Lotus Bakeries Mondelez partnership for Biscoff in India/co-branded chocolate innovations
Mondelez and Lotus Bakeries join forces to expand the Biscoff brand in India and create co-branded chocolate innovations in key markets. The main items of the deal are :1) Mondelez to manufacture, market, distribute and sell Lotus Biscoff brand in India, significantly expanding its presence in the Indian cookie market; and 2) both companies will develop co-branded chocolate innovations combining Biscoff with Cadbury, Milka and other key brands in Europe, with option to expand globally. The first co-branded products are expected to launch in early 2025, with Cadbury and Biscoff in the United Kingdom, as well as Milka and Biscoff in Europe. A key benefit is that Lotus Bakeries can build on Mondelez' commercial expertise and market-specific knowledge and presence in India. We also welcome that Lotus Bakeries is as well adding its Biscoff brand to one of the world's leading chocolate companies.We increase our Target Price to € 8650 (was € 8250) in line with our DCF but maintain our Hold rating.
Lotus Bakeries is a bakery group based in Belgium. Co. produces and sells bakery products under the Lotus, Peijnenburg and Annas brand names. Co. focuses on authentic specialties from the biscuit and cake world: original caramelized biscuits (Biscoff), gingerbread, cake specialties, waffles and pepparkakor biscuits. Co. maintains production facilities in Belgium, the Netherlands, France and Sweden. Co. maintains its own sales organizations and cooperates with commercial partners in approximately 10 European countries including the United States, Hong Kong, China, South Korea and Chile.
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