Eataly eyes joint venture for further China expansion
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Italy’s Eataly may form a JV with a Chinese partner, says chairman Andrea Guerra, but also plans to list about 30 per cent of its capital next year.
It also plans to expand with outlets in Las Vegas, Toronto, Europe and the UAE. “In the long term, we aspire to reach 100 stores… and go beyond €1 billion in sales,” says Guerra.
Eataly is an upmarket deli-cum-foodcourt concept with a focus on fresh, artisan foods.
The company plans to increase revenue to €690-720 million in 2020 from €465 million last year. It is also targeting adjusted core profits of €60 to €65 million in 2020, from €25 million last year.
Revenue of €50 million is expected this year, says Guerra.
Questions & Answers
Q.What is Eataly's current financial goal for its adjusted core profits in 2020?
What is Eataly's current financial goal for its adjusted core profits in 2020?
Eataly is targeting adjusted core profits of €60 to €65 million in 2020. This would be a significant increase from the €25 million recorded last year.
Q.What is the primary business model of Eataly?
What is the primary business model of Eataly?
Eataly operates as an upmarket deli and foodcourt concept. Its focus is on providing fresh, artisan foods to its customers.
Q.Where does Eataly intend to expand its operations globally?
Where does Eataly intend to expand its operations globally?
Eataly plans to open new outlets in Las Vegas, Toronto, various locations across Europe, and the UAE. These are part of its broader expansion strategy.
Q.How much revenue did Eataly generate last year, according to the chairman?
How much revenue did Eataly generate last year, according to the chairman?
Eataly generated €465 million in revenue last year. The company expects this figure to increase substantially to between €690-720 million in 2020.
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