Reborn Coffee said under the terms of the agreement, Reborn Korea will oversee all store development, operations, and local brand growth.
Reborn Coffee (REBN) announced on Thursday that it has signed a $1 million exclusive licensing agreement with Reborn Korea Co. to develop and operate Reborn Coffee retail locations throughout South Korea.
The company said under the terms of the agreement, Reborn Korea will oversee all store development, operations, and local brand growth.
Retail sentiment on Reborn Coffee improved to ‘extremely bullish’ from ‘bullish’ territory a day ago, with chatter at ‘high’ levels, according to data from Stocktwits. Shares of the company jumped nearly 7% in premarket trading.
The partnership will also introduce Reborn’s signature cold brew and café menu, while adapting to Korean consumer trends and preferences, the company said.
Reborn Coffee said that South Korea is recognized as the third-largest coffee-consuming country in the world on a per capita basis, making it a strategic location to introduce its premium offerings. The flagship location will be launched in the heart of the Seoul Metropolitan center, and the new three-story headquarters in front of Gwanghwamun is set to open this fall, marking Reborn Korea’s formal entry into the domestic market.
Through July, Reborn Coffee has signed several licensing agreements to accelerate its global expansion with deals in the Middle East, China’s Guangdong and Liaoning provinces, Georgia, and Armenia.
In China, Reborn Coffee had announced the signing of a $1.3 million exclusive master licensing agreement with Reborn Health Goods, a China-based corporation, granting it full rights to develop and sublicense Reborn Coffee locations throughout mainland China.
Reborn Coffee stock has gained nearly 78% this year, but has declined over 21% in the last 12 months.
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