By Shweta Thakur, IANS
New Delhi : Riding high on its sweet success, Mumbai-based candy store chain Sweet World is set to invest at least Rs.48 million in the domestic market and open 100 new stores across the country by the end of 2008.
Sweet World, one of the pioneers of the international concept of pick-and-mix candies in India, is a market leader with 40 stores across the country.
Company director Vrinda Rajgarhia told IANS: “The company has been achieving 100 percent profits in the last few years. By the end of next year we will open 100 new accounts across the country, including 40 franchises.”
“The initial investment for franchises would be at least Rs. 300,000 each and for exclusive outlets it will be over Rs. 600,000 each,” she explained.
The sugar confectionery and chocolate market in India is worth Rs. 28 billion. Of this, chocolates account for Rs.8 billion.
Sweet World set up a flagship outlet in Mumbai in October 2002. Its present outlets in Delhi and the National Capital Region (Noida, Gurgaon, Ghaziabad and Faridabad) are at leading malls like Ansal Plaza, Select City Walk, Sahara Mall and Great India Place.
Sweet World has outlets in other cities including Bangalore, Kolkata, Chandigarh, Lucknow, Agra, Ahmedabad and Surat.
“The metropolitan cities will get at least one more outlet. We are mainly targeting tier-two cities now. Hence we are planning to open outlets in Kozhikode, Pune, Jaipur, Udaipur, Coimbatore, Hyderabad and Bhopal,” she added.
The outlets offer candies with flavours ranging from tangy to sour, chocolate-covered candies to liquorice sweets of varied colours and shapes like dolls, animals and fruits at Rs.60 per 100 gm.
“The USP of these stores is the pick-and-mix format which allows Indians with a sweet tooth to choose a mix of various candies according to their choice,” beamed Rajgarhia.
She said that candies are popular not just with kids but adults and the elderly too.
“Candies serve as a comfort food, so they are not only popular among children. Young couples and retired people like them equally, either as a Valentine’s Day offering or celebration food,” said Rajgarhia.
“According to our estimates, an Indian spends only about Rs.27 a year on sugar confectionery. The market thus has immense potential and promises excellent growth,” she asserted.
The 39-year-old entrepreneur is upbeat about the future of the country’s sugar confectionery and chocolate market.
“The Indian sugar confectionery market is registering a growth rate of eight percent per annum,” she said.