The Figaro Coffee Group, a Filipino food and beverage conglomerate, has announced plans to rebrand itself as the Figaro Culinary Group to better reflect the growing diversity of its business beyond coffee.
Originally launched in 1993, the company opened its first Figaro Coffee outlet in Makati City and now operates 64 coffee shops across the Philippines. However, coffee now accounts for only 30% of the company’s overall food and beverage business, as its fast-food chain Angel’s Pizza has seen rapid expansion, while growth in its coffee outlets has slowed in the post-pandemic period.
By the end of 2023, Figaro Coffee Group’s portfolio had expanded significantly, encompassing 124 Angel’s Pizza locations, 10 Tien Ma’s restaurants, four Café Portofino outlets, and one Koobideh Kebabs location.
In a statement, Figaro Coffee Group said, “The board has determined it is in the best interest of the company to change its corporate name to better reflect its strategic vision and broaden its brand identity. The proposed new name, Figaro Culinary Group Inc., will outline the company’s commitment to quality and innovation as it expands its offering to include a wide range of culinary products and experiences.”
The proposed name change will be considered for approval at the company’s annual stockholders meeting on December 4, 2024.
Figaro Coffee Group went public on the Philippine Stock Exchange (PSE) in January 2022 and sold a 15% stake valued at PHP 820.3 million ($15 million) to Filipino food and beverage conglomerate Monde Nissin one year later.
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