Paris Baguette to expand into Middle East, Africa
简介South Korean bakery giant SPC Group's flagship bakery chain Paris Baguette will make its first ...
South Korean bakery giant SPC Group's flagship bakery chain Paris Baguette will make its first inroad into the Middle Eastern and African market as a part of its efforts to tap into the global halal food market worth some $2 trillion in value, said SPC Group, Monday.
SPC Group said it signed a memorandum of understanding with a United Arab Emirates-based conglomerate Galadari Brothers Group on Sunday to establish a joint venture by 2024. Galadari Brothers Group currently operates businesses in diverse sectors internationally, including media, automobile, travel and food and beverage business.
"The halal market is a market of great strategic importance to Paris Baguette's global business, and we will accelerate expansion of our business overseas by closely cooperating and initiating bold investments with Galadari Brothers Group,” said SPC Group President Hur Jin-soo.
Under the deal, which was inked during SPC’s participation in the delegation accompanying President Yoon Suk Yeol’s state visit to the Middle East, Paris Baguette will foray into 12 countries in the Middle Eastern and African market. The countries under consideration so far include Saudi Arabia, the UAE, Qatar, Kuwait and Bahrain.
"We are happy to be working jointly with Paris Baguette, which is already successfully operated in the United States, Europe and Southeast Asia. We expect Galadari Brothers Groups’ operational capabilities, market influence and Paris Baguette's excellent products and global brand power to create synergy,” said Mohammed Galadari, CEO of Galadari Brothers Group, during the signing ceremony for the memorandum.
SPC Group will supply products to the Paris Baguette outlets in the new markets by producing necessary goods from its Malaysia Johor Bahru Plant, SPC Group's halal-certified production base scheduled for completion next year.
In June last year, SPC set up a joint venture with Malaysian food company Berjaya Food, in a bid to use Malaysia as a strategic production and logistics base for the Southeast Asian and Middle Eastern market. Once the construction of the factory is complete, the 12,900-square-meter facility will allow for efficient transport of SPC’s goods, according to the company.
Starting with China in 2004, Paris Baguette has steadily expanded its business by entering the global market and has established its presence in 10 countries including the United States, France, the United Kingdom, Canada, Singapore, Vietnam, Cambodia, Indonesia and Malaysia.
Paris Baguette, which recently opened its 500th global outlet on Sunday in Singapore, saw its global sales exceed 600 billion won ($443 million) last year, seeing some 39 percent on-year increase compared to 430 billion won in annual sales posted in 2021, according to SPC Group.
Korean divas of the ’80s and ’90s have embarked on a new journey as a girl group, with a new single ...
Hyundai Motor Co. said Wednesday it has partnered with the International Union for Conservation of N ...
Saudi Crown Prince Mohammed bin Salman gave South Korean President Yoon Suk Yeol a ride to a high-pr ...
[Hello Indonesia] Digital innovation for financial inclusivity
[From the Scene] Don't remember Itaewon alley as place of death, victims' families say
FNC to debut new boy band Ampers&One on Nov. 15
Silversmith William Lee wins Craft Prize 2023
[Herald Review] '12.12: The Day' avoids usual pitfalls of historical films
정청래, 가결파 징계에 "신상필벌은 당연…잠시 미뤄둔 것"
- Dyson vows to enhance customer service in Korea
- Ready meals gain attention at 2023 Coex Food Week
- Dunamu CEO set for third term
- Remaining BTS members to head to military
- PKM Gallery sheds light on Toby Ziegler, Kwon Jin
- [From the Scene] Incheon Airport goes global to Batam, Indonesia
- Heritage expert You Hong
- After 13 years, Naver's 'OnStage' music show bids farewell
- Court orders Japan to compensate ‘comfort women’
- 이상민 “민주당 지도부 아무도 연락 없어, 어느 정도 마음 정했다”
- Russian delegation arrives in Pyongyang for trade, science talks: KCNA
- [Herald Interview] Korean team wins James Dyson Award with ‘hands
- BNK Busan Bank to pilot English
- Posco International to build modular factory in Ukraine
- Seoul shares close higher as US inflation softens
- [Herald Interview] UAE economy minister urges to expand business partnerships
- Food trade agency launches global low
- Helicopter parent's questions spark debate online
- Congressional panel official stresses space
- FNC's new boy group Ampers&One debuts with energetic, youthful single
- Finance minister calls for reenactment of corporate restructuring act
- 송영길 “비례정당 출마 검토”…조국과 연대 가능성도 시사
- US set to deploy B
- Production teams called out for carelessness
- National Changgeuk Company's endeavor to foster pansori composers continues
- [KH explains] Chinese battery makers gobbling up Korean rivals’ European market share
- [Herald Interview] ‘Daily Dose of Sunshine’ director, actor say drama consoled them
- SK to create world's first advanced plastic recycling cluster, breaks ground in Ulsan
- Container shipping costs for US west coast rise 7 pct in October