Chocolate maker Godiva plots Australian expansion
The North Asian private equity owners of Godiva are pushing the luxury Belgian chocolate group further into the Australian confectionary market, and readying the business for either an eventual sale or listing on the Tokyo Stock Exchange.
Rights to sell the Godiva chocolates and soft serve ice cream in this region are owned by MBK Partners, which has $US25.6 billion ($40.3 billion) of assets under management and was co-founded by Michael ByungJu Kim. Mr Kim worked for The Carlyle Group before setting up MKB, which bought the Asia Pacific Godiva assets in a $US1 billion-plus deal in 2019.
Belgian chocolate maker Godiva’s global CEO Jerome Chouchan in the Chatswood store. Louie Douvis
Tokyo-based Godiva chief executive Jerome Chouchan told The Australian Financial Review a firm focus on expanding in Australia was part of the company’s growth strategy.
“The private equity model is that they take your business but grow it, and it has been a very good collaboration,” he said.
“We are very happy with MKB. The exit could be an IPO, which is the most probable, on the Tokyo Stock Exchange where the stock market is good and where Godiva is very strong in Japan. Or it could be a trade sale. We are straightening up the company as an IPO readiness.”
Godiva had not appointed an investment bank, nor was it in a rush to find a strategic buyer, Mr Chouchan said.
Parent entity Orchid in April added Belgian chocolate brand Pierre Marcolini to its stable. Mr Chouchan intends to add other categories, such as tea, helping to create a portfolio of luxury assets.
“Australia is very strong in sourcing ethical quality ingredients. In other categories, you see the success in cosmetics of let’s say Aesop or Jurlique – so why not in food?”
Godiva
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