Iconic 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.
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.