CHIPOTLE TO EXPAND TO ASIA FOR THE FIRST TIME THROUGH A JOINT VENTURE WITH SPC GROUP

Rhea-AI Summary

Chipotle Mexican Grill (NYSE: CMG) announced a significant expansion into Asia through a joint venture with SPC Group, marking its first entry into the Asian market. The partnership will launch Chipotle restaurants in South Korea and Singapore in 2026.

The expansion builds on Chipotle's recent international growth initiatives, including partnerships with Alshaya Group in the Middle East and Alsea in Mexico. The company currently operates over 3,800 restaurants globally, including locations in Canada, the UK, France, and Germany, with plans to open 315-345 new restaurants this year. Chipotle maintains a long-term target of 7,000 locations in the U.S. and Canada.

Positive

• None.

Negative

• Delayed market entry with first Asian locations not opening until 2026
• Potential operational challenges in adapting to new Asian markets and local preferences

Insights

Global Expansion Strategist

Chipotle's Asia expansion via SPC Group joint venture creates strategic growth opportunity in attractive markets with existing brand awareness.

Chipotle's first foray into Asia through a joint venture with SPC Group represents a significant strategic expansion that taps into the rapidly growing Asian quick-service restaurant market. The company has strategically selected South Korea and Singapore as entry points - markets characterized by sophisticated dining consumers with demonstrated brand familiarity through K-pop cultural connections.

This expansion follows Chipotle's methodical international growth strategy, coming after recent market entries in the Middle East (2023) and plans for Mexico (2025). The partnership structure with SPC Group is particularly noteworthy as it leverages local expertise while minimizing direct capital investment risks. SPC brings valuable regional market knowledge and operational experience developing global food brands in Asia.

What makes this expansion particularly promising is the existing brand awareness in South Korea, evidenced by mentions from K-pop celebrities that have created organic demand despite having no physical presence. This cultural relevance provides Chipotle an unusual advantage when entering these markets - consumer familiarity typically only achieved after significant marketing investment.

Within Chipotle's broader growth context, this represents a key piece of their long-term strategy. The company currently operates approximately 3,800 total restaurants with a target of 7,000 locations in North America alone. The Asia expansion creates a parallel growth avenue beyond their core markets, potentially accelerating their global footprint significantly if successful in these initial Asian markets.

• In partnership, Chipotle and SPC Group plan to open the first Chipotle restaurants in South Korea and Singapore in 2026. 

NEWPORT BEACH, Calif., Sept. 10, 2025 /PRNewswire/ -- Chipotle Mexican Grill (NYSE: CMG) today announced it has signed a joint venture to open restaurants in Asia for the first time. In partnership, SPC Group, a leading South Korea-based food company, and Chipotle plan to open the first Chipotle restaurants in South Korea and Singapore in 2026.

"With a rapidly evolving dining-out business, fueled by preferences for variety and convenience, expanding into Asia presents an incredible growth opportunity for Chipotle," said Scott Boatwright, Chief Executive Officer of Chipotle. "Real food prepared fast is in high demand in these markets and with notable brand awareness among consumers, we see potential for strong adoption out of the gate."

"Given the familiarity of this iconic brand among Koreans and Singaporeans, and their passion for exceptional culinary experiences, these two markets are ideal entry points for Chipotle in Asia," said Heesoo Hur, Executive Vice President and owner of SPC Group. "In addition, we have a proven track record of developing global brands and we see an opportunity for leveraging our market expertise to introduce Chipotle's delicious, responsibly sourced food to guests across the continent who aren't yet familiar with the concept's real ingredients prepared fresh daily."

Chipotle's Cultural Relevance
Over the years, many Korean consumers including popular K-Pop artists have developed a passion for the brand after trying Chipotle's real food for the first time while visiting the U.S. In 2021, a member of the best-selling K-pop group of all-time famously referred to the restaurant as "Chicotle" and said he wanted to "eat [it] every day." In response, Chipotle temporarily changed its name on X to "Chicotle" in honor of its newest fan and partnered with a fan account of the band on X to give away thousands of free entrees to followers of the group in the U.S. (see here).  

In 2023, Chipotle received another notable shoutout from two members of a prominent K-pop girl group who explained they "couldn't live without Chipotle" despite not being able to access it in Korea (see here).

Chipotle's International Expansion
Chipotle signed its first international development agreement in July 2023 with Alshaya Group to open restaurants in the Middle East. Alshaya Group currently operates three restaurants in Kuwait and three in the United Arab Emirates. In April 2025, Chipotle signed a development agreement to open restaurants in Mexico for the first time. Alsea, S.A.B. de C.V. (Alsea), a leading restaurant operator in Latin America and Europe, will open the first Chipotle location in Mexico in 2026 and begin exploring additional expansion markets in the region.

Chipotle's existing international portfolio of owned and operated restaurants includes over 60 locations in Canada; 20 in the United Kingdom; six locations in France; and two in Germany. The company currently operates over 3,800 restaurants and plans to open between 315 and 345 new restaurants this year, with a long-term target of operating 7,000 locations in the U.S. and Canada.

Chipotle's business development group, led by Chief Business Development Officer Nate Lawton, is exploring additional opportunities for growth via outside partnerships. Information on submitting a proposal can be found at https://ir.chipotle.com/contact-us.

About Chipotle
Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. There are over 3,800 restaurants as of June 30, 2025, in the United States, Canada, the United Kingdom, France, Germany, Kuwait, and United Arab Emirates and it is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe. With over 130,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. For more information or to place an order online, visit chipotle.com.

About SPC Group
SPC Group is a Korea-based global food company with over 80 years of history. It owns 30 renowned brands and operates 7,000 stores worldwide, including Paris Baguette, Paris Croissant, Passion 5, Coffee@Works and StrEAT. SPC Group has successfully introduced global brands to the Korean market, including Baskin Robbins, Dunkin, Pascucci, LINA's, Jamba and Shake Shack. SPC Group remains committed to innovation, quality and sustainable growth, shaping a healthier and happier global food culture.

 Forward-Looking Statements 
Certain statements in this press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the timing of openings the first Chipotle restaurants in South Korea and Singapore, Chipotle's prospects for business in Asia, Chipotle's plans to open between 315 and 345 new restaurants in the U.S. and Canada in 2025 and its long-term target of operating 7,000 locations in the U.S. and Canada. We use words such as "anticipate", "expect," "believe", "could", "should", "may," "are confident" and similar terms and phrases to identify forward-looking statements. The forward-looking statements in this press release are based on currently available operating, financial and competitive information, available to us as of the date of this release and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements, including the risks described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.chipotle.com.

 

 

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SOURCE Chipotle Mexican Grill

FAQ

When will Chipotle (NYSE: CMG) open its first restaurants in Asia?

Chipotle plans to open its first Asian locations in South Korea and Singapore in 2026 through a joint venture with SPC Group.

How many restaurants does Chipotle currently operate globally?

Chipotle currently operates over 3,800 restaurants globally, including more than 60 in Canada, 20 in the UK, 6 in France, and 2 in Germany.

What is Chipotle's expansion target for 2025?

Chipotle plans to open between 315 and 345 new restaurants in 2025, with a long-term target of 7,000 locations in the U.S. and Canada.

Who is Chipotle's partner for Asian expansion?

Chipotle has partnered with SPC Group, a leading South Korea-based food company, to expand into South Korea and Singapore.

What other international markets is Chipotle expanding into?

Chipotle is expanding in the Middle East through Alshaya Group (operating in Kuwait and UAE) and in Mexico through Alsea, with first locations opening in 2026.