SPC opens 1st Paris Baguette outlet in Philippines

SPC Group, a South Korean food and beverage company, said Thursday its bakery brand Paris Baguette has opened its first outlet in the Philippines as part of its global expansion strategy. Bakery giant SPC signed a master franchise agreement with Paris Baguette Philippines Inc., which was set up by Berjaya Food Berhad in August last year, for the bakery business there, the company said in a statement. The company sees huge growth potential in the Southeast Asian country with a population of 120 million. With the opening of the Manila outlet, SPC has advanced into 11 countries with the Paris Baguette brand since 2004. The number of Paris Baguette outlets has recently exceeded 550 globally. SPC said it earned more than 600 billion won (US$460 million) from its overseas Paris Baguette stores in 2022. Earnings figures for 2023 were not immediately available. Source: Yonhap News Agency