SEOUL - South Korean conglomerate SPC Group announced a significant expansion of its global footprint with plans to introduce its Paris Baguette bakery chain to Italy. This move comes as part of a strategic partnership with Italian coffee brand Caffe Pascucci.
According to Yonhap News Agency, SPC Group Chairman Hur Young-in and Pascucci CEO Mario Pascucci formalized the alliance in Seoul by signing a memorandum of understanding that will establish a master franchise of Paris Baguette in Italy. This agreement marks the culmination of approximately one year of discussions between the two companies.
The entry of Paris Baguette into Italy represents a significant step, as it joins France and Britain in the list of European countries hosting the South Korean bakery chain. Chairman Hur highlighted the importance of the Italian market, noting its status as the largest bakery market among European Union nations. Meanwhile, CEO Pascucci expressed optimism about the potential success of this new venture in Italy.
Presently, SPC operates roughly 7,000 Paris Baguette stores across South Korea and 11 other countries worldwide, illustrating the brand's extensive international presence.