Preferred Shares
Preferred Shares Podcast
The Sweet, Storied Success of Lindt & Sprüngli
0:00
-1:12:50

The Sweet, Storied Success of Lindt & Sprüngli

An Interview with Mark Purdy of Chelverton Asset Management About One of the Oldest Chocolatiers in the World

Welcome to Episode 20 of the Preferred Shares Podcast.

We interviewed a special guest, Mark Purdy, about Lindt & Sprüngli, a Swiss chocolatier founded 180 years ago in 1845. Mark is a veteran investment analyst with a focus on consumer brands for the last forty years and is currently Portfolio Manager at Chelverton Asset Management’s Select Consumer Staples Fund.


In This Episode

Here are some highlights from the interview with Mark Purdy about Lindt:

  • 01:27 - Mark Purdy’s Background in Consumer Staples

  • 05:01 - Investment Metrics for Consumer Staples

  • 06:47 - Lindt’s Historical Success and Sales Growth

  • 10:37 - Lindt’s Premium Positioning and Market Strategy

  • 13:18 - Market Share Potential in the U.S. and Europe

  • 16:23 - Lindt’s Unique Retail Strategy and Store Performance

  • 19:12 - Sales Distribution Channels and Profitability

  • 22:30 - Acquisition Strategy and Capital Allocation

  • 25:22 - Buybacks and Dividend Policy

  • 29:37 - Long-Term Value and Consumer Staples Resilience

  • 33:31 - Economic Sensitivity and Market Performance

  • 36:22 - Navigating Economic Challenges: A Long-Term Perspective

  • 41:30 - Quality Over Short-Termism: The Lindt Philosophy

  • 44:20 - Cocoa Prices and Market Dynamics

  • 49:59 - Consumer Behavior and Premium Chocolate

  • 57:31 - Future Risks and Growth Opportunities for Lindt


Undated Lindt advertisement, likely from early 20th century.
Lindt GOLD BUNNY with baby bunny.
Lindt first introduced the now ubiquitous chocolate gold Easter bunny in 1952.
Sales mix by geography via Lindt’s FY2024 presentation.


Additional Reading & Listening

Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:


Enjoy this episode? Share it with someone who loves business history as much as you do!

You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.


Share


Disclaimer

All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.

Discussion about this episode