Dharampal Satyapal Group (DS Group), an Indian conglomerate, has announced the acquisition of The Good Stuff, owner of confectionery brand LuvIt, for an undisclosed amount.
The LuvIt brands includes milk chocolate, chocolate-coated wafers, fruit and chocolate-flavoured lollipops, eclairs, sugar-panned chocolates and chocolate snacks.
Commenting on the deal, DS Group vice chairman Rajiv Kumar said: “DS Group has been focusing on increasing its presence in the confectionary segment for the last many years. Acquisition of LuvIt was a strategic decision to enhance our confectionary basket and enter the Chocolate segment with an impressionable footprint”.
“This would enable us to expand our product portfolio thereby reaching new consumers and markets too”, he added. “LuvIt as a brand perfectly complements our portfolio and synergizes with our business ethos of innovation and premium quality”.
The Good Stuff was previously owned by Goldman Sachs and Mitsui Ventures.
Source: The Hindu / The Good Stuff