KUALA LUMPUR (Aug 14): Berjaya Food Bhd (BFood) via its subsidiary Berjaya Food (International) Sdn Bhd has signed a master franchise agreement to introduce South Korean bakery Paris Baguette in the Philippines.
The agreement was between BFood’s subsidiary, Middle Trade Inc in the Philippines and Singapore’s Paris Baguette, with the first store slated to open in the fourth quarter of 2023.
Under the agreement, BFood International and Middle Trade will be the principal operators of the Paris Baguette stores under Paris Baguette Philippines Inc, according to a joint statement on Monday (Aug 14).
The partnership targets to spread the brand’s presence, with more stores in key cities in the Philippines, it said.
“It gives us so much pride and excitement to be able to announce this partnership between BFood International and Middle Trade in establishing Paris Baguette Philippines Inc,” said BFood group chief executive officer Datuk Sydney Quays in a speech.
“This development came more than six months after a successful expansion in Malaysia, a feat which we hope will be replicated in the Philippines.”
SPC Group president and CEO Hur Jin-Soo said Paris Baguette, which was founded in South Korea in 1988, had gained popularity, and is rooted in “sangmidang”.
“The brand’s global success is rooted in the spirit of sangmidang, which is to not leave a single piece of bread unchecked.
“This practice has put a name on Paris Baguette as a household bakery, with about 3,500 stores in South Korea alone, and we are excited for our Filipino patrons to experience this commitment, and get their hands on quality bread anytime, anywhere,” said Hur.
In the morning session on Monday, BFood shares went down half a sen or 0.75% to 66.5 sen, valuing the company at RM1.30 billion.