ITC forays into chocolate segment with luxury brand 'Fabelle'
Indian conglomerate ITC will soon be expanding its super-premium chocolate segment with luxury brand Fabelle, which will be sold at the company's luxury hotels.
The manufacturing of the chocolates will be done at the company's unit in Bengaluru. The assorted chocolates will be sold at Rs 1,000 each on an average.
ITC is hoping to create a luxury chocolate market in the country after almost a decade of product development by the diversified company's food division.
Analysts believe that ITC, which has set up a sourcing network for ingredients, has hired international chefs and chocolatiers. Such an investment can't be only for one luxury range, they say.
It is part of ITC's strategy to go top-down in the FMCG business as the company also forayed into premium packaged ready-to-eat meals.
ITC has accelerated its expansion into the non-tobacco FMCG business, especially packaged food and personal care, to overcome the slowdown of its cigarette sales due to recurrent tax increases and the recent ruling to increase the size of statutory warnings on cigarette packets which has seen the company shut its plants for the second time in a month.