Compagnie du Bois Sauvage Takes Full Ownership of Jeff de Bruges, Bolsters Chocolate Division
On Monday, Compagnie du Bois Sauvage clarified its strategic refocus on chocolate by becoming the sole shareholder of Jeff de Bruges. The EBITDA of the chocolate segment increased by 5% to €56.1 million last year, consolidating a trajectory of organic growth despite the volatility of cocoa prices. It remains to be seen whether the merger of the two companies (Jeff de Bruges, a French confectionery leader, and Neuhaus, an international luxury chocolate giant) will actually create synergies without diluting their respective identities or hindering the race to the 2030 goal: €400 million in revenue and €80 million in EBITDA for the segment.
Chocolate Accounts for €300 Million and Grows Despite Volatile Cocoa
The chocolate segment generated more than €300 million in revenue in 2025, with an EBITDA (excluding IFRS 16) of €56.1 million, up 5% year-on-year. This growth occurred despite repeated turbulence in cocoa prices, which the group has absorbed through assertive pricing power and a rigorous hedging policy. In terms of the group's net asset value (€887 million, +10% annually), the contribution of chocolate amounts to €68 million, demonstrating the growing importance of this pillar in the creation of shareholder wealth.
Jeff de Bruges reported a consolidated revenue of €195 million in 2025, with the brand's total revenue exceeding €315 million. The brand relies on a network of over 500 stores (480 in France, about fifty internationally): this local anchorage, coupled with a 'Bean to Bar' strategy (cocoa farming in Ecuador certified by Rainforest Alliance), forms the foundation of a hybrid model between franchise and owned stores.
Integration of Two Distinct Models: Feasibility in Question
The full acquisition of Jeff de Bruges marks a turning point: the group has moved from co-shareholder governance to full control of its chocolate strategy. In theory, this integration should lead to a sharing of best practices, partial mutualization of purchases, and an acceleration of decision-making. Neuhaus (founded in 1857, over 800 global sales points, hub of industrial competence and international expansion) and Jeff de Bruges (French champion of the specialized circuit, expert in supply chain and point of sale) possess complementary strengths.
However, the challenge lies in a delicate balance: preserving the DNA of each (recipes, positioning, history) while exploiting synergies. The group promises shared services (common ERP, shared solutions) and international deployment in each respective positioning, without 'standardization'. This architecture remains to be validated in execution: the cultural and operational merger of two entities with such different DNAs carries a risk of friction or loss of short-term momentum.
Ambition 2030: €400 Million in Revenue, €80 Million EBITDA Expected
The group targets a transition to €400 million in revenue and €80 million in EBITDA (excluding IFRS 16) for the chocolate segment by 2030. To achieve this, the group allocates at least 60% of its future resources to chocolate, relegating the other two pillars (real estate and private equity investments) to secondary importance. This capital allocation aligns with growth ambitions but presupposes a 25% increase in revenue over five years and a stable EBITDA margin (20% of projected revenue), assuming cost management of labor and raw materials keeps pace with expansion.
A major challenge for shareholders: ensuring that integration does not consume resources intended for this growth, and that the two brands, far from cannibalizing each other, truly exploit their distinct territories and clienteles to accelerate together.
