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The fast-casual chain partnered with South Korean food company Sangmidang Holdings, with two more South Korea locations planned by year-end
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Chipotle $CMG Mexican Grill opened its first restaurant in Asia in Seoul's Gangnam neighborhood earlier this month, marking the chain's entry into a region it has designated as a significant growth opportunity. The location, at 423 Gangnam-daero, Seocho-gu, is being operated through a joint venture with Sangmidang Holdings, a South Korean food company formerly known as SPC Group.
Under the arrangement, Big Bite Company — a Sangmidang affiliate — holds a 51% stake in the joint venture, S&C Restaurants Holdings, with Chipotle owning the other 49%, according to CNBC. The structure marks Chipotle's first expansion through a joint venture arrangement. Sangmidang previously brought Shake Shack to South Korea.
