[Photo provided by Kyochon F&B Co.]
South Korea’s leading fried chicken franchise operator Kyochon F&B Co. has added Singapore as its seventh foreign market to meet its goal to boost overseas revenue to 10 percent of its total sales by 2025.
Kyochon F&B said Wednesday it has signed a memorandum of understanding on master franchise partnership with Kyochon Malaysia to open its fried chicken stores in Singapore.
Kyochon Malaysia, a new business entity set up by Kyochon’s Malaysian partners managing 22 outlets in Malaysia since 2013, will be responsible for overseeing the operation in Singapore.
Apart from Singapore, Kyochon F&B runs 41 stores across the U.S., China, the Philippines, Malaysia, Indonesia and Thailand. The company has big expectations for the addition in Southeast Asian market where dining out is common.
Ahead of its initial public offering in October last year, the company said it plans to add stores in Middle East, Taiwan, Australia and Turkey in the first half of this year to operate 537 stores in 25 countries by 2025.
By then, it hopes to prop up 2 percent share from overseas as of 2019 to 10 percent.
Shares of Kyochon F&B closed Thursday up 0.29 percent at 17,450 won ($15.51) in Seoul.
By Kang Min-ho and Lee Soo-min
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]