The Singapore-listed Yoma Strategic Holdings Ltd and New York-listed Yum! Brands, Inc have announced the arrival of the first Kentucky Fried Chicken (KFC) restaurant in Myanmar set to open in 2015.
“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 fulfill 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,” Yoma Strategic Executive Chairman Serge Pun is quoted as saying in a press release on October 13.
KFC’s CEO Muktesh “Micky” Pant said in the press release, “The announcement of the first KFC coming to Myanmar reflects our ongoing strategy of global expansion in emerging markets.”
Myanmar is one of the potentially sizable consumer markets to emerge among developing economies. With about 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, the release said.
The Yoma Strategic Holdings Ltd runs real estate, agriculture, automotive and luxury tourism businesses, and the Parkson department store in Myanmar.
KFC, a subsidiary of Yum! Brands and one of the world's largest restaurant chains, with US$23 billion in global sales and more than 18,000 restaurants in 118 countries worldwide, is among the first handful of quick-service restaurants that have plans to enter the Myanmar market, the release said.
“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,” said Mr Pant in the release.
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. In a regional context, Myanmar should experience a strong growth trajectory, said Mr Pun, who is also known as U Theim Wai.
Lotteria was an early arrival in Myanmar. Lotteria Myanmar’s chairman U Zaw Min Oo told Mizzima October 13 that the South Korea-based Lotteria fast food restaurant has been operating six franchises in Myanmar – five franchises in Yangon and one franchise in Mandalay since April 2013.
Lotteria plans to add five more franchise restaurants in 2015, he said.
The Malaysia-based Marrybrown fast-food restaurant has been operating two franchises in Yangon since July 2013.
