The company’s Chief Executive Officer, Jim Goldman, confirmed at an interview at the Chocovision conference in Davos, Switzerland that Godiva has scheduled to open around 15 new outlets across the country within the next 12 months. Bringing its total portfolio of shops to 30 in the three years since it expanded into China.
‘China is less than 5% of our revenue, but it’s the fastest-growing piece of the puzzle’ affirmed Goldman.
‘Over time, we’ll be in the hundreds of stores in China, but we also know that the Chinese use the Internet and the commercial aspect of the Internet is becoming more of a factor’.
Overall consumers in China spent approximately $1.1 billion on chocolate last year and according to market researcher Mintel that figure is set to achieve an annual year on growth of 11% up until 2014.
Established way back in 1926, Godiva, which Turkey’s Yildiz Holding AS bought for $850 million, will have sites in 10 Chinese cities by the end of 2012, according to Goldman. By 2016 they are hoping to operate in more than 100 Chinese stores.
Goldman believes Godiva’s boutique expansion in China will help the brand remain ahead of the competition, even as more western chocolate companies start to enter this lucrative market.
‘You don’t see a lot of boutiques’ he said.
‘We’re starting to see some of the more well-known European brands with one or two stores. We’re leading the way and just need to stay ahead’.
Goldman also confirmed that Godiva is expanding its operation in delivering online orders of chocolate and other confectionery products by van in Shanghai, where the company also operates a cafe that sells baked goods and wine in addition to chocolate.
Article posted by Spencer Samaroo, Managing Director, Moo-Lolly-Bar. A true chocoholic, he also is chief editor of I Love USA Candy.
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