Caribou Coffee to develop stores in South Korea
December 13, 2006
by Eric Schroeder
MINNEAPOLIS — Caribou Coffee Company, Inc. has entered the Asian market with plans to develop a minimum of 25 Caribou Coffee stores in South Korea over the next five years through a licensing agreement with E & Z Coffee Co.
The first Caribou Coffee store is expected to open in Seoul, South Korea, during the first quarter of 2007. The agreement allows for up to 50 stores over the next 10 years.
"Entering the Asian market is extremely exciting for Caribou Coffee," said Michael J. Coles, Chairman and chief executive officer of Caribou Coffee. "This market has potential for enormous growth, and allows us to bring our high quality coffee to new consumers in Seoul and throughout South Korea."