April 18, 2019
For nearly 100 years, Godiva has made life sweeter and more pleasurable for chocoholics worldwide. But until April 17, the Belgian confectioner offered only its beloved premium-quality boxed chocolates, chocolate-covered strawberries, ice cream, and drip coffee at its 800 boutique stores across 105 nations.
Starting with a Manhattan location this week, Godiva has announced that it is rolling out 2,000 cafes through 2025, at which the company will offer a menu of fanciful food items, including the “croiffle”— a croissant and waffle hybrid that’s stuffed with fillings like cheese or chocolate and pressed on a waffle iron, The Chicago Tribune reports. Other items include an expanded list of coffees and a new collection of teas; as well as grab-and-go items such as sandwiches and yogurt parfaits. And of course chocolates.
The cafes mark Godiva’s first foray into prepared meals, the Tribune notes. It’s all part of an ambitious growth plan spearheaded by CEO Annie Young-Scrivner, who took over Godiva’s helm in 2017 after serving as a top executive at Starbucks. Her goal: to increase its revenue fivefold by 2025, the news outlet says.
The company, which is privately owned by Turkish Yildiz Holding, doesn’t report sales or profits—but according to reports, Godiva was about a $1 billion business in 2017. It expects 40% of its total sales to come from the cafes in the future.
“We really have a stronghold on formal gifting but we want to expand to everyday consumption,” Young-Scrivner said in a phone interview.
A few of the current boutiques will be converted into cafes, but Godiva is looking beyond malls and will also have stand-alone storefronts and airport locations.
Research contact: @GODIVA