Tony's Chocolonely reports rapid growth, expanded Walmart retail presence
The brand has seen an increase in revenue, points of distribution in the last two years.
courtesy of: Tony's Chocolonely
Tony's Chocolonely, an ethical chocolate company committed to ending exploitation in cocoa, has seen an increase in revenue and points of distribution in the last two years, per the brand, signaling a growing appetite for ethical chocolate options among American consumers.
Since 2020, Tony’s Chocolonely has nearly quadrupled its business in the U.S., and over the next year will be available in 20% more stores than the year prior thanks to a new national retail partnership with Walmart, adding to its existing distribution through familiar names such as Whole Foods, Target, Safeway, and CVS. The expanded availability and selection is a testament to the impact brand’s commitment to making ethically produced chocolate more accessible to consumers across the nation.
Tony’s commits to paying a living income for all its cocoa, and tackles child labor and deforestation issues with full transparency. As a result, the rapid U.S. growth it has experienced directly benefited more than 18,000 small holder farming families last year.
As Tony's Chocolonely expands rapidly in the U.S., it is welcoming Howard Schultz, Starbucks former chief executive officer and chairman emeritus, as a shareholder, who recently took a minority shareholding in the company. This investment follows a 2023 funding round that was raised from existing majority shareholder, Verlinvest, and JamJar Investments.
These investments reflect both the confidence in Tony’s strong growth trajectory and the increasing investor interest in socially responsible businesses that are challenging industry norms. As Tony’s Chocolonely has expanded its shareholder base, it has entered in to a unique Mission Lock legal structure to ensure its ambitions to end exploitation in the cocoa industry are locked in for the long term with oversight from an independent set of Tony’s Mission Guardians, led by U.S. impact entrepreneur Seth Goldman.
In response to the accelerating demand for its products, part of the recent funding round has been used by Tony's Chocolonely to invest in U.S. production capabilities in Chicago. This strategic move not only emphasizes the impact company’s commitment to meeting market demand but also enhances its agility and responsiveness in supplying its high-quality, ethically sourced chocolate to U.S. consumers.
"We are incredibly proud of the strides we've made in the U.S. market," says Douglas Lamont, CEO of Tony's Chocolonely. "Our expanded retail presence, coupled with strategic investments in production and our exciting new investment partnerships, are all part of our larger ambition to end exploitation in the cocoa industry. On the investment by Howard Schultz, Lamont says: “We are proud to welcome Howard Schultz as an investor in the company, and we are looking forward to drawing on his extensive experience of building a global consumer brand and company. Tony's rapid revenue growth, rising popularity with U.S. consumers and increased investor interest demonstrates that building a company that balances shareholder returns with its impact on people and planet is not only right thing to do but the smart thing to do for companies today."
Tony's Chocolonely invites retailers and consumers alike to join its movement to end exploitation in cocoa and to be a part of the change towards a more ethical and sustainable chocolate industry.
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