Indian company Burgundy Hospitality will be taking its premium Japanese chocolate brand Royce into India.

The two have agreed to open 50 stores across India in five years, with the first to open in Mumbai’s Palladium Mall in July.

Founded in Sapporo in 1983, Royce has 40 international stores in 11 countries.

Chocolate consumption in India is growing at a rapid rate. The industry is predicted to experience a compound annual growth rate of 23 per cent by volume.