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073SMU

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TOBLERONE PRICING AT AIRPORT DUTY-FREE SHOPS
Munch on a Toblerone bar. All 14 ounces of it. Just you. And nobody else. Where is it written
that something as divine, as sinfully rich, as unbelievably delicious as a Toblerone has to be

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shared?
- Love thyself, By Don Gussow1

In August 2023, Amelia, a young business executive, briskly navigated her way through the bustling
crowds of Singapore airport. After a successful business trip to London, knowing her children’s
fondness for chocolates, Amelia had made it a tradition to bring them the classic Toblerone 360
gramme bars, available in a variety of flavours, each year. The pyramid shape, the rich Swiss

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chocolate, and the excitement of unwrapping the golden packaging had become a delightful part of
her family festivities. Determined to fulfil this promise, Amelia made her way through the duty-free
section, scanning the shelves for the desired brand.

The standard Toblerone bar available at the duty-free store in Singapore was priced an equivalent of
US$11.79.2 Amelia remembered purchasing the same bar for US$8.91 at London Heathrow airport.
Given that Toblerone production took place at a sole Swiss facility for global distribution, she
pondered over the reasons for the varying prices at different airports.
op
Toblerone’s significance in the chocolate industry was similar to Apple’s standing in the smartphone
sector. However, unlike Apple’s consistent global pricing across airports, Toblerone followed a
multinational pricing strategy. Could global operational and transportation costs explain the
differences in Toblerone prices at tax-free airport stores? Or, were the variations influenced by
differences in costs, competition, customer mix and preferences, as well as duty-free operators’ retail
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strategy?

Toblerone History

The history of Toblerone dated back to the early 20th century. It had all started with the vision of
Theodor Tobler, a Swiss chocolatier, and his cousin Emil Baumann, who owned a confectionery
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shop in Bern, Switzerland. In 1908, they embarked on a venture to create a unique chocolate bar that
would stand out in the market. Inspired by the triangular shape of the Matterhorn, a famous mountain
in the Swiss Alps, they designed a chocolate bar with a distinctive triangular prism shape. The shape
was not only visually appealing but also practical, as it allowed for easy breaking and sharing without
the need for any additional tools. The original Toblerone bar consisted of a rich blend of milk
chocolate, nougat, almonds, and honey. The recipe was a closely guarded secret and remained
unchanged for many years. The packaging featured a blue wrapper with an eagle and a red-and-gold
triangular logo representing the mountainous landscape, which became iconic over the years.3
Do

Toblerone quickly gained popularity in Switzerland and soon expanded its reach to other countries.
In 1920, the eagle was removed from Toblerone’s wrapper and replaced by the Bernese bear,

This case was written by Professor Nirmalya Kumar and Lipika Bhattacharya at the Singapore Management University. The
case was prepared solely to provide material for class discussion. The authors do not intend to illustrate either effective or
ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information
to protect confidentiality.

Copyright © 2024, Singapore Management University Version: 2024-01-21

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copyright. [email protected] or 617.783.7860
 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

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the Swiss capital’s four-legged icon.4 By the 1930s, Toblerone became a well-known brand in
Europe and the United States. Over the years, the brand introduced several new flavors and variations

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to cater to different consumer tastes and preferences. These included dark chocolate, fruit and nut,
orange and ginger, as well as limited edition releases featuring unique ingredients and packaging
designs.

In the 1950’s the duty-free concept of airport retail emerged, and Toblerone became one of the first
chocolate brands available in duty-free shops.5 Over the years, Toblerone became internationally

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recognised as a premium chocolate brand synonymous with duty-free shopping. The brand’s
association with airport retail amongst consumers was so high that even novelists used it as a cue to
associate it with air travel. For example, in a New York Times bestseller biography, a writer had
penned “I am convinced that at least once in her life, my mother spent thousands of dollars on an
unnecessary plane ticket just to save six bucks on the giant Toblerone chocolate bar at the duty-free
shop in Stuttgart”.67

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By the 1960s, Toblerone was being exported to 101 countries, and all bars were produced in Bern,
allowing the chocolate to be promoted as Swiss-made.8 In 1970, Toblerone merged with Suchard,
another prominent Swiss chocolate manufacturer, forming a company known as Interfood. This
merger allowed Toblerone to benefit from Suchard’s distribution networks and product
diversification expertise while preserving its unique identity. The Matterhorn’s jagged silhouette
debuted on the chocolate’s packaging the same year (refer to Exhibit 1 for a picture of
Toblerone’s existing packaging with the Bernese Bear and the Mountain).
op
In 1982, Tobler and Suchard merged with the Jacobs coffee company, and in 1990, was acquired by
Kraft Foods Inc., an American, multinational, confectionary food and beverage conglomerate. Years
later, in 2012, Kraft Foods Inc. underwent a rebranding, and was split into two companies, with its
snack business forming Mondelēz International (Mondelēz).9
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In 2016, Toblerone was forced to redesign its chocolate bar to accommodate increased cocoa prices.
Prices of cocoa had gone up by about US$7 per kilogramme, after cocoa plantations were affected
by drought, impacting supply which couldn’t meet demand, resulting in increased prices. Toblerone
responded by redesigning its bar to have 10% less product for the same price —- the bar size was
reduced from 400 to 360 grammes. The distinctive triangular shape was retained but the spaces
between the triangles were increased in order to keep the packaging size unchanged despite the
weight reduction. Loyal customers were unhappy but the brand eventually rode out the controversy
and the backlash subsided.10
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By 2018, Toblerone accounted for 40% of Swiss chocolate exports with 96% of its chocolate bars
produced for export, and surpassed US$400 million in net revenues.11 It became the highest-selling
chocolate brand of Mondelēz in airport retail — which contributed 25% of the company’s revenue
(refer to Exhibit 2 for Toblerone Factsheet).12 By 2022, Mondelēz had become one of the largest
confectionary companies in the world, reporting annual revenues of approximately US$31.5 billion,
and had acquired several renowned chocolate brands, including Milka, Côte d'Or, Cadbury, Green &
Black’s, Freia, Marabou, Fry’s, Lacta, and Alpen Gold.13
Do

Toblerone’s fame as a chocolate brand was partly due to its Swiss origins (refer to Exhibit 3 for
Perception of Made in Switzerland) and partly due to its brand allure which was enhanced by its
unique design, packaging, and its association with duty-free shopping at airports that had increasingly
become a prominent part of air travel. Toblerone’s quality was also highly recognised — made from
creamy milk chocolate, savoury honey and crunchy almond nougat: and was renowned to satisfy the
tastes of even the most discerning confectionary connoisseurs.14

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 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

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As at 2023, Toblerone was producing more than seven billion chocolate bars a year, and exporting

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to 120 countries.15 The chocolates were made from 100% sustainably sourced cocoa through the
Mondelēz ‘Cocoa Life’ program, and packaged in recyclable wraps, which featured the ‘Cocoa Life’
logo to highlight its sustainability credentials to consumers.16

Duty-Free Shopping

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The concept of duty-free shopping could be traced back to the early 20th century when it was first
introduced and entailed the exemption of certain taxes and duties that were typically imposed on
goods when they crossed national borders. 17 In 1947, shortly after the Second World War, the
International Air Transport Association (IATA) convened a conference in Bermuda to explore the
idea of duty-free sales as a means to enhance tourism and commerce.18 Subsequently, in the same
year, Shannon Airport in Ireland pioneered the establishment of the first duty-free shop, setting an

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example that other airports soon followed due to its resounding success.19

Duty-free shops were intended to cater to international travellers. 20 The main idea was to allow
passengers who were traveling between countries to purchase goods without paying the taxes and
import duties applicable on products in regular retail stores. This perceived price advantage,
combined with the convenience of shopping at the airport, encouraged passengers to make purchases
before or after their flights. The duty-free business model relied on positioning products in the minds
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of shoppers as more affordable, while also capitalising on consumers being confined without
alternative purchasing choices. Over time, duty-free shops became synonymous with offering a wide
range of products, including alcohol, tobacco, perfume, cosmetics, electronics, luxury goods, and
other gift items.21 Most products sold in duty-free shops were in high-value and profit categories.

Duty-free stores operated on a concession model, which involved long-term contracts between the
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airport and the duty-free retail companies for leasing space in airport premises. The cost of airport
concession and rental fees were a significant expense for duty-free retailers For example, in 2022,
leading global retailer Dufry reported annual revenues of US$7.84 billion, with primary expenses
incurred in lease and concession costs accounting for 29.5% of the turnover (refer to Exhibit 4 for
2022 Dufry, Amazon and Walmart revenues and expenses).22, 23, 24

Airports generated income through two primary avenues: aeronautical revenue, encompassing
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charges levied on airlines for runway, taxiway, and parking usage, and non-aeronautical revenue
which included income from parking and rental car fees, retail leases, and advertising.25 However,
as commuters increasingly shifted to ridesharing, airports were seeing a dip in income from parking,
and had started to add more shops, restaurants and bars to fill the gap and boost retail revenue. As a
result, retail revenues had started to see an upward trend — in 2019, for example, London Heathrow
Airport had generated US$435 million in retail concessions, contributing to more than 10% of the
airport’s total revenue.26 Analysts humoured that airports were gradually becoming big malls with
planes parked outside.27
Do

Airport traffic was considered a key metric for retail concession fee calculations, and busier airports
(especially hubs) charged higher concession fees. Global passenger traffic across all airports as at
2022 was 6.5 billion, much lesser than its peak numbers of more than nine billion in 2019. However,
growth of passenger traffic was on an uptick and was expected to reach 19.3 billion worldwide by
2041. Although airport traffic was not directly correlated to volume of duty-free shopping, top
international airports with high passenger traffic often saw higher sales numbers as well (refer to
Exhibit 5, column 3, for Airport Traffic Data of key airports worldwide).28

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 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

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Globally, the duty-free retailing market was substantial — valued at US$33.7 billion in 2021, and

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was projected to grow at over 10.6% annually for the next decade.29 Alcohol and confectionary items
were considered the biggest opportunity products, with the latter being more impulse purchases and
alcohol product sales being more planned purchases. 30 Impulse purchases formed a significant
percentage, and attributed to 24% of the total purchases made at duty-free shops.31

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Toblerone’s Airport Retail Strategy

Toblerone’s airport retail strategy represented its rich history and focussed on brand heritage,
exclusivity, visibility and attractiveness to customers. The brand used a variety of strategies to attract
customers and had become ubiquitous at airport duty-free shops around the world, where one bar
was sold every two seconds.32 Firstly, the brand tried to offer competitive pricing on its premium
products; however, pricing was not uniform across all airports (refer to Exhibit 5 for prices of

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Toblerone in different airports and prices of two totally different products – whisky label Johnnie
Walker, and smartphone brand Apple for comparison).

Secondly, it focussed on exclusivity and launched new offerings that could only be purchased in
duty-free shops, like limited edition chocolate packs with exclusive packaging. In 2019, for example,
Mondelēz initiated a message customisation campaign for its iconic 360-gramme bars, with sleeve
printers installed in its duty-free shops. The pilot became an instant success with almost 7,000 sleeves
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printed during a three-month promotional period. The campaign was then rolled out to an additional
40 locations, and in January 2020, Mondelēz reported double-digit growth in its overall sales, with
most of this growth attributed to the sleeve campaigns.33

Toblerone also focussed on visibility, and worked closely with duty-free operators and airport
authorities to secure prominent displays and dedicated shelf space for its products. Eye-catching
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brand displays often featured large stacks of chocolate bars, which were strategically positioned to
grab the attention of passing travellers. Fourthly, the brand offered sampling stations and in-store
experiences to allow customers to experience the brand’s chocolates, and create a sensory connection
to reinforce the brand’s positioning as a premium and indulgent choice. Additionally, the brand also
offered promotional discounts, such as discounted multi-pack bundles or exclusive gift sets, to
encourage travellers to make more impulse purchases.
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The cost of making the chocolates depended on the price of cocoa, which was a key raw material.
The manufacturing process for chocolate making was fairly standardised across different firms, with
minor variations depending on the proportion of cocoa in the chocolate.34 The process involved
cleaning cocoa beans sourced from suppliers or farms, roasting them at around 300°F (149°C),
cracking and isolating nibs, grinding and mixing nibs in a melangeur, and then adding sugar,
emulsifiers, and vanilla in a conche to create liquid chocolate. This chocolate liquor was then
tempered, molded, cut, packaged, and quality-tested (refer to Exhibit 6 for more details on Cocoa
Prices worldwide).
Do

While Toblerone had always manufactured all its chocolates in a single Swiss factory, in April 2023,
Toblerone announced its decision to move some of the brand’s production to Bratislava in Slovakia.
An additional location, outside Switzerland, meant that the brand would have to remove the
Matterhorn logo from its packaging, as laws on ‘Swissness’, forbade brands from using Swiss logos
if the production was made outside of the country. Reports suggested that the new packaging would
include a more generic mountain image and read “established in Switzerland” rather than “of

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 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

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Switzerland”.35 Although Mondelēz officials didn’t believe that the change in the packaging design
would affect sales, it remained to be seen if this move would impact consumer perceptions of

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Toblerone and force pricing adjustments.36

Pricing Strategies

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While shoppers perceived duty-free shopping as being cheaper than buying the same product in the
high street, duty-free retailers were not obligated to pass tax savings on to the customer. 37 The
retailer considered local prices, competition, operating costs, and customer price sensitivity in setting
the actual prices for any particular product. However, depending on the local tax structure, the
savings for certain items could be significant for consumers, – of up to 20% to 30%, with savings
particularly noticeable on ‘vice’ goods such as alcohol and cigarettes.38

On the other hand, research surveys had found that purchases in duty-free shops were not necessarily

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price motivated. International travellers considered duty-free shopping as part of their holiday
experience, especially those from Asia and Middle East, and research surveys had shown that 48%
of global consumers attributed duty-free shopping to part of the travel experience, and a great place
to buy gifts, with many motivated by the availability of exclusive product versions of certain brands,
obtainable only in the duty-free stores.39

Another key factor was the decreasing cost of air travel, enabling a growing number of lower income
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consumers to access air travel (refer to Exhibit 7 for a chart on declining cost of air travel). This shift
in affordability played a pivotal role in expanding air travel’s reach. The new passengers attracted by
the low-cost carriers were primarily leisure travellers and more price-sensitive than the business
travellers attracted by the flagship carriers.

As Amelia stacked the golden chocolate bars into her shopping basket, she mused over these factors
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and the dissimilarities between Apple’s consistent global pricing strategy, which disregarded tax
variations, and Toblerone’s differential pricing in different airports. What was the rationale behind
the pricing? Amelia wondered if duty-free shopping was indeed cheaper than buying at a local store.
It seemed strange that these price disparities could be sustained in an era of frequent fliers and
transparency, when duty-free and local store prices were easily accessible online.
No
Do

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 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

EXHIBIT1: TOBLERONE PACKAGING

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Source: iStock

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Source: Mondelēz International, Company Website, https://www.mondelezinternational.com/Media/Asset-Library,

free image download, accessed July 2023.
Do

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 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

EXHIBIT 3: PERCEPTION OF MADE IN SWITZERLAND

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Switzerland had a long-standing tradition of chocolate making, dating back several centuries. Swiss
chocolatiers had honed their skills and techniques over generations, passing down their knowledge
and expertise. 40 This heritage contributed to the perception of Swiss chocolates as a symbol of
artisanal craftsmanship. Swiss chocolates were renowned for consisting of quality raw materials, and
were often packaged beautifully, reflecting elegance and sophistication, making them an appealing
choice for gifts and souvenirs.4142

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Consumer research reports suggested that in general, the perception of ‘Made in Switzerland’ was
associated with high quality and reliable products. Switzerland was also one of the largest chocolate
exporters in the world with an export value of approximately US$1.53 billion as at 2022.43 The
domestic market was also strong and Swiss customers were amongst the highest chocolate consumers
in the world.44 Switzerland was ranked second in chocolate consumption per capita worldwide, with
an average annual consumption of approximately 8.8 kilogrammes per person (refer to the two Made-

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in indexes below for Switzerland’s ranking).45

Made-In Index: Attributes Associated with Products Made in Switzerland

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No
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Made-In Country Ranking

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Source: Alexander Kunst, “Made-In-Country-Index: Country Ranking 2017”, Statista, September 3, 2019,
https://www-statista-com.libproxy.smu.edu.sg/statistics/677973/made-in-country-index-country-ranking/, accessed
July 2023.

EXHIBIT 4: DUFRY, AMAZON AND WALMART REVENUES AND EXPENSES

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Dufry Amazon Walmart

2022 Revenues in US$ Billions 7.84 513.98 611.29
Revenues 100% 100% 100%
Cost of Goods Sold 39% 40% 75.9%
Gross Margin 61% 60% 24.1%
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Leasing/Fulfilment Costs* 29.5% 32.6% N/A

Other Operating Expenses 22.5% 25% 20.8%
Operating Margin 9% 2.4% 3.3%
Source: Dufry, Amazon, Walmart Annual Reports 2022.

*Refers to leasing and concession costs for Dufry paid to airport operators; fulfilment costs for Amazon includes inbound
and outbound shipping costs, as well as costs of running fulfilment centres, customer service, and physical stores.
Do

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 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

EXHIBIT 5: TOBLERONE PRICE COMPARISONS WITH OTHER PRODUCTS IN USD

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Airport GDP Traffic in Toblerone Toblerone Johnnie Johnnie iPhone iPhone
Per million/LCC% DF Local Walker Walker 14 DF 14
Capita DF Local Local
Heathrow 71,878 61.6/2.4 8.91 6.37 19.95 42.79 2,227 2,227
London
Changi 72,794 32.2/31.2 11.79 7.96 24.03 56.82 1,933 1,950

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Singapore
JFK New 104,344 55.3/26.4 15.00 9.94 28.00 30.60 1,599 1,599
York
Indira 7,207 59.5/45.8 17.92 9.74 29.95 31.27 2,284 2,284
Gandhi
Delhi
Dubai 40,700 66.0/18.0 14.70 8.09 25.86 23.41 1,660 1,851
International

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Geneva 116,621 18.0/44.8 13.55 10.02 24.14 30.86 2,158 2,158
Cointrin

Source: Author’s own from Airport visits and online shop searches in 2023; All prices have been converted to
US$; DF is the duty free price at the aiport; LCC% represents the percentage of flyers at the airport travelling on
low cost carriers (LCC); Local is the price of the product at a regular non tax-free store in the same city as the
airport (e.g., Tesco in London); GDP amounts from Statista.com; Passenger Traffic from-
op
https://en.wikipedia.org/wiki/List_of_busiest_airports_by_passenger_traffic; accessed August 2023.

*** Value added tax (VAT) is applicable in addition to the prices listed above, and is specific to the country/city/state,
based on the VAT’s applied in the specific countries. In London, a standard VAT of 20% is applicable on chocolates,
whisky (other taxes on whisky are included in the listed price), and iPhones; In Singapore VATof 8% is applicable
on chocolates, alcohol and iPhone, alcohol has an additional S$88 (US$65) excise tax per litre; in NewYork sales tax
is 4% for chocolates, liquior, and 8.5% for iPhone (or anything above US$ 110); In Delhi, VAT is 5% on chocolates,
25% on whisky, and 14% on iphones (on top of 18% GST); In Dubai, the VAT is a standard 5% for chocolates,
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whisky, and iPhone; in Geneva VAT is 2.5% for chocolates, 7.7% for alcohol, and 7.7% for iPhones. Source:
Individual government websites, accessed August 2023.
No
Do

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 SMU-23-0019 Toblerone Pricing at Airport Duty-Free Shops

EXHIBIT 6: COCOA PRICES WORLDWIDE

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Average Prices for Cocoa Worldwide from 2014 to 2024 (in Nominal USD per kg)

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Source: Aaron O’Neill, “Average Prices for Cocoa Worldwide from 2014 to 2024”, Statista, April 6, 2023,
https://www-statista-com.libproxy.smu.edu.sg/statistics/675801/average-prices-cocoa-worldwide/, accessed July
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2023.

EXHIBIT 7: THE DECLINING COST OF AIR TRAVEL

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No
Do

Source: IATA, “One Size does not Fit All: A Study of How Airline Business Models have Evolved to Meet Demand
in Europe”, https://www.iata.org/en/iata-repository/publications/economic-reports/one-size-does-not-fit-all---
airline-business-models/, accessed July 2023.

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 SMU-23-0019 Toblerone: Pricing at Airport Duty Free

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References

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1 Magazines for Industry, Pennsylvania State University, “CI: Candy Industry and Confectioners Journal”, Volume
146, Issues 1-6, 1981, CI: Candy Industry and Confectioners Journal - Google Books, accessed July 2023.
2 All prices in the case have been converted from local currency to US$ for ease of comparison.
3 Mondelēz International, “Toblerone”, https://www.mondelezinternational.com/Our-Brands/Toblerone, accessed
July 2023.
4 Toblerone, “History”, https://www.toblerone.co.uk/our-story/history.list, accessed July 2023.

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5 Robert Smith, “The Land of Duty Free”, NPR, May 11, 2018, https://www.npr.org/transcripts/610518433, accessed
July 2023.
6 Melissa Rivers, “The Book of Joan: Tales of Mirth, Mischief, and Manipulation”, Crown, 2016,
https://books.google.com.sg/books/The_Book_of_Joan, 206, accessed July 2023.
7 Ibid.
8 Silas Amos, “Champions of Design: Toblerone”, Campaign, July 17, 2012,
https://www.campaignlive.co.uk/article/champions-design-toblerone/1141350, accessed July 2023.
9 Nils-Gerrit Wunsch, “Global Confectionery Market: Leading Companies 2022, Based on Net Sales”, Statista,
March 24, 2023, https://www.statista.com/statistics/252097/net-sales-of-the-leading-10-confectionery-companies-
worldwide/, accessed July 2023.

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10 Wallis Snowdon, “With Cocoa Prices Eating into Profits, Toblerone Bar Shrinks”, CBC, November 11, 2016,
https://www.cbc.ca/news/canada/edmonton/with-cocoa-prices-eating-into-profits-toblerone-bar-shrinks-1.3847058,
accessed July 2023.
11 Mondelēz World Travel Retail, https://www.mwtr.com/, accessed July 2023.
12 Ibid.
13 Mondelēz International, “Company Website”, https://www.mondelezinternational.com/About-Us, accessed July
2023.
14 Worldwide Chocolate, “Toblerone”, https://worldwidechocolate.com/shop-by-brand/toblerone/, accessed July
op
2023.
15 Robin Millard, “Matterhorn Mountain Melting Away from Toblerone Bars”, philstar Global, March 9, 2023,
https://www.philstar.com/lifestyle/food-and-leisure/2023/03/09/2250442/matterhorn-mountain-melting-away-
toblerone-bars, accessed July 2023.
16 3BL, “Toblerone Named Best Sustainable Supplier 2021 by TRBusiness Global Travel Retail Awards”,
December 7, 2021, https://www.3blmedia.com/news/toblerone-named-best-sustainable-supplier-2021-trbusiness-
global-travel-retail-awards, accessed July 2023.
17 Duty Free, “Our Industry’s History”, https://dutyfreefacts.com/our-industrys-history/, accessed July 2023.
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18 Ibid.
19 Ibid.
20 Ibid.
21 Ibid.
22 Dufry, “Financial Report 2022”, https://www.dufry.com/system/files/2023-03/Financial_Report_2022.pdf,
accessed July 2023.
23 Heathrow, “Heathrow Airport Rental Guide Prices”, 2022-23, https://www.heathrow.com//doing-business-with-
heathrow/property-team/rental-guide-prices-2022-23.pdf, accessed July 2023.
24 The Knowledge Bank, “Exploring Opportunities Travel Retail: 2023 Outlook”, August 2022,
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https://theknowledgebank.scot/wp-content/uploads/2022/08/Exploring-Opportunities-Travel-Retail-2023-outlook-
August-2022.pdf, accessed July 2023.
25 Nathaniel Meyersohn, “Why You have to Walk so Far to Your Gate at the Airport,” CNN Business, August 19,
2023, https://www.cnn.com/2023/08/19/business/airport-terminals-travel-walking, accessed July 2023.
26 Heathrow Airport Limited, “Annual Report and Financial Statements 2019”, 2019, Heathrow-Airport-Limited-
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27 Nathaniel Meyersohn, “Why You have to Walk so Far to Your Gate at the Airport”, CNN Business, August 19,
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28 The Moodie Davitt Report, “World Duty Free Group Extends Heathrow Airport
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29 Supriya B, Surya S, and Vitika V, “Duty-Free Retailing Market by Product Type”, Allied Market Research,
January 2023, https://www.alliedmarketresearch.com/duty-free-retailing-market, accessed July 2023.
30 The Knowledge Bank, “Exploring Opportunities Travel Retail: 2023 Outlook”, August 2022,
https://theknowledgebank.scot/wp-content/uploads/2022/08/Exploring-Opportunities-Travel-Retail-2023-outlook-
August-2022.pdf, accessed July 2023.
31 Ibid.
32 Mondelēz, Company website, https://www.mondelezinternational.com/, accessed July 2023.
33 Tracy Powell, “How Toblerone’s Personal Touch at the Airport is Boosting Sales”, Duty Free Hunter, February
27, 2020, https://www.dutyfreehunter.com/blog/how-toblerones-personal-touch-at-the-airport-is-boosting-sales/,
accessed July 2023, accessed July 2023.

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infringement of copyright. [email protected] or 617.783.7860
 34 Daniel C. Snow, Steven C. Wheelwright and Alison Berkley Wagonfeld, “Scharffen Berger Chocolate Maker”,

t
Harvard Business School Case 9-606-043, September 2005.
35 Silke Koltrowitz, “Toblerone Loses Swiss Exclusivity as Production Shifts East”, Reuters, June 23, 2022,

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36 Ibid.
37 Maridel Reyes, “How Not to Get Ripped off at Duty Free”, CNN, November 6, 2019,
https://edition.cnn.com/travel/article/duty-free-shopping/index.html, accessed July 2023.
38 Ibid.
39 The Knowledge Bank, “Exploring Opportunities Travel Retail: 2023 Outlook”, August 2022,

rP
https://theknowledgebank.scot/wp-content/uploads/2022/08/Exploring-Opportunities-Travel-Retail-2023-outlook-
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40 Sean Mowbray, “A Brief History of Chocolate in Switzerland, Culture Trip”, Culture Trip, February 12, 2018,
https://theculturetrip.com/europe/switzerland/articles/brief-history-chocolate-switzerland/, accessed July 2023.
41 Charles, “A Comprehensive Guide to Swiss Souvenirs: From Budget-Friendly to Luxurious Options”,
Switzerlandical, https://www.switzerlandical.com/swiss-souvenirs/, accessed July 2023.
42 Valmira Rashiti, “Swiss Cuisine: Traditional Food You Need to Try”, Studying in Switzerland, July 3, 2023,
https://studyinginswitzerland.com/swiss-cuisine-traditional-food-to-try/, accessed July 2023.
43 Nils-Gerrit Wunsch, “Top Chocolate Exporters Worldwide in 2022, by Country”, December 8, 2023, Statista,

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44 Gustavo Ferro and Lisanne Groothuis, “The Swiss Market Potential for Cocoa”, CBI, Ministry of Foreign
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45 Felix Richter, “(Not) Everybody Loves Chocolate”, Statista, July 7, 2023,
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This document is authorized for educator review use only by Neelima Watve, Narsee Monjee Institute of Management Studies (NMIMS) until Sep 2024. Copying or posting is an
infringement of copyright. [email protected] or 617.783.7860