The expansions have been driven by the demand for gourmet chocolates despite the rising inflationary trend in the country. But the falling rupee which now affects the highly import-driven gourmet chocolate company and the rising fuel costs will force it to hike prices of its products at least by 8-10 per cent.
“The current Indian currency fall will put pressure on the annual revenues. The local suppliers of food ingredients are increasing prices any where between 5 and 15 per cent which will lead us to pass on the additional cost to consumers. The prevailing harsh economic conditions might force us to rethink on our future expansion strategy,” Vimal Sharma, director, Chocolate Bliss, told F&B News.
The four-year old company has been registering double-digit growth since its inception in 2008 expects to see a dent into overall growth and revenues this fiscal, he added.
The gourmet chocolate market in Asia is registering a growth between 10 to 15 per cent. The total volume of production in India is 15,000 tonnes, of which India's share is 400 tonnes of the gourmet premium range.
India’s market for chocolate is registering an annual 20 per cent growth. This has led is to chalk out an expansion plan. We will first look at adding additional stores in the lounge format to another 2 or 3 for which the investment at each location would be in around Rs 50 lakh, he stated.
Chocolate Bliss, which has two formats (retail and corporate), has garnered a fair share of the clientele in the city. Its range of premium chocolates, pastries and beverages have attracted customers of all age groups.
From luxury gourmet chocolates to cakes and desserts, Bliss was focused towards the launch of gourmet boutique breads. In the premium food retail space, players like Britannia’s Daily Bread and Godrej’s Nature’s Basket and Food Hall at 1 MG Road Mall, there is scale and scope for more such outlets, stated the Chocolate Bliss director.
The company has now partnered with Gourmet West at the Forum Mall, Koramangala. To market its range of handmade breads. The range covers multigrain breads, burger buns, muffins, croissants and tea cakes. While there is competition in the segment coming in from local and branded bakery outlets, our key differentiator will use of healthy natural ingredients like corn, linseed, sunflower, oatmeal, American rice and rye. The assorted breads are prepared without added preservatives, making them tasty as well as nutritious; perfect for the health conscious, stated Gerard Mendis, Master Chocolatier and Confectioner, Chocolate Bliss and chairman, Council of Management of Chef Guild of Sri Lanka.
