Dairy Queen to open 600 more stores in China by 2030
The chain already has over 1,100 restaurants in the market.
Dairy Queen (DQ) announced a deal with private equity firm FountainVest Partners to establish an additional 600 restaurants in China by 2030 — following a steady number of chains vying for market share in the world’s second largest economy.
FountainVest will begin the expansion by opening 100 DQ restaurants in 2022 with its recent acquisition CFB Group, a franchise ownership group in China with more than 900 DQ restaurants. There are currently more than 1,100 DQ restaurants in China in total.
“China remains an important growth market to us, and this expansion with FountainVest provides the opportunity to widen our footprint in one of the fastest-growing countries for QSR,” Jean Champagne, chief operating officer, international, at International Dairy Queen (IDQ), said in a statement. “The continued success of our investment in China, which includes several unique-to-China food and treat offerings, showcases the strength of the DQ brand to fans throughout the country.”
“The market for frozen treats is booming in China and we predict the industry will continue a rapid growth trajectory during the next ten years,” added Andrew Huang, managing director at FountainVest Partners. “FountainVest is committed to fully supporting CFB Group’s growth of both its existing DQ restaurants and opening 600 new DQ restaurants by 2030.”
“We’ve seen immense success from DQ restaurants in China, and with our strength in digitalized operations, social media management and sub-franchisee expansion, we see endless growth opportunities for this well-loved brand,.” said Alan Hsu, CEO at CFB Group.
China is the fastest growing market for DQ and is among the top three in size, alongside the U.S. and Canada, the brand said.
