Krispy Kreme Opens Egypt Store to Accelerate Global Sales Push
(Bloomberg) -- Krispy Kreme Inc. the maker of Original Glazed doughnuts, is opening its first store in Cairo, one of the most populous cities in North Africa.
Working with franchise partner Americana Group, which currently operates more than 200 Krispy Kreme shops in countries including Kuwait and the United Arab Emirates, the doughtnut-maker expects to open up to 10 stores in Egypt in the next 12 months.
The move comes as Charlotte, North Carolina-based Krispy Kreme seeks to build on a strong performance in its 30 international markets, where sales growth more than doubled last quarter. More than three-quarters of Krispy Kreme’s revenue came from the U.S. in 2020 and expanding outside the country is a priority, Chief Executive Officer Mike Tattersfield said in an interview.
“The work that we’re doing right now, we know it works across all continents,” Tattersfield said of Krispy Kreme’s omnichannel sales model, which makes doughnuts available for purchase at the brand’s brick-and-mortar stores, retailers and on delivery apps. “When the north African opportunity came, it wasn’t that hard for us to think about the 100 million population and 20 million in Cairo,” he said of Egypt’s consumer potential.
Krispy Kreme was acquired by JAB, an investment firm that also controls sandwich chains Panera Bread and Pret A Manger, in 2016 for $1.35 billion. The doughnut brand proceeded with an initial public offering on the Nasdaq stock exchange in July and has a current market valuation of $2.76 billion.
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