Indonesian coffee chain Kopi Kenangan has launched its first store in Malaysia under the name Kenangan Coffee.
The store, which sells the brand’s exclusive coffee drinks, is situated in the Kuala Lumpur shopping centre Suria KLCC. This is a part of the company’s strategy for international growth, and Co-Founder and CEO Edward Tirtanata said Malaysia would have 100 new stores by the end of the first quarter of next year.
There are four locations under the construction including Sunway Pyramid, Pavilion KL, MyTown Cheras and NU Sentral KL. All will be launched at the end of this year.
According to Statista, Malaysia’s Coffee segment is expected to generate US$1.296bn in revenue this year and the market is anticipated to increase by 7.28 per cent annually (CAGR 2022-2025).
Kopi Kenangan is also eyeing to make a debut in three or four Asian markets in the future. Last year, the brand raised $96.1M in a Series C funding round, helping its chain be valued at more than $1bn.
