The other four leaders are Starbucks, Phuc Long, Trung Nguyen and The Coffee House. According to research firm Vietnam Industry Research and Consultancy JSC (VIRAC), the country’s biggest coffee chains all saw double digit revenue growth in 2018. The Cao Nguyen Coffee Service JSC, which owns Highlands Coffee, recorded revenues of VND1.6 trillion ($68.67 million) in 2018, an increase of nearly 31 percent from the previous year. Highlands Coffee was founded in 2002 by a Vietnamese-American. In 2012, it was bought by Philippine fast food giant Jollibee. The brand takes a relatively different direction compared to competitors, focusing on coverage rather than consumer tastes. Although the chain maintains a simple, easy-to-choose beverage menu, many of its stores can be found positioned in large buildings, commercial centers, and other prime locations. According to VIRAC, because it had invested huge sums in shops, land and marketing, Highlands Coffee has only been really profitable in the past two years. In 2018, the chain earned pre-tax profits of VND129 billion ($5.54 million), down slightly from VND132 billion ($5.67 million) in 2017. Despite a 31 percent increase in revenue this year, the chain’s profits fell slightly as its operating costs shot up from VND600 billion… Read full this story
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