New Delhi: The ₹22,000 crore Adani Wilmar group that sells the popular Fortune brand edible oils and other staples on Wednesday said that it was looking to launch value-added staples as well as products in the ready-to-cook food segment.
The company that sells edible oil, atta, rice, besan, and sooji under the Fortune brand will enter the value-added staples segment to woo the millennial consumers looking for health foods. “We have not yet decided, but there could be products like low-sugar atta, brown rice or fortified rice," said Angshu Mallick, deputy chief executive officer at Ahmedabad based Adani Wilmar. Mallick was in New Delhi to unveil the new logo for its Fortune brand that’s been redesigned by UK based agency Bluemarlin.
“We are looking to launch some four-to-five such products that will be in the value-added segment in our existing categories," said Mallick.
The company that first launched its oil 20 years ago, has also ventured into the ready-to-cook segment with the launch of “khichdi" in three variants in select markets. “Since we are already into staples like rice and dal, we decided to launch packaged “khichdi" for the millennial consumer who has little time to cook," said Mallick. “We are looking to expand this range but we have not taken a call on any new product yet. For instance, what stops us from, say, getting into idli and dosa batter considering we are also selling rice and daal or upma as we also sell sooji," he said.
Among staples, the company’s next big launch will be branded sugar, he added.
For Adani Wilmar, which has 25 plants around the country for its products, e-commerce is emerging as a big platform to target the young consumer. “On e-commerce platforms, our business is growing 100% year on year. Groceries will grow tremendously on e-commerce going foward, as they are the least interesting items to buy. Besides, the time-starved, young urban consumers find it easy to order monthly groceries online," he said.
Adani Wilmar’s move to refresh its portfolio is also prompted by changing consumers who are increasingly ordering more ready-made meals through online food ordering platforms such as Swiggy and Zomato to save time. “ Millennials are not so cooking-savvy. However, we need more people to cook at home," said Mallick.The thought behind the refreshed logo was to draw millennials, especially millennial couples, who are starting to set up their own homes, he said.
In line with its plan, the company has also changed the brand’s tag line from ‘Joy of Eating’ to ‘Joy of Cooking’, inspiring home-chefs to take to cooking. To promote its newly designed logo, the company will launch a television commercial featuring its brand ambassador and Bollywood actor Akshay Kumar early next month.
Fortune entered the foods segment in the year 2013, with the launch of packaged besan (chick-pea flour). This was followed by its entry into soya chunks in 2014, basmati rice in 2015, and packaged wheat flour in 2017.
In 2019, Fortune also diversified into non-basmati rice, that Mallick said is 90% of the market. The company has also taken a local approach to diversify its portfolio launching region specific products such as non-basmati rice variants in East, West, and central India.