Godiva - Overall Performance
Godiva is perceived by consumers as a confectionery brand that offers desirable luxury chocolates. The brand has been rapidly growing in the last couple of years, and is planning to almost double its revenues by 2022. In the industry, the brand is considered to operate between the mass and luxury market, and has been seen to expand into the baking market.
Godiva's overall performance
- While the most popular brands in the US are Mars and Hershey, when chocolate lovers focus on eating a more refined chocolate, there is only one brand that occupies the mind of consumers — Godiva.
- Godiva currently has 800 stores in 105 countries, and has been in the business for 90 years.
- The company is owned by a Turkish conglomerate Yildiz Holding, and is reported to be bringing in over $1 billion in revenue. It is aiming to become a $2 billion brand by 2022.
- The global chocolate market is considered to be fragmented but is growing at a quicker pace than the overall confectionery market. In 2018, "Godiva held a share of about 0.8% of the $110 billion global packaged chocolate confectionery market last year, ranking it No. 17, compared with the 5.2% share held by No. 1 Cadbury."
- It is set to open 2,000 cafes around the world by 2022, while currently operating around 800 stores. According to the company's spokesperson, "company's signature chocolate gifting and chocolate packaged goods distribution business in supermarkets, department stores and other locations will increase Godiva sales fivefold over the next six years" starting in 2018.
- Godiva is considered to be positioned in the both mass and prestige market (often referred to as "masstige"), similar to Armani Exchange, Victoria's Secret, Bose, Tiffany & Co, Coach, etc. Godiva offers a portrayal of desirable luxury in the way their product is designed and its taste, while offering a high-in-price but not too expensive price range.
- Godiva expressed their passion for continuing to be positioned in the premium confectionery range whilst offering products priced at a significant premium relative when compared to the mass market confectionery brands. Godiva focuses on chocolate gifting and is insistent in portraying the brand as an exclusive luxury.
- In the chocolate and confectionery industry, Godiva is perceived as expanding extensively. It has recently announced it will be soon available in grocery and department stores such as Whole Foods and Bloomingdales.
- Additionally, it is also expanding into the baking aisle by partnering with General Mills to offer a line of baking mixes. Godiva said it is "incorporating its signature chocolate into a product line featuring four dessert options: Molten Lava Cakes, Brownie Cheesecake Swirl, Raspberry Chocolate Torte and Flourless Chocolate Torte."