For Pennsylvania-headquartered The Hershey Company, India has emerged as the fastest growing market in Q3 when Hershey India recorded a strong double digit constant currency net sales growth of 16 percent, overtaking Brazil and Mexico, and exceeding the company’s plans.
The Times of India reports that outside of North America, India is one of only four focus markets for Hersheys, the other 3 being China, Brazil and Mexic0. CFO Patricia A. Little said, “Our transition of the India portfolio is enabling a higher margin business, and we are on track to expand gross margins here by 1,000 basis points in 2017.”
“We anticipate an investment of about $50 million during the next five years as we focus on growing and expanding our presence in India. India is one of our key International focus markets and we are investing to build this important business,” chairman and managing director, Hershey India, Praveen Jakate said. “This is enabling adjustments in the local marketplace that should result in a sustainable operating model,” he added.
