In July 1996, two friends Allysa Torey and Jennifer Appel co-founded the Magnolia Bakery in a Manhattan Neighbourhood. This chain of bakeries in New York City had its first outlet on Bleeker Street and 11th Street. The bakery concept came accidentally when the friends were baking a cake and decided to pour the extra batter in a muffin tin. This was the origination of Magnolia’s first cupcake. The first magnolia bakery cupcake was sold at $1.25.
The Magnolia Bakery History
The two partners ran the bakery together until 1999, when there was a disagreement between them regarding its expansion. Jennifer Appel leaves the partnership and goes solo with a new bakery called Butter Cake Bakeshop.
In 2007 magnolia bakery nyc changes hands when Allysa Torey sells it to Steve Abrams, a restaurateur. Steve invested $1 million in cash to purchase the business. He became magnolia bakery CEO and owner along with his wife, Tyra and Daughter Olivia.
In January 2008, the new owners opened Magnolia’s second outlet on Columbus Avenue and 69 Street.
The first overseas location where Magnolia Bakery opened its outlet was in Bloomingdale’s home store in a Dubai Mall. By 2014 the bakery was growing and had outlets in 12 international locations: Tokyo, Moscow, Dubai, Kuwait, Doha, Abu Dhabi, Mexico City, Beirut, and Sung Nam.
The 20 years of successful business operations and expansion were celebrated at Bleecker Street’s first location, where cupcakes were sold at the inaugural rate of $1.25. The bakery collaborated with milkshake makers, Black tap, to sell Magnolia shakes for one year till July 2017.
The Magnolia Bakery became famous with the popular Tv Show “Sex and the City”, which showed the 620 square feet outlet on Bleecker Street in their episodes. By 2018 the bakery had logged in a revenue of $45 million and had six stores in New York City and other stores in Chicago, Los Angeles, and Boston., apart from 17 international franchises in 17 countries. In 2019, Magnolia increased its footprint in India by opening up the first store in Bengaluru.
2021- Who owns the Magnolia Bakery?
Magnolia Bakery rose to fame in the past decade under the ownership of Steve Abrams, a serial entrepreneur who dabbled in residential real estate, restaurant, bakery, and bar. The bakery started a new chapter in 2021 under new ownership.
In an undisclosed deal, a Venture Capital firm owned by Stephen Ross and entrepreneur Matt Higgins acquired the magnolia bakery chain in early 2021.
What is Magnolia Bakery Famous for?
Known as the best bakery in New York, it is famous for delicious desserts such as cupcakes, cookies, Cheesecakes, and banana pudding, which is the signature item. This global food caught the fancy of America and many other countries thanks to the initiative of the magnolia bakery. The bakery is known for fresh preparations, handcrafted cakes, cookies, puddings, mini cheesecakes, and brownies on its premises, making it a modern-day craze.
Magnolia Bakery is active in philanthropic efforts, with their idea of charity beginning at home. The community support is given in the form of food donations to international reliefs and local food pantries, local schools and organizations, and various programs that support families. Magnolia Bakery has in the past partnered with Michael J. Fox Foundation, NRDC, Autism Speaks, Breast Cancer Research Foundation, and many more.
The magnolia bakery is well known for its desserts, and cupcake is its specialty. They are famous for making fresh items without using pre-mixes or preservatives.