TORONTO — Restaurant Brands International says it's spending up to $45 million on two deals intended to boost its presence in China and spur growth in what the company sees as a promising market.
The Toronto-based company says it plans to work with local partners and establish a"master franchisee" model for Popeyes similar to what is in place in other countries. "China is one of the most compelling long-term market opportunities for both our Popeyes and Tim Hortons brands. Popeyes China is off to a strong start and we are excited to unlock its development potential," Asia Pacific President Rafael Odorizzi said in a statement."... Today's announcement allows Tims China to redouble its focus on quality restaurant development and providing Chinese consumers with our high quality Tims coffee and food offerings.
RBI had once expected net restaurant growth — a metric that takes into account locations both opening and closing — to climb by at least five per cent between 2023 and 2024.
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