Haldiram’s has signatured its first joint venture outside the family, making an exclusive partnership with master franchisee French bakery cafe Brioche Dorée.
Ashish Agarwal leads this venture with the world’s second-largest French bakery chain. Ashish Agarwal is a fourth-generation member of renowned Haldiram’s family, through individual entity HR Bakers.
One Brioche Dorée outlet is already operational in Connaught Place in New Delhi. Expecting another four in the first year of operations, informed Agarwal. Plans to locate them will be in the Delhi NCR and other markets.
“This marks the first time Haldiram’s has tied up with a company outside the family. With Indian consumers experimenting with a lot more international cuisine and eating out growing at a rapid pace, we believe this is the right time to venture in this space,” announced Agarwal, the MD of HR Bakers.
The Brioche Dorée cafes will exclusively serve vegetarian food, said Agarwal. “We have redesigned and developed our products keeping the relevance to Indian palates,” he said. The products include croissants, breads, desserts, sandwiches, pastries, salads and other snacks.
“An investment of about Rs. 4-5 crore has been infused in the initial stage for getting the brand off the ground,” Agarwal said, adding that HR Bakers is ready to explore more synergistic tie-ups with other brands in the markets.
Brioche Dorée, which started in 1976 in Brest, France, was founded by entrepreneur Louis Le Duff and is placed as a maker of freshly baked, urban French cuisine.
Groupe Le Duff has a universal turnover of over €2 billion and serves more than a million customers every day. Brioche Dorée has a track-mark of over 500 outlets globally, including in the US, Switzerland and China.
On assumption that Haldiram’s and US cereal maker Kellogg are exploring an coalition, Agarwal said: “There is no such plan.” “Multiple investors keep approaching us routinely — there is nothing in the immediate future on that front,” he added, dismissing news that Haldiram’s is in talks with private equity funds for divesting a minority stake.
Haldiram’s operates through three entities and is present abroad in the UK, the US and Japan, among other countries.