- The owner of the popular cafe chain Maman made about $50 million last year.
- They risked everything, including their savings, to do it.
- In a recent CNBC article, the couple explained how they did it.
What was once just a pipe dream of opening a cafe has grown into a multi-million dollar business and brand for the New York couple.
Known for its pastries, French-inspired cuisine, and Instagram-worthy aesthetic, Maman cafe opened its first location in Manhattan in 2014 and has since expanded to 34 locations across the US and Canada.
“I had this little dream of opening a cute, quaint, cozy coffee shop and cafe,” owner Elisa Marshall told CNBC.
According to CNBC, Maman brought in about $47.2 million in sales last year and hopes to hit $65 million in total revenue by the end of 2024. But it hasn't been an easy start: Co-founders Marshall and her husband Benjamin Solmonte have sacrificed a lot to grow the business to where it is today, even going so far as to use up their savings to expand the brand.
In an interview with CNBC Make It, they talked about how they've been turning their Paris dream into a fruitful reality over the past decade.
Initially, it was a big sacrifice
Like many small businesses, starting a business wasn't easy. Marshall and Solmonte sacrificed a lot — money, work, sleep — to pursue their dream of opening a successful cafe in New York City.
Before they even opened, their first decision was to uproot their lives and move: Marshall and Solmonte moved to New York from Spain in 2012 after running a beach club in Ibiza, and before that, they worked in law and marketing.
When it came time to actually open the cafe, Solmonte and Marshall not only became owners, but also painters, bakers, and waiters. When Maman opened in October 2014, they were working 80-plus hour weeks at their downtown Manhattan location.
Solmonte told CNBC it was a “huge sacrifice” and “a lot of sweat and tears and love.”
The couple spent about $250,000 to open the store, draining their savings accounts and asking for help from friends and family.
“This was one of the biggest financial risks we've ever taken,” Marshall told CNBC. “We took a significant risk, not just with our money, but with all our time and energy.”
Finding “it” for yourself
Coffee shops are commonplace these days — one 2023 report estimated that there are currently more than 40,000 coffee shops in the US — but Maman and its owners have set their shop apart by focusing on a few distinct elements.
The inspiration for Maman (French for “mother”) and its menu came from the foods they ate as children — Solmonte grew up in the south of France, while Marshall grew up in Toronto.
Marshall told CNBC that he chose the name to convey a sense of “warmth and homeliness.”
“When we asked ourselves, 'Who is your favorite chef?' we both answered 'Maman,' meaning we both grew up in the kitchen with our moms,” Solmonte said.
The store's aesthetic is similarly matching, with blue and white china, rustic wood furniture and floral accents.
“I came here for the atmosphere. [and] “I'm drawn to the ambience and the beauty of the space,” she said, adding: “Good food and coffee are easy to find in many places, so I need something a little more.”
Featured Menu
While Maman has great breakfast menus, coffee drinks, and Instagram-worthy looks, what it became famous for early on was its “chocolate chip cookies with nuts,” which were sold in a pasty product case.
Within its first month of opening, Maman was featured in a New York Magazine article as selling “New York's most impressive new chocolate chip cookie.”
The attention catapulted them into the spotlight, and their presence quickly spread: According to CNBC, Maman made about $2 million in revenue in its first year.
Brand diversification
By 2015, Solmonte and Marshall were “near burnout” from the hectic schedules of being new executives, so they sought outside help, added staff and attracted outside investors, including a $1.5 million investment from Solmonte's brother, according to a CNBC report.
According to a CNBC report, they signed a deal with a private equity firm in 2020 for “$10 million to $20 million.”
They also deployed Maman-themed products And they sell related merchandise. It's all part of a bigger plan to become more than just a cafe.
In 2021, they released a cookbook called “Maman: Heartwarming All-Day Recipes.” They also do catering and rent out the cafe space for events, which together account for about 20% of Maman's annual revenue, Marshall told CNBC. They also plan to expand into candles, tableware, and more in the future.
“My vision for Maman is not just a brick-and-mortar, four-wall restaurant,” Marshall told CNBC. “I really see us transforming into a multifaceted lifestyle brand.”
