MINNEAPOLIS — Coffee chain Caribou Coffee Co. on Wednesday said it will open at least 25 coffee shops in South Korea over the next five years through a licensing agreement with E&Z Coffee Co.
Terms of the deal were not disclosed.
The first Caribou Coffee store is expected to open in Seoul during the first quarter of 2007, and up to 50 stores could open over the next 10 years.
Seoul-based E&Z Coffee Co. has also been the South Korean franchisee for T.G.I. Friday’s Worldwide and OSI Restaurant Partners Inc.’s Outback Steakhouse restaurants.
“We found a very good group to be partners with,” said Caribou Chief Executive Michael J. Coles. “It is an entry into the Asian market which is a very important part of the world and a very strong market for coffee.”
Caribou Coffee operates 432 coffee shops in 17 states and Washington, D.C. It also has restaurants in Kuwait and Dubai, United Arab Emirates.
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