- GFFG Brands (Noted, Hojokban, etc.) Begin Full-Scale Entry into the U.S. Market
- BuildBlock Provides Total Solutions Including Real Estate Purchase/Sale and Interior Construction for Korean Companies Entering the U.S. Market
Build Block Inc. (hereinafter "Build Block") signed a strategic partnership (MOU) with FOOD&LIFESTYLE creative brand company GFFG in February at Build Block's office in Los Angeles, California, to support GFFG's entry into the U.S. market.
Through this agreement, both companies will mutually collaborate on ▲strategic partnership for GFFG brand IP's entry into the U.S. market ▲planning, business operation, and marketing of GFFG's Food & Lifestyle brands ▲and comprehensive facility management tasks including Build Block's U.S. real estate search and brokerage, as well as interior construction.
[Photo of the Business Agreement Ceremony - From left to right: Kim Ki-dong CSO (GFFG), Lee Jun-beom CEO (GFFG), Jung Ji-won CEO (BuildBlock), Jung Yoon-gi VP (BuildBlock)]
GFFG operates 11 brands including 'Noted,' which sparked the donut craze in Korea, Hojokban (fusion Korean cuisine), and Downtowner (handmade burgers). It is especially recognized not only as a dining business but also as a company leading F&L (Food & Lifestyle) trends. Last year, it attracted investments worth 30 billion KRW from Altos Ventures and Quad Asset Management.
Build Block is a company providing total U.S. real estate solutions for Koreans and Korean companies, offering all services necessary for U.S. real estate investment, including real estate search and brokerage, construction, leasing, and facility management. Recently, it established a dedicated organization for Korean companies entering the U.S. market, launching a "corporate-type total solution for U.S. market entry" service that covers everything from store location scouting in the U.S. to design, permits, and interior construction through Build Block's construction subsidiary. Build Block also successfully raised 20 billion KRW in investments last year from IS Dongseo, Hana Securities Club1, and Primer Private Partners, achieving successful business expansion related to Korean companies' entry into the U.S. market.
A GFFG representative stated, "Since store location is extremely important for a brand to successfully settle in overseas markets, we had many concerns regarding real estate," adding, "We expect synergy between Build Block's expertise with global real estate management capabilities and GFFG's competitiveness."
A Build Block representative said, "With the Korean Wave fever, interest in Korean cuisine is increasing in the U.S. mainland," and added, "We will help GFFG find a formula for success for its diverse brands not only in Korea but also in the North American market."
Both companies plan to expand into major U.S. cities starting with the opening of Noted's pop-up store in LA in the first half of 2023.
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