Tim Hortons' China expansion gets supercharged with Tencent investment
The coffee chain plans to open 1,500 stores in the country.
Tim Hortons’ planned expansion in China is set to get supercharged by one of the country’s tech giants.
In a statement in its Weibo, the 55-year-old Canadian coffee chain announced that it has landed funding from Tencent, the social networking and gaming conglomerate. Sitting at 50, the company said it would expand store numbers to 1,500.
The size of the investment was not disclosed.
Tim Hortons, which entered China in February 2019, also expects the fresh capital to go towards setting up digital infrastructure, such as a WeChat-based mini app that will likely be utilised to attract potential customers and promote sales.
The announcement arrives amidst easing restrictions in China and an established coffee sector with Starbucks and Luckin Coffee, which is currently plagued with a financial fraud scandal.
Restaurant Brands International, which also owns the Burger King and Popeyes chains, opened its Tim Hortons in the country last year, located in Shanghai.
