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(Orion) |
Orion, a South Korean confectionery company widely known for Choco Pie, said on Thursday its cumulative revenue had reached 1 trillion won ($873 million) in Russia.
The trillion-won threshold was broken after the company racked up 50.6 billion won in sales for the first six months combined this year, following the precedents in China and Vietnam.
Efforts to create localized new products, as well as a wide range of biscuits and its popular Choco Pie, tapped into Russia’s dessert culture and propelled its growth, the company explained in a statement.
Russia has most variations of Choco Pie of any market in the world -- a total of ten including cherry, raspberry and blackcurrant flavors.
The company first branched out into the Russian market which is estimated to be worth 22 trillion won after launching its Russian unit in 2003 and building its first production line in the country in the city of Tver in 2006.
In 2006, the confectionery manufacturer raised 16.9 billion in revenue.
After building its second plant in the city of Novosibirsk in Siberia in 2008, its annual revenue jumped to 89 billion won.
In 2020, it also announced plans to build a new factory in the country to meet the growing demand for its products in Russian and Central Asian markets, which is set to be complete by next year.
“Once the new plant begins operation, we are expecting to see a strong jump in sales,” one official at the company said.
By Yim Hyun-su (
hyunsu@heraldcorp.com)
