Modern Food relaunches brand, targets Rs 1,000 cr revenue by 2020-21

Chennai, April 28 (IANS) Targeting a revenue of Rs 1,000 crore by FY2021, bread major Modern Food Enterprises will soon be launching an entirely new range of bread and bakery items while looking at new food segments, said a top company official.

The company also announced on Friday the relaunch of its Modern brand, with new brand positioning, new brand identity and new packaging.

Interacting with reporters here, CEO Aseem Soni said the new range of breads will focus on the health and wellness of the customers.

According to him the new bread range include Milk Plus bread enriched with calcium; Hi-Fibre brown bread reinforced with wheat fibre; 100 per cent whole wheat bread and multigrain superseed bread - which does not only have superseed sprinkled on top but even the flour is made of seven grains and contains Omega 3.

Soni said the company would like to wean away premium customers frequenting neighbourhood bakers with its new range of products.

The brand and product relaunch is not only to attract young customers but also to retain the existing ones, he added.

"We will launch our new bakery products in six/nine month's time. Lot of things are in the research and development (R&D) stage," Soni said.

According to him, the target is to earn around one third revenue from selling bakery products by FY2021.

Last fiscal, the company closed with a turnover of Rs 270 crore.

Queried about the Rs 1,000 crore revenue target by FY 2021, Soni said Modern is a strong food brand and with new look, products the company will also enter newer markets while strengthening its presence in the existing markets.

The 25 per cent revenue growth targeted this year will come mainly from growth in volume by over 20 per cent in the health and wellness segment.

In 2016, the company was acquired by private equity group Everstone Capital from Hindustan Unilever.

Queried about exit strategy for Everstone, its Managing Director Rajev Shukla said it is too early for that.

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