Britannia's Fresh Bake

The biscuits major plans to ride new segments such as croissants, cakes and dairy for greater growth, even as it builds on the strengths of its existing brands

- Krishna Gopalan

ANY COMPANY THAT has made a significant turn in its business journey would have a serendipitous moment to thank. For India's biscuits market leader, the Bengaluru-headquartered, ₹14,000-crore (FY22 consolidated revenues) Britannia-a part of The Wadia Group that moment came six years ago. Company chief Varun Berry was mulling the need to strengthen the non-biscuits portfolio, given how fast the country's tastes were changing in an era of retail shelves stacked with a bewildering array of lip-smacking snacks. Berry, who had been Britannia's boss for about two years at the time, recalled a gentleman that his erstwhile employer PepsiCo had partnered with in Mexico and Eastern Europe, a man with a formidable reputation in bakery snacks. "They [PepsiCo] had a partnership with him then, though I did not know him at all," says Berry.

Not sure what to expect, Berry dialled the man, Spyros Theodoropoulos, who was then in Greece. Theodoropoulos was the Founder and long-time Managing Director of Chipita, the Athens, Greece-headquartered baked snacks major that was eventually acquired by Mondelez International in January 2022. The call went through, went well, and the rest, as they say, is history. "He turned out to be very proactive and in two months, his team was in our Bengaluru office," recalls Berry. "They were very forthcoming and the ability to move fast was a delight."

But why Theodoropoulos? It was a tactical move by Berry, who was then trying to understand how Britannia could leverage the croissant in India. For the uninitiated, Chipita's flagship product is the hugely popular croissant 7DAYS. Given the subsequent happy experience, this incident taught Berry, now 61 and Britannia's Executive Vice Chairman & Managing Director, a valuable lesson if something is not your core, it is a good idea to work with a partner.