|Legal Name:||Chipotle Mexican Grill, Inc.|
|Headquarters Regions:||Newport Beach, California, United States|
|Founded Date:||13 July 1993|
|Number of Employees:||70000+|
|Area served:||United States of America|
|Products of Company:||chain of fast-casual restaurants|
|Net Worth in 2022:||$6 Billion|
Chipotle is a popular American chain of fast-food restaurants. It operates in many countries across the world including the United States, Canada, Great Britain, and France. It was founded by Steve Ells and is available in more than 2600 locations. Chipotle has its headquarters located in Newport Beach, California. It specializes in burritos and tacos, and it has gone public in the New York Stock Exchange. As of 2017, the company has more than 64500 employees across the world.
Well, how well do you know about Chipotle? If not much, here is what we know about Chipotle to date.
While attending the Culinary Institute of America, Steve Ells witnessed that there was a lot of popularity for burritos and taquerias. He then came up with the first Chipotle Mexican Grill in 1993. Ells started it after taking a loan of $85,000, and it was in Denver, Colorado. He had a target of selling 107 burritos in a day to make a profit. Within a month, the sales rose to more than 1,000 burritos in a day. With all the success, he came up with a second store in 1995.
In 1998, it went outside Colorado and had a restaurant in Kansas City, Missouri. The success made McDonald’s an investment partner in the company. Chipotle became public in 2006, and Ells became chairman of the company. That same year, McDonald fully divested from the company. Two years later, Chipotle set its first international branch in Toronto, Canada.
With increasing sales, the company soon started to expand in other restaurants. It has also made many changes, and in 2014, there was an increase in the menu prices. By October 2014, Chipotle was available in 17 different locations including the United Kingdom and Canada. Within a quick time, it made its presence in two locations in Frankfurt, Germany and six in Paris, France. As Ells was not able to look after the business as a single person. He has set up corporate management that includes a board of directors and managers.
All the restaurants of the company are owned by Chipotle. The immense success of the company was primarily due to the menu. It consists of five items, tacos, burritos, salads, bowls, and quesadillas. However, none of the restaurants have can openers, freezes, or microwave ovens. Despite all the success, it has been accused of food safety. It was also held responsible for the outbreak of norovirus in 2008. With all the odds, Chipotle has emerged as one of the largest fast-food chains in the United States.
Awards & Achievements
In 2021, Chipotle won the awards of Best Marketing Team, Best Place to Work in Los Angeles, and Best HR Team. It was successful in winning eight awards in 2020. The company also so won the Readers Choice Award in 2003 by Mile High Magazine. It has won multiple other awards in different categories. Steve Ells won the 2013 Cornell Hospitality Innovator Award for the success of Chipotle. It has won many other awards including the Stevie Awards, International Business Awards, and American Business Awards.
Net Worth & Earnings of Chipotle in 2022
As of 2022, The approximate net worth of Chipotle is $6 billion. This is from the sales that the company made by operating in many different countries. It made a revenue of $5.5 billion in 2019. It also has total assets of over $5 billion in the same year. In 2020, the revenue rose from $6 billion to $7.1 billion.
With the outbreak of coronavirus, it witnessed a massive surge of 177.2% in digital sales in 2020. There was also an increase in the restaurant-level operating margin. Chipotle’s digital sales accounted for over 46% in 2020. Since its inception, the company’s sales and revenues have witnessed a heavy increase. In the last six years, the revenue graph of Chipotle is on the rise.
Steve Ells found success after he started Chipotle. Today it is operating in many countries across the world and has employed thousands of employees. It faced many allegations but still overcame all the issues. It is known for making amazing meals and served people even during the COVID-19 pandemic.