The former managing director at Godrej Group has launched a new chocolate brand.
Arumugham Mahendran, under the new Bangalore-based company Global Consumer Products, has introduced LuvIt which will compete for sales along with Mondelez’s Cadbury and Nestlé. The former commands 70% of the chocolate market share in India, a market worth US$1.06bn.
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By GlobalDataGlobal Consumer Products is backed by Goldman Sachs and Mitsui Global. The two investment firms have sunk INR 3 billion (USD47 million) in Mahendran’s company.
LuvIt chocolates are sold with the marketing tagline ‘Live It, Own It, LuvIt’ and are being initially launched in the southern states of Andhra Pradesh, Telangana, Tamil Nadu, Kerala and Karnataka: "30 per cent of chocolate market is concentrated in the southern states," said Mahendran who has recruited southern Indian film star Siddharth as the brand ambassador for LuvIt.
Harshal Morde, director of sales and marketing, Morde Foods Pvt Ltd, a leading chocolate manufacturer from Mumbai, told just-food: "The modern format of retail is yearning for more brands. Growth in [smaller provincial] tier two and three cities is creating fresh demand for chocolate. The evolving customer is looking for new options in terms of taste." With Cadbury being so dominant, far outstripping its rivals, there is room for new brands, he added.
