM | https://www.thehindu.com/business/Industry/global-consumer-enters-chocolate-business/article7159280.ece

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