High-end Swiss chocolatier Läderach rules out U.S. production despite tariff shock

Published Fri, Dec 12 20258:10 AM ESTUpdated Fri, Dec 12 20259:02 AM EST

Key Points

CEO Johannes Läderach categorically stated "never" when asked if his company ever considered opening a production site in the U.S. to circumvent export duties.
The Swiss chocolatier faced a shock over the summer as U.S. tariffs on Swiss imports jumped to 39%, though they have since settled at 15%.
The levies came on top of further headwinds such as a strong Swiss franc and skyrocketing cocoa prices.

Family-run Swiss company Läderach is committed to producing its luxury chocolate exclusively in its home country, even after being hit by U.S. tariffs that briefly surged to nearly 40%. CEO Johannes Läderach categorically stated "never" when asked if the company ever considered opening a production site in the U.S. to circumvent export duties. "Frankly, consumers want Swiss chocolates to be made in Switzerland, like Swiss watches should be made in Switzerland," he told CNBC. The company, which produces its chocolate by hand, faced a shock over the summer as U.S. tariffs on Swiss imports jumped to 39% , though they have since settled at 15% . The levies came on top of further headwinds such as a strong Swiss franc and skyrocketing cocoa prices. "We've not been short of any challenges this year," Läderach said. Cocoa prices have soared over the past two years, mostly due to supply shortages linked to changes in the climate. While prices have since come down from their peak last year, they remain about 50% higher than pre-2024. @CC.1 5Y line Cocoa prices have soared over the past two years, much due to supply shortages linked to climate change. Despite headwinds, Läderach still expects robust revenue growth of about 20% for 2025 and 2026. It has doubled in size over the past five years, now operating 250 boutiques in 28 countries, which Läderach attributes to achieving high same-store sales growth and aggressive expansion, as it opened over 50 locations this year alone. The U.S. remains a key market that Läderach is investing significantly in. "We've invested in eight store openings this year. We will open 10 more stores in the next year, which will put us to almost 70 stores," the CEO said, adding that it did implement a "minor price increase in summer" to partially offset the rising costs of cocoa, the strength of the Swiss franc, and tariffs. He also dismissed the idea of replacing cocoa content in their recipes to manage volatility, stating his brother and Chief Creative Officer Elias Läderach is "categorically against touching any recipe." Läderach also noted that their handcrafted approach gives them an advantage over industrial competitors, as rising labor costs, while high, are more predictable than fluctuating cocoa prices. The boom of weight loss drugs like those made by Novo Nordisk and Eli Lilly has created uncertainties around the demand for some foods, including treats like chocolates, as these medicines hamper people's appetite. "I think it's good that people are health conscious, I certainly am," Läderach told CNBC. "Life is all about balance, but life wouldn't be life without indulgence as well, and that's where we come in, sharing the joy of fresh Swiss chocolate."