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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.

  • Starbucks CEO Schultz steps aside

    Starbucks CEO Schultz steps aside

    Starbucks CEO Howard Schultz has stepped aside from the CEO role to take up a new role driving innovation, design and development of the Starbucks Roastery and Reserve retail store formats internationally.

    He will also oversee the company’s social impact initiatives and continue to serve as chairman.

    President and COO Kevin Johnson will expand his responsibilities, assuming the role and responsibilities of president and CEO, effective April 3.

    In his current role, since March 2015, Johnson has led the company’s global operating businesses across all geographies as well as the core support functions of Starbucks supply chain, marketing, human resources, technology, and mobile and digital platforms. Johnson has been a Starbucks board member since 2009, and will continue to serve as a member of the Board.

    “Over the past two decades, I have grown to know Starbucks first as a customer, then as a director on the board, and for the past two years as a member of the management team. Through that journey, I fell in love with Starbucks and I share Howard’s commitment to our mission and values and his optimism for the future,” said Johnson.

    Johnson’s career spans 33 years in the technology industry which included a 16-year career at Microsoft and a five-year tour as CEO of Juniper Networks. At Microsoft, he led worldwide sales and marketing and became the president of the platforms division. In 2008, he was appointed to the National Security Telecommunication Advisory Committee where he served presidents George W. Bush and Barack Obama.

    Announcing the changes overnight, Schultz said the company was continuing to deliver quarter after quarter of record, industry-leading revenue, comp sales and profit growth, and that the newest classes of Starbucks stores continue to deliver record-breaking revenues around the world.

    “The truth is, in all my years at Starbucks I have never been more energised or exhilarated about the opportunities that lie ahead.”

    Schultz said the Roastery concept added a previously unattained level premiumisation into the coffee category.

    “Its success is unparalleled, last year achieving a comp sales increase of 24 per cent and delivering a ticket that is four times the ticket of a typical Starbucks store. The Roastery has become a learning laboratory for breakthrough innovation and experiential design and a beacon for the next wave of Starbucks global growth and evolution.”

    Starbucks will open at least 20 Roasteries around the world, six by the end of 2019 alone.

    “At the same time, elements of the Roastery are forming the basis of the 1000 or more Starbucks Reserve stores we will be opening around the world in the years ahead.”

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  • McDonald’s China deal done

    McDonald’s China deal done

    A private-equity led consortium has been chosen to buy 20-year franchise rights for McDonald’s China and Hong Kong, Reuters is reporting.

    The successful bidder is a consortium led by private-equity firm Carlyle Group and Chinese conglomerate Citic Group, who will pay up to US$3 billion, according to an unidentified source who spoke with Reuters.

    A contract will likely be signed before Christmas.

    As reported in September, consortiums led by private equity firms Carlyle Group and TPG Capital were shortlisted as the bidding process narrowed the field. TPG had teamed with Beijing Capital Agribusiness Group, McDonald’s current China partner.

    Another private equity group, Bain Capital, had already dropped out.

    McDonald’s had previously said it was looking for long-term partners rather than private equity firms, which typically cash out after a few years.

    The deal covers some 2400 restaurants in China and Hong Kong. The 20 year franchise rights come with a 10-year renewal option.

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  • McDonald’s near deal to sell China stores

    McDonald’s near deal to sell China stores

    A consortium led by private-equity firm Carlyle Group and Chinese conglomerate Citic Group Corp has neared a deal to buy McDonald’s stores in China and Hong Kong for up to $3 billion, a source with direct knowledge of the matter said.

    The deal is likely to be signed before Christmas, the source said.

    Reuters had reported in October that U.S. buyout firms Carlyle and Bain Capital LLC had been the front runners among the bidders for the fast-food giant’s China assets.

    McDonald’s in March said it was reorganizing operations in Asia, bringing in partners as it switches to a less capital-intensive franchise model.

    The company hired Morgan Stanley to run the sale of about 2,400 restaurants in China and Hong Kong.

    Financial Times reported earlier on Wednesday that Bain Capital had dropped out of the race, and that a group led by Citic Group and Carlyle were the front runners to the deal.

    Carlyle declined to comment, while McDonald’s was not immediately available for a comment.

  • On-Yasai hotpot chain launches in Vietnam

    On-Yasai hotpot chain launches in Vietnam

    Japanese restaurant group Colowide is introducing its shabu-shabu hot-pot chain to Vietnam via a franchise network.

    Its first On-Yasai hot pot location opens at Vincom Mega Mall in Hanoi this month, being run by affiliate Colowide Vietnam.

    The 260 sqm outlet seats 128 diners, and the monthly sales target is about US$80,000.

    Colowide already runs Gyu-Kaku yakiniku (grilled meat) restaurants and Japanese-style pubs in Vietnam. Through franchising, it hopes to open 30 On-Yasai locations in Vietnam over the next five years.

    Colowide is also set to acquire Japanese hamburger chain Freshness, and plans to take control of Gyu-Kaku’s North American network this month.

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  • Idris Jala to become Heineken Malaysia chairman

    Idris Jala to become Heineken Malaysia chairman

    Performance Management and Delivery Unit (Pemandu) chief executive officer Datuk Seri Idris Jala will join Heineken Malaysia Bhd (formerly Guinness Malaysia Bhd) as chairman starting Jan 1, 2017.

    In a filing with Bursa Malaysia, the Selangor-based brewer said Idris would succeed Tan Sri Saw Choo Boon who had decided to retire as chairman on Dec 31.

    At the request of management, Saw has agreed to continue to support the group as advisor of Heineken Malaysia starting Jan 1, 2017.

    Idris, who served as Minister in the Prime Minister’s Department for six years, is the managing director of the Big Fast Results Institute in addition to helming Pemandu.

    “Datuk Seri Idris Jala is a renowned transformation guru in turning around companies’ performance through his big fast results methodology and transformational strategies that are innovative, rigorous and relevant to today’s demands. He has continuously delivered sustainable socio economic reforms which, in 2014, saw Bloomberg place him among the top 10 most influential policy makers in the world,” Heineken Malaysia said.

    Prior to his Government stint, Idris was managing director/CEO at Malaysia Airlines (MAS) for three years. He was brought on board to turn around the airline which was in crisis brought about by a prolonged bout of losses from operational inefficiencies.

    Before that, he spent 23 years at Shell, rising up the ranks to hold senior positions including vice president (Shell Retail International) and vice president (business development consultancy) based in the UK.

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  • Revenue grows for Fairwood Holdings

    Revenue grows for Fairwood Holdings

    Revenue grew 6.8 per cent for fast-food company Fairwood Holdings in its six months to the end of September.

    Fairwood’s positive result coincides with a strong performance from rival corporate restaurateur Cafe de Coral reported earlier this week.

    Fairwood’s interim results show revenue reaching HK$1.257 billion (US$162 million) compared with HK$1.176 billion for the corresponding period last year. Profit attributable to equity shareholders increased by 1.8 per cent to HK$103.8 million.

    Executive chairman Dennis Lo says the company has focussed on “elevating every aspect of the customer experience” while maintaining a happy culture for its staff members.

    “All of these have been the key in fuelling our satisfactory organic growth and driving the dynamism of our brand.”

    He says the Hong Kong restaurant business performed exceptionally, with revenue growing by 8.7 per cent. In response to customer support, the group opened seven more stores in Hong Kong during the review period.

    The group has also enhanced its signature products, launched new and seasonal dishes, and offered table service for dinner in all stores. “The service has set a new standard for the fast-food industry, and has been very well-received by the public,” says Lo.
    There are also plans to expand its specialty restaurant segment, including a second branch of its new Japanese-Western restaurant ASAP.

    Automation expanded

    To manage costs and improve efficiency the group has engaged in global sourcing, menu and production planning, and flexible work scheduling. It has also expanded the automation of its central food-processing plant.

    Despite a challenging business environment, profitability was maintained in China, with a store opening in Guangzhou during the first half. Expansion will be focussed on the residential districts of Guangzhou and Shenzhen.

    “Connecting to senior citizens has always been an integral part of our corporate culture,” says Lo. “To show our appreciation toward senior citizens for their past contribution to society, we have issued more than 50,000 discount cards since 2014 as part of our Care for Seniors program, together with many other initiatives.”

    To address the needs of senior citizens as well as the physically challenged, Fairwood has created stores that address their needs by offering priority seating, stick hooks, handrails in toilets and non-glare menu boards.

    “Aside from treating customers well, Fairwood believes it is equally important to foster a happy work environment,” says Lo. The group has established focus groups to collect staff members’ opinions and feedback, and offered customer-centric training programs, advancement opportunities and team-building activities. “Such efforts have contributed toward achieving higher staff retention across all levels.”

    At the end of September, the group had 128 stores in Hong Kong, including 121 fast-food outlets and seven specialty restaurants, plus 10 stores in China.

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  • Taiwan’s SheenHo finds partner for Myanmar

    Taiwan’s SheenHo finds partner for Myanmar

    Taiwanese restaurant chain SheenHo has awarded a master franchise to Myanmar company Creation Strength to open outlets in the frontier market.

    About K1.3 billion (US$995,000) will be invested in opening up to 20 branches over five years, starting in Yangon.

    Chefs from Myanmar will be flown to Taiwan to learn how to prepare the restaurant’s cuisine.
    Meanwhile, Singapore Myanmar Investco (SMI) has partnered with Japanese ramen chain Ippudo to open a branch in Myanmar. SMI has also signed an agreement with Singapore’s Crystal Jade Group to open Chinese restaurants in Myanmar.

  • Jamie’s Italian expands to Thailand

    Jamie’s Italian expands to Thailand

    Thailand’s first Jamie’s Italian restaurant has opened at the newly ­renovated Siam Discovery in Bangkok.

    It is being run by Hotel Properties in partnership with the mall operator, Siam Piwat.

    Jamie’s Italian began as a joint venture between UK celebrity chef Jamie Oliver and his mentor, Italian chef and restaurateur Gennaro Contaldo. The first restaurant opened in Oxford in 2008 and there are now 42 outlets in the UK and more than 25 internationally, including in Australia and Singapore.

    Jamie's Italian Stratfor

    As with all Jamie’s Italian outlets, the Siam Discovery restaurant is committed to sourcing free-range, higher-welfare meat, and sustainable and ethically produced ingredients. All the recipes are Italian classics with a Jamie Oliver twist, including pasta made on site every day.

    The restaurant is working with Thai farmers and suppliers.

    Meat Plank, recommended menu

    Menu highlights at Jamie’s Italian Siam Discovery include antipasti planks, a sharing dish served on wooden boards supported by tins of tomatoes and offering a selection of meats, cheeses, vegetables and pickles.

    The Jamie's Italian Burger, a signature main dish

    Oliver’s cook books and the restaurant’s signature napkins are on sale, as well as gifts.

    Jamie's Italian Spring Summer App Menu Shoot

    Jamie’s Italian Spring Summer App Menu Shoot

    With 184 covers, the restaurant features rustic, reclaimed timber refectory tables, zinc tables and vintage upholstered lounge chairs, with monochromatic and hand­-painted floral tile flooring. The dining area is illuminated with brass spotlights, vintage enamel shades and a textured-glass chandelier.

    Guests can view the open kitchen, watch their antipasti planks being made at the antipasti counter in the main dining room, or relax at Jamie’s Bar.

    Jamie’s Italian Siam Discovery_Interior Design 4

    Jamie’s Italian Siam Discovery_Interior Design 3

    Jamie’s Italian Siam Discovery_Interior Design 1

    Jamie’s Italian Siam Discovery_Interior Design 2

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  • Asia’s premium restaurant festival returns to Hong Kong Central Harbourfront

    Asia’s premium restaurant festival returns to Hong Kong Central Harbourfront

    This second edition of Taste of Hong Kong is set to be even bigger and better with more restaurants, dishes, artisan producers and culinary experiences to savor.

    “It was no question for us that Hong Kong should be the home of Taste Festival’s first Asian location – the city’s exceptional food culture and wealth of culinary talent is internationally recognized as some of the world’s best. The success of the inaugural event, which attracted around 15,000 visitors, solidified Hong Kong’s position and status as one of the world’s top food capitals, proving the city’s impressive appetite and knowledge for top tables and world class cuisine. Seeing Hong Kongers embrace the festival with such a high level of excitement, we decided to make the second edition 25% bigger. Taste of Hong Kong 2017 will be raising the bar once again, bringing some popular favourites and introducing the latest and greatest local and international culinary talent and trends with more premium dishes, exclusive offerings and culinary experiences for taste buds to discover,” says Simon Wilson, Head of IMG Culinary Asia.

    “Many of our Standard Chartered clients enjoyed the 2016 gastronomic festival and we recognise that gourmet food is the way to the hearts of our clients. This is why we want to continue to bring this experience to them and are proud to celebrate our 2nd year of collaboration with IMG,” said Samir Subberwal, Managing Director & Head, Retail Banking, Hong Kong.

    A not-to-be-missed highlight in the social calendar for all Hong Kongers, the world’s greatest restaurant festival will bring Hong Kong’s most celebrated restaurants together to serve a premium menu of more than 50 signature dishes on tasting plates and iconic one-off festival creations. Hong Kong has no shortage of food variety with a significant number of openings every year, building a community of fine hospitality in the industry. New additions to the Taste of Hong Kong 2017 menu include dishes from Kaum at Potato Head, Mercato, Okra, Rhoda and ZUMA. Culinary stars who have had a taste and are returning for more this year are Amber, Arcane, Café Gray Deluxe, CHINO, Duddell’s, Tin Lung Heen, Tosca and Yardbird.

    Discerning Hong Kongers will enjoy access to world class cuisine across the festival as well as the opportunity to shop at The Gourmet Market and the chance to learn a couple of tricks at the Taste Theatre from the region’s finest chefs over the weekend. Festival-goers can take a break and mingle with like-minded foodies while listening to a line-up of live entertainment in one of the many lounge areas at the festival.

    No party is complete without the best champagne. After more than 15 years of work, Laurent-Perrier will unveil the quintessence of its own style at Taste of Hong Kong 2017. This is the first time the La Cuvée will be seen in Asia, chilled and ready for oenophiles to enjoy with the finest Hong Kong cuisine.

    Etihad Airways, the official Airline partner of Taste Festivals will be running their “Taste the world” competition between restaurants at the event. They will send one Hong Kong chef to compete alongside 12 other world-class chef’s in the final of the ‘Taste the World’ competition at Taste of Abu Dhabi in 2017.

    Taste Festivals is celebrated in 22 destinations including Paris, London, Rome, Dubai, Sydney and Sau Paulo.

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  • Jamie’s Italian opens its first restaurant in Thailand at the ­renovated Siam Discovery

    Jamie’s Italian opens its first restaurant in Thailand at the ­renovated Siam Discovery

    Jamie’s Italian opens its first restaurant in Thailand at the newly ­renovated Siam Discovery, situated in the heart of Bangkok. This rustic Italian restaurant, serving delicious food at an affordable price, is proudly brought to you by Hotel Properties Limited and Siam Piwat.

    Jamie’s Italian began as a partnership between Jamie Oliver and his mentor, Gennaro Contaldo. The first restaurant opened in 2008 in Oxford and there are now 42 Jamie’s Italian outlets in the UK and over 25 internationally, including Australia, Dubai, Brazil and Singapore.

    As with all Jamie’s Italian outlets, the Siam Discovery restaurant will remain committed to sourcing only the best free-range, higher welfare meat and sustainable and ethically produced ingredients. All the recipes are Italian classics with a Jamie twist, including fresh pasta made on site every day. The restaurant will also work closely with fantastic Thai farmers and suppliers to showcase local produce.

    MENU HIGHLIGHTS

    Menu highlights at Jamie’s Italian Siam Discovery will include the famous antipasti planks, perfect for sharing. Placed on large wooden boards supported by tins of tomatoes, the impressive platter allows guests to pick from a wide selection of meats, cheeses, vegetables and pickles.

    All Jamie’s Italian restaurants serve fresh pasta made in the restaurant, every day. The Siam Discovery restaurant will feature a range of popular pasta dishes, including Gennaro’s Tagliatelle Bolognese, made to his recipe, Silky spaghetti carbonara and Fresh crab spaghetti. The prawn linguine is a Jamie’s Italian classic, loved worldwide.

    Also on offer will be beautiful artisan pizza dough, made by hand, and proved for hours before being hand ­stretched to create an irresistibly crisp base. The simple but classic Margherita, and Funghi, with seasonal mushrooms, are just a few of the pizzas on offer.

    A selection of Italian-inspired main courses is also on offer, including the Tuscan-style Chicken al mattone– chicken is cooked under a brick, ensuring that the chicken is pushed further against the grates of the grill, producing a smoky flavour, with an addictively crisp skin. The Jamie’s Italian burger, a signature main dish, and the Grilled pork chop served with crispy crackling, are also must-try dishes. For those looking for a lighter meal, the Classic super food salad is a super-fresh combination of avocado, roasted beets, mixed pulses & grains, broccolini, fennel, pomegranate & spicy seeds with harissa dressing & artisan ricotta.

    A favourite among families, Jamie’s Italian will also be bringing its award-winning kids’ menu to Thailand. Awarded the best kids’ menu in the UK by The SOIL Association in 2013, there’s a choice of 2 two sizes for different age groups, with all the meals nutritionally balanced. It comes with a viewfinder menu and colouring sheets to keep the kids entertained.

    If you love your Jamie’s Italian experience, don’t forget to take a bit home with you. Jamie’s Italian Siam Discovery will also stock a wide range of Jamie’s cook books and the restaurant’s signature napkins, as well as gifts, allowing you to recreate your Jamie’s Italian experience at home.

    THE INTERIOR

    Every Jamie’s Italian restaurant is designed to be easily accessible with a warm and comfortable feel and incorporates the personality of the city it’s in. Siam Discovery’s design takes inspiration from its location to create a friendly, neighborhood restaurant that the whole family can enjoy.

    With 184 covers, the restaurant will boast a tasteful mix of rustic, reclaimed timber refectory tables, industrial ­chic zinc tables and vintage upholstered lounge chairs, with monochromatic and hand­-painted floral tile flooring. To add warmth, the dining area will be illuminated with brass spotlights, vintage enamel shades and a textured glass chandelier.

    The creative use of space allows guests to view the open kitchen,  watch their antipasti planks being made before their eyes at the antipasti counter in the main dining room, or hang out for a pre or post- meal tipple at Jamie’s Bar.

    READY TO WELCOME YOU

    Welcoming you to the first Jamie’s Italian restaurant in Thailand is General Manager Sarah Smith, winner of the Jamie’s Italian International Rising Star award for 2015/2016. She has worked closely with Head Chef, Alex Barman and local staff to make sure that the new restaurant is ready to receive guests.

    Jamie Oliver said: “Taking Jamie’s Italian to Thailand is incredibly exciting for me. Bangkok is a vibrant and buzzing city with a great food scene and we can’t wait to be a part of it. We’ll be sourcing lots of beautiful, top-quality produce from fantastic local suppliers, and making food that we just know you’re going to love. Come down and visit soon!”

    For more information please visit our website www.jamiesitalian.co.th

     

  • Grey Goose limited edition lands at Bangkok

    Grey Goose limited edition lands at Bangkok

    Bacardi Global Travel Retail has entered into a two-month promotion with the King Power International Group Thailand, where the partners are selling a new GTR exclusive Bangkok Limited Edition gift-pack at Bangkok Suvarnabhumi Airport in the run up to Christmas.

    In a statement, Bacardi said: “Running in two prominent in-store locations from 1 November to 31 December 2016 with dedicated branded space and a strong focus on gifting, the shopper campaign will have high visibility to the large volume of passengers expected to depart through the airport in November and December.

    FULL RANGE IS BEING FEATURED

    “A specialist team of Grey Goose retail ambassadors will lead the interaction with shoppers to encourage conversion across the full range of Grey Goose vodka, including Grey Goose Interpreted by Ducasse and Grey Goose VX.”

    Grey Goose Bangkok KPIG2 Nov 2016This is the first promotion of its kind between Bacardi and KPIG at Bangkok.

    APPEALING TO THE SOUTH EAST ASIAN COCKTAIL TREND

    This represents Bacardi’s first major campaign at Suvarnabhumi Airport, with the company adding that Grey Goose is currently the best selling vodka brand and the fastest growing top five spirit brand in travel retail according to respected analysts, IWSR.

    “It’s very likely that our more discerning shoppers will have seen Grey Goose on the shelves of Bangkok’s finest cocktail bars and so there’s an instant synergy with this in-store promotion. Equally, there’s huge appeal to present this global brand to the growing number of Asian shoppers embracing the new trend of home cocktail-making.”Commenting on the event, Pichai Pitakchaisuk, Executive Vice President at King Power said: “We are very excited to bring Grey Goose to life in-store at a time when super-premium vodka is enjoying enormous popularity thanks in particular to the growing appeal of cocktails and white spirits in South East Asia.

    Adding his comments, Vinay Golikeri, Regional Director Asia Pacific and Middle East Africa, Bacardi Global Travel Retail said: “The bespoke Grey Goose Bangkok Limited Edition gift-pack is a GTR exclusive which we are proud to launch in partnership with King Power Thailand.

    “Based on past experience, Grey Goose is proven to drive sales where it is given the optimal space, range and activation and we are very excited about what this campaign will deliver with King Power in Bangkok.”

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  • Hard Liquor Helps E-Commerce Titans Take China’s Consumer Pulse

    Hard Liquor Helps E-Commerce Titans Take China’s Consumer Pulse

    Predicting the changing tastes of China’s consumers is becoming easier thanks to the country’s e-commerce giants, who monitor sales that can exceed US$17 billion in a single day.

    The country’s second-biggest web-based retail platform, JD.com Inc, already has dozens of new indexes tracking sales of products from liquor to appliances. Larger rival Alibaba Group Holding Ltd plans to publish its own spending gauges in coming months.

    Their data is vital to large global companies like Starbucks Corp and Wal-Mart Stores Inc that are looking for insights into what’s hot among China’s billion-plus consumers. Online shopping indexes reflect millions of transactions daily, whereas traditional consumer surveys can only test a tiny sample.

    “The ability to analyse and understand trends in online consumption has never been more important or more valuable,” said James Huang, big-data analytics director for the finance unit of Beijing-based JD.

  • Cafe de Coral grows revenue, profit, outlets

    Cafe de Coral grows revenue, profit, outlets

    Total revenue for the half-year to the end of September rose by 4.3 per cent to HK$3.89 billion (US$501.5 million) for restaurant and catering group Cafe de Coral Holdings.

    Net profit, at HK$232 million, was up 11.8 per cent, while profit attributable to shareholders rose similarly to HK$3.89 billion, according to its interim results.

    With stronger momentum in the fast-casual and casual-dining sector, the group says its quick-service restaurant (QSR) and institutional catering business continued to achieve encouraging results and steer further expansion.
    “Mainland China business persistently improves its profit margin with a lower break-even point, which has laid a solid platform for expansion,” says the group. “The positive results demonstrate not only the capable stewardship of our new management team, but also the successful completion of the group’s succession plan.”

    “Encouraging” revenue and same-store sales growth resulted in a robust and stable performance for the group’s (QSR) and institutional catering business.

    In China, revenue stabilised for its fast-food business, thanks to updated menus.

    Overall, the group’s QSR and institutional catering business in Hong Kong reported solid revenue gains, up 7.7 per cent. Same-store sales under the Cafe de Coral fast-food and Super Super Congee & Noodles grew 5 and 4 per cent respectively. As of September 30 the group had 288 QSR and institutional catering outlets, including 160 Cafe de Corals, 47 Super Super Congee & Noodles shops and 79 Asia Pacific Catering outlets.

    Strategic tenancies

    To speed up its expansion of the Cafe de Coral network, the group took advantage of the softer leasing market to take up tenancies at strategic and prime locations. Four outlets were added, with 11 more set to open. Seven more Super Super Congee & Noodles shops were added, with eight openings scheduled.

    Asia Pacific Catering renewed all major contracts while Luncheon Star continues to be the leading provider for schools.

    For its fast-casual and casual-dining sectors, the group saw 14.4 per cent revenue growth. Its catering-inspired Shanghai Lao Lao brand has evolved into a popular chain with eight outlets, says the group. Two of the outlets opened during the six months, with four more scheduled.

    Encouraged, the group says it will aim to scale up Mixian Sense to provide another lucrative revenue stream.

    Meanwhile, it is rejuvenating its Western-style brands, The Spaghetti House and Oliver’s Super Sandwiches. Decors and menus are being revamped.

    Launched last year, its Japanese and Korean-style franchise restaurants are still in the investment stage.

    Non-performing outlets in eastern and southern China have been closed, plus the management team has been localised as well as menus being revamped.

    Same-store sales from the fast-food business grew by 1.2 per cent with “remarkable profit improvement” on the mainland even after excluding the effect of new VAT rules and despite the segment revenue falling by 16.3 per cent. This was mainly a result of the strategic closure of non-performing stores.

    “While the imminent outlook is less than promising, the group remains confident its businesses will continue to fare reasonably well. Fortunately, our core QSR and institutional-catering segments, in particular, are relatively resilient to downturns.”

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  • Jumbo Seafood grows profit 17.9pc

    Jumbo Seafood grows profit 17.9pc

    Restaurant group Jumbo Seafood has reported a full-year net profit of S$15.7 million (US$11 million) – up 17.9 per cent from the previous year.

    Overall group revenue grew 11.4 per cent to S$136.8 million, attributed mainly to revenue contributions from its new seafood outlets in Shanghai as well as an overall increase in revenue from its other restaurants.

    Jumbo Seafood executive chairperson/CEO Ang Kiam Meng says the group managed to increase yields despite the ongoing challenges of the industry.

    “We look forward to further improving our financial performance by streamlining our operations to raise productivity and efficiency while lowering operating costs.”

    In October, Jumbo opened its fifth Ng Ah Sio Bak Kut Teh (pork ribs soup) outlet in Singapore.

    Jumbo is a multi-concept dining and F&B group with a network spanning Singapore, China and Japan. It also provides catering services, and in Singapore sells packaged sauces and spice mixes.

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  • Yum China seeking delivery deal

    Yum China seeking delivery deal

    Fast-food giant Yum China Holdings is looking at buying food-delivery services firm Daojia.com.

    Discussions are at an early stage, but a deal could be worth up to US$200 million, as reported.

    Established in 2010, Daojia.com focusses on online food orders and delivery services targeting the middle class urbanites in 10 Chinese cities. With a 3000-strong logistics team, it works with more than 6000 restaurants.

    Food-delivery apps are becoming more popular in China with services being offered by Baidu Inc’s Waimai, Alibaba Group Holding’s Meituan and Tencent Holdings’ Ele.me.

    China’s second-largest eCommerce fim JD.com and Macquarie Capital were investors in a $50 million round of fundraising by Daojia two years ago.

    Yum China was spun off from US-based fast Yum Brands Inc 12 months ago. The company’s brands include KFC and Pizza Hut.

    CEO Micky Pant says that while only 10 per cent of the company’s sales are delivered, deliveries are growing at double digits and will be an important driver of growth.

    Yum China secured a $460 million investment from Primavera Capital and Alibaba affiliate Ant Financial before its spin-off. Yum China already is the biggest user of Ant’s Alipay mobile payments service. The restaurant company is also investing in its mobile ordering system and loyalty programs.

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