Mikel Coffee Company: Coffee of the Greek Gods
2008 was the year. In the serene city of Larissa, people went about their daily lives in a relaxed manner. Everything appeared normal to the typical onlooker. The inner storm that was going to revolutionise the Greek coffee business, however, was in stark contrast to the peaceful, temperate weather in Greece.
Eleftherios Kyriakakis had always been an imaginative person with the capacity to bring his dreams to life. Mr. Kyriakakis had planned to create a conglomerate in the food and beverage industry beginning in the early twenty-first century. Before deciding on coffee, he opened a variety of various companies, including pubs, restaurants, and cafés. coffee, but not just any coffee.
Local coffee shops were shocked to learn that the oversaturated Greek café market could not be satisfied by speciality coffee fans despite their steady lowering of standards. The Mikel Coffee Company, a well-known, high-quality coffee chain that would totally rule the Greek city of Larissa in 2008, was founded as a result of the poor quality of coffee and the demand from consumers for fuel for their daily demands. The novel tactic was given the nickname Mikel by the neighbourhood coffee scene. Within a short period of time, Mikel had amassed a huge fan base, loyal followers, and had begun to expand into more and more shops.
To be perfectly honest, Mikel’s coffee is its specialty. The highest level of confidence in a brand’s reputation is generated by premium, outstanding coffee. And maybe, just maybe, it’s new knowledge that’s being created through a different medium. That acts as MIKEL’s abbreviation and guiding principle. “Maybe Its Knowledge Entering Life,” or MIKEL
Below is a timeline for the Mikel Coffee Company.
- The first Mikel store opens in Larissa, Greece, in 2008.
- Georgia Fresh Flavours was established in 2010.
- Mikel Coffee Company S.A. was established in 2011.
- With 10 franchise locations, the Mikel Franchise network was launched in 2012.
- In 2013, Mikel stores total 60. the original shop in Athens.
- As of 2014, Greece had 100 Mikel stores.
- A hub for international development was inaugurated in London in 2015.
- In 2016, Mikel makes his market debut in the United Arab Emirates.
- In 2017, Cyprus had 15 locations operating under a master franchise agreement.
- 2018: Stores in London, Australia, and the United States.
- 240 shops around the world as of 2019.
- 2020: 275 sites worldwide, with new ones opening in North Macedonia, the United Kingdom, Kuwait, Saudi Arabia, and Turkey.
- In 2021, India beckons.
Late in 2011, Mikel formally began franchising and expanded to cover towns all around Greece. Starting in Volos, the expansion progressively renamed itself Mikel over the entirety of Greece. In 2015, it started to grow internationally, starting in Cyprus and the United Arab Emirates. The current numbers are self-evident. In March, August, and September of 2018, Mikel established shops in the UK, Australia, and the USA, respectively. The Mikel Coffee Company will have more than 225 stores in Greece by 2021, in addition to 50 more in 13 other countries.
The second-largest franchise market in the world, India, attracted Mikel’s attention in 2020. Mikel is continuing its development and expansion juggernaut by looking for more Master/Area/Outlet franchise partners. The only criteria to become a Mikel franchisor is the ability to uphold the Mikel code and propagate its principles throughout the world.
- Franchise Model: FOFO
- Area Required: 250-7000 sq. ft
- Area for Expansion: PAN India
- Payback period: 18 months
- Royalties: 5% of the Monthly Revenue paid to the Franchisor
- Other current payments: 2% of Annual Revenue for Marketing Purposes at the Franchisees disposal
Initial Investment: INR 75 Lac for a Normal Franchisee
INR 2 Crore for an Area Franchisee
INR 6.5 Crore for a Master Franchise
It would be ludicrous to claim that Mikel is the first of its kind. But it wouldn’t be overstating things to suggest that it has the potential to be among the finest. The market is set to learn about an elite, high-end coffee shop franchise in India with the introduction of Mikel, one that doesn’t afraid to approach its clientele aggressively.