Chipotle Mexican Grill, Inc (CMG) operates a restaurant chain that specialises in classically cooked Mexican foods. The company aims to provide a fast food experience along with fresh, high-quality raw ingredients which are prepared using classic cooking methods and served in an interactive style.
Headquartered in Newport Beach, California, Chipotle was founded in 1993 and uses only 53 locally and organically produced ingredients across all the restaurants.
With more than 3,000 restaurants across the US, Canada, the UK, France and Germany, the restaurant chain allows customers to customise their food and get exactly what they want. Chipotle claims it is the only restaurant company of its size that owns and operates all its restaurants.
It is ranked on the Fortune 500 and in 2022 was recognised as one of Fortune’s Most Admired Companies, with its more than 100,000 employees providing a positive customer experience with their digital, technology and sustainable business practices.
As of 24 May 2022, Chipotle Mexican Grill was the second largest restaurant chain in the world, after McDonald’s, with a market cap value of $36.06bn.
Chipotle has also engaged in several sustainability projects, such as diverting 50% of its waste from landfill and recycling used plastic gloves into waste bags.
The company’s idea of offering freshly prepared Mexican cuisine in a fast food setting has attracted several local competitors, including Baja Fresh Mexican Grill and Qdoba Mexican Eats. Internationally, Chipotle faces strong competition from Yum! Brands, Inc (YUM)’s Taco Bell.
In 1998, McDonald’s Corporation became one of the major investors in the company, helping the restaurant chain grow from 16 to 500 outlets in less than eight years.
The company went public in 2006 after a spinoff from McDonald’s and was listed on the New York Stock Exchange (NYSE) under the ticker symbol ‘CMG’.
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