Reborn Coffee reports revenue and profit increase, expands internationally, launches on Amazon

From GlobeNewswire: 2024-07-23 08:31:00

Reborn Coffee Inc. reported a 35% increase in revenue to $1.5 million and a 51% increase in gross profit to $1.1 million for Q1 2024. The company ended the quarter with 11 open locations and a store sales increase of 33%. New partnerships and agreements signal expansion into new markets such as UAE, China, and South Korea.

Through a series of strategic agreements, Reborn Coffee is expanding internationally, with plans to open flagship locations in Dubai, China, and South Korea. The company signed an MOU to acquire Bbang Ssaem Bakery in Korea, enhancing its coffee and bakery offerings. Additionally, partnerships in Turkey and investments in online retail signify growth and diversification in complementary markets.

To strengthen its presence in the ecommerce space, Reborn Coffee launched on Amazon to reach a wider customer base and drive revenue growth. The company aims to provide a seamless customer experience by integrating online and offline channels. Investments totaling $2 million will support continued expansion and operational growth in the U.S. and internationally.

Anticipated milestones for 2024 include opening flagship locations in the U.S., expanding to global markets like South Korea, Dubai, and China, and launching new products and services. The company plans to open up to 20 company-owned retail locations and franchise outlets nationwide. Joint R&D projects with coffee farms and B2B marketing initiatives demonstrate a commitment to innovation and growth.



Read more at GlobeNewswire:: Reborn Coffee Provides First Quarter 2024 Corporate Update