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Japan's Royce Brings Luxury Chocolate Business To India

July 12, 2013: 12:00 AM EST
Japan-based luxury chocolate company, Royce, plans to open a flagship store at the Palladium Mall in Mumbai, which marks its entry into India’s high-end confectionery market. Market tests conducted by the company showed India is ready for super-premium gourmet products, according to Royce officials. Trends among the country’s existing luxury food retailers, including Godrej Nature’s Basket and Le Marche, which are showing no sign of weakening in their business despite the depreciation of the Indian rupee and resulting higher prices, seem to support Royce’s assertion. So while Indian consumers are cutting down on their discretionary spending and almost all mid-level consumer brands are expanding their promotions and discounts to increase sales, luxury food marketers are holding on to their premium-market pricing strategies.
Ratna Bhushan & Vijaya Rathore, "Japan's luxury chocolate maker Royce enters India's booming gourmet food business", Economic Times, July 12, 2013, © Bennett, Coleman & Co. Ltd.
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