A Krunchy Dream cafe in Moscow.
A chain of new donut shops called Krunchy Dream has sprung up in Russia, where Krispy Kreme once stood.
They are owned by the Novikov Group, whose owner Arkady Novikov is Krispy Kreme’s only former franchisee in Russia.
Krispy Kreme had terminated the franchise agreement following Russia’s invasion of Ukraine.
A new version of donut chains have sprung up in Russia where Krispy Kreme once stood, as the country’s businesses seek to replace exiting Western brands with homegrown labels.
The new donut shops — called Krunchy Dream — are operating under the Novikov Group. The group is owned by Arkady Novikov, who is Krispy Kreme’s former franchisee in Russia, Russia’s RBC business news outlet reported on November 21. He applied to trademark the name in late September, per RBC.
The cult donut chain is one of the many international companies that have pulled out of Russia after the country’s invasion of Ukraine earlier this year. Krispy Kreme said in…
This article was written by [email protected] (Huileng Tan) and originally published on www.businessinsider.com