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Tony\u2019s chocolates have made their mark in the Netherlands and the rest of Europe. It\u2019s also grown its presence across the U.S. in the last few years.\u00a0<\/p>\n
Now the brand has caught the eye of Starbucks founder and former CEO Howard Schultz.\u00a0\u00a0\u00a0<\/p>\n
The celebrated (and at times, controversial<\/a>) ex-chief bought a minority 2% stake at the Dutch chocolatier on Wednesday, Tony\u2019s said.\u00a0<\/p>\n Talks of the deal have been in the works for a while, and come at a time when Tony\u2019s has experienced rapid growth in the U.S. The company\u2019s sales have quadrupled in the States since 2020, and is likely to continue expanding across mainstream retailers. It\u2019s already available at Walmart and other brick-and-mortar stores in America.\u00a0<\/p>\n \u201cTony\u2019s rapid revenue growth, rising popularity with US consumers and increased investor interest demonstrates that building a company that balances shareholder returns with its impact on people and planet is not only the right thing to do but the smart thing to do for companies today,\u201d Tony\u2019s CEO Douglas Lamont said in a statement.\u00a0\u00a0<\/p>\n The Dutch company prides itself<\/a> in putting impact above selling chocolates. Through its packaging and marketing campaigns, Tony\u2019s raises awareness about exploitation in the cocoa industry and has called out big chocolate companies in the past for not doing enough to address human rights concerns.\u00a0<\/p>\n Outside of the U.S., Britain has also been a fast-growing geography for the Tony\u2019s brand even in a very competitive chocolate market. Just last year, Tony\u2019s raised \u20ac20 million<\/a> ($21.7 million) in equity capital to grow in \u201cmultiple markets.\u201d<\/p>\n Seeing as the interest around companies engaged in social impact has risen along with demand, Tony\u2019s said it\u2019s dedicating part of its 2023 capital injection into doubling down on its U.S. operations.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n This isn\u2019t Schultz\u2019s first investment in fast-moving consumer goods\u2014he\u2019s also invested in Oatly and Cumulus Coffee<\/a>, although none of his prior known investments were in chocolatiers.<\/p>\n The announcement of Schultz\u2019s stake comes amid stratospheric cocoa prices, which have resulted in more expensive chocolate<\/a> for consumers. The dire situation has been impacted by a mix of factors including unfavorable weather conditions<\/a> and a supply crunch at the cocoa hubs of the world.<\/p>\n Tony\u2019s has hiked prices in some of its markets in response to cocoa inflation, the company\u2019s U.K. and Ireland boss Ben Greensmith told Fortune<\/em><\/a> <\/em>last month. The company is still working out ways to help farmers benefit from the price increases in cocoa, although the industry\u2019s middlemen have made it a trickier problem to navigate.\u00a0<\/p>\n The raging cocoa prices don\u2019t seem to be holding consumers back\u2014at least not Tony\u2019s Chocolonely loyalists. That\u2019s probably why Tony\u2019s is confident about its bet in the U.S., aiming to reach 20% more stores in the next year.<\/p>\n<\/div>\nSubscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up<\/a> for free.<\/div>\n