Krispy Kreme, a US-based specialty retailer and wholesaler of doughnuts and sweet treats, has signed an agreement with existing franchisee Lotteria to develop 60 new Krispy Kreme franchise outlets in South Korea over the next five years.
The latest deal is part of the company's plan to expand in the Asia Pacific region.
Lotteria also plans to revamp more than half of its existing Krispy Kreme outlets throughout South Korea.
Krispy Kreme International president Jeff Welch said that the company now has more than 540 stores in 21 international markets.
"This new development agreement, when executed, would bring franchisees' commitments for new international shops to nearly 425," Welch added.
Krispy Kreme and Lotteria expect to execute a definitive agreement upon receipt of approval from South Korean franchise regulatory authorities, which is expected in the coming months.
The Krispy Kreme Original Glazed doughnut can be found in over 785 locations in 22 countries, including Australia, Bahrain, Canada, China, Dominican Republic, India, Indonesia, Japan, Kuwait, Lebanon, Malaysia, Mexico, the Philippines, Puerto Rico, the Republic of Korea (South Korea), Qatar, Saudi Arabia, Thailand, Turkey, the UAE, the UK and the US.
Lotteria is the licensed franchisee of Krispy Kreme Doughnut Corporation in South Korea, where it currently operates 73 Krispy Kreme shops.
