"We now operate about 800 stores in Korea but the number will likely decline in the coming months as we restructure our business," he said. The official said the company will strengthen its mobile business platform and introduce a range of innovative coffees, while closing money-losing franchisees. In return, it receives a certain percentage of revenue from them. Under the master franchise deal, Caffe Bene hands over the control of the franchising activities to its business partners. "We desperately need to do everything we can to turn our U.S. We are now trying to find a business partner willing to set up a joint venture or sign a master franchise contract with us," he said. "We operate a store in Manhattan directly and the rest are franchisees. subsidiary of Caffe Bene, generated 5.3 billion won in sales in 2016 but lost 13.2 billion won, according to the official, who said the company will subject its U.S. Our primary task this year is to restructure our foreign businesses into profitable and efficiently operating entities."Ĭaffebene Inc., a wholly owned U.S. "But our American and other overseas units failed to meet expectations. "At home, we did quite well because our net loss declined to 550 million won last year from 4.4 billion won a year earlier," a company official said. The Korean unit of the Seattle-based coffee chain also posted an 85.4 billion won operating profit, up 81.2 percent from 2015.Ĭaffe Bene officials say the company fared relatively well in the domestic market, but its unprofitable American unit, which runs about 50 stores, made things go from bad to worse for the struggling coffee chain. The firm's 2016 revenue is less than one-tenth of Starbucks Coffee Korea's 1.03 trillion won sales. Its operating loss rose 18 percent to 13.4 billion won, with its net loss climbing 25 percent to 33.6 billion won.
unit weighed heavily on its bottom line, company officials said Wednesday.Įarly last year, company CEO Choi Seung-woo had pledged to make one of Korea's leading home-grown coffee franchises profitable again, but it turned out to be a hollow slogan.Ĭhoi, who took the helm in September 2015, is expected to face an uphill battle this year and beyond to get Caffe Bene back on track amid its battered brand image and intensifying market competition.Īccording to the Financial Supervisory Service, Caffe Been, founded in April 2008, earned 81.7 billion won ($72.9 million) in sales last year, down 32 percent from 2015.
"HAGES FROM VwwSTARBUCKS.COM HTTPSVINSTAGRAM.COMISTARBUCKS COUNCIL s.Caffe Bene failed to turn things around in 2016, posting an operating loss for four consecutive years, as its money-losing U.S. RECYCLING FACILITIES NFO FIOH H a O LONImearsuveaOWTHA TARBUCKS-ALTERNATIVEI NAGES EROM RTTEI NTAGRAM.COMICAFFERENEPH, "NFO FROM -CEETIFIED-STORES. LOCAL GOVERNΜΕΝT POLICIES If yrui wu iled like to leam more about Mcharity: water or to donate to our water campaign, please visit. Take part in changing the world, one cup at a time.
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