Red Mango
Encyclopedia
Red Mango is a frozen yogurt
and smoothie
brand known for its all-natural frozen yogurt, fresh fruit smoothies, yogurt parfaits, and probiotic iced teas. There are currently more than 145 locations in 25 states in the United States. And in 2011, Red Mango was named the #1 Zagat Rated chain in America for smoothies and frozen yogurt. http://www.zagat.com/fastfood
, the company's Founder & Chief Concept Officer, graduated from UC Berkeley’s Haas School of Business
in 1998, and first worked as an investment banker with Donaldson, Lufkin & Jenrette
. Kim opened the first Red Mango store in Los Angeles
near UCLA in July 2007. Red Mango’s combination of healthy yogurt and a hang-out spot proved to be successful, and the company has since grown to over 130 stores in three years. In 2003 the first Red Mango store opened in Korea, being started by Premium Retail Brands, which is wholly owned by Relay International, LTD
According to the company website, Red Mango gets its name because “the mango, distinctly delicious and high in nutrition, becomes red at its optimal stage of ripeness. This symbolizes our ongoing commitment to provide the healthiest, tastiest and most innovative treats, snacks and meal replacements for our active and health-conscious consumers.”
After opening their first store in California
, Red Mango opened stores in Nevada
, Utah
, Washington, and New York
. One year after the first store opened in Los Angeles, Red Mango opened 30 new stores. By the end of 2009, Red Mango had 60 stores in operation.
In the summer of 2010, Red Mango added 22 varieties of smoothies to their menu. They changed their signage to “Red Mango: Yogurt & Smoothies,” with Kim noting "it's really a fundamental shift of how we are defining ourselves in the business, away from the frozen-yogurt shop and really one that sells yogurt and yogurt-based products and smoothies." By the end of 2010, Red Mango awarded agreements for 147 locations and opened 62 new stores, bringing the total number of locations to 100. They were named #4 on Restaurant Business Magazine’s “Future 50” list of the fastest-growing chains in 2010. Red Mango plans to double their locations in 2011 and are currently on track to open 24 more stores in the first quarter alone.
Red Mango stores attract around 750 customers a day who spend between $5 and $6 each, which translates to approximately $1,000,000 per year in revenues. They open many of their stores near college campuses, with Kim noting that "we found that nutritional awareness is very high near and around college campuses, so we decided to aggressively grow onto campuses by opening on them or near them." About 70% of Red Mango’s buyers are women.
is the founder, and former president and CEO of Red Mango, Inc.. He was bought out in December 2009 and now holds the position of Founder and Chief Concept Officer. He is a graduate of UC Berkeley's Haas School of Business
and is an alumnus of Delta Sigma Pi
, Rho Chapter. He is a former investment banker.
The company's investors and advisors include John Antioco (former CEO and Chairman of Blockbuster Inc.), Dallas-based private equity firm CIC Partners, movie producer John Davis who is the son of Marvin Davis
, movie producer Roy Lee
, and Stone Canyon Venture Partners.
The company, which currently has offices in California
, Arizona
, Dallas, Texas
and New York, New York, raised $12 million in private equity financing in August 2008 and moved its headquarters from Sherman Oaks, CA to Dallas, TX in early May 2009.
Red Mango’s frozen yogurt is topped with fruits (which include strawberries, mango, blueberries, and pineapple) or “fun and crunchy” items (which include Fruity Pebbles
, organic
granola
, graham cracker and mochi
).
Frozen yogurt
Frozen yogurt is a frozen dessert containing yogurt or other dairy products. It is slightly more tart than ice cream, as well as lower in fat...
and smoothie
Smoothie
A smoothie is a blended and sometimes sweetened beverage made from fresh fruit and in special cases can contain chocolate or peanut butter. In addition to fruit, many smoothies include crushed ice, frozen fruit, honey or contain syrup and ice ingredients...
brand known for its all-natural frozen yogurt, fresh fruit smoothies, yogurt parfaits, and probiotic iced teas. There are currently more than 145 locations in 25 states in the United States. And in 2011, Red Mango was named the #1 Zagat Rated chain in America for smoothies and frozen yogurt. http://www.zagat.com/fastfood
Background
Daniel J. KimDaniel J. Kim
Daniel J. Kim is the founder and former CEO and President of Red Mango, an American frozen yogurt and smoothie chain. He is currently Red Mango’s Chief Concept Officer.-Early life:...
, the company's Founder & Chief Concept Officer, graduated from UC Berkeley’s Haas School of Business
Haas School of Business
The Walter A. Haas School of Business, also known as the Haas School of Business or simply Haas, is one of 14 schools and colleges at the University of California, Berkeley....
in 1998, and first worked as an investment banker with Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...
. Kim opened the first Red Mango store in Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
near UCLA in July 2007. Red Mango’s combination of healthy yogurt and a hang-out spot proved to be successful, and the company has since grown to over 130 stores in three years. In 2003 the first Red Mango store opened in Korea, being started by Premium Retail Brands, which is wholly owned by Relay International, LTD
According to the company website, Red Mango gets its name because “the mango, distinctly delicious and high in nutrition, becomes red at its optimal stage of ripeness. This symbolizes our ongoing commitment to provide the healthiest, tastiest and most innovative treats, snacks and meal replacements for our active and health-conscious consumers.”
Expansion
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, Red Mango opened stores in Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
, Utah
Utah
Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...
, Washington, and New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. One year after the first store opened in Los Angeles, Red Mango opened 30 new stores. By the end of 2009, Red Mango had 60 stores in operation.
In the summer of 2010, Red Mango added 22 varieties of smoothies to their menu. They changed their signage to “Red Mango: Yogurt & Smoothies,” with Kim noting "it's really a fundamental shift of how we are defining ourselves in the business, away from the frozen-yogurt shop and really one that sells yogurt and yogurt-based products and smoothies." By the end of 2010, Red Mango awarded agreements for 147 locations and opened 62 new stores, bringing the total number of locations to 100. They were named #4 on Restaurant Business Magazine’s “Future 50” list of the fastest-growing chains in 2010. Red Mango plans to double their locations in 2011 and are currently on track to open 24 more stores in the first quarter alone.
Red Mango stores attract around 750 customers a day who spend between $5 and $6 each, which translates to approximately $1,000,000 per year in revenues. They open many of their stores near college campuses, with Kim noting that "we found that nutritional awareness is very high near and around college campuses, so we decided to aggressively grow onto campuses by opening on them or near them." About 70% of Red Mango’s buyers are women.
Management
Daniel J. KimDaniel J. Kim
Daniel J. Kim is the founder and former CEO and President of Red Mango, an American frozen yogurt and smoothie chain. He is currently Red Mango’s Chief Concept Officer.-Early life:...
is the founder, and former president and CEO of Red Mango, Inc.. He was bought out in December 2009 and now holds the position of Founder and Chief Concept Officer. He is a graduate of UC Berkeley's Haas School of Business
Haas School of Business
The Walter A. Haas School of Business, also known as the Haas School of Business or simply Haas, is one of 14 schools and colleges at the University of California, Berkeley....
and is an alumnus of Delta Sigma Pi
Delta Sigma Pi
ΔΣΠ ' is one of the largest co-ed professional business fraternities. Delta Sigma Pi was founded on November 7, 1907 at the School of Commerce, Accounts and Finance, New York University, New York, New York and is currently headquartered in Oxford, Ohio...
, Rho Chapter. He is a former investment banker.
The company's investors and advisors include John Antioco (former CEO and Chairman of Blockbuster Inc.), Dallas-based private equity firm CIC Partners, movie producer John Davis who is the son of Marvin Davis
Marvin Davis
Marvin H. Davis was an American industrialist and philanthropist...
, movie producer Roy Lee
Roy Lee
Roy Lee is an American film producer who regularly takes well known Asian films and remakes them for American audiences. Examples include The Ring, The Grudge and The Departed...
, and Stone Canyon Venture Partners.
The company, which currently has offices in California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, Arizona
Arizona
Arizona ; is a state located in the southwestern region of the United States. It is also part of the western United States and the mountain west. The capital and largest city is Phoenix...
, Dallas, Texas
Dallas, Texas
Dallas is the third-largest city in Texas and the ninth-largest in the United States. The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South and fourth-largest metropolitan area in the United States...
and New York, New York, raised $12 million in private equity financing in August 2008 and moved its headquarters from Sherman Oaks, CA to Dallas, TX in early May 2009.
Products
Red Mango uses 100% all natural, nonfat & lowfat, kosher, and gluten-free frozen yogurt fortified with probiotics. They were the first frozen yogurt store to be certified by the National Yogurt Association with the Live & Active Cultures seal, indicating the use of real yogurt. Currently, the company's lineup of frozen yogurt flavors consists of Original, Pomegranate, Madagascar Vanilla, and a rotating variety of seasonal or specialty flavors.Red Mango’s frozen yogurt is topped with fruits (which include strawberries, mango, blueberries, and pineapple) or “fun and crunchy” items (which include Fruity Pebbles
Fruity Pebbles
Fruity Pebbles and Cocoa Pebbles are brands of breakfast cereal introduced by Post Cereals in 1971 featuring characters from the animated series The Flintstones. Cocoa Pebbles contains chocolate-flavored crisp rice cereal bits, while Fruity Pebbles contains crisp rice cereal bits that come in a...
, organic
Organic food
Organic foods are foods that are produced using methods that do not involve modern synthetic inputs such as synthetic pesticides and chemical fertilizers, do not contain genetically modified organisms, and are not processed using irradiation, industrial solvents, or chemical food additives.For the...
granola
Granola
Granola is a breakfast food and snack food, popular in North America, consisting of rolled oats, nuts, honey, and sometimes rice, that is usually baked until crisp. During the baking process the mixture is stirred to maintain a loose, breakfast cereal-type consistency...
, graham cracker and mochi
Mochi
Mochi is a Japanese rice cake made of glutinous rice pounded into paste and molded into shape. In Japan it is traditionally made in a ceremony called mochitsuki. While also eaten year-round, mochi is a traditional food for the Japanese New Year and is commonly sold and eaten during that time...
).