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Category: Food

Retail News Asia is committed to providing both local and global retailers with the latest Food and Food & Beverage news throughout the Asian market. This on a daily base.

  • Everstone puts on the block a piece of Burger King India

    Everstone puts on the block a piece of Burger King India

    Five years after setting up the franchise for Burger King in India, homegrown PE firm Everstone Capital is set to offload a minority stake in the quick service restaurant (QSR) chain. Everstone, which holds about 88% of Burger King India, will offload 20%, valuing the chain at $300-350 million, according to two people aware of the development.

    As per the proposed transaction, about 30-35% of Burger King India will be sold through secondary and primary offerings. Parent Burger King Worldwide holds 12% of Burger King India.

    Advisory firm EY has been mandated to run the sale process, which is expected to be launched in a few weeks, said one of the persons cited above. Everstone will remain the controlling stakeholder after the transaction.

    F&B Asia Ventures, a pan-Asian food and beverage business platform controlled by Everstone Capital, owns and operates Burger King’s branded restaurants in India and Indonesia. Everstone joined hands with US fast-food chain Burger King Worldwide in 2013 to set up the franchise for the two countries.

    Burger King India grew 68% to post sales of Rs 237 crore in FY17 from Rs 141 crore in FY16. In FY17, the company generated average sales of Rs 2.7 crore from each of its 88 outlets opened till March 2017, while rival Westlife Development, which runs McDonald’s in the south and west, posted average sales of Rs 3.6 crore from each outlet. Burger King, however, notched up higher numbers than Jubilant FoodWorksNSE -0.78 %, where average sales per outlet were at Rs 2.1 crore from both its brands, Dominos, Dunkin’ Donuts, ET reported last year.

    Since its first outlet was opened in November 2014, Burger King India has grown into 140 outlets in more than 30 cities in India and is expected to cross 200 by FY19. The chain is present in Amritsar, Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Kochi, Ludhiana, Mumbai, Delhi-National Capital Region and Pune.

    If the deal materialises, it will be Everstone’s second part exit from the food and beverages (F&B) portfolio in the past year. In December, Everstone sold a stake in Massive Restaurants, owned by Jiggs Kalra and son Zorawar Kalra, to PE firm Gaja Capital.

    Brands on its F&B Asia platform include Harry’s, Domino’s (Indonesia), Burger King, Pind Balluchi and Duck & Rice. The fund has invested over `1,200 crore in the sector so far. Besides F&B Asia, Everstone also owns Pan India Foods Solutions, a platform with brands such as Spaghetti Kitchen, Copper Chimney, Gelato Italiano, The Coffee Bean & Tea Leaf, Bombay Blue and Noodle Bar.

    “Investor interest in Indian QSR is driven by the same trends that are driving consumption theme across categories such as demographics, urbanisation and eating out,” said Harminder Sahni, managing director of retail consultancy firm, Wazir Advisors. Multinationals have the advantage of global brand equity and experience. Indian brands are too young to compete as of now and have to tackle issues such as product development, supply chain, store expansion and consumer connect, Sahni added.

  • Jollibee goes to London

    Jollibee goes to London

    Brits are about to have a taste of “bida ang saya” (joyful experience) as Jollibee Foods has started its expansion in the United Kingdom with a ceremonial launch of its first store on Sept. 25.

    Cabinet secretaries visited the store on the sidelines of an investors’ roadshow in the UK, a month before its grand opening next month.

    JFC officials, led by chief executive officer (CEO) Ernesto Tanmantiong and JFC president and head of Jollibee International Business for Europe, Middle East, Asia and Australia Dennis Flores, welcomed the government officials.

    “We are truly delighted and excited to be opening and introducing Jollibee to this part of the world. I, together with our Jollibee International and store teams, sincerely appreciate your presence here. We are sincerely humbled by your visit as we partner for economic progress and help contribute to bringing honor to our country,” said Tanmantiong.

    Tanmantiong noted that as JFC has done in Vietnam, Brunei, Singapore and Hong Kong, it also envisions to successfully serve the Filipino community as well as the British in the UK.

    The Cabinet officials’ visit coincided with the Philippine Economic Briefing in the UK, where they presented before the UK-Association of Southeast Asian Nations Business Council the latest updates on various government programs.

    The officials present were Finance Secretary Carlos Dominguez III, Trade Secretary Ramon Lopez, Tourism Secretary Bernadette Romulo-Puyat, Public Works Secretary Mark Villar, Transportation Secretary Arthur Tugade, Budget Secretary Benjamin Diokno, National Economic and Development Authority director general Ernesto Pernia and Bases Conversion and Development Authority president and CEO Vivencio Dizon.

    Lawmaker Pia Cayetano and Philippine Ambassador to the UK Antonio Manuel Lagdameo joined the Cabinet officials.

    “From our family, to our people, to those who invested in us, to our suppliers and to our customers, the journey has become not just our own, but a journey of the Filipino people. We look forward to traveling to the next destinations together,” Tanmantiong said.

    The UK store, which is opening on Oct. 20, is among the latest branches JFC is opening abroad.

    JFC will also open stores in Macau and New York this year.

    “(JFC’s) success is becoming the success of the Philippines as they represent, in a way, the dynamism and world class, hardworking and happy character of Filipinos,” Lopez told.

    Lopez said the economic team is pleased to be part of the JFC milestone in the UK.

    JFC is the parent company of Jollibee and has 12 brands with over 4,000 stores across 20 countries.

    In 2013, JFC became the number one restaurant company in Asia in terms of market capitalization and is now the world’s largest Asian restaurant company.

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  • Walmart Canada launches grocery delivery in Metro Vancouver with Food-X

    Walmart Canada launches grocery delivery in Metro Vancouver with Food-X

    Walmart Canada has announced the launch of sustainable grocery delivery for Metro Vancouver consumers in collaboration with Sustainable Produce Urban Delivery (SPUD)’s food delivery platform, Food-X Urban Delivery (Food-X). Metro Vancouver residents can now shop on walmart.ca/grocery or via the Walmart app and have their grocery orders delivered to their door by Food-X. Food-X helps Walmart with home delivery through shared warehousing and consolidation of orders.

    “It’s never been easier for customers to shop for fresh groceries – however and whenever they want,” said Daryl Porter, Vice President, Omnichannel Operations and Online Grocery. “Consumers are seeking out options to save time and money and Walmart is proud to offer more choices – including sustainable delivery.”

    Walmart remains committed to making everyday easier for busy families. This new grocery shopping option is faster and more affordable for customers in urban centres like Vancouver where there may not be convenient access to a Walmart Supercentre, and for customers who prefer to shop online.

    Customers can shop at walmart.ca/grocery or via the Walmart app. When done, they simply pay by credit card a then select a delivery window and their order will be delivered by Food-X right to their door in reusable totes as early as the next day. Customers can fill their cart with fresh groceries, including Canadian No. 1 grade fruits and vegetables such as BC-grown produce as well as an expanded selection of organic produce, Canadian beef, chicken and pork, dairy, baked goods, frozen foods and pantry items. They can also add health and beauty products, household supplies, pet food, baby food, diapers and lots more. All fresh groceries come with a 100 percent satisfaction, money-back guarantee. Minimum order is US $50 before taxes and delivery is US $9.97.

    The 74,000 sq. ft. sustainable warehouse features proprietary technology SPUD has been refining for the past 20 years to minimize the environmental impact of grocery delivery from reducing food waste to ensuring trucks are making fewer trips on the road. The Food-X warehouse has technology, several bio-digesters used to compost meat, produce, and compostable packaging bringing their food waste to 0.5 percent, which is leading the retail industry.

    Earlier this year, Walmart announced a commitment to achieve zero food waste by 2025 in its Canadian operations. The company’s journey to zero food waste in Canada by 2025 was announced in April 2018 with a three-part strategy that includes improving operational efficiencies, as well as increasing food donations and providing philanthropic support.

    “Our strategic collaboration with Food-X supports our belief that environmental and business sustainability go hand-in-hand,” said Porter. “Food-X is a leader in sustainability in Vancouver and we are proud to partner with a like-minded, environmentally-conscious operation.”

    “Consumer demand for online grocery shopping is growing and that means more trucks on the road,” said Peter van Stolk, CEO of Food-X. “We have built a best-in-class platform to get fresh food and groceries from the supplier to the kitchen while reducing waste and lowering emissions. We are very proud that Walmart is committed to zero food waste by 2025, and we are excited to be partnered with them on this goal.”

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  • Leica Thailand opens second global cafe

    Leica Thailand opens second global cafe

    Leica Thailand distributor A-List Private has opened a lifestyle cafe for the Leica community – Cafe Leitz by Pacamara.

    The cafe, opened in partnership with Thai coffee brand Pacamara, is located in a 214sqm space on EmQuartier’s mezzanine level. Modelled on a similar cafe in London it is just the camera brand’s second such cafe in the world.

    The central Bangkok venue is a meeting place for Leica Thailand enthusiasts to share knowledge, techniques and experiences. Leica specialists are on hand to discuss and reveal on how to use some of the cameras’ more advanced functions professionally and options that the Leica cameras possess.

    The cafe was designed in a modern style featuring relaxed colours like black, white, gray and brown, sure to be familiar with any Leica user.

    A-List MD Danai Sorakraikitikul said there will be experiential activities for customers, such as the opportunity to try out Leica cameras. It will also host workshops and serve as a gallery for photography exhibitions by upcoming photographers from the Leica Akademie.

    “Visitors will see, smell, taste, hear and feel the Leica experience,” he said.

    View the gallery below (6 images) :

     

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  • Pan Malaysia to form JVCO with Singapore’s Baker & Cook

    Pan Malaysia to form JVCO with Singapore’s Baker & Cook

    Investment holding company Pan Malaysia has entered into a partnership with Singaporean artisan baker and food store Baker & Cook.

    The 50-50 joint venture will serve to diversify Pan Malaysia’s business to include F&B retail outlets, trading as Baker & Cook and Plank Sourdough Pizza. Pan Malaysia’s investment is being made through its wholly owned unit Megafort.

    Under the agreement, Baker & Cook will manage day-to-day operations while Megafort handles concession and sub-franchisee agreements.

    The stock exchange filing announcing the joint venture read: “The group (Pan Malaysia) intends to diversify its business profile and income stream, and it believes that the JV is expected to contribute positively to the earnings of the group in the future.”

  • Chocolate maker Mars sees India as a key accelerate market

    Chocolate maker Mars sees India as a key accelerate market

    US-based chocolate maker Mars sees India as a key ‘accelerate’ market and is ramping up its distribution network in the country to tap the high growth potential, a senior company official said.

    According to a report: The company, which has brands such as Snickers, Mars, Bounty, M&M, Double Mint, Boomer, Orbit, Galaxy and Twix in India, also plans to introduce one more brand in the next six to eight weeks to enhance its presence here.

    “India is a key ‘accelerate’ market in Mars Wrigley Confectionery Asia, Australia, Middle East and Africa (AMEA),” Andrew Leakey, Mars Wrigley Confectionery General Manager – India said.

    The company is investing to strengthen its distribution network and is building a sustainable supply chain here to expand its reach beyond metros and some key cities. The company has stronger growth ambitions and is taking a long-term view on the Indian market, he said.

    Presently, Mars Wrigley products are distributed through around 3,00,000 outlets and it is eyeing to take the number to over 5,00,000.

    “With our continued focus on growth in the India market through our expanding distribution network, flexibility to scale as per demand, ongoing efforts to build sustainable supply chain and strong market potential, we anticipate one-fourth of our growth contribution for AMEA region, coming from India, over the next few years,” he further said.

    However, he declined to share revenue or other financial details.

    Last year, Mars Inc integrated its Mars Chocolate and Wrigley segments in India, creating Mars Wrigley Confectionery (MWC) to tap high growth potential here.

    “We are taking a long term view over the business in India and the company is less concerned about the immediate paybacks,” he was quoted as saying.

    Leakey said that the company looks to introduce “products which are more relevant to the Indian market”.

    The company has an innovation centre in Bengaluru which is helping it to localise some of the flavours here.

    Asked about growth, he said, “Confectionary market is growing with CAGR of 9 percent in last 5 years and we are growing double than that and we would continue to grow at that rate.”

    To expand its reach in the mass market, Mars has introduced a small Rs 10 pack of Snickers as in India around 80 percent chocolates are sold in the Rs 10 price segment, he added.

    “Since we have launched it, we have doubled our distribution of Snickers,” he was further quoted by PTI as saying.

    Mars has manufacturing plants in Pune, Baddi (Himachal Pradesh), Hyderabad and Bengaluru and has plans to expand capacity when the demand increases.

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  • Korea’s Goobne Chicken enters Malaysian market

    Korea’s Goobne Chicken enters Malaysian market

    South Korean fast-food chain Goobne Chicken has expanded into Malaysia, opening its first outlet in My Town Shopping Center.

    The brand plans to test the market under a franchise agreement with a local partner and has chosen its first location at one of the city’s largest shopping malls, housing more than 400 retail and dining options.

    Located on the fourth floor, the 115sqm store can seat 64.

    “Our employees in overseas management, product development and marketing departments have performed a thorough market study for the Malaysian entry,” said a Goobne Chicken spokesperson.

    “We plan to win over Malaysian consumers with our locally-tailored menu and marketing campaign.”

    Goobne operates 12 outlets overseas, including in Hong Kong, Macao, Japan and Indonesia.

    The company says it will open its first Vietnam restaurant in Ho Chi Minh City in November.

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  • NTUC Enterprise acquires Kopitiam

    NTUC Enterprise acquires Kopitiam

    Singapore’s renowned Kopitiam food centres have been bought by NTUC Enterprise Co-operative to protect the chain from commercial investors.

    In a press release announcing the deal, NTUC Enterprise said by investing an undisclosed sum in acquiring the business it could satisfy its social mission of ensuring cooked food remained affordable and accessible to Singaporeans.

    After the deal is settled, expected to be later this year, the Kopitiam outlets would complement NTUC Enterprises’ existing Foodfare food centres, operated independently by their own management teams.

    However the two businesses would look to sharing technology knowhow and resources and other behind-the-scenes processes.

    Kopitiam was founded 30 years ago and has now grown to 56 foodcourts, 21 coffee shops and three hawker centres across the island, serving some 350,000 meals each day and employing more than 1000 people.

    “Kopitiam and NTUC Foodfare share the common objective of making quality cooked food affordable and accessible to all,” Kee Teck Koon, executive director at NTUC Enterprise, said in a statement.

    “We will leverage our combined strengths to contribute to improving the vibrancy and resiliency of this daily essential sector in Singapore, with the ultimate goal of creating better experiences for our customers, and opportunities for our employees and other stakeholders.”

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  • Camus Cognac appoints new Asia Key Account Director

    Camus Cognac appoints new Asia Key Account Director

    From tobacco to cognac, Rex Zhu Hao has recently been appointed Key Account Duty Free Sales Director of the family-owned Cognac house Camus.

    Backed by 12 years of experience in the tobacco business and travel retail in the Greater China market, managing Asia duty free for Dannemann Cigars, Rex will be in charge of further expanding Camus’ well-established business in Asia travel retail from the Asia Pacific regional office of Camus La Grande Marque in Hong Kong.

    Anne Blois, Global Sales and Marketing Director, Camus commented: “As sales in duty free continue growing for all our key brands Camus, Moutai and Loudenne we are convinced that Rex Zhu Hao’s solid background in travel retail and deep knowledge of our markets will be a great asset to our group and we wish him every success in his new challenge.”

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  • Dunkin’ Donuts reveals new brand identity

    Dunkin’ Donuts reveals new brand identity

    Dunkin’ Donuts has been on a first-name basis with its fans long before the introduction of its iconic tagline, America Runs on Dunkin’, with customers around the world naturally and affectionately referring to the brand as Dunkin’. In recognition of this relationship, and as one of many steps to transform itself into the premier beverage-led, on-the-go brand, the company has unveiled its new branding at its Global Franchisee Convention that officially recognizes its name as simply Dunkin’. The change will officially take place in January 2019.

    The new branding conveys the company’s focus on serving great coffee fast, while embracing Dunkin’s heritage by retaining its familiar pink and orange colors and iconic font, introduced in 1973. Beginning the first of the year, the new branding will appear on packaging, as well as the company’s advertising, website and social channels. Going forward, the new Dunkin’ logo will also be featured on exterior and interior signage on all new and remodeled stores in the U.S. and, eventually, internationally. The brand tested the new logo extensively, including on exterior signage at Dunkin’ locations featuring its next generation design concept over the past year.

    According to Dunkin’ Brands’ CEO and Dunkin’ U.S. President David Hoffmann, “Our new branding is one of many things we are doing as part of our blueprint for growth to modernize the Dunkin’ experience for our customers. From our next generation restaurants, to our menu innovation, on-the-go ordering and value offerings, all delivered at the speed of Dunkin’, we are working to provide our guests with great beverages, delicious food and unparalleled convenience. We believe our efforts to transform Dunkin’, while still embracing our incredible heritage, will keep our brand relevant for generations to come.”

    “By simplifying and modernizing our name, while still paying homage to our heritage, we have an opportunity to create an incredible new energy for Dunkin’, both in and outside our stores,” said Tony Weisman, Chief Marketing Officer, Dunkin’ U.S. “We are bringing the iconic name Dunkin’ to the forefront in a bold way that brings to life how we refill optimism with each cup and bring fun, joy and delight to our customers each and every day.”

    Brand Refresh part of the Dunkin’ Blueprint for Growth

    The new branding, developed in partnership with new creative and branding agencies Jones Knowles Ritchie (JKR), BBDO New York and Arc Worldwide, is one part of Dunkin’s multi-faceted blueprint for growth, a plan designed to transform the company into the premier beverage-led, on-the-go brand. Recent initiatives have included a simplified menu, a greater emphasis on beverages like Cold Brew Coffee, Nitro Coffee and Iced Teas, the introduction of unique products like Donut Fries, an increasing emphasis on On-the-Go Mobile Ordering, and most importantly, the introduction of Dunkin’s next generation design concept.

    Specifically designed to meet the needs and demands of today’s on-the-go consumer, the next generation store design offers new and innovative elements to make running on Dunkin’ faster and more convenient than ever before. The key in-store elements include an eight-headed tap system for cold beverages encouraging crew members to serve guests like bartenders, a glass bakery case putting donuts in the forefront within arm’s reach of guests, and more prominent and engaging mobile-order pick up areas, as well as the first-ever mobile order drive-thru lane to allow mobile users to speed past the line.

    Dunkin’ to Remain Sweet on Donuts

    Although the word ‘donuts’ will no longer appear in the logo or branding, donuts will remain a significant focus for the brand. As the #1 retailer of donuts in America, selling more than 2.9 billion donuts and MUNCHKINS® donut hole treats annually worldwide, each Dunkin’ restaurant is required to make the most popular donuts available every day, along with local favorites, so that guests know they will be able to find the top-selling donuts and fun seasonal varieties no matter which Dunkin’ location they visit.

    Earlier this season Dunkin’ brought back its popular Pumpkin Donut and MUNCHKINS® donut hole treats for a sweet taste of fall. The brand will be revealing this year’s lineup of Halloween-themed donut varieties early next month.

    From Open Kettle to Dunkin’

    The story of Dunkin’ began in 1948 with a donut and coffee restaurant in Quincy, Massachusetts called ‘Open Kettle’. Founder William Rosenberg served donuts for five cents and premium cups of coffee for ten cents. After a brainstorming session with his executives, Rosenberg renamed his restaurant “Dunkin’ Donuts” in 1950. His goal was to “make and serve the freshest, most delicious coffee and donuts quickly and courteously in modern, well-merchandised stores,” a philosophy which still holds true today. In 1955, the first Dunkin’ Donuts franchise opened, and, in just 10 years, the number of restaurants had grown to over 100 shops. Since 1950, the number of Dunkin’ restaurants has increased to more than 12,600 restaurants worldwide in 46 countries.

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  • Ogilvy picks up creative work for Pizza Hut Hong Kong as brand targets millennials

    Ogilvy picks up creative work for Pizza Hut Hong Kong as brand targets millennials

    Ogilvy will be tasked with raising the profile of Pizza Hut among millennials after being appointed creative agency of record for the brand in Hong Kong.

    The agency was selected following a competitive pitch. Havas was the incumbent.

    Ogilvy & Mather also won the creative work for Pizza Hut in Singapore at the start of the year, releasing its first work in May. The agency also works with Pizza Hut parent Yum! across several markets in Asia.

    Ogilvy will deliver Pizza Hut’s integrated marketing strategy including creative, brand building and campaign execution with the agency tasked with raising the profile of the brand among millennials while “maintaining its strong heritage in the family segment”.

    In a statement, Pizza Hut Hong Kong marketing director Wendy Leung said: “Our decision to partner with Ogilvy was based on their proven track record of delivering innovative work that resonates with the local market.

    “As we look to elevate the Pizza Hut brand amongst millennials in Hong Kong, it was critical that we chose an agency whose work is grounded in strong, local consumer insights”.

    Ogilvy Hong Kong executive creative John Koay added: “Everyone in Hong Kong grew up with Pizza Hut. We are thrilled Ogilvy can partner with this iconic brand to create effective and famous work that will drive their business forward and connect with Hong Kong people”.

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  • Jollibee UK launches soon

    Jollibee UK launches soon

    Philippine fast-food chain Jollibee has hinted at opening its first store in the United Kingdom.

    The potential of a Jollibee UK debut was revealed in a tweet featuring a photo of its mascot bee with British Ambassador to the Philippines Daniel Pruce, hashtagged #JollibeeLondon and #1stJollibeeInUK.

    The ambassador had previously said Jollibee would open in Britain this year in a TV interview, during which he professed his love for the brand’s fried chicken.

    The opening will expand Jollibee’s footprint in Europe, which was initiated in March this year with the opening of a store in Milan. It has previously targeted mainly Filipino communities in the US, the Middle East and Southeast Asia.

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  • JD to expand 7Fresh grocery chain across China mainland

    JD to expand 7Fresh grocery chain across China mainland

    JD is expanding its 7Fresh grocery store chain across Mainland China.

    The e-commerce and tech company has signed agreements with 16 real estate companies including China Poly Group, Joy City, Vanke, Yuexiu Property and Greenland Holdings to expand the supermarket chain, which was launched earlier this year.

    Consumers in Shanghai, Guangzhou, Shenzhen and Chengdu will be next in line to experience the e-commerce platform’s premium offline stores focused on fresh food. Fresh produce makes up more than 70 per cent of the brand’s offerings.

    Twenty per cent of 7Fresh products are directly sourced from vetted overseas suppliers in response to Chinese shoppers’ increasing focus on food safety and sourcing. All leafy green produce is restocked within 24 hours, and selected produce can be cooked on site.

    CEO of 7Fresh Xiaosong Wang said 7Fresh redefines the offline retail experience by combining the best parts of fresh grocery markets and top-quality restaurants with cutting edge e-commerce technology.

    “With the expansion of 7Fresh into more cities across China, we are bringing ‘Boundaryless Retail’ to even more shoppers for an incredibly convenient and enjoyable way to buy fresher, safer and more reliable products.”

    JD’s own advanced technologies are central to the rollout of the 7Fresh brand. Through the building of customer profiles, JD can determine optimum store locations and layouts. Data analysis also helps improve inventory management by selecting the most appropriate amounts and types of SKUs from JD’s vast selection of goods, according to each store’s unique needs. Meanwhile, ‘Magic Mirrors’ automatically provide product information on a screen when they sense that customers have picked up fresh produce.

    JD’s logistics capabilities enable 30-minute delivery from the stores for online shoppers.

    Korean office

    Meanwhile JD is expanding its international footprint with a new office in the centre of Seoul’s CBD. The office will help JD with outreach to South Korean brands that are highly sought-after in China. It will significantly increase the company’s procurement power in the region, reducing the threshold for Korean brands to enter the Chinese market and tapping JD’s more than 300 million customers.

  • KFC Malaysia plans expansion

    KFC Malaysia plans expansion

    KFC Malaysia is considering expansion in Bandar Sri Sendayan, Malaysia, following the launch of the township’s first outlet this month.

    Opened in collaboration with Matrix Concepts Holdings Bhd, the initial response to the launch of the globally popular brand has been encouraging.

    Datuk Seri Mohamed Azahari Kamil, MD of local franchisee QSR Brands (M) Holdings, said: “We believe the demand is high here based on the increasing number of population in the township.”

    The outlet and drive-thru in Bandar Sri Sendayan is the brand’s 700th outlet nationwide and the 21st out of 23 targeted for the region this year. The 24-hour venue can accommodate 170 customers at one time.

    QSR brands is considering four further outlets for Bandar Sri Sendayan, the population of which is expected to reach 120,000 people in the foreseeable future.

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  • 4FINGERS buys 50% stake in Australia’s Mad Mex

    4FINGERS buys 50% stake in Australia’s Mad Mex

    Singapore casual dining brand 4Fingers has acquired a 50 per cent stake in Australian Mexican QSR brand Mad Mex Fresh Mexican Grill.

    The move is reportedly a first step into a scalable, quality F&B portfolio ready for international expansion. Mad Mex is considered a reputable brand in Australia and New Zealand for its authentic Mexican menu with fresh, healthy ingredients.

    4Fingers plans to initially build the brand in Southeast Asia, beginning with Singapore and Malaysian outlets within the next year.

    Mad Mex’s founder Clovis Young will retain his position as CEO of the brand along with his 50 per cent shareholding.

    The acquisition comes after Mad Mex invited investment earlier this year after posting consistently strong earnings. The chain has achieved more than 4 per cent like-for-like sales growth over the past two quarters, a sharp contrast to the broader Australian food and beverage marketplace, which is facing structural challenges.

    The deal is projected to see the two groups’ combined revenue reach in excess of S$120 million for the 2019 financial year.

    Young said the brand was excited to be partnering with a renowned global brand that aligned with Mad Mex’s firm focus on the customer service and quality.

    “I started Mad Mex in 2006, because I absolutely love Mexican food. But there is a lot of Mexican food out there, and to be honest it’s mostly mediocre,” Young said.

    “I wanted my customers to get a fast meal, but with homemade quality, made entirely of real ingredients, with the fewest preservatives, oils, and sugars possible. You should never have to choose between a quick meal and quality healthy food”.

    Vijay Sethu, director of 4Fingers, said the acquisition of Mad Mex marked a significant milestone in the group’s growth strategy.

    “We are very excited with our investment in Mad Mex and look forward to working with Clovis to further grow this business in Australia and New Zealand and to rollout the Mad Mex brand in Asia.”