History of Krispy Kreme in Timeline
Krispy Kreme, Inc. is a US-based multinational company known for its doughnuts and coffee. They operate a chain of coffeehouses globally.
1915: Birth of Vernon Rudolph
Vernon Rudolph, the founder of Krispy Kreme, was born in 1915.
1933: Vernon Rudolph Begins Working with Doughnuts
In 1933, Vernon Rudolph, at the age of 18, started working with his uncle, Ishmael Armstrong, in Paducah, Kentucky, selling doughnuts in Armstrong's general store.
1934: "The Krispy Kreme Doughnut Company" is Established
Vernon Rudolph and Ishmael Armstrong relocated to Nashville, Tennessee, in 1934, opening "The Krispy Kreme Doughnut Company."
1937: First Krispy Kreme Store Opens
Vernon Rudolph opened the first Krispy Kreme store in Winston-Salem, North Carolina in 1937. He chose the location due to his fondness for Camel Cigarettes, which was headquartered in the city.
1939: First Krispy Kreme Bakery Outside the South
In 1939, the first Krispy Kreme bakery outside of the Southern United States was established in Akron, Ohio, marking the beginning of a wider expansion for the company.
1955: Krispy Kreme Launches Fundraising Kits
In 1955, Krispy Kreme started offering fundraising kits to organizations, enabling them to sell boxes of doughnuts and split the proceeds with the company. This initiative facilitated fundraising for various causes.
1973: Death of Vernon Rudolph
Vernon Rudolph, the founder of Krispy Kreme, passed away in 1973.
1976: Krispy Kreme Becomes a Subsidiary of Beatrice Foods
Krispy Kreme Doughnut Corporation was acquired by Beatrice Foods of Chicago, Illinois, in 1976, becoming a wholly owned subsidiary.
1982: Franchisees Buy Back Krispy Kreme
A group of franchisees purchased Krispy Kreme back from Beatrice Foods in 1982, returning the company to its franchise roots.
April 5, 2000: Krispy Kreme's IPO on NASDAQ
On April 5, 2000, Krispy Kreme went public on the NASDAQ stock exchange with an initial share price of $21 and the ticker symbol KREM.
2000: Krispy Kreme Goes Public
Krispy Kreme launched its initial public offering (IPO) on the NASDAQ stock exchange in 2000.
May 17, 2001: Krispy Kreme Switches to NYSE
On May 17, 2001, Krispy Kreme moved its stock listing to the New York Stock Exchange (NYSE), changing its ticker symbol to KKD.
December 2001: First International Krispy Kreme Store Opens
Krispy Kreme expanded beyond the United States for the first time in December 2001, with the opening of a store in Mississauga, Ontario, Canada.
August 2003: Krispy Kreme Stock Reaches All-Time High
Krispy Kreme's stock price reached an all-time high of $50 per share on the NYSE in August 2003, reflecting a substantial gain from its initial offering price.
2003: Analysts Criticize Krispy Kreme's Rapid Expansion
By 2003, analysts began to criticize Krispy Kreme's aggressive expansion strategy following its IPO. The rapid addition of new stores, particularly in concentrated markets, led to increased competition among franchisees, impacting their profitability. This approach, while initially boosting the parent company's revenues through royalty payments, eventually undermined the brand's image and the distinctiveness of its products.
2003: Krispy Kreme Profits from Franchisee Equipment Sales
In 2003, Krispy Kreme's parent company generated significant profits by requiring its franchisees to purchase donut mix and manufacturing equipment from its subsidiary, Krispy Kreme Manufacturing and Distribution (KKM&D). This practice, while lucrative for the parent company, placed an additional financial burden on franchisees, contrasting with the practices of some competitors.
February 2004: Krispy Kreme Reports Strong Sales and Profits
Krispy Kreme announced strong financial results in February 2004, with reported sales of $665.6 million and operating profits of $94.7 million from approximately 400 stores worldwide.
May 2004: Krispy Kreme Misses Earnings Estimates and Reports Loss
In May 2004, Krispy Kreme missed quarterly earnings estimates for the first time, resulting in its first loss as a publicly traded company. The company's CEO attributed the poor performance to the low-carbohydrate diet trend popular at the time, an explanation met with skepticism by analysts.
December 16, 2004: First Krispy Kreme Store Opens in South Korea
Krispy Kreme's first South Korean store opened its doors on December 16, 2004, marking the beginning of its presence in the Asia-Pacific region.
August 2005: Report Implicates Krispy Kreme Executives in Accounting Scandals
An August 2005 report highlighted the role of Krispy Kreme's CEO and COO in the company's accounting scandals, including channel stuffing, questionable transactions, and self-dealing accusations related to franchisee buybacks. While the report did not find evidence of intentional fraud, it pointed to the executives' responsibility for the financial irregularities.
December 2005: Krispy Kreme Announces Turnaround Plan
Faced with declining earnings, an SEC investigation, and the possibility of bankruptcy, Krispy Kreme announced a turnaround plan in December 2005 aimed at closing unprofitable stores to improve its financial stability.
2006: Krispy Kreme Embraces Television and Radio Advertising
In 2006, Krispy Kreme shifted its advertising strategy to include television and radio, launching the "Share the Love" campaign featuring heart-shaped doughnuts. This marked a departure from their previous reliance on informal advertising methods, such as word-of-mouth marketing.
February 19, 2007: Krispy Kreme Introduces Whole Wheat Glazed Donut
In an effort to appeal to health-conscious consumers, Krispy Kreme launched the Whole Wheat Glazed donut on February 19, 2007. While calorically similar to the original glazed donut (180 calories compared to 190), the whole wheat version contained more fiber (2 grams versus 0.5 grams).
January 2008: Krispy Kreme Reduces Trans Fat Content in Donuts
By January 2008, Krispy Kreme had reduced the trans fat content in all its donuts to 0.5 grams or less per serving, leveraging FDA guidelines that permitted rounding up to 1 gram on nutritional labels for products containing up to 0.5 grams per serving. This allowed Krispy Kreme to advertise its donuts as "trans fat-free" and containing "0 grams trans fat!"
March 4, 2009: SEC Issues Cease and Desist Order Against Krispy Kreme
On March 4, 2009, the U.S. Securities and Exchange Commission (SEC) issued a cease and desist order against Krispy Kreme, citing the company's actions to inflate revenues and engage in illicit activities, such as purchasing its own stores to artificially boost sales and manipulating financial reporting to meet earnings estimates. The SEC proposed remedial actions for Krispy Kreme to address these violations.
July 1, 2010: Krispy Kreme Introduces Cheerwine Donut
Krispy Kreme partnered with the soft drink Cheerwine to launch a new donut flavor on July 1, 2010. Initially sold in grocery stores across North and South Carolina throughout July, the donut's popularity led to its continued availability at the Salisbury, North Carolina, Krispy Kreme location, the birthplace of Cheerwine.
2010: Krispy Kreme Introduces Delivery Service and Tunnel Ovens
In 2010, Krispy Kreme piloted its delivery service, Krispy Kreme Express, aimed at businesses, at its Greensboro, North Carolina location on Battleground Avenue. During the same period, the company initiated the implementation of tunnel ovens in its shops, facilitating a continuous "Hot Now" hot doughnut experience throughout the day.
June 2011: Krispy Kreme Closes London Store
Krispy Kreme's international expansion saw a setback with the closure of its store in Harrods department store in London in June 2011. This marked the end of its second international venture.
July 2011: Cheerwine Kreme Donut Returns
The Cheerwine Kreme donut made a comeback in July 2011, expanding its availability to Tennessee and Roanoke, Virginia.
August 2011: Krispy Kreme Announces Expansion Plans in Japan and Mexico
In August 2011, Krispy Kreme's Japanese operations outlined plans to increase the store count from 21 to 94, while its Mexican operations declared an ambitious growth strategy, aiming to expand from 58 to 128 stores within five years.
2012: Krispy Kreme Continues Expansion in the UK
In 2012, Krispy Kreme pressed on with its expansion in the UK market, backed by funding and strategies for new store openings.
January 19, 2013: Krispy Kreme Enters Indian Market
Krispy Kreme inaugurated its first store in India on January 19, 2013, in Bangalore, Karnataka, under a franchise agreement with Citymax Hotels India.
September 25, 2013: Krispy Kreme Announces Expansion into Colombia
On September 25, 2013, Krispy Kreme revealed plans to open 25 stores in Colombia over the following five years, marking its first venture into the South American market.
December 12, 2013: First Krispy Kreme Store Opens in Taiwan
Krispy Kreme expanded its presence in Asia with the inauguration of its first store in Taipei, Taiwan, on December 12, 2013.
July 23, 2014: Krispy Kreme Expands in India
On July 23, 2014, Krispy Kreme continued its expansion in India with the launch of its first shop in Chennai at the Express Avenue mall.
October 2014: Krispy Kreme Opens More Stores in Colombia
In October 2014, Krispy Kreme continued its expansion in Colombia with the opening of additional stores in Bogotá and Chía, Cundinamarca.
December 16, 2014: Krispy Kreme Celebrates 100th Store Opening in South Korea
On December 16, 2014, precisely ten years after its initial entry into the South Korean market, Krispy Kreme commemorated the opening of its 100th store in the country.
2014: Krispy Kreme Creates Extravagant Donut for Charity
In 2014, Krispy Kreme created a luxurious doughnut priced at $1,685 to support fundraising efforts for The Children's Trust. The doughnut boasted a 24-karat gold coating, edible diamond decorations, and a Dom Pérignon champagne jelly filling.
February 2015: Krispy Kreme UK Faces Controversy over "KKK Wednesday" Promotion
In February 2015, a Krispy Kreme branch in Kingston upon Hull, England, encountered controversy over its "Krispy Kreme Klub Wednesday" event for children during the school half-term break. The event, which involved doughnut decorating, drew criticism for its abbreviation "KKK Wednesday" due to its association with the Ku Klux Klan, a white supremacist hate group. Krispy Kreme promptly apologized, canceled the event, withdrew related marketing materials, and initiated an internal investigation.
February 24, 2015: Krispy Kreme Opens 1,000th Store
Krispy Kreme marked a milestone on February 24, 2015, with the opening of its 1,000th store in Kansas City, Kansas.
May 18, 2015: Krispy Kreme Announces South African Expansion
Krispy Kreme announced on May 18, 2015, that it had entered a development agreement with KK Doughnuts SA (Pty) Ltd. to open 31 stores in South Africa over the next five years, marking the company's first foray into the African market.
September 10, 2015: Krispy Kreme Plans Expansion into Peru
On September 10, 2015, Krispy Kreme signed a development agreement with Agape Coral, SAC to establish 24 shops in Peru over the subsequent five years, furthering its global expansion.
November 25, 2015: First Krispy Kreme Store Opens in South Africa
Krispy Kreme's first store in South Africa opened its doors on November 25, 2015, in Rosebank, Johannesburg, marking the beginning of its operations in the country.
December 2, 2015: Krispy Kreme Opens Largest UK Store
On December 2, 2015, Krispy Kreme inaugurated its largest store in the UK, located in Glasgow, Scotland.
May 5, 2016: First Krispy Kreme Store Opens in Bangladesh
On May 5, 2016, Krispy Kreme opened its first store in Bangladesh, situated in Banani, Dhaka.
May 2016: JAB Holding Company Makes Offer to Purchase Krispy Kreme
In May 2016, JAB Holding Company, a German investment firm, announced its bid to buy Krispy Kreme for $1.35 billion. This offer aimed to take the company private over the subsequent two months.
July 27, 2016: Krispy Kreme Goes Private
On July 27, 2016, Krispy Kreme was acquired by JAB Holding Company, a German investment firm, for $1.35 billion, making the company privately owned. This concluded the offer made over the previous two months.
September 2016: Krispy Kreme Holds Largest Asia-Pacific Presence
By September 2016, Krispy Kreme had established itself as the leading donut chain in the Asia-Pacific region, boasting 129 stores.
November 5, 2016: First Krispy Kreme Store Opens in Iceland
Krispy Kreme continued its global expansion with the opening of its first store in Iceland, located in Kópavogur, on November 5, 2016.
2016: Krispy Kreme Goes Private
After experiencing financial difficulties as a public company, Krispy Kreme was acquired by JAB Holding Company in 2016, becoming a privately held entity.
January 12, 2017: First Krispy Kreme Store Opens in Panama
On January 12, 2017, Krispy Kreme expanded its presence in Central America with the opening of its first store in Panama City, Panama.
May 25, 2017: Krispy Kreme Donut-Flavored Jelly Belly Jelly Beans Announced
On May 25, 2017, a collaboration between Krispy Kreme and Jelly Belly was announced, introducing Krispy Kreme donut-flavored Jelly Belly jelly beans to the market.
December 2017: Krispy Kreme Relocates Corporate Operations
In December 2017, Krispy Kreme shifted its corporate headquarters to Charlotte, North Carolina, while retaining its World Headquarters and Support Center in Winston-Salem.
January 27, 2018: First Krispy Kreme Store Opens in Guatemala
On January 27, 2018, Krispy Kreme opened its first store in Guatemala City, Guatemala.
February 28, 2018: First Krispy Kreme Store Opens in New Zealand
Krispy Kreme marked its entry into the New Zealand market on February 28, 2018, with the opening of its first store in Manukau, Auckland.
March 10, 2018: First Krispy Kreme Store Opens in Nigeria
Krispy Kreme continued its expansion into the African market on March 10, 2018, with the opening of its first store in Ikeja City Mall, Lagos, Nigeria.
September 26, 2018: First Krispy Kreme Store Opens in Ireland
On September 26, 2018, Krispy Kreme opened its first store in Dublin, Ireland, which has since become the most profitable store globally.
2018: Krispy Kreme Acquires Insomnia Cookies
In 2018, Krispy Kreme expanded its portfolio by acquiring the bakery chain Insomnia Cookies, which continued to function as a separate entity.
2018: Krispy Kreme Expands Global Presence
By 2018, Krispy Kreme had significantly broadened its international reach, operating over 100 standalone stores in the UK and having a presence in 500 Tesco stores. This international expansion extended beyond the US and Canada to countries across the globe.
August 5, 2019: Krispy Kreme Releases Reese's-Branded Donuts
Krispy Kreme teamed up with Reese's to introduce two new donuts on August 5, 2019, targeting "chocolate lovers" and "peanut butter lovers."
July 2020: Krispy Kreme Launches Candy-Coated Donuts
In July 2020, Krispy Kreme unveiled a range of candy-coated donuts featuring toppings like Nerds, Jelly Belly jelly beans, sour gummies, and marshmallows.
August 25, 2020: First Krispy Kreme Vending Machine Launched
On August 25, 2020, Krispy Kreme unveiled its first vending machine in North Carolina, offering 3-packs of donuts round the clock.
September 2020: Krispy Kreme Introduces Seasonal Pumpkin Spice Doughnut Collection
In September 2020, Krispy Kreme introduced a collection of four pumpkin spice-flavored doughnuts: Pumpkin Spice Original Glazed Doughnut, Pumpkin Spice Cake Doughnut, Pumpkin Spice Original Filled Cheesecake Doughnut, and Pumpkin Spice Cinnamon Roll Doughnut.
2020: Krispy Kreme Exits Bangladesh
Around 2020, Krispy Kreme quietly ceased its operations and exited the Bangladesh market.
January 2021: Krispy Kreme UK Launches Vegan Doughnut
In January 2021, Krispy Kreme UK launched its first vegan doughnut, the Original Glazed vegan doughnut.
March 2021: Krispy Kreme Offers Free Doughnuts to Vaccinated Individuals
In March 2021, Krispy Kreme announced that they would provide a free Original Glazed doughnut every day (except Thanksgiving Day and Christmas Day) to customers in the US who could provide proof of COVID-19 vaccination. The initiative sparked criticism from some physicians who expressed concerns about the potential health implications of consuming a doughnut daily. However, others defended the promotion, highlighting the importance of satisfaction in eating and challenging weight stigma. Krispy Kreme responded to the criticism by emphasizing that doughnuts are an occasional treat best enjoyed in moderation.
May 2021: Krispy Kreme Confidentially Files for Initial Public Offering
In May 2021, Krispy Kreme initiated the process of going public once more by confidentially filing for an initial public offering.
July 1, 2021: Krispy Kreme Returns to Public Trading
On July 1, 2021, Krispy Kreme went public again, listed on the Nasdaq as Krispy Kreme Inc., marking its return to public trading after its acquisition by JAB Holding Company.
July 2021: Krispy Kreme Returns to Public Trading
In July 2021, after going private in 2016, Krispy Kreme once again became a publicly traded company on the Nasdaq stock exchange.
December 2021: Krispy Kreme UK Expands Vegan Doughnut Line
Krispy Kreme UK expanded its vegan doughnut offerings in December 2021 with three new flavors: Fudge Brownie Bliss, Caramel Choc Delight, and Apple Custard Crumble.
May 13, 2023: First Krispy Kreme Store Opens in Costa Rica
On May 13, 2023, Krispy Kreme further expanded its reach in Central America by opening its first store in Costa Rica.
December 2023: First Krispy Kreme Store Opens in France
In December 2023, Krispy Kreme entered the French market with the inauguration of its first store in Paris. The store is expected to produce 45,000 donuts per day, and the menu has been adapted to cater to French preferences, including the introduction of a gingerbread-flavored donut.
2024: Krispy Kreme Debuts Celebrity-Inspired Doughnuts with Dolly Parton Collection
In 2024, Krispy Kreme partnered with Dolly Parton to release the Dolly Southern Sweets Doughnuts Collection. The collection featured four new limited-time flavors inspired by the iconic singer: Dolly Dazzler, Peachy Keen Cobbler, Banana Puddin' Pie, and Chocolate Creme Pie. This marked the company's first venture into celebrity-inspired doughnut flavors.