Magnolia Bakery, the New York cupcake maker made famous by the television series Sex and the City, plans to open stores in Qatar and Kuwait in the next 18 months, its owner said.
The store, which opened its first overseas outlet in Bloomingdales Dubai last year, is undertaking a global expansion, to include outlets in Brazil, Portugal, Turkey and Mexico.
“We consider ourselves to be a high-end luxury brand,” Steven Abrams said in an interview with the Financial Times.
“In the rest of the world, cupcakes don’t have the cultural longevity and history, but maybe in some of those cultures they will become a staple. The market is ripe for us.”
The company had about $20m in revenues last year and sales have been growing by 20 percent year on year, Abrams told the paper.
He hopes to have stores in 80 countries within the next seven years.
Cupcakes have seen a revival in recent years, with a string of independently-run bakery chains opening up across the Gulf. In the US, the largest market for the iced treats, sales are forecast to grow 20 percent over the next five years, according to research firm Mintel.
US cupcake maker Crumbs Holding was last month acquired by 57th Street General Acquisition Corp for an undisclosed sum. The company saw revenue increase to $31.1m in 2010, up from $23.5m in 2009.
Review: BiCE Ristorante
Does it really get better than Italian food? (Hint: The...
Dubai restaurant set to launch $136 luxury burger
Firebird Diner offers burger with foie gras, black truffle...
Review: Muze Restaurant and Lounge
A must-try for lovers of Jazz & Soul music
New F&B outlets unveiled for Al Habtoor City
Al Habtoor City will include Blind Dragon, ZOCO, The Rose...
Review: Mint Leaf of London
A feel of London and a taste of India
Review: Emporio Armani Caffe
If you’re a fan of Italian food, you’ll get a good taste...
Cereal Killer Cafe 'to open in Dubai in May'
According to reports, the owners have an agreement for the...