 "Parle eyes 25% revenue from premium range in next 2-3 years")
With an aim to create a distinctive identity for its premium products, biscuits and confectionery maker Parle has created a new division Parle Platina, and is eyeing a quarter of its revenue from this segment over the next two to three years.
"Brands like Hide & Seek, Milano, Mexitos and Simply Good are more futuristic and aspirational. These brands are very different from the mother brand, Parle.
"Hence, we wanted to create a distinct identity for these set of brands, and hence Parle Platina came about, which will consolidate our premium brands under one division," Parle Products Category Head Mayank Shah told PTI.
The new division will also include the company's gourmet snack offering Parle Mexitos.
The premium segment is growing at 15-20 per cent for the company and Shah said, "there is a huge growth potential for premium products over the next 2-3 years and we see this segment contributing to about a quarter of our revenue."
Parle Products enjoys a market share of 15 per cent in the premium biscuit industry and the city-based company is aiming to increase it to 25 per cent in the next two years.
The premium biscuit industry stands at Rs 6,500 crore growing at 14-15 per cent, according to Nielsen.
The company's mass brands include flagship product Parle G, Parle Marie, KrackJack and Monaco, among others.
The biscuit major will invest substantially in Parle Platina and will unveil a new packaging and logo, which will feature prominently for all products under this division.
"Going forward, we will be adding new products, new formats and new innovations under the Platina division," Shah said.
