The new strategy to move from boutique retailer to omni-channel business for every occasion, was producing results, according to Godiva’s CEO, Nurtac Afridi who stepped into the role a little over a year ago.
Afridi soon after, announced the shift in strategy when they closed all 128 of their US stores.
Our brick and mortar locations in North America have had a clear purpose since we first opened our doors in this market — to provide an in-person experience for consumers to enjoy the world’s most exquisite chocolatesNurtac Afridi, CEO, Godiva
But, she felt it was time to change strategy, and this year Afridi expects to see growth of 20% at the company, although she didn’t specify if that was in revenue or profits. When asked about inflation, Afridi said they are looking inwards to anticipate the issues that are causing price hikes. While prices were maintained for Valentines day, they can’t see what will happen for the rest of the year, and we can assume prices will go up, as they are, for other chocolate makers.
According to Afridi, the omni-channel has come at the right time, and their product is now available in more places, at prices between 2 and $200. We do wonder however, if a brand can continue to sell chocolate for $2 and still maintain its premium image.
The phrase “self-gifting” was often used by Afridi in her 3 minute interview on Bloomberg, as she described consumers’ purchasing habits. She explained that consumers want more gifting options, and they also want convenience, which is why Godiva is expanding to more places, making it easier to buy its products.