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Tag: Fore Coffee

  • Fore Coffee Diversifies Into Donut Market, Taps Into Indonesia’s Rising Demand For Premium Baked Goods

    Fore Coffee Diversifies Into Donut Market, Taps Into Indonesia’s Rising Demand For Premium Baked Goods

    Fore Coffee, the Indonesian F&B retailer, is set to diversify into the donut market, inaugurating their inaugural Fore Donut outlet at Supermal Karawaci, Tangerang.

    Capitalising on Premium Baked Goods Market

    The strategic move into donuts is a bid to leverage the increasing demand for upscale baked items within Indonesia. Market forecasts for the country’s donut sector suggest significant growth, with projected revenues to more than double from $213 million in 2024, to over $518 million by 2030. These predictions were disclosed by internal data from the brand.

    Fore Donuts Expansion Plan

    Fore Donut has ambitions to open at least three more outlets throughout this year. The first outlet boasts a selection of over ten artisanal donuts that blend international and local flavors, including the popular Ayam Pop.

    Discussing the brand’s philosophy, Lomar, a representative from Fore Donut, emphasized the significance of craftsmanship and integrity in their products. “Each donut is handmade using straightforward, natural ingredients, mirroring our dedication to quality and transparency,” Lomar stated.

    The representative continued, “We are convinced that true indulgence lies in care and simplicity, ensuring every morsel is not just tasty, but also uplifting. This philosophy permeates our operations, allowing us to elevate the everyday donut into something genuinely extraordinary.”

    Fore Coffee’s Growth

    Established in 2018, Fore Coffee has rapidly expanded its retail footprint, operating 261 outlets across Indonesia and Singapore. The company registered robust financial growth in the fiscal year 2024, attributed primarily to its assertive retail expansion and a comprehensive omnichannel strategy.

    Questions & Answers

    What is Fore Coffee’s latest venture?
    Fore Coffee is diversifying into the donut market with their new offshoot, Fore Donut.

    What market trend is Fore Donut capitalizing on?
    Fore Donut is capitalizing on the growing demand for premium baked goods in Indonesia.

    What is the projected growth for the donut market in Indonesia?
    The donut market in Indonesia is projected to more than double from $213 million in 2024 to over $518 million by 2030.

  • Fore Coffee Dives Into Donut Industry With Fore Donut: Aiming To Capitalize On Indonesia’s Growing High-end Baked Goods

    Fore Coffee Dives Into Donut Industry With Fore Donut: Aiming To Capitalize On Indonesia’s Growing High-end Baked Goods

    Indonesia’s popular food and drink retailer, Fore Coffee, is making its mark in the donut industry by inaugurating its inaugural Fore Donut store in Supermal Karawaci, Tangerang. This strategic growth initiative enables Fore to take advantage of Indonesia’s escalating need for high-end baked products. Statistics provided by the company predict an impressive increase in the country’s donut market, which is expected to leap from $213 million in 2024 to over $518 million by 2030.

    Fore Donut’s Expansion Plans and Offerings

    Fore Donut has set its sights on launching at least three stores within this year. The pioneer store provides an assortment of over 10 varieties of artisan donuts, intermixing international tastes with domestic favourites like Ayam Pop.

    At a press conference, company spokesperson Lomar stated, “Craftsmanship and honesty form the essence of every product at Fore Donut. Each donut is handcrafted with pure, natural ingredients, mirroring our dedication towards quality and transparency.” He added, “Real pleasure lies in attention to detail and simplicity, ensuring each bite is not just appetizing but also wholesome. This principle permeates throughout our operations, allowing us to morph the ordinary donut into something truly extraordinary.”

    Fore Coffee’s Noteworthy Growth

    Founded in 2018, Fore Coffee currently runs 261 stores across Indonesia and Singapore. The firm witnessed robust financial growth in FY2024, propelled by its assertive retail expansion and comprehensive omnichannel approach.

    Questions & Answers

    What is Fore Coffee’s latest venture?
    Fore Coffee has recently ventured into the donut industry with the launch of its first Fore Donut store in Supermal Karawaci, Tangerang.

    What does Fore Donut plan for its expansion and offerings?
    Fore Donut plans to open at least three outlets this year, offering more than 10 types of handmade doughnuts that blend global flavours with local favourites.

    How did Fore Coffee perform in FY2024?
    Fore Coffee reported strong financial growth in FY2024, driven by an aggressive retail expansion and an effective omnichannel strategy.

  • Indonesian coffee chain Fore Coffee’s IPO oversubscribed by 200 times

    Indonesian coffee chain Fore Coffee’s IPO oversubscribed by 200 times

    Indonesian coffee chain Fore Coffee made its trading debut on the Indonesia Stock Exchange (IDX), following a heavily oversubscribed initial public offering that attracted more than 114,000 investors.

    The East Ventures-incubated company priced its IPO at US$0.012 (RP188) per share, issuing 1.88 billion new shares to raise approximately $22.3 million (RP353.44 billion) in fresh capital.

    Fore Coffee plans to allocate around 75 percent of the funds to its domestic expansion, with a target of 140 new outlets over the next two years.

    An estimated $3.8 million (RP60 billion) will be invested in launching a new doughnut concept, while the remaining $1.1 million (RP18 billion) will go towards working capital.

    Wilson Cuaca, president and chairman of Fore Coffee, and co-founder and managing partner at East Ventures, said the strong response to the IPO demonstrates the appeal of homegrown startups to public investors.

    “The counter-intuitive decision to proceed with the IPO during the lowest IDX Composite index since the pandemic paid off,” Cuaca said.

    Mandiri Sekuritas and Henan Putihrai Sekuritas acted as joint lead underwriters and intermediaries for the offering.

  • Indonesia’s Fore Coffee launches IPO to fund expansion

    Indonesia’s Fore Coffee launches IPO to fund expansion

    Indonesian coffee chain Fore, backed by East Ventures, has launched an initial public offering (IPO) to expand domestically and internationally.

    The company said it is capitalizing on the expanding middle class, which is driving demand for premium coffee and lifestyle products.

    Fore operates a hybrid business model, combining quick-service outlets optimized for pick-up and delivery with traditional sit-down cafes.

    The IPO offers up to 1.88 billion new shares—equivalent to 21.08 percent of the company’s enlarged capital. Shares are priced between US$0.01 (IDR160) and $0.02 (IDR202), with a potential fundraising target of $22.98 million (IDR379.76 billion).

    Following regulatory approval, the IPO’s effective date is March 25. Public trading is scheduled from March 26 to April 9. Shares are expected to be electronically distributed on April 10. The newly issued shares will carry equal rights to existing ones.

    Mandiri Sekuritas and Henan Putihrai Sekuritas are underwriting the offering.

    Last year, Fore Coffee opened 61 new locations, bringing its total store count to 230. CEO Vico Lomar said the company plans to open 60 more stores this year, including a second Singapore location.

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  • Indonesian coffee brand Fore Coffee opens first store in Singapore

    Indonesian coffee brand Fore Coffee opens first store in Singapore

    Fore Coffee, the herald of Indonesian coffee culture, is proud to announce its highly anticipated entry into the Singaporean coffee scene – launching its first store in Singapore on November 9, 2023, at Bugis Junction. With a journey spanning over five years of unwavering commitment to excellence, Fore Coffee has risen to prominence as a prominent player in Indonesia’s coffee landscape, boasting an impressive network of 150 stores across the nation by September 2023.

    Fore Coffee, as the torchbearer of Indonesian coffee culture in Singapore, offers not just a cup of coffee, but a gateway to an inspiring everyday life. Founded in 2018, Fore Coffee has emerged as a powerhouse in Indonesia’s coffee industry, marked by its dedication to quality and innovation. The brand’s success lies in its adept use of cutting-edge technology, from tools to its mobile app, combined with skillful bean blending techniques.

    With a resolute commitment to sourcing highly curated coffee beans directly from Indonesian farmers in regions like Aceh Gayo, Toraja, West Java, and Bali, Fore Coffee’s beans undergo a meticulous roasting and preparation process before being expertly crafted by their baristas. This commitment to authenticity extends to their signature coffee blends that promise to redefine Singapore’s coffee culture in the ‘Indonesian way.’

    Fore Coffee’s narrative is one of craftsmanship, tradition, and community spirit. With a reverence for Indonesian soil, the brand meticulously curates exceptional coffee beans that honor the flavors unique to each region. This journey embodies sustainability and supports local farming communities. The brand’s skilled baristas harness the potential of Indonesian coffee beans to craft flavours that are truly unique. Every cup reflects a commitment to excellence, sustainability, and elevating the coffee experience to an art form.

    Fore Coffee’s business journey has been marked by profitability since 2021 in Indonesia, even amidst pandemic challenges. The brand has successfully expanded into tier 2 and tier 3 cities, showcasing resilience and adaptability. Backed by an impressive funding from renowned investors including East Ventures, SMDV, Pavilion Capital, Agaeti Venture Capital, Insignia Ventures Partners, and several angel investors, Fore Coffee’s growth is fueled by its exceptional performance.

    Vico Lomar, Co-Founder & CEO, Fore Coffee said, “Fore Coffee’s brand positioning and menu reflect its role as an ambassador of Indonesian coffee culture in Singapore. The brand’s signature coffee blends, crafted with a deep understanding of the discerning Singaporean palate, redefine the local coffee landscape through an Indonesian lens.”

    The Singaporean coffee market presents a compelling opportunity for Fore Coffee’s entry. According to research conducted in June 2023 in collaboration with Redseer, a strategy consultant, the Singapore coffee market is projected to grow at a CAGR of 5%, reaching 1,286 USD million by 2027. Singaporeans’ strong affinity for coffee, averaging 6-7 cups per week, aligns perfectly with Fore Coffee’s mission. The brand recognizes the mature coffee market in Singapore, combined with a love for Indonesian beans, particularly Arabica. With an understanding of local preferences and a commitment to innovation, Fore Coffee is poised to flourish in Singapore’s coffee landscape.

    Fore Coffee’s expansion into Singapore is centred around its exceptional signature beverages. From the beloved Gula Aren Latte to the Pandan Latte and innovative Butterscotch Sea-Salt Latte, these creations are meticulously curated to resonate with local preferences.

    Drawing insights from Flavor Group Discussions (FGDs), Fore Coffee is tailoring a selection of 16 key SKUs to capture the essence of Singaporean coffee culture. By adhering to local nutritions preferences, Fore Coffee empowers individuals to enjoy their drinks consciously, promoting healthier individual choices with varying sugar levels and diary options. Fore Coffee’s irresistible coffee offerings start at just S$4.5, ensuring affordability and accessibility for coffee enthusiasts across Singapore.

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  • Fore to ramps up network in Indonesia

    Fore to ramps up network in Indonesia

    Indonesian coffee chain Fore Coffee is plotting an aggressive expansion plan that will make it the largest coffee operator in the country.

    Fore Coffee says it has partnered with hotel operator Airy to open 1000 new locations at the latter’s hotels across Indonesia.

    The new outlets will add to its current network of more than 100, making it the largest player in Indonesia’s coffee chain market, currently dominated by Starbucks, which has around 450 outlets.

    The expansion comes after Fore Coffee secured fresh funding from venture capital firm East Ventures earlier this year.

    Launched in August 2018, Fore Coffee offers a seamless customer experience with its mobile app allowing customers to order coffee via the app and have it delivered to them or pick it up in-store. It says it is inspired by Chinese coffee chain Luckin, which embraced digital commerce by offering in-app purchases.

    Indonesian coffee chain Fore’s app has added 70,000 registered users since its launch in December last year. It has collaborated with digital wallet companies Ovo and Go-Pay, and plans to team up with many more to expand its mobile payment options.

    Fore is not the only coffee chain vying for the biggest slice of Indonesia ́s coffee chain market. Rival Kopi Kenangan plans to grow its network from around 80 outlets currently to 1000 by 2021, having raised US$20 million from Sequoia India.

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