Reborn Coffee Sets Sights on Over 70 New Locations in Guangdong Province and Prepares for Further Expansion into Southeast Asia
BREA, Calif., June 11, 2024 (GLOBE NEWSWIRE) -- Reborn Coffee Inc. (Nasdaq: REBN), ("Reborn", or the "Company"), a California-based retailer of specialty coffee, today announced its in-depth plan for opening its first flagship store in the Historic Art Museum Building in Guangzhou, China. Following the successful closure of a master franchise agreement in Guangdong Province, the company is set to establish its first flagship store, complete with a roasting and training facility, in the culturally rich Li Weiguang Art Museum in Shamian, Guangzhou, with plans to inaugurate this landmark location in the third calendar quarter of 2024.
Guangzhou, a Tier 1 city, is renowned for its vibrant economy and high living standards. Located on the first floor of the Li Weiguang Art Museum in Shamian Island, the store takes advantage of the area's high foot traffic and rich cultural backdrop, making it an ideal location to introduce Reborn Coffee's unique offerings to China's sophisticated coffee enthusiasts.
To optimize resource distribution and governance based on economic development and population, China classifies its cities into five tiers. Guangzhou, along with Beijing, Shanghai, and Shenzhen, forms the core of "Beishangguangshen", the most developed urban area in China. These cities are pivotal economic engines with populations exceeding 10 million and gross domestic products surpassing 1 trillion yuan. Reborn Coffee's presence in Guangzhou positions it perfectly within this bustling economic landscape, especially as the museum celebrates its centennial anniversary this year, adding historic charm to the modern coffee experience offered by Reborn.
The company plans to leverage Guangzhou's dynamic environment as a driver for expansion across China, targeting over 70 new locations in established and emerging Tier 1 cities like Chengdu, Hangzhou, and Wuhan, as well as significant growth into Tier 2 and 3 cities, each representing significant market opportunities due to their growing middle-class populations and increasing consumer spending power. Reborn Coffee not only aims to serve its premium coffee but also plans to convert the second, third, and fourth floors of the museum into a comprehensive design center and a state-of-the-art barista training with a first class roasting facility. This endeavor, led by Henry Ho, CEO of IAID Co., Ltd., reflects the innovative and culturally integrated approach that Reborn Coffee is taking to expand its presence in Asia.
"Reborn Coffee is aggressively expanding in China," stated Jay Kim, CEO of Reborn Coffee Inc. "Building on the success of our flagship store, we plan to open over 70 locations across Guangdong Province. Our aim is to not only expand our presence, but also become an integral part of the local community, enriching the coffee culture and boosting our global presence. We are committed to a long-term vision that aligns with our strategic goals and investor expectations.
“Furthermore, our expansion goes beyond China. Reborn Coffee's plans include broader international expansion, starting with additional Asian markets. We are establishing master franchise agreements in Singapore, Thailand, Vietnam, and Indonesia chosen for their vibrant coffee cultures and rapid market growth. These new markets will not only increase our global presence but also cater to the growing demand for premium coffee experiences in Asia, strengthening our international brand presence," concluded Mr. Kim.
About Reborn Coffee
Reborn Coffee, Inc. (NASDAQ: REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn believes they differentiate themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com.
Forward-Looking Statements
All statements in this release that are not based on historical fact are “forward-looking statements.” While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our recent filings with the Securities and Exchange Commission (“SEC”) including our Form 10-K for the fiscal year of 2023, which can be found on the SEC’s website at www.sec.gov. Such risks, uncertainties, and other factors include, but are not limited to, the Company’s ability to continue as a going concern as indicated in an explanatory paragraph in the Company’s independent registered public accounting firm’s audit report as a result of recurring net losses, among other things, the Company’s ability to successfully open the additional locations described herein as planned or at all, the Company’s ability to expand its business both within and outside of California (including as it relates to increasing sales and growing Average Unit Volumes at our existing stores), the degree of customer loyalty to our stores and products, the impact of COVID-19 on consumer traffic and costs, the fluctuation of economic conditions, competition and inflation. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contacts
Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
REBN@mzgroup.us
949-491-8235
Company Contact:
Reborn Coffee, Inc.
ir@reborncoffee.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a53106c-624c-4224-911b-842d0cc46c30
