Lotus Bakeries has achieved a sales growth of nearly 20 % last semester, as demand for its flagship brand Biscoff is even threatening to exceed production – thanks in part to Snoop Dogg.
Biscoff is hot
Even CEO Jan Boone says he is surprised by the impressive volume growth, which exceeded expectations. “After growing more than 20 % and reaching the the billion euro sales milestone in 2023, I did not expect we would add another 20 %”, Boone said in a press release. Still, the bakery group added another 100 million euros to its sales, raising it from 501.1 million euros to 599.3 million. Operating profit rose 24.3 % to 97.5 million euros.
Lotus Biscoff saw volume growth of more than 20 %, supported by the expansion of production capacity – specifically with a new production line at the plant in Mebane, North Carolina. Demand for Biscoff cookies continues to rise globally, with strong performances in Europe, the United Kingdom, the United States and the Far East. Lotus Natural Foods (Nakd and Bear) also performed above expectations with growth of more than 10 %.
Despite the strong results, Boone warns for the second half of the year: demand for Biscoff remains high, and perhaps even higher after rapper and Olympics commentator Snoop Dogg unexpectedly declared his love for speculoos. However, it takes time to raise production capacity accordingly: a new factory in Thailand will open not open before 2026. Moreover, competitor Mondelez will produce Biscoff in India.
