The deal is expected to be completed in mid-2019.
GODIVA Chocolatier, a subsidiary of Turkish conglomerate Yildiz Holding, entered into a transaction to sell select GODIVA assets to MBK Partners to handle operations in Japan, South Korea, Australia, and future rights to develop its New Zealand business, as a part of its strategy to grow the business fivefold, an announcement revealed.
“It gives us the financial flexibility we need to execute our 5x growth strategy by accelerating efforts in new and existing markets and supporting the plan of opening of more than 2,000 cafes globally whilst preserving our Belgian legacy, quality, and craftmanship that have helped to make our brand iconic,” said Annie Young-Scrivner, CEO of GODIVA Chocolatier.
Under the terms of the transaction, MBK Partners will purchase the retail and distribution operations of these four markets. This includes consumer packaged goods (CPG), digital-commerce, travel retail (for Japan and South Korea) and more than 300 retail stores.
The GODIVA production facility in Brussels will continue to supply its products to these markets. The transaction is anticipated to close in mid-2019.
GODIVA Chocolatier will retain exclusive brand ownership in all global markets granting a perpetual license to MBK Partners.
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