October 13, 2024 | 12:00am
MANILA, Philippines — Food business Figaro Coffee Group Inc. (FCG) is no longer just brewing up expansion plans, but also cooking up a name change to include the non-coffee ventures in its portfolio.
FCG’s board has approved the proposal to revise its corporate name from Figaro Coffee Group Inc. to Figaro Culinary Group Inc. to reflect the growing diversity of the business.
In endorsing the name change, the board also endorsed amendments it would entail in the articles of incorporation and by-laws of the company.
FCG operates one subsidiary, Figaro Coffee Systems Inc., through which it operates a network of franchises. Although FCG’s flagship brand is Figaro Coffee, its business has expanded into other food segments such as Angel’s Pizza, Tien Ma’s and Cafe Portofino.
As of end-June, Angel’s Pizza accounts for more than half, or 128, of the 207 stores under FCG. The company is also increasing the number of outlets for Taiwanese restaurant Tien Ma’s and bakery and cafe Cafe Portofino.
Given this, FCG deemed it necessary to amend its name to highlight these expansion initiatives, that although its foundation roots from coffee, the brand is more than a cafe today.
“The board has determined it is in the best interest of the company to change its corporate name to better reflect its strategic vision and broaden its brand identity,” FCG said.
“The proposed new name Figaro Culinary Group Inc. will outline the company’s commitment to quality and innovation as it expands its offering to include a wide range of culinary products and experiences,” FCG added.
FCG is scheduled to hold its annual stockholders’ meeting online on Dec. 4. 2024. One of the agenda for that meeting is to get approval of amendments to the articles of incorporation and by-laws of the company for the name change.
For 2024, FCG is investing almost P1 billion for capital expenditures to expand its reach. About half of that amount is allocated for the addition of new stores nationwide.
As a group, FCG targets to launch as many as 80 stores this year across its brands, which should result in double-digit growth for the company.
The long game for FCG is to make Angel’s Pizza the number one pizza place in the Philippines in five years’ time, hoping to outpace the likes of Shakey’s, S&R and Pizza Hut.
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