New York-based bakery brand Magnolia Bakery has signed a major franchise agreement to open 10 locations across Ontario, Canada, marking the company’s first entry into the Canadian market and further accelerating its international expansion strategy. The deal will be led by experienced multi-unit franchise operators Chetanshi and Shaishav “Shay” Thakkar, who will develop the brand throughout Ontario.
The agreement represents a significant milestone for Magnolia Bakery, making Canada the brand’s eighth international market and its first English-speaking market outside the United States. The move comes as the iconic bakery chain enters its most aggressive growth phase to date, following the launch of its formal franchising program in 2025.
Founded in 1996 in New York City’s West Village, Magnolia Bakery has grown from a neighbourhood bakery into a globally recognized dessert brand known for its signature Banana Pudding, cupcakes and classic American baked goods. The company currently operates 10 corporate-owned stores across New York, Chicago and Los Angeles, while its international network has expanded to approximately 40 locations across India, the UAE, Turkey, the Philippines, Jordan, Kuwait and Qatar.
The Ontario development deal underscores growing investor confidence in Magnolia Bakery’s franchise model. According to the company, international expansion remains a key pillar of its long-term growth strategy, with the brand targeting 50 international locations by the end of 2026. Additional expansion agreements have already been signed across India, Turkey, the Philippines, Qatar and Bahrain.
The Canadian expansion follows several years of rapid international growth. Magnolia Bakery reported a 33 percent increase in its international footprint between 2024 and 2025, growing from 31 to 40 locations, and has stated ambitions to double its global footprint over the coming years. India remains one of the brand’s strongest international markets, with nine operational bakeries and plans for substantial further expansion.
A key driver behind Magnolia Bakery’s global success has been its world-famous Banana Pudding, which the company says sells at a rate of approximately five cups every minute worldwide. Beyond its bakery operations, the brand has also expanded into consumer-packaged goods, with products now available in more than 2,000 retail locations.
The company has been investing heavily in infrastructure, technology, product innovation and franchise development since being acquired by RSE Ventures in 2021. Those investments have helped drive revenue growth, strengthen operational capabilities and support international market expansion.
According to Magnolia Bakery’s international franchise leadership, the brand’s growth strategy focuses on partnering with experienced multi-unit operators capable of scaling the business while maintaining the bakery’s signature quality, customer experience and product consistency across markets.
While specific Ontario locations and opening timelines have not yet been announced, the 10-store commitment signals a substantial long-term investment in the Canadian market and positions Magnolia Bakery for continued global growth as it expands its franchise network across North America and beyond.
The Ontario agreement further strengthens Magnolia Bakery’s position as one of the fastest-growing premium bakery franchises globally, leveraging nearly three decades of brand equity and increasing consumer demand for its iconic desserts across international markets.
