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The Cheesecake Factory Expands International Development
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
The Cheesecake Factory has expanded its agreement with Maxim’s Caterers Limited to include Thailand, adding a minimum of 18 new restaurants by 2028. Initially, the partnership focused on Hong Kong and surrounding areas, where six locations currently operate. The first Thai restaurant is set to open in 2023. This marks a continuation of the company’s international growth strategy, reflecting its strong reception in new markets.
Positive
Expansion into Thailand with 18 new restaurants planned by 2028.
Positive reception of brand in international markets, particularly since entering Asia in 2016.
Negative
None.
Maxim’s Caterers Limited Broadens Agreement to Include Opening
The Cheesecake Factory in Thailand
CALABASAS HILLS, Calif.--(BUSINESS WIRE)--
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced the expansion of its existing development agreement with Hong Kong-based Maxim’s Caterers Limited to include Thailand. In 2014, The Cheesecake Factory® entered into its agreement with Maxim’s which initially provided for the development of a minimum of 14 restaurants in Hong Kong, Macao, Taiwan and the People’s Republic of China. The new agreement includes development of a minimum of 18 restaurants across the expanded development area by 2028.
A leading operator of full-service and quick-service restaurants across Asia, Maxim’s currently operates six The Cheesecake Factory restaurants in Hong Kong, Macao, Beijing and Shanghai. The first location in Thailand is expected to open in 2023.
“We are very happy to announce the continuation of our global growth strategy,” said David Overton, Founder, Chairman and CEO of The Cheesecake Factory Incorporated. “As we have expanded our international presence over the last decade, it has been such a delight to see The Cheesecake Factory’s warm reception in each new country, and we are very pleased to expand our agreement with Maxim’s to include opening in Thailand.”
“The Cheesecake Factory is a beloved concept around the world. Since opening the first Cheesecake Factory in Asia in 2016, the brand has been very well-received in each city we’ve opened,” says Michael Wu, Chairman & Managing Director of Maxim’s Caterers Ltd. “Maxim’s is excited to bring The Cheesecake Factory to Thailand and we are looking forward to opening many more locations across Asia in the years to come.”
About The Cheesecake Factory Incorporated The Cheesecake Factory is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 312 restaurants throughout the United States and Canada under brands including The Cheesecake Factory, North Italia® and a collection within our Fox Restaurant Concepts business. Internationally, 29 The Cheesecake Factory restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2022, we were named to the FORTUNE Magazine "100 Best Companies to Work For®" list for the ninth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.
About Maxim’s Caterers Limited Founded in 1956, Maxim’s Caterers Limited (a company incorporated in Hong Kong) is one of Asia’s leading food and beverage companies, operating Chinese, Western, Japanese and Southeast Asian restaurants, quick service outlets, bakery shops and coffee shops, and an institutional catering service. Maxim's also produces a range of festive products, including the award-winning Hong Kong MX Mooncakes, and is a licensee of Starbucks Coffee, Genki Sushi, IPPUDO, The Cheesecake Factory and Shake Shack in various territories. Altogether, Maxim’s has over 1,800 outlets. To learn more, please visit www.maxims.com.hk.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements, including uncertainties related to: the Company’s ability to continue execute on its global growth strategy; consumer acceptance of The Cheesecake Factory® brand outside of the United States; the Company’s ability to continue to identify licensees that are qualified to expand its concept internationally; factors outside of the Company’s control that impact consumer confidence and spending; current and future macroeconomic and credit market conditions; changes in unemployment rates; the economic health of the landlords and other tenants in retail centers in which the restaurants are located; the economic health of suppliers, vendors and other third parties providing goods or services to the restaurants; adverse weather conditions in regions in which the restaurants are located; factors that are under the control of government agencies, landlords and other third parties; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), as set forth below. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.
