South Korean food and beverage giant SPC Group said Sunday it signed a partnership agreement with Italian coffeehouse chain Caffe Pascucci to open a Paris Baguette bakery store in the European country.
SPC Group Chairman Hur Young-in and Pascucci CEO Mario Pascucci signed a memorandum of understanding in Seoul earlier in the day that calls for a master franchise for SPC’s bakery chain, Paris Baguette, in Italy, according to the group.
The two sides have been in talks for the launch for about one year, and Italy will become the third European nation that has Paris Baguette stores after France and Britain.
Hur said that the envisioned entry into the Italian market carries significance as the country has the largest bakery market among the European Union nations, and the Pascucci CEO said the new business collaboration will be successful, according to SPC.
SPC currently operates around 7,000 Paris Baguette stores in South Korea and 11 other nations.
Source: Yonhap News Agency