NEW DELHI: Dharampal Satyapal Group (DS Group) on Tuesday announced the acquisition of The Good Stuff Pvt Ltd, which owns LuvIt Chocolate and confectionery brand. This acquisition will help DS Group to enter the chocolate segment and to strengthen its confectionary portfolio, which it entered in 2012 and now has a portfolio of brands such as Pass Pass, Maze, Chingles and Pulse.

The Good Stuff was earlier owned by Goldman Sachs and Mitsui Ventures, a DS Group statement said.

The company, however, did not disclose the financial details of the deal.

“This acquisition is a strategic move to grow and strengthen the Group’s Confectionery portfolio, whilst widening its distribution reach across grocery and other retail outlets,” it said.

The acquisition of LuvIt was a strategic decision to enhance the confectionary basket and enter the Chocolate segment, DS Group Vice Chairman Rajiv Kumar said.

“This would enable us to expand our product portfolio thereby reaching new consumers and markets too. LuvIt as a brand perfectly complements our portfolio and synergizes with our business ethos of innovation and premium quality,” he said. Founded in 2014, The Good Stuff had a turnover of over Rs 100 crore in FY22, in which around 90 per cent contribution was from the brand LuvIt. The Indian confectionery market is valued at approximately Rs 23,000 crore, which is largely dominated by chocolates as a category with almost 60 per cent share.

The Indian chocolate market is expected to grow at a CAGR of 6.69 per cent till 2028, according to a report.