Krispy Kreme announced today that it has signed its first development agreement in South America with Bogota-based IRCC Ltda., a subsidiary of the VA! Group.
Under the agreement, Krispy Kreme's newest franchise partner expects to develop 25 stores in major cities throughout Colombia, including Bogota, Medellin and Barranquilla, throughout the next five years.
"This is a very exciting and important announcement for Krispy Kreme as we enter the market in South America with IRCC, the leader and a true innovator in the Colombian food service industry," Jeff Welch, Krispy Kreme president, International, said in a news release. "Colombia offers Krispy Kreme an attractive opportunity with its growing economy and long customer experience with international brands. We are confident that IRCC, with 30 years of experience delighting customers in Colombia and Latin America through their world-class brands, will be a great partner as we bring the one-of-a-kind Krispy Kreme experience to Colombia."
Felipe Baptiste, CEO of VA! Group, said the Columbia market's consumption per capita has a lot of room to grow.
"As the growth of the restaurant industry continues in our country, Colombians are seeking out new and different flavors. We are confident that they are going to love the melt-in-your-mouth taste of a hot Original Glazed doughnut, and that the experience of the iconic Doughnut Theatre will bring smiles to the faces of guests of all ages," Baptiste said.
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