Everstone plans brand makeover for Modern Bread

After Everstone Group’s Nimman Foods Pvt Ltd took over the iconic sliced bread brand Modern Bread, Everstone is planning large scale brand building exercise that will include outdoor advertising and shopper marketing initiatives for the 50 year old bread brand. The company has also recently set up state-of-the-art production facilities in cities like Delhi, Mumbai, Hyderabad and Bangalore and planning to add such facilities in all major Indian cities.

Aseem Soni, Chief Executive Officer and Board Member, Modern Bread, said, “In the Mumbai and Thane markets alone, we are looking at a minimum growth of 25%. We have made a conscious decision to focus on the health and wellness segment during the re-launch phase. The team at Modern Food has worked hard on creating an advanced portfolio of superior products, keeping in mind the evolving taste of consumers and their changing lifestyles that demand healthy, nutritious and tasty food choices. In terms of overall business perspective, we are looking at a 25% increase in revenue by FY18, and at a goal to grow revenue four-fold by FY2021 to Rs 1,000 crores.”

Modern is already a well-known bakery brand in Maharastra. Hence, focusing on the state further, the brand is planning to tap bigger distribution chains. The other states that are under immediate scanner are Kerala, Tamil Nadu, Telangana, Karnataka and West Bengal. The brand will soon launch a wide array of variants in the bread category.

Rajev Shukla, Managing Director, Everstone Capital Advisors, Mumbai, and a Director on the Board of Modern Food, said, “At Everstone Capital, we believe in strong partnerships and building great brands. Modern is an iconic brand, the first brand to launch packaged bread in Mumbai in 1968 and was the first to launch the iconic fruity bread in 1968 and the first ever brown bread. We have received excellent response post our recent re-launch in Kolkata and south India. We are eventually rolling out the exercise in other markets.”