SPC Group, the parent company of South Korea’s leading bakery and patisseries brand Paris Baguette, announced last week its intention to enter the Kingdom’s market through a joint venture with a local firm.
Rather than investing directly, the company decided to form a joint venture with Cambodia’s HSG Group, with the first Paris Baguette store in Cambodia scheduled to open next year, multiple Korean news sites reported last week.
Hur Jin-soo, vice president of SPC Group, and Sok Hong, president of HSC Group, have already signed an agreement on the joint venture in Phnom Penh.
Cambodia will become the third country in Southeast Asia where SPC Group has a presence, following Vietnam and Singapore. The company also has operations in the United States, France, and China.
“The food and beverage market is growing fast here in Cambodia, and we expect to create synergy with two neighboring countries, Vietnam and Singapore,” SPC Group said.
“We will do our best to make Paris Baguette a top bakery brand in Cambodia, with the help of its brand and product quality,” the company said, adding that it has plans to import other SPC brands and build manufacturing infrastructure in the Kingdom.
According to SPC Group, the company currently operates more than 400 Paris Baguette stores globally. The firm has plans to increase its overseas business by more than 50 percent by 2030.
“The overseas business is our new growth engine,” the company said.
Most F&B franchises present in Cambodia are from Singapore, Taiwan, Thailand, Australia, and the United States.