S.Korea’s popular donut brand Knotted to enter US market

South Korean lifestyle hospitality startup Good Food For Good (GFFG) announced on Wednesday a strategic plan called "New GFFG 2.0." The plan aims to accelerate the company's global expansion and foster the development of its core brands.

GFFG was founded in 2015 with the mission of enabling individuals to savor good food for an extended period. The company first captured the market's attention with its dessert cafe brand, Knotted, which ignited a donut craze across the nation.

Since then, GFFG has been introducing a diverse range of brands boasting unique flavors and concepts in the ever-evolving food and beverage market. Currently, the company operates eleven dining brands and actively expands its business scope by leveraging its proprietary intellectual property.

In the last year, GFFG secured an impressive investment of 30 billion won ($22.42 million) from notable venture firms, Altos Ventures and QUAD Investment Management. This investment will be used to fund GFFG's new strategic plan, "New GFFG 2.0."

Buoyed by new investments and a rapid growth trajectory, GFFG now charts a course toward a new era with the unveiling of "New GFFG 2.0." This strategic blueprint showcases the company's future vision and lays the foundation for its expansion plans. Key initiatives include accelerated global expansion, bolstering the capabilities of its bakery and Korean food business segments and nurturing the growth of core brands.

Furthermore, GFFG aims to optimize its store operations through the implementation of more efficient systems. Additionally, the company will strategically streamline its brand portfolio, channeling its resources and expertise toward its core businesses.

In its quest for global market dominance, GFFG will kickstart the full-scale international expansion of its renowned brands, Knotted and the fusion Korean cuisine concept, Hojokban. With the establishment of its US subsidiary already in its final stages, GFFG is exploring opportunities to expand its global footprint in the Southeast Asian market. To ensure success, GFFG plans to develop tailored strategies for each target country, customizing menus and interior designs to cater to local consumer preferences.

Hojokban is on the brink of unveiling its first flagship store in New York City this year. This strategic move not only acts as a foundation for overseas expansion but also opens up new avenues for growth and establishes vital touchpoints in the international market.

Write to Han Kyeong-je at hankyung@hankyung.com