Goldman-backed firm enters chocolate market

Tuesday, Apr 28, 2015,21:22 IST By metrovaartha A A A

Chennai | Global Consumer Products, backed by Goldman Sachs and Mitsui Ventures, today announced its foray into the fast moving consumer goods segment with the launch of LuvIt chocolates.
Global Consumer Products’ Chairman and Managing Director A Mahendran said that the size of the chocolate market is currently estimated at Rs 7,000 crore and it is currently growing at an annual rate of over 20 per cent. The company has roped in popular Tamil and Telugu film actor Siddharth as its brand ambassador.
Global CP was born out of an idea to be one-of-a-kind start-up where entrepreneurial ambitions of various stakeholders can be nurtured. I am thankful to private equity partners Goldman Sachs and Mitsui Ventures for the support, Mahendran said.
Following the formal launch of the chocolates in Tamil Nadu today, LuvIt would be launched in Andhra Pradesh, Telangana, Kerala, Puducherry and Karnataka. The company has launched nine variants of the chocolate.