The story
Founded by Young Lee in 2005.1
Hwang's first business venture was to open a formal English teahouse on a tiny residential street called Huntley Drive in West Hollywood, California. However, after the city refused to approve an alcohol permit for Hwang and her business partner, architect Young Lee, they decided to go with their second plan, which was a frozen yogurt concept reviving the craze of the 1980s. People were soon driving across town and standing in line for up to 20 to 30 minutes to get their fix of "the taste that launched 1,000 parking tickets." The second store opened in August 2006 and the third one on La Brea and Melrose avenues in early September 2006. After, stores began springing up all over Southern California and also branches in New York. In October 2009, Pinkberry opened its first overseas branch in the State of Kuwait at the Avenues shopping mall.
On October 16, 2007, the firm took in a $27.5 million investment from Maveron, the venture fund founded by Starbucks founder Howard Schultz, to expand the firm's concept nationwide.
On May 1, 2009, Pinkberry announced its plans to expand its market both internationally and domestically, after receiving $9 million in second-round funding from investors. As part of its plans, Pinkberry has partnered with Kuwaiti retail conglomerate M.H. Alshaya Co. to open stores in several countries in the Middle East and signed with HMSHost to open locations in airports nationwide, the first of which will open in the late summer 2009. In 2010, the company expanded in the Southern United States. In April 2010, the original Pinkberry store in West Hollywood, still lacking adequate parking, was closed and converted into an administrative building for the chain.
After poor sales and several store closures from over-expansion, in 2015 Kahala Brands acquired Pinkberry as their 18th brand. There is no information on how much co-founders Hwang and Lee received upon selling Pinkberry to Kahala Brands in December 2015. Currently, Shelly Hwang is the Chief Product Officer and Board Director of Pinkberry.
From Wikipedia’s article on Pinkberry, shared under CC BY-SA 4.0.3
