According to Reuters, Ferrero International—the Italian firm behind Ferrero Rocher chocolates and Nutella spread—has agreed to buy British chocolate retailer Thorntons for $178 million. Thorntons—in business for 104 years—has been hit in recent years by the rise of newer and upmarket chocolate brands. It has had some success by shifting to sell more of its chocolates through third parties while closing some of its own stores, but after a profit warning in December, its chief executive of four years, Jonathan Hart, is stepping down.
Analysts said Thorntons was a good fit for Ferrero, which has strong, premium brands but no retail platform to showcase them.
