“Reborn Coffee” allocates one million dollars for global expansion with entry into the markets of the UAE and Korea
California-based “Reborn Coffee” has announced a one million US dollar investment commitment from its Chairman, Farooq Arjomand, to expand globally, with plans to open stores in the UAE and South Korea.
This investment from the company’s chairman is considered a “significant endorsement,” expressing appreciation for the company’s current value and growth opportunities. Following the successful opening of its first international store in Kuala Lumpur, Malaysia, in November 2023, “Reborn Coffee” aims for further expansion into the United Arab Emirates and South Korea.
Farooq Arjomand expressed his confidence in the company’s mission and vision, stating, “My commitment to Reborn Coffee is more than just a financial decision; it’s confirmation of my belief in our mission and vision for the future. The coffee market is evolving rapidly, and I am confident that Reborn Coffee will continue to lead the way with its innovative approaches and dedication to quality.”
It is expected that this announcement will be followed by additional expansion into Singapore and Indonesia, as well as the opening of a store in Dubai, UAE, and Daejeon, South Korea.
“Reborn Coffee” currently operates 14 stores in California and one location in Malaysia. The company plans to open two flagship stores in California cities, San Francisco and San Diego, this year, alongside its first locations outside the state in Texas and Missouri.
In July 2023, “Reborn Coffee” secured a one million dollar credit facility from real estate development firm DRE Inc. to accelerate company initiatives, including new products, outlet expansion, and e-commerce operations. Dennis Egidi, Founder of DRE Inc., serves as Vice Chairman on Reborn Coffee’s Board of Directors.
As part of its international expansion plans, in October 2023, “Reborn Coffee” entered into a strategic partnership with Millennium Hotel in Abu Dhabi, aiming to open a store in the hotel this year and approximately 10 stores in the UAE within five years. This strategic alliance aims to bring “Reborn Coffee’s” unparalleled quality, innovation, and sustainability to the UAE.
Millennium Hotels and Resorts, a subsidiary of the Singapore-listed global real estate company City Developments Limited (CDL), manages 29 premium hotels across the UAE and has a strong presence in Saudi Arabia, Oman, Qatar, and Kuwait.
This partnership marks another significant step for “Reborn Coffee” towards opening its first international stores. The specialty coffee roaster and café group completed a $7.2 million IPO in August 2022 and, in December of the same year, acquired a coffee shop, roastery, and R&D facility in Daejeon, South Korea, intending to house its first international store, expected to open before the end of 2023.
Founded in 2015 by Jay Kim, “Reborn Coffee” posted net revenues of $2.6 million and a net loss of $2.3 million for the six months ending on June 30, 2023. Despite the net loss, the company remains optimistic about its future, supported by its commitment to quality and its strategic vision for global success.
