© Terence Ong/Wikimedia
Yum China – the operator of fast food chains like KFC, Pizza Hut and Taco Bell in mainland China – has completed its separation from the global company Yum! Brands and become a separate, publicly listed company.
Yum! Brands CEO Greg Creed and Yum China CEO Micky Pant will simultaneously ring the New York Stock Exchange opening bell to begin the day’s trading and commemorate the occasion, as part of ceremonies taking place both in New York and Shanghai.
Pant, who will take charge of the new company, said: “After 30 years in China, we are incredibly excited to begin a new chapter as an independent company focused on growth in China.
“China presents an outstanding opportunity for high-quality restaurant concepts with unprecedented urbanisation, a rapidly growing middle class, and ongoing investment in world-class infrastructure. With exclusive rights in mainland China to the iconic global brands – KFC, Pizza Hut and Taco Bell – ownership of two unique local brands, and a presence in more than 1,100 cities, we are well positioned to take advantage of this opportunity.
“As an independent company, we will maintain our focus on China by increasing our investment in new stores, innovative menu offerings, digital engagement and delivery to further grow our brands across the country. This will enable us to provide delicious food to more customers, deliver even greater opportunities for our employees and partners, and generate long-term value for our shareholders.”
KFC was the first quick-service restaurant (QSR) chain to enter China and is now the number one Western QSR brand in the country with more than 5,000 restaurants in over 1,100 cities. That meant that Yum! Brands, until the divestment of its Chinese operation, had the highest number of fast food outlets in the country.
Along with the Western brands, its portfolio includes East Dawning, which fuses KFC’s menu with Chinese flavours, and Mongolian hot pot chain Little Sheep.
© FoodBev Media Ltd 2024