Italy's Illycaffe sets five year target for U.S. expansion

Oct 10, 2019 447

Italy’s Illycaffe could reach its goal of opening 200 cafes in the United States within five years as part of a broader drive to expand its business outside its home market, Andrea Illy, the chairman of the premium coffee maker said. The project - which would mark a significant expansion overseas for the Italian roaster - is conditional on finding an ally with deep knowledge of the U.S. market, sound experience in the high-end retail sector and no previous engagement in the coffee business, the entrepreneur said.

The group announced last week that it had picked Goldman Sachs as an adviser to find a partner for its retail expansion in a strategic market where it faces giants including Starbucks (SBUX.O). The group, which made its name as a coffee roaster, currently operates 23 cafes in North America, part of a network of nearly 220 illy-branded outlets outside Italy.

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SOURCE: https://www.reuters.com/

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