LuvIT ropes in Siddharth as brand ambassadorrn
LuvIT ropes in Siddharth as brand ambassadorrn
Chennai-based FMCG start-up Global Consumer Products has forayed into the chocolate business by launching products under the brand name LuvIT targeted at consumers in the age group of 15 to 30 years.
Global Consumer Products has roped in actor Siddharth as brand ambassador for the LuvIT brand.
Nine variants
It has launched nine variants in key formats of moulded chocolates, enrobed wafers, panned chocolates and caramel-nougat bars with price ranging from ?5 to ?45.
Global CP, promoted by A Mahendran (former Managing Director of Godrej Consumer Products), was launched a year ago with an investment of ?315 crore from Goldman Sachs and Mitsui Global.
“We expect to achieve revenue of ?1,250 crore in five years,” according to Mahendran, Chairman and Managing Director, Global CP.
For the next couple of years, the focus would be on food and beverage segments only, he told newspersons.
The company will soon launch the products in other parts of India. It is ‘asset light’ and outsources its manufacturing requirements from various vendors, he said.
Distribution network
Global CP will have its own distribution network. It will begin with 80 distributors to reach around 75,000 retail outlets in the South, said Anuradha Narasimhan, Executive Vice- President - Sales and Marketing.
The chocolate market is pegged at ?7,000 crore, and growing at 25 per cent annually.
However, the penetration level is only at 10 per cent, which provides a big opportunity for the company.
Big opportunity
Products will be available across supermarkets, large and small grocery shops, general stores, bakeries and chemists across southern India, which account for nearly 30 per cent of the national chocolate market, she said.
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