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IzyCoffee achieved 75% year-on-year sales growth to reach €1.8m ($2m) in 2022 | Photo credit: IzyCoffee
Belgian coffee chain IzyCoffee has posted strong 2022 sales and set its sights on international expansion next year.
The Izygem-based business achieved 75% year-on-year sales growth to reach €1.8m ($2m), with gross profit increasing 82% to €1.5m ($1.66m).
IzyCoffee opened three new stores last year to reach 13 and expects to open a further nine sites by the end of 2023, including its first outlet in Brussels.
Alongside domestic outlet growth, IzyCoffee also plans to open its first international store in 2024.
Speaking to World Coffee Portal in April, CEO Bart Buyse said that the Netherlands, Germany and France were markets of interest, although plans are yet to be finalised.
“By the end of 2025, we aim to become a European specialty coffee powerhouse with more than 100 outlets spread across five countries,” he added.
IzyCoffee raised €500,000 ($545,000) in crowd funding in the space of two days during its second quarter. The coffee chain plans to add a further €1m ($1.1m) during the third quarter ahead of a more ambitious funding round in 2024.
World Coffee Portal research shows the total Belgian branded coffee shop market comprises more than 475 outlets, making it the 15th largest market in terms of outlets across Europe.
Led by domestic food-focused brands Panos, Exki and Le Pain Quotidien, the market is forecast to exceed 575 outlets by 2028.
