MYANMAR - Yum! Brands will unveil the first KFC restaurant in Myanmar next year through a franchise awarded to Yoma Strategic Holdings Ltd, executives from both companies said.
"The announcement of the first KFC coming to Myanmar reflects our ongoing strategy of global expansion in emerging markets," said Micky Pant, CEO of KFC, in a statement released on the 13 October. "We're excited to work with such a well-respected franchisee to bring the great taste of KFC to Myanmar, an important emerging Asian economy with a population of 50 million people."
KFC is one of the world’s largest restaurant chains, with US$23 billion in global sales and more than 18,000 restaurants in 118 countries worldwide. KFC is among the first handful of quick-service restaurants set to enter the Myanmar market, reports nationmultimedia.
Listed on the Singapore Securities Exchange Trading Limited (SGX-ST), Yoma Strategic is a leading business corporation with real estate, agriculture, automotive and luxury tourism businesses in Myanmar. Together with its partner, the SPA Group, it is taking a conglomerate approach to build a diversified portfolio of businesses in Myanmar. Yoma Strategic made its first foray into Myanmar’s fast-moving consumer goods sector when it acquired a stake in Asia Beverages Co Ltd. In 2013, Yoma Strategic also opened the first international department store, Parkson, in Myanmar at FMI Centre.
Serge Pun, executive chairman of Yoma Strategic, said that chicken is a staple protein in Myanmar and our people recognise the KFC brand and Colonel Sanders' secret original recipe of 11 herbs and spices.
"KFC is a strong global brand that is now in nearly every corner of the world and we are proud to be KFC's franchise partner to help fulfill its growth ambitions in Myanmar. Bringing KFC to Myanmar is an important step to achieving Yoma Strategic's goal in being a key player in the country's food and beverage sector," said Pun.
Both parties believed that Myanmar is one of the potentially sizable consumer markets to emerge among developing economies. With 50 million people and a growing middle class with disposable income, the country offers significant consumer opportunities for Yoma Strategic to expand KFC over the long term.
"Myanmar offers significant macro potential for an international quick-service franchise with a growing consumer class that is forecast to grow from 2.5 million today to 19 million in 2030, potentially tripling consumer spending ... In a regional context, Myanmar should experience a strong growth trajectory", said Pun. "The consumer and retail sector is key to Yoma Strategic's strategy to capture the rapid increase in discretionary consumer spending in the country and KFC is the cornerstone of our business platform in this space."
Yum! owns several restaurant brands, including KFC, Pizza Hut and Taco Bell.
TheMeatSite News Desk