London Bagel Museum, a bakery chain widely regarded as a “must-visit for the 2030 generation,” reported nearly 80 billion won (approximately $55 million) in revenue last year, with an operating profit margin exceeding 30%.
LBM Co., Ltd., the operator of London Bagel Museum, revealed in its first-ever audit report on Apr. 9 that it recorded 79.6 billion won ($54 million) in revenue and 24.3 billion won ($16 million) in operating profit for 2023. Compared to unaudited figures from the previous year, revenue jumped 120.9%, while operating profit rose 91.7%. Its operating profit margin stood at 30.5%, surpassing that of Sungsimdang, a well-known local bakery brand with an average margin of around 25%.
The company also reported a net profit of 20.4 billion won ($14 million), up 80.5% from 11.3 billion won ($7.7 million) the previous year.
London Bagel Museum has emerged as a major player in South Korea’s food and beverage industry, serving as the epicenter of the country’s ongoing bagel craze. Since launching its flagship store in Anguk in September 2021, the brand has built a dedicated following with its distinctive bagel offerings not commonly found elsewhere. During the COVID-19 pandemic, when international travel was limited, the store gained popularity by evoking a sense of travel nostalgia. Queues often exceeded 500 people, and the brand ranked No. 1 in customer waitlist volume on the restaurant reservation platform Catchtable in both 2023 and 2024.
The company was initially incorporated in February 2022 under the name “London Bagel Museum Anguk” before adopting its current legal name, LBM. It currently operates six locations. The largest shareholder is Director Lee Sang-yeop, an early investor, who owns 46% of the company. Director Kim Dong-jun holds a 29% stake, CEO Kang Kwan-goo owns 10%, and Chief Brand Officer Lee Hyo-jung, widely recognized as the brand’s founder, holds 15%.
Earlier this year, reports surfaced that LBM was considering a sale that would value the company at approximately 300 billion won ($205 million). The company denied those claims, stating, “We are currently in the process of securing new investment for international expansion,” and added, “We are not pursuing a sale at this time.”
