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Tag: Twosome Place

  • Korea’s Twosome Place, Ediya coffee chains planning an IPO

    Korea’s Twosome Place, Ediya coffee chains planning an IPO

    Two South Korean coffee franchises are pushing ahead with IPOs to raise funds for expansion both domestically and globally.

    A Twosome Place and Ediya Coffee are seeking to challenge Starbucks Coffee, which dominates the Korean market. It says Ediya aims to be listed by the end of next year, which would be a first for a coffee shop franchise.

    Ediya would probably use the new capital to build a roasting factory and to expand overseas. The company ranks third in Korea in terms of sales and first in store numbers. With 2200 stores, it has posted KW150 billion (US$139.5 million) in sales, following Starbucks (more than KW1 trillion) and Twosome (KW200 billion).

    Meanwhile, Twosome plans to separate from CJ Foodville to become a subsidiary in February. It is also expected to list on the Seoul bourse to raise more funds.

    Korea already has more than 90,000 coffee shops, but is still attracting global chains. US Blue Bottle Coffee has established a local subsidiary and expects to open its first Seoul store in March.

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  • Starbucks Coffee Korea sales booms

    Starbucks Coffee Korea sales booms

    Starbucks Coffee Korea said its annual sales topped the 1 trillion won (US$884.17 million) mark for the first time ever last year.

    The local franchise of the US coffee giant, which is operated by retail conglomerate Shinsegae, debuted in South Korea in 1999.

    Annual sales rose 29.6 per cent from the 773.9 billion won of 2015.

    Operating profit also increased 81.2 per cent year-on-year to 85.4 billion won in 2016.

    As at the end of February, Starbucks operated 1008 shops across the country.

    Industry observers said Starbucks’ record is astonishing as annual sales of other players such as Twosome Place and Angel-in-us Coffee are averaging between 100 and 200 billion won.

    “Starbucks gained popularity among women in their 20s and 30s who are attuned to the latest consumer culture of the United States,” an analyst said, adding that Starbucks has constantly launched new menus.

    Starbucks acquired tea retailer Teavana in 2012 and has since rolled out various tea menus along with bakery products.

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