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Meet the accountant behind Yogurtland who is bringing California’s frozen yoghurt craze to Australia

Nassim Khadem Reporter

Meet the accountant behind Yogurtland who is bringing California’s frozen yoghurt craze to Australia

Published 25 November 2013 09:42, Updated 25 November 2013 11:58

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Yogurtland Australia chief executive Paul Siderovski: “The Australian market’s ripe to adopt the US frozen yoghurt craze.”

It was only a matter of time before Australians jumped on board with California’s frozen yoghurt food craze. Yogurtland, the frozen yoghurt company that started in Fullerton, California in 2006, came to Australia in January. The international franchise chain of frozen yoghurt stores now has more than 200 locations across Australia, the US, Guam, Mexico and Venezuela. The company’s target is to expand beyond 550 stores by 2015 and 1000 stores by 2017.Australian chief executive Paul Siderovski, who previously led one ofAustralia’s Top 100 accounting firms, SiDCOR, says Yogurtland served more than 49 million cups of frozen yogurt around the world last year.

Siderovski, who discovered the frozen dessert company while holidaying in Hawaii with his family, says they have opened 11 stores in Sydney in the past few months, and aim to open a total of 50 by the end of next year.

“The Australian market’s ripe to adopt the US frozen yoghurt craze,” he says.

A plethora of frozen yoghurt shops are now opening across Australia, but he says premium, high-quality yoghurt sets the company apart from competitors.

Like most others, Yogurtland is based on the self-service concept – customers can choose their yoghurt cup size and flavours, and then add toppings from an extensive collection including fresh fruits, chocolate bits, nuts and lollies.

The company is targeting global sales revenue of $40 million by 2015. In the US, where the company is rapidly expanding, Yogurtland has one of the highest sales volumes in the industry, estimated to reap about $750,000 ($818,000) to $800,000 in average net sales per store.

In July 2011, Yogurtland partnered with Sanrio, the company that created Hello Kitty, to sell merchandise and co-brand. Hello Kitty characters are present on Yogurtland collectable cups and biodegradable spoons.

According to an IBISWorld report released in September, frozen yoghurt and yoghurt smoothie products increased as a proportion of the ice-cream industry’s $513 million revenue from 5 per cent in 2008-09 to 7 per cent in 2013-14.

An increase in the number of frozen yoghurt stores has also contributed to the growth. This upward trend is forecast to continue through to 2018-19, when it is projected to reach 9 per cent of industry revenue. IBISWorld estimates that in the five years through 2018-19, industry revenue is forecast to rise at an annualised 2.3 per cent to $575.4 million.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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