The Instagram-friendly My/Mo brand, launched by long-time mochi maker Mikawaya (now The Mochi Ice Cream Company) in late 2016 with more accessible flavors and packaging for a mainstream US audience, has broad appeal, but does particularly well with Millennials, CMO Russell Barnett told FoodNavigator-USA.
“It’s really resonating with folks that like to explore new things, blue towns, red states. We thought it would do well in California, but it’s actually doing well across the whole country, and not just natural and specialty. The Mikawaya brand is still available in smaller Asian specialty retailers, but our focus in on My/Mo as it has far more mainstream appeal.
“We’re seeing growth in the traditional freezer aisle but also in branded freezers in the grab & go part of the store, which many retailers are expanding [a growing number of retailers offer individual mochi as part of their food-to-go offer near the bakery section].
“By July there will be upwards of 750 My/Mo branded freezers that fit outside of the traditional frozen aisle in retailers around the country in stores such as Kroger and Wegmans. We’re also seeing tremendous demand from colleges and universities, sports stadiums and other places for mochi bars. It’s just like a donut case.
“We’re also in the club channel in an 18-count variety pack.”
‘We control more than 80% of the market’
My/Mo has launched two line extensions in recent months– cashew-based dairy-free mochi, and pints of dairy ice cream with mochi bits – and made its first foray into the Canadian market with listings at Metro and Longo’s, said Barnett.
“They took on our plant-based SKUs, so we were super-happy with that. They have an incredibly creamy texture that’s very different to the almond and coconut ice products out there.”
But as the mochi phenomenon gathers pace, how defensible is the My/Mo brand, which is manufactured in-house in Los Angeles?
According to Barnett: “There is nothing stopping anyone else from putting sticky rice dough around some ice cream, but it’s incredibly difficulty to get exactly the right consistency, creaminess and pillowy-ness all in one, and consumers are speaking with their wallet, and we control more than 80% of the market.”
‘Retailers understand the value of stocking the leading brand in the category in all parts of the store…’
Asked whether private label mochi (which The Mochi Ice Cream Company isn’t interested in supplying) are gaining more traction, he said: “Most major retailers are actually going for the branded option such as My/Mo, in the freezer cabinet but also in their mochi bars, because they understand the value of stocking the leading brand in the category in all parts of the store.”
Trader Joe’s, which stocks primarily private label products, is working with another supplier, he said. Whole Foods, meanwhile, has just struck a nationwide deal with rival brand Bubbies from Hawaii (which will appear in Whole Foods' freezer cases and mochi bars where available).
The company – which was acquired by private equity firm Century Park Capital in 2015 – had three different CEOs last year year (it entered 2017 with Jerry Bucan at the helm, brought in former Nestlé exec Ralph Denisco in Feb 2017, and hired CPG veteran Craig Berger to the top spot in September), but has maintained strong momentum, despite the changes at the top, claimed Barnett.
“In reality this business scaled at a pace that no one was expecting. We all knew that we were onto something and when you get a business that scales at a pace like this, you need different skillsets and Craig is the right man for us at this stage of our development.”
