SEOUL, Aug. 11 (Yonhap) -- South Korean bakery brand Paris Baguette said Tuesday it has opened its first outlet in Laos as part of its global expansion strategy.

Paris Baguette, part of South Korean food and beverage company Paris Croissant Co., signed a master franchise agreement with local private conglomerate Kolao Group in 2024 to expand its franchise business in the Southeast Asian market, the company said in a press release.

A master franchise agreement allows the master franchisee not only to open franchise units within a specified area but also to sub-franchise them to third parties.

"The Laos outlet is aimed at expanding our business network in the region and strengthening our global growth engine," Paris Croissant Chief Executive Officer (CEO) Hur Jin-soo said in the release.

An optimized business model based on Paris Baguette's accumulated global business capabilities and Kolao Group's local market know-how will help ensure continued growth in the Laos market, he said.

Paris Baguette operates about 730 overseas outlets in 13 countries, including the United States, Canada, France, Britain, China and Mongolia.

kyongae.choi@yna.co.kr

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