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Tuesday, January 31, 2023
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Monika Alcobev is eyeing 800 Cr revenue by 2024

India, 2022, Mumbai; In the past five years, the family-run company has become one of the biggest representatives and importers of foreign spirits in India with a turnover of 500 Cr. Having achieved success in other categories, Monika Alcobev is now looking to target a 70% Tequila market share in India within the next 3 years. To achieve this, the Company is planning to spend 40% of its marketing budget dedicated to its Tequila portfolio: Jose Cuervo and others. Being the world’s best-selling Tequila, Jose Cuervo’s appeal over the world is unparalleled and Monika

Enterprises wants to replicate that success in India.

The Company is planning to open 15-20 wine and beer shops under the banner of ‘The Wine Vault’ across India by 2022 which will specialize in providing a customized experience by suggesting wines to the customers as per their palate, occasion, time of the day, the season of the year and food pairings which will make it easier for a layman to find the perfect wine. They already have one store up and running in Oshiwara and two more coming up in the Juhu and Bandra locations of Mumbai.

They are also opening up a 3200 sq. ft. Wines & Spirits shop in Goa which will be Goa’s biggest wine shop. Monika Alcobev, born in 2008, was started by Bhimji Nanji Patel with the vision to import foreign liquor into the country. Currently, the company is being steered by Kunal Patel, son of Bhimji Patel, who with his fresh ideas, has helped in diversifying the company by branching out into different verticals like BIO products, ready-to-drink products, logistics, and beverage technology.

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With Kunal at the helm, he has been focused on expanding the domestic alcohol market; the company went from representing only 2 liquor brands in 2017 to 42 liquor brands in a short span of 3 years. The company made headlines when they bagged the distribution rights for selections from the diverse spirit portfolios of Roust, Ron Diplomatico, and Proximo Spirits. Today, their portfolio pours 120 labels from 42 spirit and wine brands which includes category leaders like Jose Cuervo Tequila, Diplomatico Rum, Bushmills Irish Whiskey, Russian Standard Vodka, Kraken Rum “All our portfolio brands are being received very well by the Indian audience. To go a step further, we are devoting 40% of our marketing budget to only our Tequila segment in order to make it a much more commercial category of liquor in the country.

Apart from that, we are also in the planning phase of launching our own label of Scotch and Wine. Also, our upcoming chain of premium wine and beer stores, ‘The Wine Vault’ will be adding up in achieving the desired numbers.” Kunal says.

The company has done amazingly well in combating the effects of Covid-19 on its business and has managed to continue its growth trajectory at a rate of 25% quarter over quarter. Once the situation improves, the company also plans to conduct training and tastings along with exciting events and competitions featuring their brands. Coupled with all the initiatives the company is taking, it is well on its way to achieving its goal of generating 800 Cr revenue by 2024.

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The above news was originally posted on contentmediasolution.com

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