Heritage sells—and increasingly, it gets acquired. In a deal that puts India's centuries-old confectionery tradition squarely in the global luxury conversation, Atelier Expressions has agreed to acquire a majority stake in Khoya, the New Delhi maker of handcrafted mithai and luxury Indian sweets.
For food and beverage operators watching where premium capital is flowing, this one is worth a closer look. Atelier Expressions is the high-end lifestyle platform of TVS VENU, and Khoya—operated by Lonestar Hospitality Private Limited—joins a deliberately curated roster of artisanal brands with deep cultural roots and real growth runway.
Inside the Khoya Deal
The agreement gives Atelier Expressions a majority stake in Khoya, subject to customary closing conditions. The transaction is expected to close by the end of August 2026.
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Crucially for a brand built on authenticity, the deal keeps its founder in the driver's seat. Sid Mathur, founder of Khoya, will retain full operational and executive responsibility, backed by his existing team. That continuity is the whole point: Atelier Expressions positions its investments as a way to help exceptional companies reach their potential while preserving the identity, authenticity, and character at the heart of their success.
Khoya has reimagined one of India's oldest culinary traditions for a new generation of consumers—pairing craftsmanship and product quality with a solid commercial business, a combination that made it a natural fit for the portfolio.
"Sid Mathur has reinvented one of India's oldest culinary traditions for a new generation of consumers, while staying true to what makes it unique," said Tara Venu, Managing Director of Atelier Expressions. "Khoya embodies the qualities we look for at Atelier Expressions, and we're excited to work together to build on its success while preserving the authenticity and character that define the brand."
A Portfolio Built on Craft and Provenance
Led by Tara Venu and based in Singapore, Atelier Expressions is part of TVS VENU—a group present in more than 90 countries with revenue of roughly US$6.5 billion for FY26, more than 64,000 employees representing over 50 nationalities, and centers of excellence in India, Indonesia, Italy, and the UK.
Khoya slots into a portfolio that reads like a study in modern luxury craftsmanship:
Coquet – the storied Limoges porcelain house with more than 200 years of French savoir-faire.
Khadak – the acclaimed Dubai restaurant founded by chef Naved Nasir, former director of London's celebrated Dishoom.
Hedon – the London maker of luxury motorcycle helmets known for marrying technical precision with artisanal design.
The through-line is unmistakable: brands with heritage, hand-craft, and a distinct point of view—now including a marquee name in India's luxury food space.
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Why It Matters
For food and beverage professionals, this acquisition is a signal, not just a headline. Premium, provenance-driven food brands are increasingly attractive targets for well-capitalized platforms—and that has practical implications across the industry.
Heritage is an asset class. Operators and brand builders sitting on genuine cultural authenticity should recognize that story-rich, craft-forward positioning is exactly what luxury investors are paying up for. Document your provenance and protect it.
Founder continuity is the deal thesis. Keeping Sid Mathur in full operational control reflects a broader playbook—buyers are betting on the creator, not just the balance sheet. For chefs and independent brands weighing investment, this model preserves creative control while unlocking scale.
Global menus, global sourcing. As luxury capital elevates categories like Indian mithai, expect more premium, authentic products to reach international foodservice and retail channels. Procurement directors and menu developers should keep these emerging luxury food brands on their radar.
The takeaway for buyers and operators: authenticity plus a disciplined commercial engine is the combination that gets rewarded—whether you're building a brand, selling one, or sourcing from one.
The Bigger Trend
Khoya's sale fits a growing pattern of investment flowing into artisanal, heritage-led food and beverage. We've tracked how operators are rethinking craft at scale in The New Economics of Craft, and how legacy makers modernize without losing their soul in the story of 8th-generation soy sauce brewer Takashi Sato. Khoya belongs firmly in that conversation.
Do you see luxury heritage food brands becoming the next big acquisition wave? Weigh in with your take in the comments, and explore our latest food and beverage industry coverage for more on where the smart money is heading.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine’s “Top 40 Under 40” for founding American Wholesale Floral. Politz is also the founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
