3.2K
Golden Gate Group JSC, a multi brand restaurant chain operator in Vietnam has acquired The Coffee House chain from retail group Seedcom.
The deal takes place amid The Coffee House’s lacklustre performance. Last year, the chain shut down over 30 outlets in Can Tho, Danang, Haiphong, Hanoi, and HCMC. Presently, the chain runs 93 outlets, a sharp drop from 150 outlets in late 2023.
According to Vietdata, The Coffee House’s revenue also experienced fluctuations from 2021-2023. In 2022, the chain’s revenue surged 67% from the previous year, however it saw its revenue shrink by 11% to Dong 700 billion (US$27.5 million) in 2023.
