Monday 22 July 2024
  • La Cimbali

Caffe Bene wins 16.5 billion won foreign investment

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by Jung Min-hee*

SEOUL, KOREA – Bene, the Korean-based coffee chain, announced that it has won a 16.5 billion won (US$13.67 mil) of foreign investment on March 4. The company has secured the investment from Hallyu Ventures, a joint venture with Food Empire, Singapore’s global food chain, and Salim group, one of the Indonesia’s largest conglomerates.

Food Empire and Salim Group take respectively 51%-49% shares. This investment made Hallyu Ventures the second-largest shareholder of Caffe Bene, securing a 38 percent stake. However, K3 will remain the largest shareholder with 52 percent.

The investment is expected to enable Caffe Bene to create its differentiated brand value, including the value of food and culture, and enhance its competitive brand power as the top coffee franchise player of the nation.

Having Choi Seung-woo as its new CEO since last October, the company has made efforts to reduce its debt rates and attract investments to improve the financial condition, and prepared for its differentiated strategy to strengthen the brand competiveness.

Based on the latest investment, Caffe Bene plans to focus on establishing the stable base for its turnaround in the domestic market, and to accelerate the global market expansion by using its overseas partnership networks in the global market.

An official from Caffe Bene said, “The company will focus on providing differentiated values to local consumers and maximizing its competiveness in the future. Based on business models, which were verified in the domestic market, Caffe Bene will expand its business to the global market through its global partner companies.”

Food Empire is a global brand as manufacturing company in the food and beverage sector based in Singapore. Its products include wide range of instant coffee mix type of products, frozen convenience food, confectionery and snack food.

Food Empire’s products are exported to over 60 countries, such as Russia, Commonwealth of Independent States, including Ukraine, Belarus, and Kazakhstan, and Vietnam.

In particular, the company has the largest market share in the instant coffee market in Central Asia and Eastern Europe. The Salim Group is one of the Indonesia’s biggest conglomerates with multiple businesses worldwide.

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