While many people today think the only products made by The Peter Paul Company (now a division of the Hershey company since 1988) are the famous Almond Joy and Mounds bars, that isn't true. They offered other kinds too, but a much smaller variety than competitors Hershey, M&M/Mars and Nestle. Being 4th ran against these giants made them that way.
Caravelle was introduced in the early '70s to compete with the similar Nestle's $100,000 bar (known the 100 Grand bar since the mid-'80s). But whereas the $100,000 bar tastes processed and is kind of rubbery, Caravelle was lighter and sweeter tasting.
They also had this famous TV commercial with an earworm jingle. I remember seeing this frequently when I was growing up in the '70s.
Caravelle was discontinued in 1988.