Minor International bought 70 percent stake which worth US$79 million in the master-franchise rights holder of Bonchon chicken in Thailand.
Mint now owns long-term exclusive territorial rights and the ability to expand and sub-franchise Bonchon chicken in Thailand. Mint plans to expand to more than 150 restaurants throughout the country by the end of 2024.
“This latest investment in the master franchise rights of the Bonchon brand … emphasizes our strategy to enhance our portfolio offerings and further strengthen the restaurant business in Thailand,” said Minor Food CEO Paul Kenny.
The expansion strategy will focus on shopping centers and community malls, along with delivery-format stores to capture the fast-growing delivery market. With only two stores outside the nation’s capital of Bangkok currently, key cities in the regions will be targeted as well.
During the first two months of this year, sales of Bonchon chicken in Thailand have proven resilient amidst the coronavirus crisis, supported by strong delivery sales.