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Belgian chocolate producer Godiva is selling all of its Asian activities to Korean investors. The company wants to use the revenue to launch its own coffee and pastry chain.
300 stores and a factory in Brussels
Godiva has found a buyer for its Asian branch: Korean private investment group MBK partners is willing to pay more than a billion euros for the entire Asian-Oceanic division, with 300 stores and sales points at Japanese and Korean airports. Godiva is particularly popular in Japan.
The sale includes all retail and distribution activities in Japan, Korea, Australia and New Zealand. However, the acquisition also includes a Belgian factory in Brussels, where the chocolates for the Asian market are manufactured. That location will now also become part of the Korean endeavour.
Competition for Starbucks
Despite the sale, the Belgians remain closely involved: Godiva remains the owner of the brand and will keep on distributing from Brussels, CEO Annie Young-Scrivner promises in Belgian newspaper De Tijd.
The purpose of the sale is to support Godiva’s new expansion strategy: the brand will need coffee bars and pastry products. Turkish owner Yildiz eventually wants 2,000 Godiva coffee bars around the world. Today, there are barely twenty, including some in Asia. Godiva will have to compete with chains like Starbucks, where CEO Young-Scrivner worked earlier on.
