Dharampal Satyapal Group (DS Group) declared that it has acquired the assets of the Good Stuff that owns the chocolate and confectionery brand LuvIt. According to a PTI report, the acquisition of LuvIt will enable DS Group to expand its presence in the chocolate segment.
DS Group entered the chocolate market in 2012 and has since expanded its portfolio of brands to include Pass Pass and Maze, as well as Chingles and Pulse.
The Good Stuff was earlier owned by Goldman Sachs and Mitsui Ventures. A statement from DS Group stated that the acquisition of the Good Stuff was a strategic decision to expand and reinforce the Group’s confectionery portfolio, while expanding its distribution reach to grocery stores and other retail stores. The statement did not provide any financial details.
The acquisition of LuvIt was a strategic decision to enhance the confectionery basket and enter the Chocolate segment, DS Group Vice Chairman Rajiv Kumar said.
“This would enable us to expand our product portfolio thereby reaching new consumers and markets too. LuvIt as a brand perfectly complements our portfolio and synergizes with our business ethos of innovation and premium quality,” he said.
DS Group teamed with luxury Swiss chocolate brand Läderach
DS Group also represents Swiss chocolate and confectionary brand Läderach. Läderach is known for crafting chocolates that are an amalgamation of passion and craftsmanship of chocolatiers par finesse.
Speaking about the partnership, Rajiv Kumar, Vice Chairman, DS Group said, “We are delighted to partner with Läderach. Like DS Group, which is passionate about its heritage and understanding of Flavours and Consumer preference, Läderach is an authentic Swiss family heritage spanning decades in pursuit of their passion and commitment to luxury chocolate. With our collective commitment to quality and innovation, we are ready to delight Indian consumers with handcrafted mini masterpieces of Läderach chocolates artfully designed by Swiss chocolatiers.”
The Indian confectionery market is valued at approximately Rs 23,000 crore, which is largely dominated by chocolates as a category with almost 60 per cent share. The Indian chocolate market is expected to grow at a CAGR of 6.69 per cent till 2028, according to a report.