Krispy Kreme has formed a joint venture with Glaseadas Originales to expand into the Spanish market, a significant step in its international growth strategy.

The doughnut company is set to make its first appearance with a Hot Light Theater Shop in Madrid by 2025.

As minority investor in the venture, Krispy Kreme anticipates establishing 500 fresh points of access in key Spanish cities such as Madrid, Barcelona, Valencia and Malaga up to 2029.

The company's expansion strategy is focused on leveraging its capital-efficient hub and spoke model to increase its global footprint.

Krispy Kreme operates in 35 countries, offering 14,000 points of access worldwide.

The company's headquarters are in Charlotte, North Carolina, and it continues to expand its global presence through new partnerships and market entries.

Krispy Kreme chief development officer Raphael Duvivier said: “After a tremendous response in Europe following our successful entry into France and the announcement to open in Germany, we couldn’t be more excited to bring the Krispy Kreme experience to Spain.

“We believe our fresh doughnuts will be a wonderful addition to the thriving Spanish food market.”

In July 2024 Krispy Kreme sold most of its ownership stake in Insomnia Cookies to investment firms Verlinvest and Mistral Equity Partners.

The transaction sets the total enterprise value of the late-night bakery concept at $350m. This is double the valuation of the brand when Krispy Kreme acquired it in 2018.

Krispy Kreme received $127.4m, with an additional $45m anticipated following Insomnia Cookies’ refinancing of intercompany debt.