Israeli low-cost cafe chain Cofix Group Ltd. (TASE: CFX) has launched its overseas operations. The company officially opened its first branch in Russia at the Okhotny Ryad shopping center near Moscow's Red Square. Over the next month Cofix plans opening two more cafes in Moscow. The second branch will open in two weeks at the Paveletski railway station.
Whereas Cofix charges NIS 5 for a cup of coffee and all other food and beverage items (mainly sandwiches, cakes and juices) in Israel, the price in Moscow will be just NIS 3 or 50 rubles. "Bloomberg" reports that an equivalent cup of coffee in Starbucks in Moscow would cost 120 rubles.
Cofix is partnering with Melsons Group and ADG Group in Russia.
Founded in 2013, Cofix has 161 branches around Israel. Cofix CEO Haim Aharon said, "I'm sure that the major consumer change and impact that Cofix has had on consumption in Israel will also happen in Russia. In the first stage we are opening three cafes managed by us. In the second stage we will reach 300 cafe franchises around Moscow and in the third stage we will have 700 additional branches. We are also weighing up proposals for additional partnerships around the world. We've received dozens of enquiries about potential ventures in Moscow and throughout Russia."
Published by Globes [online], Israel business news - www.globes-online.com - on October 10, 2016
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