The release of the latest financial results in its integrated Annual Fair Report 2023-2024 demonstrates how the Dutch disruptor brand has grown its impact, influence and revenue despite market uncertainty and price rises in the cocoa industry.
Endorsement from 'MrBeast'
Tony’s phenomenal growth in the United States (+86% YoY) is partly down to its partnership announced last year with Feastables, the confectionery brand founded by Jimmy Donaldson (popularly known as YouTube influencer ‘MrBeast’), who is now a mission ally in Tony’s Open Chain, an initiative aimed at transforming cocoa supply chains.
This collaboration marks a significant step in addressing ethical concerns within the chocolate industry. It sets a new standard in the US chocolate market and encourages other brands to adopt ethical sourcing practices.
As endorsements go, when Jimmy Donaldson, AKA 'MrBeast', the most-subscribed YouTuber, with over 356 million subscribers on his main channel, claims Tony’s Open Chain “is amazing,” then you can bet interest, particularly from younger consumers, in the brand is going to skyrocket.
Adriaan Verbeke, Global Head of Ethical Sourcing at Feastables, also emphasized the importance of this collaboration and said: “Tony’s Open Chain is a leader and a best-in-class representation of the highest ethical standards for our industry.”
But before MrBeast, Tony’s Chocolonely was a pioneer in reaching the same consumers. Its impact-led chocolate has earned it a global appeal thanks to its sourcing principles, tasty flavours, bright wrappers, and distinctive unequally divided bars.
Tony's financials
- €50m (+33% YoY) Growth in Net Revenue for Tony’s Chocolonely, taking the business to €200m ($206.6m) of total Net Revenue.
- Strong revenue growth from multiple regions, US growth at +86% YoY, breaking $50m of net revenue, and Europe growth at +21%. YoY.
- Maintaining a positive EBITDA position (€1.2m) despite substantial scaling investments and challenges of rapidly escalating cocoa prices.
Tony's sustainable impact
Tony’s Chocolonely and its collaborative sourcing initiative, Tony’s Open Chain, have grown their bean volumes with 17,690 mt (+19% YoY) sourced in the 23-24 season plus, 30,000mt orders (+71% YoY) placed for 24-25.
Along with Feastables, Tony’s Open Chain has welcomed more 'Mission Allies' in the reporting period, including Pip & Nut and the high-end UK grocery store Waitrose, creating 20 in total.
Douglas Lamont, ‘Chief Chocolonely,’ said: “Our report this year showcases the growing evidence that our 5 Sourcing Principles model can work at scale and deliver a step change long-term benefits to cocoa farmers and their families, not least in creating a pathway to structurally eradicate child labour from the cocoa value chain.
“Whilst Tony’s Chocolonely has itself grown rapidly, our cocoa volumes have grown even faster, as we’ve been joined by many new partners, our Mission Allies, who have chosen to source their cocoa through Tony’s Open Chain, including some of the fastest growing chocolate brands as well as household-name grocers.”
To deliver growing demand, Tony’s Chocolonely announced it will significantly expand its European production facility (with Barry Callebaut) in Belgium. This expansion has been funded by existing shareholders.
Tony’s cocoa farmers
As a result of the growth in sourcing volume, Tony’s impact on farmers in West Africa is also growing. Its 5 Sourcing Principles (see below) are now benefiting more farmers and cooperatives, with 20,296 farmers (+14.4% YoY) receiving living income pricing for all cocoa sold via Tony’s Open Chain.
Child labour in its value chain is still a problem, albeit with less than 4% recorded. However, it is on a downward trajectory compared to the industry average of 47%— more than 10 times higher.
Tony’s said this figure is giving it confidence there is a pathway "to structurally eradicate child labour in the cocoa value chain."
“To inspire industry-wide change, as well as scaling our impact, we need to show that the business model for Tony’s Chocolonely delivers for shareholders,” Lamont said.
“The rapidly increasing net revenue, strong growth in the US and many of our core European markets, all while delivering a positive EBITDA, shows we are on the right track.
“I am grateful to the growing Tony’s team, and the increasing number of Mission Allies that have joined us on this journey, together we can end exploitation in cocoa.”
Tony’s 5 Sourcing Principles :
Tony’s 5 Sourcing Principles aim to structurally improve the lives of cocoa farming families. They consist of:
- sourcing 100% traceable cocoa beans
- paying a higher price for cocoa to enable farmers to earn a living income,
- promoting strong partner co-operatives to professionalize and make cocoa farming safe and sustainable,
- engaging in long-term commitments to boost farmers’ income security
- training farmers to improve their productivity and cocoa quality
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- Official Media Partner - World Cocoa Foundation Partnership Meeting in São Paulo, Brazil, 19-20 March 2025.
- Official Media Partner - Amsterdam Sustainable Cocoa Conference, Chocoa, 4-9 February 2025.
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