Figaro Coffee Group Inc. is rebranding to Figaro Culinary Group Inc. after its shareholders approved the change in a bid to align the company’s identity with its expanding product offerings. The move reflects a strategic shift to diversify beyond coffee into a broader range of culinary experiences.
“The board has determined that 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,” the company said in a statement.
Figaro Coffee, once the fastest-growing coffee chain in the Philippines, has seen its flagship product evolve into Angel’s Pizza, which now accounts for 80 percent of the company’s new store openings. While the company plans to maintain its coffee business, the focus is shifting to accelerate growth in the pizza sector, which has shown more significant expansion potential.
For the fiscal year ending June, Figaro reported a 35 percent increase in income to P628.41 million, up from P462.55 million the previous year. Consolidated revenue surged by 27 percent, reaching P5.44 billion, driven in large part by 57 new store openings—again, with Angel’s Pizza stores making up 80 percent of that expansion.
Company chairman Justin Liu expressed pride in the company’s achievements, highlighting the team’s commitment to operational excellence and customer satisfaction. “Our success is a testament to our unwavering commitment to operational excellence and delivering an outstanding experience to our customers,” Liu said.
Figaro’s CFO, Jose Petronio Vicente Español III, also pointed to the company’s ability to navigate inflationary pressures, improving gross margins to 47 percent from 45 percent. “Through efficient cash management and cooperation with valued suppliers, we continue to maximize our operating cash flow, helping to offset global inflation pressures,” Español explained.
With a stronger culinary brand identity, Figaro Culinary Group aims to continue its expansion and adapt to the evolving tastes of Filipino consumers.
