Edible Arrangements Signs Master Franchise Agreement in Republic of India
New Franchisee to Open 20 Units Throughout India Within Next Four Years
WALLINGFORD, CT - (Marketwire) - Edible Arrangements, the pioneer and leader in hand-sculpted, fresh-fruit arrangements, announced today the signing of a Master Franchisee agreement with Hiten Bajaj for the development of 20 units throughout the Republic of India over the next four years. The first location is expected to open by the end of the year in Mumbai. With this agreement, Edible Arrangements is now available to consumers in 10 countries outside the United States and Puerto Rico.
Bajaj studied at the American University in Dubai and secured his bachelor's degree in marketing and business administration from Southern New Hampshire University, Boston. Four years ago he launched Mosaic Live Communications, an event management company in Dubai that specializes in high-profile corporate affairs and product launches.
"We are very excited to welcome Hiten into our system and introduce Edible Arrangements to consumers in India," said Tariq Farid, CEO and Founder, Edible Arrangements, Inc. "As the founder of a prestigious event company, Hiten is well versed in client service and hospitality, making him an ideal brand ambassador and we wish him the best of luck with the opening of his first store later this year."
Currently, Edible Arrangements has over 970 locations with the goal to reach 1,000 units by the end of 2010. The company has experienced strong growth in 2009 with the opening of 74 new stores and franchise agreements for more than 85 locations in the U.S. and internationally.
As part of its aggressive growth strategy, Edible Arrangements is seeking to add several new development agreements in the Pacific Northwest, Midwest, and other areas of the United States, while expanding its presence to Japan, South Korea, Jordan, Brazil, Mexico, Spain, South Africa, Singapore and Egypt. In addition to finding qualified new franchisees, the company's growth strategy includes continuing to grow its existing franchise base into enterprise multi-unit operators.
"Edible Arrangements is an exceptionally unique concept that will be well received during the continuous celebrations and ceremonies that occur year-round in India," said Hiten Bajaj. "Additionally, there has been a recent shift in consumer behavior with many opting for healthy eating and lifestyles making Edible Arrangements a perfect fit for a country like India where there is no product like this."
Tariq Farid, the recipient of two Entrepreneur of the Year awards in 2009 from the International Franchise Association and Ernst & Young in Metro New York, developed and launched Edible Arrangements in 1999 in East Haven, CT, after many years in the floral industry. He learned early that corporate support can make the difference between a struggling or thriving franchise. It is for this reason that Edible Arrangements offers its franchisees comprehensive corporate and onsite level training, unparalleled technology, national brand recognition and extensive support.
Since its inception, Edible Arrangements has earned countless accolades from the industry, including its ranking as first in its category by Entrepreneur Magazine's Annual "Franchise 500" Ranking for the past five consecutive years and the winner of the ICSC's 2010 Hot Retailer Award. In addition, the company has also ranked for six consecutive years in Inc. Magazine's top 5,000 fastest growing privately-held companies.
Individuals seeking to own and operate an individual Edible Arrangements franchise should posses a minimum liquidity of $60,000 and the ability to invest approximately $147,000 - $261,000. Multi-unit store development plans, international master franchisee licenses and financing options are also available for qualified applicants.
About Edible Arrangements
Edible Arrangements International, Inc. is the leading purveyor of delicious, high quality, artistically designed, fresh fruit arrangements that are practical and healthy gifts. Founded in 1999 in East Haven, CT. by Tariq Farid, Edible Arrangements has been ranked first in its category by Entrepreneur Magazine's Annual "Franchise 500" Ranking for the past five consecutive years. With over 900 locations operating or opening soon worldwide, Edible Arrangements is rapidly expanding across the United States, Canada, Puerto Rico, the United Kingdom, Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Italy, Turkey and Hong Kong.