Manolo Bakes, the Madrid-based specialty coffee and bakery chain, proudly announces the opening of its first international store in Lisbon, Portugal. This milestone marks the beginning of Manolo Bakes’ ambitious global expansion plans.
Founded in 2017, Manolo Bakes operates 45 stores across Spain, primarily in Madrid. The company aims to open at least 15 stores in Portugal and expand to 100 stores in Spain by 2028.
“We are very excited to open our first store in Portugal, thus taking our first international leap and being able to bring the Manolo Bakes experience to another country for the first time. This first store in Lisbon is the first step to continue growing around the world,” said José Antonio del Castillo, Managing Director of Manolo Bakes.
Manolo Bakes joins other Spanish brands like Panther Organic Coffee and Santagloria, and international names such as Espressolab and Nothing Before Coffee, in entering the thriving Portuguese market over the past two years.
According to World Coffee Portal’s Project Café Europe 2024 report, the Portuguese coffee shop market grew by 11% over the last year, surpassing 400 stores. The market is projected to reach 570 outlets by March 2029.
Manolo Bakes reported a remarkable 30% year-on-year sales growth in 2023, achieving €32 million ($34.8 million) in revenue. In January 2024, the company secured an investment of approximately €60 million ($65 million) from private equity firm VGO Capital. This investment will fuel further international expansion, with the US, Latin America, and the Middle East identified as key markets for growth.
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Joseph Clarke
Editor, International Bakery
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Email: editor@in-bakery.com
