Japanese luxury chocolate brand Royce’ has entered the Indian shores with a standalone store in Mumbai. In a JV with Burgundy Hospitality, Royce’ plans to open stores in most tier 1 cities in India, starting with the second store in Delhi in the coming months.
Apart from wowing the Japanese since 1983 (ever since it launched in Japan in Sapporo) Royce’ has a discerning following in Malaysia, China, Singapore, Russia and very recently New York (The Royce’ store is at the upmarket Madison Square).
Royce’ is known for its unique ingredients and approach to chocolate making. The chocolates are made with fresh cream from farms near the factory and come with a specially designed spatula to cut out a square and serve /help yourself!
The first Royce’ store in India is at the Palladium mall, Lower Parel, Mumbai. Burgundy Hospitality aims to tap Royce’ loyalists and connoisseurs of luxury fine chocolates with 20 Royce’ stores in the next 3 years and 50 stores over the next 5 years across India.
The market for luxury chocolates has shown a growth rate of over 15 per cent. India is one of the most potential, untapped markets for luxury chocolate brands. Even in times of recession, chocolates remain ‘recession proof’ as Indian consumers are willing to spend on affordable luxury for festive occasions and personal consumption.
India is the world’s fastest growing market for chocolates. Registering 15% annual growth between 2008 and 2012, the Indian chocolate industry is projected to grow at an even higher rate in the coming years.
According to “India Chocolate Market Forecast & Opportunities, 2018”, the per capita consumption of chocolates is increasing in the country which will continue to flourish the market revenues. It is expected that India chocolate industry will be growing at the CAGR 23 per cent by volume between the years 2013-2018 and reach at 3,41,609 tons. The dark chocolates are expected to account for the larger market share when compared to milk and white chocolates in the coming years.
Their range includes the bestselling Nama at Rs 1000 per 100 gm, PotatoChip Chocolate (combination of potato chips and chocolate) the most popular item in Japan for Rs 755 per 100 gm and the deluxe Criollo Chocolate for Rs 845 per 100 gm.
Burgundy Hospitality plans to open Royce’ stores in all tier-1 cities in the next three years. An outlet in New Delhi is their next priority.
Nivedita Jayaram Pawar