In Switzerland, a blue briefcase filled with Lindt & Sprüngli chocolates has become a symbol of status and a new way to flaunt wealth on the streets. While some wealthy individuals may showcase their affluence through sports cars, jewelry, watches, or luxury items, carrying around this discreetly branded chocolate-filled briefcase has emerged as a uniquely Swiss display of prosperity.
According to a report by Business Insider, Lindt & Sprüngli holds its annual shareholders’ meeting in April in Zurich, where eligible attendees are gifted the so-called “Schokoladekoffer” chocolate briefcase as a token of appreciation.
However, obtaining this gift is no easy feat, as the nominal value of the company’s shares is around 78,000 Swiss francs (over 94,000 US dollars) per share. In the past year, the trading price of these shares has reached as high as 132,000 Swiss francs (over 150,000 US dollars).
Thierry Borgeat, co-founder of the Swiss asset management company arvy, told Business Insider that it may seem irrational to spend around 100,000 Swiss francs just to receive 3 kilograms of free chocolate, but that’s precisely the quirky appeal of this tradition.
Borgeat noted that this novel way of flaunting wealth is a distinctly Swiss style. Instead of flaunting a Ferrari or a luxury watch, one can simply hold shares of Lindt & Sprüngli, a company with a 180-year history, attend their annual shareholders’ meeting, and casually stroll the streets of Zurich with the blue briefcase received at the meeting.
He recalled witnessing clients and private bankers in the wealth management industry bringing these chocolates back to their offices after attending Lindt & Sprüngli’s shareholders’ meetings to share with colleagues, indirectly revealing their shareholder status in the process.
The unique aspect of this tradition’s high threshold is attributed to Lindt & Sprüngli’s reputation as an “outstanding long-term investment,” with its stock becoming increasingly valuable over time.
From around 3,600 Swiss francs in April 1995, Lindt & Sprüngli’s stock price had soared to 132,000 Swiss francs in October last year, marking a 36-fold increase. However, recent challenges such as extreme weather affecting sales and historically high cocoa prices leading to increased production costs and squeezed profits have caused the stock price to retreat from its peak.
A spokesperson for Lindt & Sprüngli stated that the annual chocolate gifting is a token of gratitude for shareholders’ support, typically including Excellence chocolate bars, Lindor truffles, and other products, though the details of the gift box contents are kept under wraps to retain the element of surprise for shareholders.
Lawrence Cunningham, director of the Weinberg Center for Corporate Governance at the University of Delaware, views this gesture of gifting the chocolate briefcase as a blend of marketing strategy and goodwill, expressing gratitude to shareholders for their presence and putting the company’s products directly into their hands.