Yum! Brands, Inc., together with Yoma Strategic Holdings Ltd announced its intentions to bring the first KFC restaurant to Myanmar in 2015 with Yoma Strategic as its franchise partner.
KFC is one of the world’s largest restaurant chains, with $23 billion in global sales and more than 18,000 restaurants in 118 countries worldwide. KFC is among the first handful of quick service restaurants that have plans to enter the Myanmar market.
“The announcement of the first KFC coming to Myanmar reflects our ongoing strategy of global expansion in emerging markets,” said Micky Pant, CEO, KFC. “We’re excited to work with such a well-respected franchisee to bring the great taste of KFC to Myanmar, an important emerging Asian economy with a population of 50 million people.”
“Chicken is a staple protein in Myanmar and our people recognise the KFC brand and Colonel Sanders’ secret Original Recipe of 11 herbs and spices. KFC is a strong global brand that is now in nearly every corner of the world and we are proud to be KFC’s franchise partner to help fulfil its growth ambitions in Myanmar. Bringing KFC to Myanmar is an important step to achieving Yoma Strategic’s goal in being a key player in the country’s food and beverage sector”, said Mr Serge Pun, Executive Chairman of Yoma Strategic.
Myanmar is one of the potentially sizable consumer markets to emerge among developing economies. With 50 million people and a growing middle class with disposable income, the country offers significant consumer opportunity for Yoma Strategic to grow KFC over the long term.
“Myanmar offers significant macro potential for an international quick service franchise with a growing consumer class that is forecast to grow from 2.5 million today to 19 million in 2030, potentially tripling consumer spending by more than threefold. In a regional context, Myanmar should experience a strong growth trajectory”, said Mr Pun. “The consumer and retail sector is key to Yoma Strategic’s strategy to capture the rapid increase in discretionary consumer spending in the country and KFC is the cornerstone of our business platform in this space.”
Yoma Strategic Holdings Ltd