UK-based chocolate and coffee chain Knoops has entered its first international partnership to open stores in the Middle East, The Times has reported.
The company’s CEO William Gordon-Harris has expressed ambitions “to build a billion-dollar brand” with a target of 3,000 stores worldwide by 2030.
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The move marks a significant step in the company’s global expansion plans.
The boutique operator, which currently runs 17 stores, is also in talks to extend its presence to the US and China.
Knoops will maintain a company-owned model for its growth, rather than opting for franchising.
Gordon-Harris was quoted by The Times as saying: “The growth levels are absolutely enormous. The Chinese partners we’re talking to at the moment scaled 3,000 to 4,000 units for one particular brand in 36 months. We set this up to scale. We’re an affordable luxury business but we are also a mass-market proposition. We’re a category killer.
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By GlobalData“We have no competitors in the world that do what we do and I think that with the right ambition, combined with the right systems and people, I don’t believe there’s any way we can’t build a billion-dollar brand here.”
Since its inception in East Sussex in 2013, Knoops has secured £12m ($15.2m) in funding for its expansion efforts.
In its most recent investment round in November 2023, the company secured an investment of £8.3m ($10.4m).
The round was led by London’s retail and property group Morleys Stores with a contribution of £5.5m ($7m). The funds are earmarked for doubling the chain’s UK footprint this year.
Knoops said that the investment will also bolster its multi-channel offering, which includes “Knoopology,” a concept that allows customers to create their own chocolate drinks at home using Knoops’ signature chocolate flakes.
Knoops has revised its expansion objectives from its initial ambition to build 20 new outlets in the UK this year. The company now aims to launch 40 new outlets by March 2025, as part of a broader strategy to establish 300 UK stores by 2028.
