Ice cream consumption in China is growing at over 15% per year over the past 5 years, with an annual revenue forecast of £6bn in 2015. However the market is fragmented, meaning there are limited European ice cream brands to compete with.
Vai Milano has 5 outlets and several more in the pipeline, and has serviced clients such as the Four Seasons, Hilton Hotels, Air China and European embassies in China.
The management team has extensive experience of operating businesses in China and the emerging markets and specifically within the food and drink industry. The team also includes Pietro Monti who has over 20 years’ experience of gelato making in Italy and is core to the authenticity of the brand.
The company has grown its business to a cash generation of £50k per month and has recently reduced overall production costs by 50%, achieving profitability at store level.
This funding will be used to further expand the business by opening new outlets, as well as for product development, marketing and to increase the sales team.