Krispy Kreme first entered Japan in 2006 with a flagship store in Shinjuku, Tokyo. Over the past two decades, the brand has built a sizable presence, expanding to 89 stores and nearly 300 fresh delivery access points across Tokyo, Osaka, and other major metropolitan areas. The Japan market has become one of the company’s most established international footprints.
The transaction with Unison represents Krispy Kreme’s first international refranchising agreement since it announced a broader turnaround plan in August. According to CEO Josh Charlesworth, the move reflects progress on a core pillar of that plan, which emphasizes reducing debt while partnering with experienced local operators.
Krispy Kreme’s operating model relies on larger production hubs that supply doughnuts daily to multiple retail outlets, a strategy designed to meet high demand but one that requires substantial investment. In recent years, that cost structure has come under pressure, particularly as some partnerships failed to deliver expected sales volumes. The company ended its U.S. partnership with McDonald’s in July after concluding that costs could not be aligned with demand.
Unison Capital, founded in 1998, brings deep experience in Japan’s consumer and foodservice sectors. The firm has raised approximately $5 billion across multiple funds in Japan and South Korea and has invested in a range of well-known consumer brands, including bubble tea, noodle, sushi, and wine retail businesses. That track record positions Unison as a strategic operator capable of managing and expanding Krispy Kreme’s footprint in Japan.
Unison Co-Founder and Managing Partner Tatsuya Hayashi described the acquisition as an opportunity to build on a strong foundation, noting the brand’s long-standing connection with Japanese consumers. He emphasized a shared commitment to quality, growth, and maintaining the joyful experience associated with Krispy Kreme’s fresh doughnuts.
Globally, Krispy Kreme operates in more than 40 countries. The Japan deal underscores a broader shift in how the company plans to manage its international markets—leaning more heavily on local partners while refocusing corporate resources on financial stability and long-term brand strength.