Korea’s SPC Group eyes Paris Baguette US expansion
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South Korean F&B giant SPC Group has ambitions to expand its US business fivefold by 2020.
Chairman Hur Young-in unveiled his plans when meeting in Seoul this week with US foreign affairs committee chairman Ed Royce and congressman Ami Bera. The two politicians were visiting Korea to discuss trade opportunities and establish partnerships in Korea.
“We are planning to increase the number of Paris Baguette stores in the US to 300 by 2020, creating up to 10,000 new jobs,” Hur told Royce when they met at the company’s headquarters.
Royce said the bakery brand had contributed to job creation in the US by employing more than 1500 people, and would play a key role in the global food industry in the future, reports the Korea Times.
SPC established a US affiliate in 2002 and opened America’s first Paris Baguette in Los Angeles three years later. It now has 57 stores in the US and last year invested more than $48 million to report annual sales of $100 million and introduce 1500 jobs.
Paris Baguette became Korea’s first bakery brand to enter the French capital, setting up a business base in July 2014 to expand to other French and European cities. Stores were opened in Shanghai in 2004, and in Ho Chi Minh City and Singapore in 2012.
Questions & Answers
Q.What is the specific target for the number of Paris Baguette stores in the US by 2020?
What is the specific target for the number of Paris Baguette stores in the US by 2020?
SPC Group plans to increase the number of Paris Baguette stores in the US to 300 by 2020. This expansion aims to create up to 10,000 new jobs within the country.
Q.When did SPC Group first establish a presence in the US and open its initial Paris Baguette store?
When did SPC Group first establish a presence in the US and open its initial Paris Baguette store?
SPC Group established a US affiliate in 2002. America's first Paris Baguette store then opened three years later in Los Angeles, marking their entry into the market.
Q.What were Paris Baguette's US sales and investment figures from the last year mentioned?
What were Paris Baguette's US sales and investment figures from the last year mentioned?
Last year, Paris Baguette reported annual sales of $100 million in the US. They invested more than $48 million to achieve these sales and introduced 1500 jobs.
Q.Has Paris Baguette expanded to other international markets beyond the US?
Has Paris Baguette expanded to other international markets beyond the US?
Yes, Paris Baguette opened stores in Shanghai in 2004, and in Ho Chi Minh City and Singapore in 2012. It also established a base in Paris in July 2014.
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