Tuesday, May 5, 2015

Global Consumer Products unveils LuvIt Brand of chocolates in #Bangalore

Global Consumer Products or Global CP a FMCG start-up promoted by former Godrej Group MD A Mahendran has launched LuvIt Brand of chocolates in Bangalore. Launched across nine variants and 14 SKUs, LuvIt is available in the key chocolate formats of Moulded chocolates, enrobed wafers, panned chocolates and caramel-nougat bars at various price points Rs 5, Rs 10, Rs 25, Rs 40 and Rs 45.  This range has been christened as Dairy Rich, ChocWich, Caramelicious, Crazypops and Chocopops.   The LuvIt brand is targeted at young consumers in the age group of 15 years to 30 years and has been positioned as a bold and trendsetting brand promoting the cause of Indulgence.

LuvIt Chocolates will be distributed and retailed across the southern states of Andhra Pradesh, Telangana, Tamil Nadu, Kerala, Karnataka and the Union Territory Puducherry. The company already has in place its GoToMarket strategy and has appointed a strong network of 80 distributors. The products will be available across supermarkets, large and small grocers, general stores, bakeries and chemists across Southern India.South Indian Star Siddharth will be the brand ambassador for LuvIt Brand of chocolates.

Headquartered in Bangalore and referred to as a “synthetic start-up" Global CP was incepted by  A Mahendran in partnership with Goldman Sachs and Mitsui Ventures. The company has got an equity commitment of INR 3,150 million (approximately US$50 million) from Goldman Sachs (NYSE: GS) and Mitsui Global Investment (MGI).

Rs 7,000 crore Indian chocolate market is led by Mondelez, which has a share of almost 70%. Nestle and the Ferrero Group have a share of 18% and 8%, respectively. The market has been growing at a CAGR of over 20% and with new players coming in this number is expected to grow. The southern states account for almost 30 % of the national chocolate market and over 80% of the southern market is concentrated in urban centers.