Jollibee says no plan yet to expand Compose Coffee internationally
The group has a 70% stake in the coffee brand.
Jollibee has no plans to bring Compose Coffee outside of South Korea, at least for another five years, Richard Shin, Chief Financial Officer of the Jollibee Group said.
“At the moment, we see significant growth opportunities just in Korea. From a market share, adding Starbucks with nearly 1,900 stores in Korea, leads that segment. Composed Coffee has about 8% market share. So I think there is plenty of focus and plenty of opportunities,” Shin said.
The brand has one sole international location in Singapore which is small at around 30 sq metres.
Shin said that currently for the next five years, they will be focusing on South Korea for the brand.
In early July, Jollibee Foods Corporation announced that its wholly-owned subsidiary, Jollibee Worldwide Pte. Ltd has acquired a 70% stake in the owner of Korean coffee brand Compose Coffee for $350m.
The acquisition of Compose Coffee, Shin said, aligns with the group’s focus on four segments namely, the fried chicken segment, the coffee and tea segment, the premium burger segment, and the Chinese cuisine segment.
The group also has no plans to acquire more brands, saying that it plans to focus on the expansion of its current portfolio led by Jollibee.
