French Kiss, founded in 2003, is aiming to become Russia’s leader in the premium hand-made chocolate and confectionery market by 2017. It operates 16 boutique stores in Moscow, and over 18 franchises across Russia.
“With company growth projected at 40% year on year, we will be actively supporting French Kiss throughout the investment program and working to achieve the company's aim of becoming Russia's number one player, " said Andrey Yakunin, VIYM and co-founder.
Funds raised from the acquisition will be used to finance the company's investment program through 2017. The company intended to significantly increase its production capacity as well as double the number of its stores.
The Russian confectionery market climbed by around 21% between 2008 and 2012, reaching value sales of RUB 360bn ($11bn), according to Leatherhead. Chocolate products make up over 70% of the market.