Good Food For Good (GFFG), a South Korean lifestyle F&B startup, announced a strategic plan called “New GFFG 2.0” on Wednesday. The plan aims to accelerate the company’s global expansion and promote the development of its core brands.
GFFG was founded in 2015 with a mission to enable people to enjoy food for longer. The company first attracted market attention with its dessert coffee brand Knotted, which set off a donut craze across the country.
Since then, GFFG has continued to launch a series of brands with unique flavors and concepts to respond to the changing F&B market. Currently, the company operates 11 F&B brands and actively uses its own intellectual property to expand its business scope.
Last year, GFFG received a huge investment of 30 billion won (about 22.42 million US dollars) from well-known venture capital firms Altos Ventures and QUAD Investment Management. The financing will be used to support GFFG’s new strategic plan “New GFFG 2.0”.
Driven by new investments and rapid growth, GFFG officially launched “New GFFG 2.0” to usher in a new era. This strategic blueprint shows the company’s future vision and lays the foundation for its expansion plans. Key initiatives include accelerating global expansion, strengthening the strength of the baking and Korean food businesses, and cultivating the growth of core brands.
In addition, GFFG will optimize store operations by implementing more efficient systems. In addition, the company will strategically streamline its brand portfolio and invest resources and expertise in its core businesses.
In order to seize the leading position in the global market, GFFG will fully launch the international expansion of its well-known brands Knotted and fusion Korean cuisine concept “Hojokban”. With the establishment of a US subsidiary entering the final stage, GFFG is exploring opportunities to expand its global business in the Southeast Asian market. To ensure success, GFFG plans to develop personalized strategies for each target country, customizing menus and interior design to meet local consumer preferences.
Hojokban is about to open its first flagship store in New York this year. This strategic move not only laid the foundation for overseas expansion, but also opened up new avenues for growth and established important touchpoints in international markets.
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