Brands
Hershey’s eyes India; to invest $50M in 5 years
MUMBAI: The confectionary industry has emerged as one of the largest and well-developed food processing sectors of India. With international companies coming in and a stiff competition within Indian players to create a space for themselves, it is at an interesting juncture.
Amidst all this, US confectionary giant The Hershey Co has announced that it will invest $50 million in India over the next five years to focus on growing and expanding their presence in India. “India is one of our key International focus markets and we are investing to build this important business,” says Hershey India chairman and managing director Praveen Jakate.
India has emerged as the fastest growing market for the company, according to its recently announced its Q3 2017 global earnings and revenue. Hershey India recorded a strong double digit constant currency net sales growth, according to a statement from the company. As per the company’s Q3 2017 results, the constant currency net sales for Brazil in the third quarter increased by 3.3 per cent, while Mexico registered a net sales increased by 10 per cent. India outnumbered and recorded a net sales and growth of 16 per cent.
Hershey’s sells 11 brand in India, including Hershey’s chocolate syrup, milkshake and chocolate almond spreads, along with Sofit soya milk and Jumpin juice, which it acquired from an erstwhile joint venture with Godrej Industries.
The company plans to focus most of its investments now in brands owned by The Hershey Co. rather than in those brought from the joint venture, Jakate.
“Our transition of the Indian portfolio is enabling a higher margin business, and we are on track to expand gross margins here by 1,000 basis points in 2017,” says Hershey chief financial officer Patricia A Little.
In India, Hershey faces competition in the chocolate confectionary market from Mondelez, Mars, Snickers and Nestle.
Market research firm Euromonitor expects the Indian market to grow at an 8 per cent compounded annual growth rate to be worth Rs16,000 crore by 2021.
Brands
Ascenta elevates Adheip Bakshi to sales director amid growth push
Move aligns with expansion plans and flagship Basalt Hills development
MUMBAI: Ascenta has elevated its co-founder Adheip Bakshi to the role of sales director, signalling a sharper focus on scaling operations and expanding its market footprint.
Bakshi, who has been instrumental in shaping the company’s sales and marketing strategy since its early days, brings over a decade of experience in real estate sales and operational planning. He has played a central role in building Ascenta’s channel network and refining its go-to-market approach.
The leadership move comes as the company gears up for its next phase of growth, anchored by Basalt Hills, a 20-acre low-density villa estate positioned within the emerging Mumbai 3.0 corridor. Designed as a hospitality-led, lifestyle-focused community, the project combines serviced plots, bespoke villas and curated infrastructure within a natural basalt landscape.
Speaking on his new role, Bakshi said, “I’m excited to take on this role at a pivotal stage in Ascenta’s journey. Our focus remains on building a disciplined, channel-driven sales ecosystem while aligning closely with evolving buyer expectations for lifestyle-oriented developments. Basalt Hills is a strong reflection of this direction, and we aim to scale thoughtfully while maintaining the integrity of the product and experience.”
Commenting on the elevation, Ascenta founder and managing director Karan Bahl said, “This elevation reflects a natural progression, recognising Adheip’s contribution to the business and his ability to scale sales operations in a competitive luxury segment. As we expand our portfolio of boutique, design-led developments, strengthening leadership across functions remains a key priority.”
With this leadership shift, Ascenta appears to be doubling down on structured growth while keeping its focus firmly on design-led, premium real estate, a space that continues to evolve with changing buyer aspirations.
