On Friday, the company announced that its board of directors has approved a change in its name to Figaro Culinary Group Inc.
“The board has determined that it is in the best interest of the company to change its corporate name to better reflect its strategic vision and broaden its brand identity,” according to the restaurant operator, which will maintain its stock ticker code FCG.
This also gives it flexibility to pursue new food concepts.
FCG is actually a pizza group
Originally founded as a coffee chain, the company has seen its pizza, via Angel’s Pizza, overtake cafes in both the number of stores and overall earnings.
It finished 2023 with 123 Angel’s Pizza stores against 64 Figaro Coffee stores. It also runs Tien Ma’s Taiwanese outlets, Cafe Portofino, and Koobideh Kebabs.
The disparity is larger in terms of revenues, with Angel’s Pizza accounting for 90 percent of total store sales, or P902.3 million, from January to March this year.
Figaro contributed P54.25 million while Tien Ma accounted for P42.31 million, its latest financial filing showed.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
