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Shortly after ending the saga of Garoto in 2023, Nestlé advanced in the premium chocolate market by acquiring the CRM Group (Kopenhagen and Brasil Cacau).
Nestlé signed the purchase of the CRM Group, the owner of the Kopenhagen and Brasil Cacau networks, expanding its presence in Brazil and entering more strongly into the premium segment. The transaction was announced in September 2023, in an agreement with Advent International, then the controlling party of the asset. According to Nestlé itself, CRM operates a direct-to-consumer model with over 1,000 boutiques in the country. Let’s revisit the negotiation approved by Cade and completed on March 1, 2024.
Although the companies did not disclose the price, industry sources estimated it to be between R$ 3 billion and R$ 4.5 billion, reflecting the strategic weight of the asset in the chocolate retail market. These figures appeared in reports citing Brazil Journal and Valor Econômico.
A sensitive point for acquisitions of this sort is the continuity of management. Nestlé informed that Renata Moraes Vichi remains as CEO and minority partner of the CRM Group, preserving the brands’ DNA and the relationship with consumers and franchisees. This approach increases the chances of maintaining the store experience that sustains Kopenhagen’s premium positioning and the more accessible proposal from Brasil Cacau.
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In 2024, the deal moved from paper to practice. In addition to having received competitive approval, Nestlé recorded in a corporate document that the acquisition was closed on March 1, 2024, consolidating the asset within the group. For investors and the market, this signals execution and predictability in the integration.
Cade Approves the Purchase and the History of Garoto Unlocks the Strategy
The Superintendence-General of Cade approved the acquisition of the CRM Group by Nestlé without restrictions, after concluding that there were no relevant competitive risks. The process was notified at the end of 2023, and the decision was made in February 2024, providing regulatory security to the deal.
This outcome contrasts with the long history of Garoto. On June 7, 2023, after nearly two decades of ups and downs, the Cade Court approved Nestlé’s acquisition of Garoto with commitments, which were ratified by the STJ. The agreement ended a historic legal dispute and established behavioral remedies to preserve competition.
The lesson from the Garoto case seems to have been absorbed. In structuring the CRM purchase, Nestlé conducted a more predictable regulatory dialogue, focused on analyzing overlaps and market closure risks. This explains why, this time, the authorization was granted more swiftly and without remedies.
For the sector, the message is clear: consolidation moves remain on the radar, especially where there are superior margins and room for brand differentiation and experience. Cade’s green light reduces uncertainties and tends to encourage new operations.
Portfolio and Positioning: Kopenhagen for Value, Brasil Cacau for Scale
With the CRM in-house, Nestlé will operate in two complementary niches. Kopenhagen upholds the premium and gift-able proposition, with a line of high-value products. Meanwhile, Brasil Cacau aims for scale and purchase frequency, with a lower average ticket and promotional strategy. This combination broadens audience reach and resilience to income cycles.
The presence of over 1,000 stores creates a rare direct-to-consumer ecosystem in the category, reinforcing proprietary data on behavior, sell-out, and seasonality. On occasions such as Easter, Mother’s Day, and Christmas, the network of boutiques enhances visibility and captures peaks in demand, while Nestlé’s massive distribution in grocery retail supports the turnover of high-volume brands.
In the medium term, integration may accelerate innovation in flavors, formats, and packaging, as well as strengthen loyalty programs and omnichannel campaigns that connect physical stores, e-commerce, and marketplaces. Synergies in purchasing, logistics, and R&D are expected to reduce costs and shorten time to market.
The challenge lies in avoiding cannibalization. It is crucial to maintain clear boundaries of price, portfolio, and brand experience between Kopenhagen, Brasil Cacau, and Nestlé’s mass-market lines. A well-designed brand architecture is what transforms scale into value without losing identity.
Impact on Consumers and Franchisees: More Options, Service, and Communication
For the consumer, the main change should be more variety and novelties in a constant calendar, with the quality that established the brands’ reputation. Nestlé’s media strength and execution can expand the distribution of seasonal items and special collections, maintaining the level of sophistication expected in the premium.
For franchisees, the acquisition may mean more robust support in marketing, supply, and sell-out data, without compromising the managerial autonomy of the CRM. The maintenance of the CEO and brand culture is an important signal of stability for the network.
In the omnichannel journey, the trend is for integration of physical + digital stores, utilizing CRM and occasion- and profile-targeted promotions. Coupons, gift kits, and limited editions may gain more predictable cadence, increasing traffic and ticket.
On the flip side, consumers are price-sensitive. In cycles of rising cocoa prices and cost pressure, Nestlé will need to calibrate mix and pricing to maintain margins without alienating the audience. Scale may help, but execution will be key.
Market and Competition: Execution Will Be the “X” Factor
Brazil is one of the largest chocolate markets in the world, and competition in the premium sector has intensified. With CRM, Nestlé is advancing into a territory where price elasticity is lower, but the demand for experience and quality is at its peak. Strong local brands and global players with their own boutiques keep the competition fierce.
Nestlé operates with advantages of capillarity, branding, and investment capacity. Nevertheless, integrating culture, systems, and supply requires discipline. Scale gains must not deteriorate boutique service, a key differentiator that sustains consumers’ willingness to pay.
If it can deliver back-office synergies without “industrializing” the experience, the company can capture the best of both worlds: volume in mass and margin in premium. The closure of the deal in 2024 and Cade’s approval lay the groundwork for this. Now, the story will be told through execution.
And what do you think? Will Nestlé maintain the “soul” of Kopenhagen and Brasil Cacau while gaining scale and competitive pricing, or could this consolidation stiffen the consumer experience in stores? Leave your opinion in the comments.
A Nestlé estragou a Marca de biscoitos São Luís, estragou a Garoto e com certeza a Kopenhagen não será mais a mesma , pois seus chocolates aqui no Brasil são gordurentos e com 100 kilos de açúcares , não é como na Suiça. Aqui pra nós fazem lixo achando que brasileiros não tem gosto refinado pra chocolates . Viva chocolates Dengo 100% brasileira e puro cacau.
Seria preciso ser muito tolo para acreditar que a Nestlé vai manter ou preservar algo, onde a Nestlé põe a pata vira tudo uma massaroca de gordura hidrogenada ultra doce.