As part of its growth strategy, the group is planning to increase its ad budget by 50% in the Q4 of this fiscal to gain high visibility for all its brands across diverse categories. The group is also looking at new products in the Indian confectionery and beverages sector.
On the companys new initiatives, Adi Godrej, chairman of the Godrej Group said: Our main investment for GCPL will be on its new global acquisitions. We will also be increasing its manufacturing capacity. We will be investing a lot of money on Godrej Agrovets new retail models along with its expansion plans. Incidentally, GCPL has acquired the South African hair brand Kinky last week.
The group has launched 14 new rural retailing Aadhaar stores in this quarter, taking the total to 61 stores. Currently, GHFBL is test marketing its new brand Hersheys Nourishing Milkmix in Tamil Nadu. Weve got very good response for it. As soon as the test marketing is over, we will be looking at the national roll-out of the brand. We will be increasing our ad budget this quarter, said Godrej.
As for the groups makeover strategy Godrej said, Work is in progress. We will be unveiling our new corporate identity in a few months.