Japan Inflation Expectations Rise as BOJ Rate Hike Timing Faces Uncertainty 
LG Innotek Stock Hits Record High on $68M Automotive Wi-Fi 7 Deal 
Asian Stocks Mixed as Tech Shares Decline While Japan’s Nikkei Hits Record High 
U.S. Stock Futures Fall as Iran Tensions Rise, Oil Prices Surge 
OPmobility Reports Q1 Revenue Dip Amid Automotive Industry Slowdown 
Elon Musk Faces French Probe Over X and Grok Amid Rising U.S.-EU Tensions 
SpaceX President Gwynne Shotwell Earns $85.8M as IPO Buzz Grows 
How Technology Is Reshaping Modern Business: From Operations to Customer Experience 
J.P. Morgan Downgrades Essity AB on Rising Costs and Weak Earnings Outlook 
SpaceX Eyes $60B Cursor Deal to Boost AI Power Ahead of IPO 
U.S. Stock Futures Rise as Trump Extends Iran Ceasefire, Easing Market Tensions 
Oil Prices Slip Amid Iran Ceasefire Extension, Hormuz Disruptions Keep Markets Tense 
South Korea Central Bank Signals Cautious Policy Amid Inflation and Middle East Tensions 
Samsung Boosts DRAM Supply to Tesla as AI-Driven Memory Demand Surges 
Rising U.S.-Iran Conflict Fuels Oil Market Volatility and Ceasefire Uncertainty 
Asian Stocks Rise as Tech Gains Offset US-Iran Tensions, Oil Prices Add Pressure 
KOSPI Hits Record High as AI Chip Demand Lifts SK Hynix and Samsung Stocks 
CJ Foodville Corp., the food and food service subsidiary of the CJ Group, is expanding its bakery business in the United States. The company also owns the bakery franchise Tous Les Jours which is the second-largest bakery in South Korea.
CJ Foodville is aiming to build a large-scale factory to bake bread in the U.S., and the company confirmed this plan this week. Currently, the food service firm is searching for a good site and expects to start the construction in 2023, which is the earliest possible schedule.
As per The Korea Times, the company launched Tous Les Jours in the U.S. with the opening of its first bake shop in 2004. Today, the brand is present in 21 states with a total of 82 stores in operation. It was noted that while the number of shops is not really large, the bakery has been earning big profits because the prices of the products are higher - double of rates in Korea.
With the outcome, the branches in the said country turned out to be a profit maker for CJ Foodville. It has been operating overseas since 2018, and among its brands, Tous Les Jours was the first one to give profits since 2018.
"It is CJ Group's keynote to expand its global business and CJ Foodville is planning to do so by establishing a local bakery factory in the United States,” a company official said in a statement. Other than our plan to build a factory there, nothing specific has been decided about it."
Pulse News further reported that CJ Foodville is building a bread factory to meet its goal of expanding its bakery brand in the region by more than 10 times the number of its current outlets by the year 2030. It is now inspecting the site for the bread production plant, where it will also set up a logistics center for the distribution of bread products and ingredients to Tous Les Jours branches.
Georgia and Texas are said to be the top candidates for the location of CJ Foodville’s new factory. It has already taken due diligence on the sites being considered but did not divulge the exact places. To fulfill its goal in the U.S., experts said that CJ Foodville is likely to invest at least KRW100 billion or about $77 million for this project.
Photo by: Mink Mingle/Unsplash
