The proposed name change reflects the group’s shift from coffee shops to fast-casual dining following the recent expansion of its Angel’s Pizza restaurant chain
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Figaro Coffee Group currently operates 64 Figaro Coffee outlets across the Philippines | Photo credit: Figaro Coffee Group
Filipino food and beverage group Figaro Coffee Group has announced it will re-brand as Figaro Culinary Group to better reflect the growth of its non-coffee businesses.
Launched in 1993, Figaro Coffee Group opened the first Figaro Coffee store in Makati City and currently operates 64 coffee shops across the Philippines.
However, the coffee chain now represents just 30% of Figaro Coffee Group’s total food and beverage business following slow post-pandemic outlet growth and the rapid expansion of its Angel’s Pizza fast-food chain.
Figaro Coffee Group ended 2023 with 124 Angel’s Pizza stores, 10 Tien Ma’s restaurants, four Cafe Portofino outlets and a single Koobideh Kebabs site.
“The board has determined it is in the best interest of the company to change its corporate name to better reflect its strategic vision and broaden its brand identity. The proposed new name Figaro Culinary Group Inc. will outline the company’s commitment to quality and innovation as it expands its offering to include a wide range of culinary products and experiences,” Figaro Coffee Group said in a statement.
The proposed name change is expected to be approved during Figaro Coffee Group’s annual stockholders meeting on 4 December 2024.
Figaro Coffee Group debuted on the Philippine Stock Exchange (PSE) in January 2022 and sold a P820.3m ($15m) 15% stake in the business to Filipino food and beverage conglomerate Monde Nissin 12 months later.