Magnolia Bakery, which was made famous by the “Sex and the City” TV series, was sold to a venture-capital firm co-founded by Hudson Yards developer Stephen Ross
Magnolia Bakery, the New York company that rose to fame during the cupcake craze of more than a decade ago, is looking ahead to its next chapter under new ownership.
Magnolia Bakery rose to prominence in the 2000s when it appeared on the “Sex and the City” HBO series and on “Saturday Night Live.” Since then, the chain has grown to encompass more than 25 locations across the U.S. and overseas. “I’ve just been amazed watching this brand,” said Mr. Higgins, who sees opportunities to grow Magnolia by expanding its online operations and possibly introducing the sale of packaged products at grocery stores.
Mr. Abrams said the decision to sell Magnolia was driven partly by the challenges of trying to expand the company without significant additional capital.Bobbie Lloyd, a veteran baker who previously served as Magnolia’s chief operating officer under Mr. Abrams, has assumed the role of chief executive.
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