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MegaStudy To Enter Coffee Franchise Business

By March 15, 2017 at 7:50 am
Coffee Shop Business (Photo : Getty Images)

MegaStudy is reportedly entering the highly-competitive coffee franchise business in the second half of the year. The reason for this is because the company wants to find a new source of income.

One of Korea's greatest private learning institutes has been attempting to expand its services since its education business has slowed down over in the previous years even if there was a higher competition though there was a declining youth population.

MegaStudy was founded by Chairman Sohn Ju-eun in 2000. On March 24, the company scheduled a shareholders' meeting in order to approve the revision of its articles association. In that way, the company will be able to enter the beverage and food sectors.

An official of the company just said that the change to open coffee shops will enable them to venture into new businesses. The board of directors of the company has agreed to pass the revision and the company also believes that the shareholders will also pass it and do the same as also mentioned on Korea Times.

Last April of 2015, MegaStudy was divided into two namely, MegaStudy Education and the MegaStudy.  The MegaStudy Education operates learning institutes which offer elementary, secondary and higher education programs. In the report, it was able to generate approximately 174.5 billion won in sales in that year.

Meanwhile, the MegaStudy was able to earn 150.2 billion won last 2015 and it operates educational programs for those people who are studying civil service and some other career-related examinations. The company was also able to generate 13 percent that came from the cafeterias at its institutes.

Both of these firms of MegaStudy were listed and were included on the tech-heavy Kosdaq market. The founder, Chairman Sohn has a 26.5 percent share in the said company which is followed by the National Pension Service with shares of 11.7 percent then Shinyoung Asset Management with a share of 10.8 percent.

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