Hershey to Debut New Candy Brand in China

The new candy is a condensed milk product

   

hersheys bar 630 300x199 Hershey to Debut New Candy Brand in ChinaIconic chocolate and candy-maker Hershey (HSY) is trying to increase its presence in the Chinese candy market.

In order to lure Chinese candy lovers, the company has created a new condensed milk candy and will spend millions to market three versions of it in China. Known as “Yo-man” in Chinese (“Lancaster” in English), the candy targets China’s fast-growing $1.2 billion premium milk candy market, the Wall Street Journal notes.

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Until now, Hershey’s offerings in China had been mostly restricted to chocolate candies.

The new candy marks the first time Hershey has launched a new candy outside of the U.S. The company launched its new Asia Innovation Center in Shanghai on Wednesday, its second-biggest research center.

Boosting sales in China is consider a critical component of Hershey’s plans to raise international sales to 25% of overall sales by 2017.

Hershey is vying with Kraft Foods (KRFT) for a share of China’s snack food market.

Shares of rose slightly in Tuesday morning trading.


Article printed from InvestorPlace Media, http://investorplace.com/2013/05/hershey-to-debut-new-candy-brand-in-china/.

©2014 InvestorPlace Media, LLC

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