On October 25, Hanoi-based fusion food chain The KAfe became completely foreign-owned after CEO Dao Chi Anh announced her resignation.
The homegrown restaurant chain and its owner, Chi Anh, became the talk of the town last year when they managed to secure a US$5.5 million investment from Hong Kong private equity firm Cassia Investments. Chi Anh also made the list of Vietnam’s top entrepreneurs for her ambitious plans to expand The KAfe to all local metropolises and even overseas.
Thus, many were shocked by the Hanoian CEO’s sudden resignation. Chi Anh announced her exit from the company in a post on her Facebook account, explaining that she will dedicate more time to her family and friends following the departure. However, she didn’t give any specific reasons for the decision.
“After spending three years building and dedicating [to The KAfe], since October 25, [I] have stopped working as CEO of KAfe Group,” she wrote. “The CEO position of KAfe Group will soon be reserved for someone else. Starting from today, [I] will not be participating in any business decisions of The KAfe or KAfe Group.”
According to Deal Street Asia, the company’s revised business registration certificate also reflects its foreign-owned status from October 25, with its charter capital rising significantly, from VND16 billion (US$700,000) to more than VND244.8 billion (US$11 million). It is unclear, however, which foreign investors now hold ownership over The KAfe Group.
In an earlier interview with the news outlet, Chi Anh shared her plans to open more locations in Hanoi and Saigon but also shared some reservations about the hardships she faced after the company restructured from a single restaurant into a chain.
“On the business side, it was challenging for me to manage due diligence and fundraising related tasks while maintaining my hands-on leadership in business, keeping operations stable in existing outlets while setting up new ones,” she told Deal Street Asia.
The company currently operates three brands including The KAfe, The KAfe Village and The Burger Box, as well as recent acquisition Mint Cupcake Creations.
[Photo via The KAfe Group]
