by William White | August 1, 2013 2:18 pm
Cronuts, the love child of croissants and donuts created by Dominique Ansel Bakery in New York City, are seeing competition from an already popular doughnut maker.
Dunkin Brands’ (DNKN) Dunkin Donuts has released its own version of the cronut, called the New York Pie Donut. The new pastry is currently available at select locations in Seoul, Jamsil and Myungdong. South Koreans like the pastry as much as New Yorkers do. Dunkin Donuts in South Korea, and the Dominique Ansel Bakery in New York, both have people lining up outside them to taste the treat. The cronuts at Dominique Ansel Bakery cost $5 each, reports ABC News.
A “black market” has formed around the cronut, with customers paying up to 700% more than store prices for the pastry.
Source URL: https://investorplace.com/2013/08/dunkin-donuts-jumps-on-the-cronut-craze/
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