‘Hot pot tycoon’ Golden Gate aims to have record revenue

According to annual shareholder meeting documents, Golden Gate Group plans this year’s revenue to increase nearly 28% to about VND 9,814 billion. If successful, this will be a record number in their history.

Meanwhile, profit after tax is estimated by management to reach more than 466 billion VND, double that of the previous year. However, this level is still lower than the record profit of about VND 659 billion in 2022.

Golden Gate is one of the largest corporations in the country in the restaurant industry, owning nearly 40 brands. Their ecosystem mainly has 5 main culinary styles including hot pot, grilled, Asian, European and recently coffee. Some typical restaurant chains are Manwah, Kichi Kichi, iSushi, Durama, Icook, Gogi House, Sumo BBQ, Cowboy Jack’s, Vuvuzela…

This year, the company continues to focus on expanding business in new areas but in a selective manner. At the same time, they will build an operating platform with data and technology at the core, increasing customer experience.

Among the more than 40 brands they own, only The Coffee House is specifically mentioned by the board of directors in the central business plan of the entire group. Golden Gate said it will focus on upgrading point-of-sale space and continue to improve the customer experience of this coffee chain.

The Coffee House is a once famous coffee chain backed by Seedcom. However, since the pandemic, this brand has had to close many stores to optimize costs and improve operational efficiency. Early last year, Golden Gate spent more than 243.5 billion VND to own 99.98% of the capital in The Coffee House.

In this document sent to shareholders, the board of directors said that the acquisition of The Coffee House is a “strategic step” when expanding into the large-scale beverage sector. They assess that this chain has a brand foundation, point-of-sale network and customer file, helping the company penetrate the segment with high consumption frequency, thereby increasing the level of engagement with customers in daily life.

Currently, The Coffee House has 79 points of sale, mainly in big cities such as Ho Chi Minh City, Hanoi and suburban provinces. Recently, the chain has continuously suspended store operations to remodel and change the design and space of the store.