Ex-Starbucks chief Howard Schultz buys a stake in Tony’s Chocolonely

Tony’s chocolate has become famous in the Netherlands and throughout Europe. It has also expanded its presence across the US in the past few years.

Now the brand has caught the attention of Starbucks founder and former CEO Howard Schultz.

Fun (and sometimes, opposites) The former CEO bought a small 2% stake in the Dutch chocolate maker on Wednesday, Tony’s said.

Negotiations for this partnership have been in the works for some time, and it came at a time when Tony experienced rapid growth in the US. It is already available at Walmart and other brick and mortar stores in America.

“The rapid growth of Tony’s earnings, the increasing number of US consumers and the increasing interest of investors show that creating a company that cares about its shareholders and its impact on people and the world is not only the right thing to do but also the smart thing to do for companies today. now,” he said. CEO Tony Douglas Lamont said in a statement.

A Dutch company pride by placing the power above the sale of chocolate. Through his packaging and marketing campaigns, Tony is raising awareness of exploitation in the cocoa industry and has called out major chocolate companies in the past for not doing enough to address human rights concerns.

Outside of the US, Britain has also been the fastest growing location for the Tony brand despite the competitive chocolate market. Last year, Tony earned €20 million ($ 21.7 million) in economic sectors to grow in “several markets.”

Noting that interest in participating companies has increased and public demand has increased, Tony’s said it is devoting a portion of its 2023 revenue to continuing to double its US operations.

This isn’t Schultz’s first investment in a fast-moving startup — he’s also invested in Oatly and Cumulus Coffeealthough none of the money he had previously known was in the chocolates.

Schultz’s price announcement comes amid stratospheric cocoa prices, which have made it even more expensive. chocolate to consumers. This critical situation has been affected by various factors including undesirable factors weather and the increasing production of cocoa throughout the world.

Tony has raised prices in other markets due to rising cocoa prices, UK and Ireland boss Ben Greensmith. he said Chance last month. The company is still developing ways to help farmers benefit from rising cocoa prices, although traders have made it difficult to manage.

Cocoa prices seem to be deterring consumers – just not the Tony Chocolonely faithful. Maybe that’s why Tony is confident in his bet in the US, he wants to reach 20% in most stores next year.

Subscribe to the new Fortune CEO Weekly Europe newsletter for corner office insights on the biggest business news in Europe. Log in for free.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *