Fiorgelato expands to the Middle East

By Dennis D. Estopace

WHILE local economic activity appears to be drying up, ice cream business owner Ricardo Cuna remains bullish; so much so that he’s expanding to where it’s driest—the Middle East.

From under a dozen stores, Milkin currently has 50 under the Fiorgelato brand, Cuna told the BusinessMirror during the launch of Art’s Cream Gallery on Wednesday, which he co-owns with brother, Ratchie.

The new venture adds to the four that Milkin manages since its establishment in 1989 under a Filipino-Italian business venture.

“It’s during these times of crisis that business should expand,” Cuna said, adding that the company is under negotiation with Arabian businessmen to put up a Fiorgelato store in the Middle East.

The Milkin president and chief executive didn’t provide other details of the Middle East venture, except that they are eyeing not only the overseas Filipino workers (OFWs).

Cuna said Milkin executives are still discussing the details and whether they will approve the franchise application from investors in that country.

“We’ll add to the equity. It’s under budget review,” Cuna said when asked how Milkin will fund its expansion outside the Philippines.

Aside from Fiorgelato and Art’s Cream, Milkin also carries the Gelateria, Designer’s and FiorCafe brands. From successive annual net losses since 2004, Milkins posted its first income last year of P69,526 from a gross profit of P2.24 million. Income from sales last year was up nearly 25 percent to P5.27 million.

The privately-held company that began reoperating in 1995 under Cuna’s management with a P1-million paid up capital also finished the construction of its head office in Manila last year.

The 30-square meter Art’s Cream, he said, is “just a hobby” he began with his brother, a floral architect, a month ago. “We’ve been bouncing off the idea for 16 months,” Cuna said.

Ratchie, who designed the al fresco-type and Asian-inspired store, told reporters they decided to push through with the venture in January. “It only took us a month to put up the business; and finally, here we are,” he said.

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Fiorgelato expands to the Middle East

WHILE local economic activity appears to be drying up, ice cream business owner Ricardo Cuna remains bullish; so much so that he’s expanding to where it’s driest—the Middle East.

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