Burger King plans to double its number of restaurants in China to more than 4,000 by 2030. Together with CPE China, the company is investing 303 million euros in the new joint venture.
Fast food giant Burger King wants to double the number of its restaurants in China in just five years. To achieve this goal, Burger King established a joint venture with Chinese investment firm CPE, which will invest the equivalent of 303 million euros in the expansion, as announced by Burger King’s parent, RBI, on Monday. Burger King has been in China since 2005 – but rivals McDonald’s and KFC have a larger presence there.
There are currently around 1,250 Burger King restaurants in China. By 2030, this number is expected to double to more than 4,000, as announced by Canadian group Restaurant Brands International (RBI). He has owned the Florida-based fast food chain since 2014.
KFC leads the way with more than 12,600 stores in China
According to information last year, competitor McDonald’s has more than 6,800 branches in China, and Kentucky Fried Chicken (KFC) currently has more than 12,600 branches. RBI boss Joshua Kobza said on Monday that China remained “one of the most attractive long-term opportunities in the world” for Burger King.
Burger King and Starbucks depend on China
CPE China will hold 83 per cent stake in the joint venture called Burger King China, the RBI announced.
American coffee chain Starbucks also announced last week that it would sell a 60 percent stake in its Chinese business to an investment company in Hong Kong, with which Starbucks is forming a joint venture.
Starbucks is changing its strategy after 26 years in the Chinese market – the American company has recently lost market share to its domestic competitors.
