Rocky Mountain Chocolate Factory is to expand in South Korea.

The company, which franchises and operates gourmet chocolate stores and manufactures an extensive line of premium chocolates and other confectionery products, has signed a licensing agreement to open five stores within 30 months. The licensee has also been granted a 30-month option to convert its initial license agreement into a master license agreement covering the entire country of South Korea.

If the licensee chooses to exercise the option prior to its expiration date, the licensee will acquire the right to itself and/or through third-party franchisees to develop not less than 30 Rocky Mountain Chocolate Factory stores, inclusive of the five stores developed under the terms of the initial license agreement.

One year ago, Rocky Mountain also signed a master license agreement in Japan that anticipates the opening of 100 stores over a 10-year period.

To date, five Rocky Mountain Chocolate Factory stores have opened in Japan.

“We continue to evaluate licensing opportunities in a number of additional countries and expect the opening of international franchised stores to gain momentum in coming years,” said chairman and CEO Franklin Crail.

The Colorado-headquartered company and its franchisees operated 302 chocolates stores and 55 co-branded stores in 41 states, Canada, Japan and the UAE.