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W20177

UNILEVER: USING HORLICKS’S BRAND EQUITY TO LEAD1

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Sanchita Krishna, Sandeep Puri, and Rakesh Singh wrote this case solely to provide material for class discussion. The authors do
not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names
and other identifying information to protect confidentiality.

This publication may not be transmitted, photocopied, digitized, or otherwise reproduced in any form or by any means without the
permission of the copyright holder. Reproduction of this material is not covered under authorization by any reproduction rights
organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western
University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. Our goal is to publish

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materials of the highest quality; submit any errata to publishcases@ivey.ca. i1v2e5y5pubs

Copyright © 2020, Ivey Business School Foundation Version: 2020-03-18

In December 2018, Hindustan Unilever Limited (HUL) announced that it would buy GlaxoSmithKline
Consumer Healthcare Ltd. India (GSK Consumer),2 which included popular brands such as Horlicks, Boost,
and Viva.3 The merger with GSK Consumer came with a share-swap deal worth ₹317 billion,4 where 4.39
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HUL shares would be allotted for every GSK Consumer share, at a later agreed date.5

The deal, (a very valuable deal in the health food drinks (HFD) market) helped the parent firm,
GlaxoSmithKline Plc (GSK), fund a buyout of Novartis International AG’s US$13 billion stake in an
international health-care joint venture and was intended to “drive increased focus on over-the-counter (OTC)
and oral health categories.”6 HUL’s parent firm, Unilever, leveraged a portion of its pre-deal holdings of 67.2
per cent of HUL shares to complete the GSK India buyout. In addition to the GSK Consumer business, the
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deal also included an 82 per cent sell-off of GSK Bangladesh and brand rights for GSK’s consumer health-
care nutrition products through a cash transaction worth ₹49.87 billion.7 It also enabled HUL to strengthen its
foothold in the food and refreshment business in India. With Horlicks in its portfolio, HUL expected to
increase the overall turnover of its food and refreshment business, increase market share, draw synergies from
individual strengths, and gain access to a larger consumer base. HUL’s investment in GSK Consumer enabled
it to leverage a trend toward wellness and health and to potentially grow its food and beverage business from
the existing 18 per cent revenue share in its portfolio to 27 per cent.8
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Despite HUL’s positive outlook and Horlicks’s 43 per cent market share, the product had recorded a weak
growth of around 2.6 per cent in the year ending March 31, 2017, as a consequence of single-digit growth
in India’s HFD category. 9 All major HFD players had been hit by concerns raised by the category’s primary
target audience—parents, physicians, and nutritionists—regarding the health effects (e.g., obesity) of sugars
such as maltodextrin, a key ingredient in beverages such as Horlicks. As a result, the focus had shifted from
maltodextrin-based drinks to healthier, preservative-free alternatives and products with Vitamin D, choline,
and DHA.10 Changing consumer preferences, growing competition, and constant changes to the
Government of India’s regulatory scheme also added to the problems of the major players. 11 In such a
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scenario, HUL was faced with a challenge: how could the company build on Horlicks’ brand equity to
sustain its leadership in the HFD market, leverage its leadership position to grow the company in this
segment, and take growth to double digits?

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COMPANY BACKGROUND

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GSK Worldwide

With a revenue base of US$38.05 billion in the financial year (FY) 2017–18, GSK specialized in three core
areas: pharmaceuticals, vaccines, and consumer health care. The company’s business portfolio was
dominated by the pharmaceuticals division, which contributed 57 per cent of the total revenue and was

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followed by the consumer health-care division, which generated 26 per cent of the revenue. The remaining
17 per cent of the revenue came from the vaccine division. With around 74 per cent of revenue coming
from the pharmaceuticals and vaccines portfolio, GSK’s management focused heavily on maximizing the
potential opportunity from these two lead divisions. As a result, the company’s priority was to improve its
existing product and market performance through dedicated research and development efforts and to
maintain a continued pipeline of potential new pharmaceutical products by investing in key vaccines and
seeking further growth from GSK Consumer’s power brands. GSK’s focus was on making progress in the

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growing global health-care market through innovation, trust, and performance.12

GSK Consumer

GSK Consumer reported net sales of ₹41.5 billion in FY 2017–18, ending March 31, 2018.13 Like its parent,
GSK Consumer emphasized driving innovation and delivering products with superior science. Despite a
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changing political landscape, a shift in consumer attitudes, economic headwinds, and regulatory changes, the
firm continued to retain its market leadership position in the HFD category, which included brands such as
Horlicks and Boost, with a value share of 55.3 per cent and a volume share of 64.6 per cent. The company
leveraged its science expertise to launch newer flavours, extend high-protein HFD to the 30-plus age group,
and relaunch Women’s Horlicks.14 The company also invested in research and development of products that
would suit a healthier lifestyle and in initiatives aimed at improving health and hygiene standards in rural
areas, addressing issues of malnutrition, and using digital advocacy to educate masses on active health care.15
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Horlicks

Horlicks, a malt-based milk drink, was invented in 1873 in Chicago and patented in 1883. The British army
introduced it in the Indian market in the 1930s. Because it was low weight, non-perishable, and high in
calories, the product was considered to be an excellent food supplement.16 Horlicks consumption gradually
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increased and peaked between World War I and World War II, when it was sold in the form of tablets,
candies, and dry-mix powder. Over time, as consumers grew older, Horlicks launched various flavours with
enhanced tastes for different target segments.17

Product

Horlicks comprised measured proportions of wheat, malt barley, milk, and 14 nutrients, including calcium
and Vitamin B.18 The nourishing malt-based beverage included a mix of clinically tested bio-available
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nutrients that promised to enhance immunity, increase mineral density, strengthen bones, increase lean
tissue, improve concentration, increase health nutrients in blood, and promote healthier weight gain. To
serve as a tastier milk substitute, Horlicks added more flavours, such as chocolate, kesar-badam (saffron-
almond), and elaichi (cardamom) alongside its classic malt flavour. Over the years, Horlicks extended its
product line beyond the existing target segment to include Junior Horlicks, for toddlers and preschoolers,
and Women’s Horlicks and Mother’s Horlicks, for women. A separate line of products, devised in

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consultation with nutritionists, focused on delivering high growth and metabolism with offerings such as

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Protein+ (a “high-protein nutritional beverage for adults”), Horlicks Growth+ (which promised advanced
nutrition to support faster growth in children), and Cardia+ (“to support lifestyle modification for adults
with risk factors).” With the new variants, focused on individual needs, Horlicks leveraged its science
expertise to respond to changing market sentiments.19

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Price

Horlicks was a value-based product for GSK and a focal offering within its nutrition portfolio. However,
with improvements in the milk distribution chain across India, the addition of potential influencers such as
nutritionists and pediatricians, increasing competition, and an economic slowdown, Horlicks had to
consider alternative strategies to drive further consumption among Indian consumers. They did this by
focusing on initiatives that boosted consumption of its value-based products and creating a niche segment

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by introducing premium offerings. Smaller unit packs were introduced, dropping the price by one-fifth, to
induce consumption within untapped rural segments.20 Brand managers also focused on specialized high-
margin premium offerings to attract health-focused urban consumers. To boost the revival of incumbent
products within existing markets, Horlicks reversed its price of sachets by 20 per cent, from ₹6 to ₹5.21 To
resonate with regional consumers, Horlicks rolled out limited editions of a health drink with Madhubani
artwork packaging.22 These 200,000 limited-edition 500-gram packs were sold for ₹225 on e-commerce
platforms such as BigBasket within southern and eastern markets, as well as on premium modern-trade
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store shelves.23 Based on the above initiatives, it seemed that Horlicks was eyeing economic revival and
growth in the context of a slipping market share.

Promotion
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Through its marketing campaigns, Horlicks promised Indian parents they could have “sharper, taller, and
stronger” children24 by offering them one cup of the hot drink—targeting parents’ need to provide the best
nutrition for their children. Horlicks was able to grow its sales beyond non-pharmaceutical sales by advertising
in different ways.25 Horlicks had always focused on science and addressing the nutritional needs of consumers
in its advertising; its most recent commercial depicted children battling pre-exam stress and fear in Kota, a
city in northern India that was infamous for high-stress exam-coaching institutes. In the ad, the children were
surprised by a visit from their mothers, who brought home-made food, advice, and cups of Horlicks,
emphasizing the importance of providing emotional strength to children to help them counter the challenges
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of life. In the same spirit, GSK initiated a helpline to assist students in overcoming their fear of exams.26

Because of highly aware consumers and an emerging target audience, Horlicks altered its strategy, becoming
a partner in consumers’ awareness journeys by educating them on the critical aspects of building a healthier
lifestyle. Horlicks used this approach when it launched nutrition-packed Protein+, Growth+, and women-
focused drinks to connect with better-informed consumers and cater to their new, redefined requirements.
GSK hired popular actor Ranganathan Madhavan as the brand ambassador for Horlicks Protein+, to spread
awareness of the quality of proteins and building a healthier lifestyle.27 GSK also included actor Taapsee
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Pannu as the face of Women’s Horlicks and launched a YouTube campaign called “The Chalk Project” to
ensure awareness around healthier bones for women of all age groups.28 The brand also launched a microsite
where women could undertake bone health tests and learn about health, exercise, and diet change.29

To support nutrition, the brand engaged Bollywood superstar Amitabh Bachchan to lead its campaign on
Horlicks Mission Poshan, in line with the government’s Rashtriya Poshan Abhiyaan (“National Nutrition
Mission”), to tackle malnutrition, infant mortality, and stunting.30 However, following protests from public

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health experts on the promotion of high-sugar-content drinks, Bachchan issued a clarification that suggested

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he was associated with the cause itself and not a specific brand.31 Horlicks also launched a new range of
packaging to connect with consumers at the regional level32 and sold these unique packages through e-
commerce platforms like BigBasket and Amazon.33

Place

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HFD market competitors had always used general trade as their dominant distribution channel. This
contributed around 60 per cent of sales and was followed by pharmacy stores and modern trade.34 Along
with significant retailer and household penetration, GSK Consumer products commanded a strong presence
through pharmacy stores. Under pressure from increased competition and a shrinking market share,
Horlicks decided to diversify its distribution beyond the existing medium.35 The brand made conscious and
sustained efforts to grow its distribution networks beyond Tier 1 and 2 cities36 and included around 7,000

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rural distributors in its chain.37 Horlicks also leveraged popular e-commerce platforms to add itself to the
monthly online grocery orders of urban households. Horlicks moved beyond mass distribution to take a
differential distribution strategy by partnering with BigBasket and Amazon, which supplied its limited-
edition Madhubani-themed packages.38

HUL–GSK CONSUMER MERGER

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The HUL–GSK Consumer deal could be defined as the most valuable deal of 2018 in the HFD industry. To
fund a US$13 billion buyout of its stake in Novartis,39 GSK agreed to sell its 72.5 per cent stake in its Indian
business. The deal, announced in December 2018 and valued at ₹317 billion, merged HUL with GSK
Consumer India in a share swap.40 The final share-swap deal allowed shareholders of GSK Consumer India
to exchange each of their shares for 4.39 shares in HUL on an agreed-upon date. The parent firm, Unilever,
held 67.2 per cent of HUL shares before the deal, and a portion of this holding was leveraged to complete the
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GSK Consumer India buyout. Unilever had bought 15 per cent of HUL shares in its Indian unit in 2013, and
the accelerated growth of nearly 300 per cent during these five years had equipped the firm to secure this
merger. After the issue of new HUL shares in this share-swap deal, Unilever’s holding was diluted to 61.9 per
cent in HUL, and GSK, the parent company of GSK Consumer, holding at 5.7 per cent.41 In addition to GSK
Consumer, the deal structure also included an 82 per cent sell-off of GSK Bangladesh and brand rights for
GSK’s consumer health-care nutrition products through a cash transaction of ₹49.87 billion.42
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CHANGING CONSUMER LANDSCAPE

Increasing urbanization, consumerism, and awareness of health risks had changed the Indian consumer
psyche. Educated parents, professional consultants, and nutritionists were now driving a shift toward a
healthier India. The HFD industry’s claims of helping children become stronger, healthier, and more
intelligent no longer seemed to lure present-day parents. The Institute for Health Metrics and Evaluation
reported that malnutrition and dietary risks were the two top drivers of death and disability in 2017.43 With
rising awareness of malnutrition, obesity, and the impact of sugar and related substitutes, parents turned to
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nutritionists and began consuming products only after extensive research, examining product labels and
nutrition facts in detail before considering purchases.44

Additionally, the nature of nutritional issues facing urban and rural populations differed significantly. The
National Health and Family Survey in 2015–16 reported that, while the urban population was more prone
to obesity, the rural population was battling malnutrition.45 Indian consumers focused on improving their

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lifestyles, health, and wellness, which indicated huge potential in the premium segment. With major HFD

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companies still limited to Tier 1 and 2 cities, a significant opportunity for expansion was evident.46

INDIAN HEALTH FOOD DRINK CATEGORY

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Euromonitor International expected the Indian HFD category, with a market size of around ₹78.73 billion, to
grow at the rate of 3.7 percent until 2022; this compared to the category’s actual 11.5 per cent growth between
2012 and 2017.47 Horlicks led the market segment with around 43 per cent, followed by incumbents such as
Mondelez International, Heinz, Abbott Nutrition, and Danone. While the market was primarily dominated by
legacy companies, new entrants such as Amul Pro and PowerVita were also keen to enter this category. Owing
to urbanization, increased disposable incomes, and higher education, current consumers were health-driven
and aware of product labels and nutrition charts. With growing levels of malnutrition, obesity, and health
hazards related to the consumption of excess sugar and related substitutes, parents consulted nutritionists on

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a day-to-day basis for their recommendations. The HFD category had gradually evolved from milk substitutes
and enhancers to nutrition supplements. HFD drinks started to focus on nutrition and health. With further
growth in consumers’ health awareness, rising affordability, and busier lifestyles, competitors were expected
to invest in innovation and to satisfy consumers on flavour, nutrition, and sweetness content, even as they
improved accessibility. India was expected to account for 45 per cent of global malt-based hot drinks retail
volume sales.48 There was no sugar tax, but authorities had levied a 40 per cent tax on soft drinks, thus
encouraging manufacturers to increase the concentration of fruit in their drinks.49
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MAJOR BRANDS IN THE HEALTH FOOD DRINK CATEGORY

Bournvita: Mondelez International Inc.

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Cadbury entered India in 1948, and within the same year, introduced Bournvita, a malt-based drink. When
Kraft Foods Group Inc. acquired Cadbury in early 2010, it aligned the entire snacks business under
Mondelez International Inc. (Mondelez).50 In 2018, Cadbury completed a successful 70-year run in the
Indian market. Bournvita, an established brand among Indian consumers, had consistently promised to build
children’s inner strength by supporting active brains and stronger bones and muscles. The brand messages,
which stressed preparing children to become winners and increasing their inner strength, resonated with
parents.51 Bournvita was consumed mostly by children aged 6 to 11 years; however, to appeal to toddlers,
preschoolers, and women, and to ensure the prescribed nutrition intake recommended by physicians,
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Mondelez launched variants in chocolate, caramel, and other flavours: Bournvita Li’L Champs; and
Bournvita Biscuits for women. With these new launches, Bournvita made long strides to take on its
competition in the focal segments.52

Complan: Zydus Wellness Limited

In October 2018, Zydus Wellness Ltd. announced that it had acquired Heinz India Private Limited (Heinz
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India), a subsidiary of Kraft Heinz, along with Cadila Healthcare Ltd. (Cadila), at a valuation of ₹45.95
billion.53 Popular Heinz India brands negotiated as part of the deal included Complan, Glucon-D, and Nycil.
Complan made ₹4.5 billion in FY 2017–18 and was the third most popular HBD drink in the country.
Despite enjoying high recognition in the milk-drink segment and having a strong presence within the
prescription segment and a favourable OTC base, Heinz India had failed to capitalize on changing market
dynamics, and this led to the stagnation of the Complan brand. Heinz India, which was focused mainly on
building its food business, neglected Complan, leading to weak segmented products, failed lifecycle

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management, and the gradual increased acceptance of competing brands such as PediaSure among

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pediatricians and parents.54 After acquiring Heinz India, Zydus Wellness Limited planned to revive
Complan: it had a three- to five-year growth plan that was expected to challenge PediaSure’s hold among
pediatricians and child specialists through its low pricing and Cadila’s deep reach among medical
representatives in urban and rural areas.55

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PediaSure: Abbott Laboratories

PediaSure, a flagship offering from Abbott Laboratories (Abbott), was the market leader in the premium
HFD market. Out of the overall HFD market, the premium segment constituted 15 per cent of the market.
PediaSure had a 9 per cent market share, followed by Protinex (3 per cent), Ensure (2 per cent), and others
(1 per cent). While legacy brands such as Horlicks, Bournvita, and Complan focused mostly on serving as
a taste-enhancing addition to milk for children between 6 and 11 years of age, and Cerelac and Nan were

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preferred for infants under age two, Abbott’s PediaSure targeted children aged between 2 and 6. It created
a market out of this microsegment with a renewed focus on protein. The product drove an estimated ₹4,500
million market within India through supermarkets, large stores, online channels, and traditional chemist’s
chains and OTC sales, which contributed 70 per cent. Promising to contribute to improved immunity and
visible growth in 90 days, PediaSure not only assured concerned parents, who consulted their pediatricians
before purchase, but also gained the confidence of nutritionists and doctors. PediaSure attained this
breakthrough by introducing 200-gram packs that were readily available for trial by doctors and parents in
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waiting rooms; this set it apart from most pharmaceutical products, which medical representatives shared
with the doctors for review.56

Protinex: Danone

Danone, a French multinational food products company, operated primarily in four areas: early-life nutrition
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medical nutrition, waters, and essential dairy and plant-based products. Products in the nutrition segment
constituted around 80 per cent of Danone India’s portfolio and were distributed through 200,000 outlets.
Within nutrition, Danone offered brands such as Farex, Aptamil, Deolac, Nusobee, and Neocate “to address
the needs of young infants, pregnant mothers and adults.” Danone, which acquired the over-50-year-old
brand Protinex from Wockhardt Limited, was well-recognized and accepted among adult consumers in
India. After introducing Protinex to its portfolio, Danone altered its strategy, shifting its focus from medical
products to an OTC-led distribution model that resulted in more than 50 per cent market share in the adult
No

nutrition category.57

DILEMMA

GSK Consumer had many nutrition brands in its portfolio, including Boost, Viva, and Maltova, but Horlicks
was its flagship brand.58 Although Horlicks was popular and sold across Sri Lanka, Bangladesh, Malaysia,
Nigeria, and India, the Indian market contributed 85–90 per cent to its overall revenues. Euromonitor
International estimated that Horlicks led India’s ₹78.73 billion malt-drink market with a 43 per cent market
share, followed by Bournvita and Boost, which had around 13 per cent and 11 per cent of the market share,
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respectively. A considerable portion of the market was shared by various smaller brands, which constituted
around 33 per cent of the market. Despite being the market leader, Horlicks witnessed a slow decline and
recorded a weak growth of 2.6 per cent in the financial year ending March 31, 2017.59 India’s entire HFD
category had managed only single-digit growth, much to the concern of major competitors.60

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Changing perceptions and awareness among parents, physicians, and nutritionists—the primary target

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market for the HFD category—regarding childhood obesity as a side effect of sugar-based ingredients such
as maltodextrin in HFD products had led to a shift toward healthier, preservative-free alternatives and
products with Vitamin D, choline, and DHA.61 As more high-protein, nutritious, and prescription-driven
alternatives such as PediaSure and Protinex became available in pharmacies and stores, these products
started to eat into the HFD market share and challenged the category’s dominance.62 The major companies

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in this segment faced many concerns, including declining growth, the growing popularity of substitute
products, changing consumer preferences, intense competition, and uncertain market dynamics due to
changes in sales tax, demonetization, and Government of India regulatory frameworks.63 With HUL now
making a foray into the HFD market from a leading position, how should it navigate the health-aware,
nutrition-conscious consumer segment, revitalize Horlicks, and keep the product relevant in the context of
rapidly changing consumer tastes and preferences?

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Sanchita Krishna is an alumnus of IMT Ghaziabad, India; Sandeep Puri is an associate professor at
Asian Institute of Management, Philippines; Rakesh Singh is a professor at IMT Ghaziabad, India.
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No
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ENDNOTES

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1
This case has been written on the basis of published sources only. Consequently, the interpretation and perspectives
presented in this case are not necessarily those of Hindustan Unilever Limited or any of its employees.
2
“GSK—About Us”, GlaxoSmithKline plc, January 1, 2020, accessed January 2, 2020, www.gsk.com/en-gb/about-us/#tab-1-3
3
“HUL to Pour Horlicks into Its Portfolio with GSK Deal,” Economic Times, December 4, 2018, accessed April 22, 2019,
https://economictimes.indiatimes.com/industry/cons-products/food/hul-approves-merger-with-gsk-consumer-to-buy-horlicks-
and-other-products-for-3-3-billion-euros/articleshow/66918300.cms?from=mdr.

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4
₹ = INR = Indian rupee; US$1.00 = ₹69.70 on December 31, 2018; all currency amounts are in ₹ unless otherwise specified.
5
Vardhini C. Parvatha, “All You Wanted to Know about Share Swap,” Hindu Business Line, December 10, 2018, accessed
March 8, 2019, www.thehindubusinessline.com/opinion/columns/slate/all-you-wanted-to-know-about/article25711864.ece.
6
Mitra Sounak, “GSK to Sell Horlicks, May Cut Stake in India Unit to Fund Novartis Deal,” LiveMint, March 28, 2018, accessed
July 1, 2019, www.livemint.com/Companies/6TVvB1bUoRzoSE5RoMixON/GSK-to-sell-Horlicks-cut-stake-in-India-unit-to-
fund- Novart.html.
7
Sagar Malviya, “Unilever Used HUL Buyback Gains to Secure GSK Health Deal,” Economic Times, December 11, 2018,
accessed June 9, 2019, https://economictimes.indiatimes.com/industry/cons-products/food/unilever-used-hul-buyback-gains-
to-secure-gsk-health- deal/articleshow/67034657.cms.

yo
8
“HUL to Pour Horlicks into Its Portfolio with GSK Deal,” op. cit.
9
Mitra Sounak, op. cit.
10
Rajiv Singh and Prabha Raghavan, “Whoever Buys Horlicks Must Reckon with Better Informed Consumers in a Rs 7,000
Crore Market,” Economic Times, April 1, 2018, accessed May 22, 2019, https://economictimes.indiatimes.com/industry/cons-
products/food/whoever-buys-horlicks-must-reckon-with-better-informed-consumers-in-a-rs-7000-crore-market/ articleshow/
63560169.cms.
11
Aditya Karla, “Food, Drink Giants Plot Fightback as India Looks to Tighten Rules,” March 16, 2017, accessed December 25,
2019, www.reuters.com/article/india-fastfood-modi-health/food-drink-giants-plot-fightback-as-india-looks-to-tighten-rules-
idINKBN16N0UG.
12
GlaxoSmithKline, Annual Report 2017, April 2018, Page 3, accessed May 2, 2019, www.gsk.com/media/4751/annual-report.pdf.
op
13
GlaxoSmithKline Consumer Healthcare Limited, Annual Report for the Year Ended March 31, 2018, April 2018, accessed
June 25, 2019, https://india-consumer.gsk.com/media/876502/gsk_ar_2018.pdf, 4.
14
Ibid, 5.
15
Ibid, 9–10.
16
Rachel Arthur, “Unilever to Acquire Horlicks and GSK’s Health Food Drinks Portfolio,” Beverage Daily, December 4, 2018,
accessed May 2, 2019, www.beveragedaily.com/Article/2018/12/04/Unilever-to-acquire-Horlicks-and-GSK-s-Health-Food-
Drinks-portfolio-in-Asia.
17
“About Horlicks,” Horlicks, accessed August 20, 2019, www.horlicks.co.uk/story.html.
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18
Rachel Arthur, op. cit.
19
“The Science of Horlicks,” Horlicks, accessed June 11, 2019, www.horlicks.in/horlicks-home/science.html.
20
Ratna Bhushan, “Horlicks Plays on Price Points as Nestle, Danone and Abbot Bring Fight to its Door,” Economic Times,
March 21, 2017, accessed May 20, 2019, https://economictimes.indiatimes.com/industry/cons-products/food/horlicks-plays-
on-price-points-as-nestle- danone-and-abbot-bring-fight-to-its-door/articleshow/57741843.cms.
21
Ibid.
22
Madhubani artwork, done with fingers, twigs, brushes, nib-pens, and matchsticks, was characterized by eye-catching
geometrical patterns; Meenakshi Verma Ambani, “Horlicks Perfects the Fine Art of Marketing,” Hindu Business Line, January
19, 2018, accessed May 20, 2019, www.thehindubusinessline.com/companies/horlicks-perfects-the-fine-art-of-
No

marketing/article9100857.ece.
23
Ibid.
24
Katie Hope, “The Drink Brits Go to Bed with and Indians Wake Up With,” BBC News, April 5, 2017, accessed May 28, 2019,
www.bbc.com/news/business-39448013.
25
Ibid.
26
Ravi Balakrishnan, “When Exams Become the Enemy,” ET Brand Equity, March 14, 2018, accessed May 25, 2019,
https://brandequity.economictimes.indiatimes.com/news/marketing/when-exams-become-the-enemy/63284175.
27
GSK Press Releases, “Launch of Protein+,” GlaxoSmithKline plc, February 21, 2018, accessed May 25, 2019, https://india-
consumer.gsk.com/en-in/media/press-releases/2018/launch-of-proteinplus/.
28
Taapsee Pannu to Front Ads of Women’s Horlicks, Business Standard, November 27, 2017, accessed December 9, 2019,
www.business-standard.com/article/news-ians/taapsee-to-front-ads-of-women-s-horlicks-117112700387_1.html.
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29
GSK Press Releases, “Women’s Horlicks with its new campaign urges women to invest in their physical strength with ‘Stories of
Strength’”, GlaxoSmithKline plc, March 28, 2019, accessed June 2, 2019, https://india-consumer.gsk.com/en-in/media/press-
releases/2019/women-s-horlicks-with-its-new-campaign-urges-women-to-invest-in-their-physical-strength-with-stories-of-strength/.
30
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31
MoneyLife Digital Team, “Public Health Experts Appreciate Amitabh Bachchan’s Decision Not to Promote Horlicks; Ask
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 Page 9 9B20A021

t
os
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32
Afaqs! News Bureau, “Horlicks Promotes Nutrition through Traditional Art Forms,” Afaqs!, September 16, 2016, accessed
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33
Ibid.
34
RedSeer, Health Food Drinks: On a Road to Transition (Bangalore, India: RedSeer Consulting, 2018), accessed May 26,
2019, https://redseer.com/reports/health-food-drinks-on-a-road-to-transition/.

rP
35
Ashwini Gangal, “Horlicks and Unilever: Who’s Surprised? What Are the Implications?,” Afaqs!, December 10, 2018, accessed
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36
Cities in India with populations over 100,000 were classified as Tier 1 (metropolitan) cities; cities with populations of 50,000
to 100,000 were classified as Tier 2 cities; and cities with populations of 20,000 to 50,000 were classified as Tier 3 cities.
37
Ashwini Gangal, op. cit.
38
Meenakshi Verma Ambani, op cit.
39
Ibid.
40
Ibid.
41
Swaraj Singh Dhanjal, Deborshi Chaki, “How Hindustan Unilever Clinched GSK Consumer Healthcare Deal,” LiveMint,

yo
December 4, 2018, accessed August 2, 2020, www.livemint.com/Companies/6xDN5BVMCZvaKMd6A1zlrI/How-Hindustan-
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42
Sagar Malviya, “Unilever Used HUL Buyback Gains to Secure GSK Health Deal,” Economic Times, December 11, 2018,
accessed June 9, 2019, https://economictimes.indiatimes.com/industry/cons-products/food/unilever-used-hul-buyback-gains-
to-secure-gsk-health- deal/articleshow/67034657.cms.
43
Institute for Health Metrics and Evaluation, “What Causes the Most Death and Disability Combined?” Institute for Health
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44
Rajiv Singh and Prabha Raghavan, “Whoever Buys Horlicks Must Reckon with Better Informed Consumers in a Rs 7,000
Crore Market,” op. cit.
45
Kundan Pandey, “India’s Obesity Doubled in 10 Years: NFHS-4,” Down to Earth, April 1, 2016, accessed June 9, 2019,
op
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46
RedSeer, op. cit.
47
Sharleen Dsouza, “HUL Has the Muscle to Boost GSK’s Nutrition Business,” Bloomberg Quint, December 1, 2018, accessed
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48
RedSeer, op. cit.
49
Sounak Mitra, “GST Rates: Aerated Drinks to Attract 40% Tax, Industry Body Upset,” LiveMint, May 19, 2017, accessed
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tC

50
Kala Vijayaraghavan and Sagar Malviya, “Cadbury India to Be Now Known as Mondelez,” Economic Times, October 9,
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51
“Bournvita 10 sec,” YouTube video, 0.10, posted by “Cadbury Bournvita,” November 1, 2019, accessed December 2, 2019,
www.youtube.com/watch?v=OfEXO3hFGCo.
52
“Brands,” Mondelez International India, accessed June 26, 2019, https://in.mondelezinternational.com/brands.
53
Shramana Ganguly, “Zydus Wellness to Acquire Heinz India Business for Rs 4,595 Crore, Will Now Own Complan, Glucon-
D,” Economic Times, October 24, 2018, accessed May 19, 2019, https://economictimes.indiatimes.com/industry/cons-
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No

54
Vikas Dandekar, Debleena Majumdar, “The Complan Kid Needed Nutrition. Zydus Has Figured Out a Plan to Make It Grow,”
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55
Shramana Ganguly, op. cit.; Vikas Dandekar and Debleena Majumdar, op. cit.
56
Soumya Gupta and Vikas Dandekar, “Powder Power: How Abbott’s PediaSure Rose from Obscurity to Market Domination,”
Economic Times, November 9, 2018, accessed May 20, 2019, https://prime.economictimes.indiatimes.com/news/66550437/
consumer/powder-power- how-abbotts-pediasure-rose-from-obscurity-to-market-domination.
57
Purvita Chatterjee, “Danone India to Flex Muscle in Adult Nutrition Category with Protinex,” Hindu Business Line, January
8, 2018, accessed May 11, 2019, www.thehindubusinessline.com/companies/danone-india-to-flex-muscle-in-adult-nutrition-
category- with-protinex/article9901375.ece.
58
Trefis Team, “What to Make of Unilever’s Rumored Horlicks Purchase,” Forbes, November 29, 2018, accessed May 6,
Do

2019, www.forbes.com/sites/greatspeculations/2018/11/29/what-to-make-of-unilevers-rumored-horlicks-purchase/
#6a95415cf450.
59
“GSK to Sell Horlicks, May Cut Stakes in India Unit to Fund Novartis Deal,” Business Fortnight, March 28, 2018, accessed
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60
RedSeer, op. cit.
61
Rajiv Singh and Prabha Raghavan op. cit.
62
Soumya Gupta and Vikas Dandekar, op. cit.; Purvita Chatterjee, op. cit.
63
 RedSeer, op. cit.; Aditya Karla, op cit. 

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