Global Consumer Products Launches LuvIt its Exclusive Chocolate Brand
Published By : 30 Apr 2015 | Published By : QYRESEARCH
Global Consumer Products, operating in FMCG sector, launched its exclusive chocolate brand named 'LuvIt' today, and is eager to diversify product offerings, comprising beverages and nutrient water, in the next 3 to 5 years.
Stating this, the promoter of this brand, Mr. A Mahendran said that the firm planned to compete with the likes of major FMCG product manufacturers in India through aggressive branding. First of all, he stated that the focus would be on establishing the brand in South India. According to him, the South Indian market was exhibiting strong demand for FMCG goods, and was developing more rapidly than other regions in India.
The global Consumer Products has Mitsui Ventures and Goldman Sachs on its board. Mr. Mahendran, who is a previous managing director of Godrej Consumer Products, is relying upon the experience of its employees drawn from enterprises such as Ferrero Group and Britannia Industries Ltd. to push the brand in the highly consolidated and multi-product FMCG market.
The business model of the company runs on engaging contract participants to manufacture its FMCG goods. Its strategy is to penetrate in the FMCG categories that provide scope for product differentiation. In line with this, it is focusing on expanding presence in urban and semi-urban markets.
According to it, the pan-India chocolate sales had grown at a 25 per cent year-on-year rate, while the market penetration was low at 10 per cent. He said in the next five years, the company and expects to earmark a quarter of it back as investment for expansion.