US doughnut maker and retailer Krispy Kreme Doughnuts has signed a joint venture agreement with a Mexican company to open 20 stores throughout Mexico over the next six years.

Krispy Kreme said it would take a 30% stake in the joint venture, which will be named Krispy Kreme Mexico.

Grupo AXO, Krispy Kreme’s partner in the venture, develops international brands such as Tommy Hilfiger and Warner Bros Studio Stores in Mexico, reported Dow Jones News Service.

Krispy Kreme already has international joint venture agreements in Australia, Canada, New Zealand and the UK. The company added that its was continuing to explore potential franchise opportunities in Japan, Spain and South Korea.

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By GlobalData