Yeppp, we’re not sugarcoating it. We need to introduce new prices for our chocolate due to sky-high cocoa prices. So we can continue working towards our goal of ending exploitation in cocoa. It’s not an easy message to share, but we wanna be as transparent as possible. ’Cause honesty is the best policy, just like paying farmers a living income price for cocoa long-term and investing in the productivity of their farms. Let’s get into it..
our commitment in cocoa is our #1 focus
We exist to end exploitation in cocoa – that’s why we launched our first red bar. It’s our pamphlet of protest, to show the world that delicious choc can be made differently: in taste and the way we do business with cocoa farmers. We set the standard with our 5 Sourcing Principles, aka our tried-and-true rules for change. They include paying a higher price long-term to enable farmers to earn a living income, investing in productivity and tracing every cocoa bean to drive down child labour + deforestation.
And we’ll keep doing just that, ’cause our way of working works. But to keep growing our impact company – and convince other chocolate brands to source cocoa like we do – we need to keep a balance between costs and gains.
low supply of cocoa = (very) high cocoa prices
If you follow us on social, you’ll have heard us talk about this before: the market price for cocoa is at an all-time high due to massive cocoa shortages. It used to sit around €3000 per metric ton, but now it’s around €10,000 per metric ton – a whoppin’ 233% increase.
While we’d normally celebrate a higher price for cocoa, a higher price on the trading market doesn’t necessarily mean higher prices are being paid to cocoa farmers for the long-term. Though Ghana + Côte d’Ivoire announced that their farmers will benefit from sky-high cocoa prices for the rest of the 2024 cocoa season, the bitter reality is that most farmers are still unable to earn a living income. Why? ’Cause farmers are producing about 30% less cocoa due to severe droughts, aging cocoa trees and, most importantly, climate change. This means that even though cocoa farmers are being paid more, they’re selling way less. Making it impossible for millions of them to escape poverty.
That’s why our 5 Sourcing Principles don’t just revolve around paying farmers a higher price (= the Living Income Reference Price). They also focus on the long-term, committing to working with farmers at least 5 years and investing in their productivity. Because we know the solution lies in combining all 5 of our 5 Sourcing Principles.
staying on track with our mission
So there you have it, the full story behind our new price, which will be introduced as of 8th July 2024. The new recommended retail price* for our classic bars will be £3.50 in-store and £3.98 over on our Choco Shop.
With this new price, we can keep doing what we’ve been doing for years: breaking the norm in cocoa, inspiring industry-wide change through our 5 Sourcing Principles. Until we end poverty, child labour and deforestation in cocoa. ’Cause that’s what it’s all about.
Are you in?
*All reference to Retail price is to Recommended Retail price only. Retail price is at the sole discretion of the Retailer.