Founded in 2018, local coffee innovators, Fore Coffee, may have achieved its best year yet in 2024.
Hosting a media event at the company’s main office on Dec. 11, Fore and its board of directors highlighted a few key metrics that outline the company’s performance over the past year, their future plans and how they have sustained growth since 2018 amid the increasingly competitive coffee industry in Indonesia.
“Our strategy is focused on the merger of innovations, community involvement and operational excellence in creating sustainable growth, not only in volume, but also in the quality of the consumer experience,” said Vico Lomar, CEO of Fore Coffee.
He also explained that the Indonesian coffee market is on a positive trajectory, citing that, according to the Redseer Analysis report, Indonesia’s market is projected to grow at an 11 percent compound annual growth rate until 2030.
Taking this into consideration, Fore Coffee has streamlined its product offerings to three core pillars, namely its classic, signature and seasonal collaboration line of coffees. Fore provides a curated mix of traditional coffee drinks such as cappuccinos and Americanos, alongside Fore’s innovative twists like the butterscotch latte, which Lomar notes has sold over 8 million cups.
Within 2024, Fore Coffee has managed to record its highest year-on-year store expansion since the COVID-19 pandemic, opening 61 new outlets, expanding its reach to 43 cities and six regions across Indonesia, bringing the total number of its locations to 217.
Additionally, the company opened its first ever overseas branch in Bugis Junction, Singapore, in 2023.
”The sales in our first Singapore outlet have been steadily increasing. We see Singapore as the SCBD of the ASEAN region, so we think that having a foothold in a cultural and economic hotpot such as Singapore is key to Fore’s future overseas expansion,” Lomar said.
He also noted that the company plans to open up a second Singapore location, but said that there is still much growth to be achieved domestically in Indonesia.
”We can [still] improve our presence in East Indonesia particularly, so for now, overseas expansion is focused only on Singapore,” Lomar added.
Moreover, in 2024, Fore Coffee continues to successfully develop its eco-friendly and local empowerment initiatives. Their Pak Tani Ngopi di Jakarta initiative in particular directly supports their bean suppliers, local coffee farmers in West Java, through providing educational workshops and marketing developments.
“Sustainability is a key factor in ensuring longtime success in the coffee industry. We believe that our success in the near future is not only encouraged by product innovation, but also by our contribution toward sustainability and the empowerment of Indonesian coffee communities,” said Lomar in his closing remarks.
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