Hershey banks on Indian mkt to drive growth

Tags: News
Global confectionary major Hershey, famous for its chocolate bars, has seen a strong quarter of growth in India. The NYSE-listed firm considers India “as key for its continued growth around the world” and says it is committed to investing in this emerging market.

In the first quarter ended April 5, 2015, Hershey said, “performance in the focus markets of Mexico, Brazil and India improved”, and on a constant currency basis, first quarter net sales in these countries increased a combined 15 per cent.

While the company did not disclose separate topline figures for India, its global consolidated sales grew to $1.93 billion compared to $1.87 billion in the same period a year ago. Hershey India is a 100 per cent subsidiary of The Hershey Company. Hershey India operates in multiple categories such as confectionery and beverages.Hershey India has four regional sales offices in Mumbai, Delhi, Chennai and Kolkata. The organisation has a strong sale force of 500 people reaching to more than a million retail outlets through 1500 distributors spread across India, one of only four strategic markets for Hershey outside of North America.

“The scale and potential of India is key for our continued growth around the world and Hershey is committed to investing in India. We are enhancing our current Sweets and Refreshment (S&R) portfolio and strategically investing in our global brands to accelerate growth in India,” said Praveen Jakate, managing director, India of Hershey, told FC.

“For example, we have aggressively invested in our strategic brands in India: Sofit, Hershey’s Syrup, as well as Jolly Rancher. These great tasting products are very popular with consumers across India,” said Jakate, who has close to 20 years of leadership and board roles in global firms like P&G, J&J and Hershey.

In the beverages segment, Hershey’s portfolio consists of Jumpin, Soft and Hershey’s syrup. The beverages factory is located at Mandideep in Madhya Pradesh while it processes substantial quantities of tropical fruits pulps for captive consumption and domestic/export buyers at Andhra Pradesh.

kumarshankar

@mydigitalfc.com

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