Campbell Soup Co. may sell its Godiva Chocolatier business, after admitting it was exploring strategic alternatives for the business.

The decision follows a review of Campbell’s portfolio as part of its ongoing strategic planning process, the company said.

Godiva Chocolatier is one of the world’s leading premium chocolate businesses and has annual sales of around US$500m.

Douglas Conant, Campbell’s president and CEO, said: “Godiva is one of the world’s most recognized luxury brands and the business has been a strong performer for Campbell.

“Although the premium chocolate category is experiencing strong growth and Godiva is well-positioned for the future, the premium chocolate business does not fit with Campbell’s strategic focus on simple meals – including soup-baked snacks, and vegetable-based beverages.

Campbell has retained Centerview Partners LLC as its financial advisor in this matter.