SPC Group

What SPC Group does

SPC Group is a South Korean food conglomerate operating a diversified portfolio of food and beverage brands anchored by the Paris Baguette bakery chain. Founded in 1945, with the Paris Baguette brand launched in 2004, the company has grown into the #1 bakery operator in South Korea with approximately 3,400 domestic stores and over 720 overseas locations across 15 countries, recording US$455.7 million in South Korean retail bakery sales in 2023. The company recently restructured under a new holding company, Sangmidang Holdings (상미당홀딩스), and employs 10,000+ people across its operations.

SPC Group generates revenue through multiple models: franchise and licensing arrangements for Paris Baguette, licensing royalties from 48 Shake Shack stores operated worldwide under a 2016 agreement, and an emerging joint venture with Chipotle Mexican Grill to launch Chipotle restaurants in South Korea and Singapore in 2026. The company is investing 300 billion won in a smart bakery factory in Eumseong County, North Chungcheong Province, incorporating IoT and AI technologies to improve production safety and stability, expected to be its largest facility and create 1,000 jobs.

The go-to-market strategy emphasizes direct-to-consumer retail via owned and franchised storefronts, supplemented by sports marketing partnerships (LAFC, Paris Saint-Germain, Tottenham Hotspur) for global brand building. Primary customers are individual consumers purchasing bakery and cafe products at retail locations, with secondary segments including travelers at airport outlets such as Cambodia's Techo International Airport. The company is family-controlled by the Hur family, with a November 2025 leadership overhaul promoting family heirs Hur Jin-soo to vice chair and Hur Hee-soo to president of BR Korea.

Name

SPC Group

Legal name

Sangmidang Holdings

Website

https://spc.co.kr

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SPC Group is a South Korean food conglomerate operating the Paris Baguette bakery chain (7,000+ stores globally), Shake Shack licensing operations, and a Chipotle joint venture. The #1 bakery operator in South Korea with US$455.7M retail sales (2023).

Ownership category

akta.pro rank

Product category

Retail Bakery Chain

NAICS

Bread and Bakery Product Manufacturing (31181), Baked Goods Retailers (445291)

SIC

Bakery Products (2050), Retail-Food Stores (5400)

akta.pro primary industry

Cookies, Biscuits & Crackers (CRADABAD)

Keywords

• Bakery franchise operations
• Retail bakery products
• Food franchise licensing
• Bakery manufacturing
• Restaurant chain operations

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Franchise Operations - Paris Baguette: Revenue from Paris Baguette bakery franchise operations across 15 countries with over 700 overseas locations and approximately 3,400 domestic stores since 2004
2. Licensing Royalties - Shake Shack: Revenue from licensing agreement to operate Shake Shack stores worldwide; SPC Group operates 48 Shake Shack stores globally under licensing agreement signed in 2016
3. Joint Venture - Chipotle: Joint venture partnership with Chipotle Mexican Grill to open restaurants in South Korea and Singapore, marking Chipotle's entry into Asian market
4. Bakery Retail Sales: Retail bakery sales including packaged and freshly baked products; SPC Group had US$455.7 million in retail sales in South Korean bakery market (2023)

Go-to-market motion2 records

Distribution channels3 records

Marketing channels1 record

Core offering

SPC Group is a South Korean food conglomerate that manufactures and retails bakery products through its flagship Paris Baguette chain, operating over 3,400 domestic stores and 720+ overseas locations across 15 countries. The company also licenses Shake Shack (48 stores worldwide) and operates a joint venture with Chipotle Mexican Grill to enter Asian markets. Revenue is generated primarily through retail bakery sales, franchise operations, and licensing royalties.

Product overview

SPC Group is a South Korean food conglomerate operating primarily through its bakery brand portfolio. The company's core offering is Paris Baguette, a major Korean bakery chain with over 3,400 domestic stores and 720+ overseas locations across 15 countries. SPC Group also operates Shake Shack under a licensing agreement (48 stores worldwide), and has a joint venture with Chipotle Mexican Grill to bring Chipotle restaurants to South Korea and Singapore. The company invests in smart bakery factory technology and has recently expanded into new markets including Mongolia and Cambodia's airport.

Differentiator

Problem solved

Functional benefit

Brands

• Paris Baguette: Premium Korean bakery chain with over 700 overseas outlets and 3,400 domestic stores, operating in 15 countries
• Shake Shack

Products and services

• Paris Baguette Premium Korean bakery chain offering bread, cakes, pastries, sandwiches, and cafe beverages to individual consumers through company-owned and franchised retail locations globally.
• Shake Shack (under SPC Group licensing) Fast-casual American burger and chicken chain operated by SPC Group under a licensing agreement, with 48 stores worldwide including locations in Malaysia and other international markets.

Quantifiable outcome

• 4,000+ total stores globally
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• Los Angeles Football Club (LAFC)coreStrategic or Co-development Partner · 30 December 2025Third global sports collaboration for Paris Baguette following Paris Saint-Germain and Tottenham Hotspur. Partnership will launch LAFC-themed products inspired by star players Son Heung-min and Denis Bouanga in global markets starting 2026.
• FoodcorpcoreChannel Partner/ Reseller/ Distributor · 20 October 2025Franchise agreement signed with Foodcorp to expand Paris Baguette in Mongolia following opening of first Ulaanbaatar store. Plans to open two more outlets within the year.
• Chipotle Mexican GrillflagshipStrategic or Co-development Partner · 10 September 2025Joint venture to open first Chipotle restaurants in Asia (South Korea and Singapore) in 2026, marking Chipotle's entry into Asian market. Leverages SPC Group's regional expertise and 7,000 stores worldwide. Aligns with Chipotle's international growth strategy following similar JVs with Alshaya Group and Alsea.
• Tottenham HotspurminorStrategic or Co-development Partner · 1 January 2025Second global sports partnership (2025) for Paris Baguette brand international expansion
• Paris Saint-GermainminorStrategic or Co-development Partner · 1 January 2023First global sports partnership (2023-2024) for Paris Baguette brand international expansion
• Shake ShackcoreOEM/ Whitelabel/ Licensing Partner · 1 January 2016Licensing agreement signed in 2016 with development rights secured in 2022. SPC Group operates 48 Shake Shack stores worldwide, with expansion to 4th Malaysia outlet at Pavilion Kuala Lumpur.
• Los Angeles Football Club (LAFC)coreStrategic or Co-development PartnerSports partnership marking Paris Baguette's third global sports collaboration featuring themed bakery products

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Panera Bread: US bakery-cafe chain with franchise and company-operated models offering bread, pastries, and cafe beverages; a comparable scale and category leader in the bakery-cafe space.
• BreadTalk Group: Singapore-headquartered bakery cafe chain operating franchised retail bakeries across Asia and globally; comparable international franchise footprint, premium bakery positioning, and consumer demographic to Paris Baguette.
• A Twosome Place: South Korean bakery-cafe chain and direct domestic competitor to Paris Baguette; operates cafes combining bakery products with coffee/beverage offerings targeting similar consumers.
• Tous Les Jours: South Korean premium bakery chain and the most direct domestic competitor to Paris Baguette; operates comparable franchised retail bakeries with overlapping menu (bread, cakes, pastries) and price points.
• Paris Croissant: Major Korean bakery franchise chain founded by the same SPC Group lineage; competes directly with Paris Baguette for retail bakery traffic in South Korea with similar product categories.
• Krispy Kreme: Global specialty bakery chain with extensive franchised retail network and international expansion model; comparable in store-level bakery retail and franchise-driven growth to Paris Baguette.

Broad incumbents

• Yum! Brands: Global QSR franchisor operating KFC, Pizza Hut, Taco Bell, and Habit Burger; relevant comparable for SPC's franchise-driven international growth model and joint-venture approach (e.g., Yum China) for entering Asia.
• Inspire Brands: Multi-brand restaurant company (Dunkin', Arby's, Buffalo Wild Wings, Baskin-Robbins, Sonic, Jimmy John's, Rusty Taco); comparable as a franchised foodservice portfolio operator with global ambitions similar to SPC's multi-brand strategy.
• Restaurant Brands International: Multi-brand QSR franchisor (Tim Hortons, Burger King, Popeyes, Firehouse Subs); comparable as a global franchised foodservice operator leveraging franchise and JV expansion across many markets.
• JAB Holding Company: Global private investment firm controlling major bakery/cafe QSR brands including Krispy Kreme, Panera Bread, Pret, and Einstein Bagels; comparable as a multi-brand bakery/cafe portfolio operator with similar franchise and licensing structures to SPC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/groupspc

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPC Group