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Modern brand relaunched with new brand positioning in Mumbai-Thane belt
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Saturday, 24 June, 2017, 08 : 00 AM [IST]
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Shraddha Joshi, Mumbai
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Modern Food Enterprises Pvt Ltd (MFEL) recently relaunched the Modern brand with new brand positioning, a new brand identity, fresh, vibrant and contemporary packaging and the launch of an enhanced portfolio of superior and healthier products in the Mumbai-Thane belt, to cater to the growing health and wellness market.
The new portfolio features such products as Fruity, Milk Plus (a calcium-enriched drink especially for kids), Enriched Sweet, Family Special, Sandwich Supreme, Multigrain Superseed (which is made of flour made of seven grains, contains Omega 3 and has superseed sprinkles on top), Hi Fibre Brown (which has been reinforced with premium wheat fibre) and 100% Whole Bread.
The revamped new logo refreshes the iconic modern workmark, making its vibrant and energetic and the signature checkered patterns and stripes transforms into new look that manifests Modern’s new philosophy of Thrive and savour life to the fullest. The relaunched Modern products have been carefully crafted to strengthen their appeal among multiple consumer segments.
MFEL sees significant potential in the health and wellness brand category. Following the relaunch, the retail outlets been expanded by 50 per cent in Mumbai.
The Mumbai-Thane region is one of the two most evolved markets in India, the other being Delhi. Within Mumbai, the health and wellness sub-category accounts for 25 per cent of the overall bread sales. Currently, Modern’s share in the Mumbai-Thane belt is estimated to be 15 per cent share. The company is now looking to increase it to over 20 per cent in the course of the next two quarters.
At the launch, Aseem Soni, chief executive officer and board member, MFEL, said, “We can say that Modern Bread has stood the taste of time. It definitely lost its past glory a few years ago, but in the last 15 months, we have understood the consumers and category in depth before coming up with this relaunch and the new portfolio of health and wellness product. In the Mumbai market alone, we are looking at an overall growth of 25 per cent, and this will be driven by a 30 per cent growth in the health and wellness range alone.”
He added, “We have launched an advanced portfolio of superior products, keeping in mind the evolving taste of consumers and their changing lifestyles, which demands healthy, nutritious and tasty food choices. In terms of an overall business perspective, we are looking at a 25 per cent increase in revenue by financial year 2018, and at a goal to grow the revenue, which is now approximately Rs 250 crore, fourfold to Rs 1,000 crore by 2021.”
“In the Mumbai-Thane region specifically, we are planning to widen our reach by significantly increasing distribution. Our manufacturing facility in Goregaon has a capacity to prepare nearly 1.5 lakh loaves per day,” said Soni.
“The plant has recently been upgraded to cater to the production of the new product portfolio. Also, we plan to strengthen our presence in the states where we are already present, especially Maharashtra, Kerala, Tamil Nadu, Telangana, Karnataka and West Bengal, and expand our presence in white spaces in the north and west.,” he added.
Everstone Group, a leading Southeast Asia- and India-focused private equity investor with assets worth approximately $4 billion, relaunched Modern with intensive efforts over the last 12 months, with significant investments in manufacturing, as well as research and development (R&D) at Modern’s new innovation hub in Chennai, coupled with thorough efforts on consumer insights, strategy and design.
Rajev Shukla, managing director, Everstone Capital Advisors, Mumbai, and director on the board of Modern Food, said, “Modern, the most trusted bread brand in India, has a legacy of over five decades in the country and is a pioneer in the organised bread sector in India.”
“In India, 65 per cent of the sector is either under-unorganised or semi-organised, and 35 per cent is organised. At Everstone Capital, we believe in strong partnerships and building great brands,” he added.
“Modern is an iconic brand. It was the first brand to launch packaged and fruity bread in Mumbai in 1968 and the first-ever brown bread in 1991. We have received an excellent response in the last few weeks since our relaunch in southern India and Kolkata,” Shukla said.
“Consumers love the renewed Modern, reflecting in bread volume uplifts of more than five per cent in the aggregate (versus the incoming sales rate) across markets where the relaunch has been rolled out,” he added.
“Our health and wellness segment is also expanding steadily. In the last 45 days, since the launch, the health and wellness range is growing at double the normal value growth for the overall portfolio. We are confident of accelerating this success in a crucial region like Mumbai-Thane,” Shukla stated.
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