McDonald's, CITIC to launch China development plan
They will add 2,000 restaurants in the country in the next five years.
McDonald’s announced that it has signed a partnership with CITIC, CITIC Capital and Carlyle Group to launch the "Vision 2022: China Accelerated Development Plan”.
The company will operate and manage McDonald's business in mainland China and Hong Kong using the resources and advantages of all parties to promote high-speed business expansion, and usher in a new era of development and innovation.
The cooperation has been approved by the Chinese regulatory authorities on July 31, 2017. The new company will become McDonald's largest franchise outside the United States, operating and managing about 2,500 McDonald's restaurants in mainland China, and about 240 McDonald's restaurants in Hong Kong.
It is expected that by the end of 2022, McDonald's restaurants in mainland China will increase from 2,500 to 4,500, and the rate of opening a new restaurant will be from 250 per year gradually increased to about 500 per year.
"Vision 2022" also mentioned "future 2.0" with restaurant coverage increasing to more than 90% to provide digital and user-friendly dining experience.
"China will be McDonald's largest market outside of the US in the near future," said Steve Easterbrook, president and chief executive officer of McDonald's. "The Chinese market is changing and we are delighted to be working with CITIC and Carlyle The United States and Hong Kong's performance has been very good, strong growth momentum. In addition, the team also keen to grasp the delivery services and digital consumer trends, such as the development of the Chinese mainland and Hong Kong, Walk in the forefront of the McDonald's global system and I firmly believe that this strategic partnership will further release our potential in the Chinese market, and McDonald's will continue to drive McDonald's growth in the Chinese market through its stake in New McDonald's China and the active participation of the board. "
"This strategic partnership will inspire our employees to play a stronger sense of ownership and entrepreneurial spirit while accelerating the development of the Mainland and Hong Kong business, we will continue to uphold McDonald's quality, service, cleanliness and quality," said Zhang Yichen, chairman of the board of directors of new McDonald's China. “Value for money, business philosophy, as well as strict requirements for food safety – McDonald's is a world-renowned brand, but also the industry quality benchmark; CITIC and Carlyle in the real estate, finance, supply chain, consumer retail and technology is rich in Resources, we believe that strong combination, will win the future.”
Photo credit: Wikipedia
