Snowberry India

Real Estate firms seem to be finding new ways of taking on the present financial crisis that ails the sector.Sony Buildcon, a Delhi-based realty finance company, has partnered with Snowberry USA, an icecream chain, to form a new entity, Snowberry India.Snowberry India plans to invest $50 million till 2010 and plans to set up 1,000 Snowberry outlets by then.In the first one year, the company plans to roll out 200 Snowberry kiosks in Delhi NCR (national capital region). First 50 stores will come up by the end of February in Delhi NCR with an investment of $20 million. Snowberry India is also in talks with retailers to set up shop-in-shops.“The rental rates are going down and we saw this as a good business opportunity for us. We have 90 per cent stake in this business and Snowberry USA has 10 per cent,” said Nitesh Kumar, vice-president, Snowberry India.The company has bought some of the property in Delhi to set up kiosks in malls and in high street areas that also includes standalone stores. Snowberry India hopes to garner $25,000 to $35,000 revenue per month from each store within six months. The company would be targeting medium to upper-level segments with products prices, which would range between Rs 40 – Rs 200. “The organised icecream industry of India is $200 million. We want to grab 10 per cent of this market, which is largely dominated by regional brands,” said Robert F Baker, president, Snowberry USA. Snowberry India will introduce 20-25 flavours of their yoghurt-based icecreams along with fresh juices, slush and coffee. The company has set up its manufacturing facility in Manesar, Haryana, over 21,000 sq ft.
Snowberry USA plans to enter China through a joint venture next year. “India is one of the key markets for Snowberry in its global expansion agenda as India’s expanding economy and rising disposable incomes are fostering growth in indulgence food categories,” Baker added.