Italian coffee chain Saicaf is planning a massive expansion in China as it seeks to take advantage of burgeoning consumer demand.
Saicaf said it will invest more than 100 million yuan (US$15.9 million) to open 100 outlets across China within four years. Initial expansion is aimed at Shanghai and Beijing, where it plans to open 20 outlets in two years, with further stores planned for second-tier cities including Nanjing, Wuhan, Hangzhou and Chengdu.
The chain unveiled its first China outlet, which is also its first in Asia, in Shanghai last month.
“We are late comer, but we believe we will expand rapidly. Our purpose is to increase the number of Saicaf cafes to 100 within four years. After that, the company will list in China to collect more funds for further expansion,” said Horace Cheng, chairman of So Caffee Company, Saicaf’s local partner in China.
Saicaf was founded in 1932 in Bari, Italy. It offers fresh brewed coffee alongside pastries and confections.