Since it opened itself to foreign investment back in 2012, Myanmar has been a booming economy luring numerous global brands.
The news of Krispy Kreme expanding its Asian presence to Myanmar comes as no surprise as the country’s economy can be considered a global pacesetters in terms of growth. Moreover, the American doughnut and coffeehouse chain is keen on the Asian continent which gathers its greatest number of international shops.
From franchisee to commitment shops, Krispy Kreme is already present in Bangladesh, Cambodia, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand.
From September onwards, Krispy Kreme plans on opening 10 shops in Myanmar over the next five years. This expansion plan is being carried out following a development agreement the company signed with Doughnut Group Pte Limited.
Owner of Doughnut Group, Pote Narittakurn, said back in 2015 that Myanmar is an “up-and-coming market with a large population of people who are eager to start getting a taste of iconic brands like Krispy Kreme”.
The 10 new stores will add themselves to the nearly 1,400 retail shops the company has across 32 countries. Founded in 1937, the brand’s iconic doughnuts can also be found in approximately 12,000 grocery, convenience and mass merchant stores in the U.S.