Two weeks after announcing plans to expand its business into Russia, Krispy Kreme Doughnuts (KKD +0.00%) is moving in a different direction this week: south.
On Wednesday, the Winston-Salem, N.C.-based doughnut purveyor announced that it is partnering with Bogota-based IRCC Ltda, a subsidiary of the VA! Group and restaurateur of gourmet hamburgers throughout Colombia, Chile, Ecuador and Panama, to begin opening Krispy Kreme doughnut shops in at least three Colombian cities over the next five years.
Twenty-five shops are planned at this time, in cities including Bogota, Medellin, and Barranquilla, a prospect that Krispy Kreme International President Jeff Welch calls "very exciting and important." Continuing in the press release: "Colombia offers Krispy Kreme an attractive opportunity with its growing economy and long customer experience with international brands. We are confident that IRCC, with 30 years of experience delighting customers in Colombia and Latin America through their world-class brands, will be a great partner as we bring the one-of-a-kind Krispy Kreme experience to Colombia," said Welch.
Krispy Kreme sells doughnuts from nearly 800 locations around the world, including in Mexico, Puerto Rico, and the Dominican Republic, but this will be its first foray into South America proper.
