Popeyes® Brand Announces Agreement to Launch in South Korea

Rhea-AI Summary

Popeyes® has partnered with Silla Co., Ltd. to establish an exclusive Master Franchise and Development Agreement to launch hundreds of restaurants in South Korea. This expansion highlights Popeyes' commitment to international growth, particularly in the lucrative chicken QSR market. The first restaurant is expected to open in 2022, contributing to local employment by creating hundreds of jobs. Popeyes, established in 1972, is renowned for its New Orleans-style cuisine and has grown to over 3,600 locations globally.

Positive

• Exclusive agreement with Silla Group to open hundreds of Popeyes restaurants in South Korea.
• First location set to launch in 2022, expected to create hundreds of jobs.
• Expansion into one of the largest chicken QSR markets enhances brand visibility and revenue potential.

Negative

• None.

Master Franchise and Development Agreement with a subsidiary of South Korean Silla Group to open hundreds of restaurants in the coming years

TORONTO, Jan. 3, 2022 /PRNewswire/ - The Popeyes® brand and a wholly-owned subsidiary of Silla Co., Ltd. ("Silla Group") are excited to announce they have entered into an exclusive Master Franchise and Development Agreement to develop and open hundreds of Popeyes® restaurants across South Korea in the coming years.

"We are thrilled to launch Popeyes® with the Silla Group subsidiary. We have strong confidence in the group and are pleased to announce exciting plans to bring our iconic Louisiana-style chicken to one of the largest chicken QSR markets in the world" said David Shear, President RBI International, parent company of Popeyes®. "Our entry illustrates our commitment to serving more guests around the world and the execution of our growth plans for the Asia Pacific region".

Founded in New Orleans in 1972, Popeyes® has more than 45 years of history and culinary tradition. Popeyes® distinguishes itself with a unique New Orleans style menu featuring the iconic chicken sandwich, spicy chicken, chicken tenders, fried shrimp, and other regional items. Popeyes® uses proprietary seasonings and techniques developed by an in-house culinary team of chefs that makes its fried chicken a point of reference for Michelin Chefs and celebrities.

The brand's passion for its Louisiana heritage and flavorful authentic food has allowed Popeyes® to become one of the world's largest chicken quick-service restaurants with over 3,600 restaurants in over 25 countries around the world.

Ms. MoonKyung Lee, Senior Managing Director of Silla Group's F&B Division said "Chicken is one of the largest and fastest-growing categories in the South Korean QSR segment. We are proud to bring the famous Popeyes® brand to South Korea and we believe that our guests will love Popeyes® iconic Chicken Sandwich. Popeyes® is an exciting addition to the Silla Group's F&B portfolio and is expected to become one of the key drivers of growth for us. It will also contribute significantly to the economy by creating hundreds of new jobs over the coming years. We couldn't be more excited."

Popeyes® is committed to bringing its digital innovation to South Korea with an emphasis on a seamless guest experience. Popeyes® restaurants will feature digital ordering screens, mobile ordering, and delivery, to serve guests in the iconic hospitable way that is characteristic of the brand.

Today's announcement reflects the global appeal of Popeyes® and contributes to the ambitious brand expansion plan globally. In 2021, Popeyes® announced agreements to enter the United Kingdom, Romania, France and India, and to expand in Mexico and Saudi Arabia. Other international expansions over the past years include Spain, Switzerland, China, Brazil, Sri Lanka, and the Philippines. The Silla Group subsidiary's first Popeyes restaurant in South Korea is scheduled to open in 2022.

About Restaurant Brands International Inc. 
Restaurant Brands International Inc. is one of the world's largest quick-service restaurant companies with more than $35 billion in annual system-wide sales and over 28,000 restaurants in more than 100 countries. RBI owns four of the world's most prominent and iconic quick-service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees, and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities.

About POPEYES®
Founded in New Orleans in 1972, POPEYES® has more than 45 years of history and culinary tradition. Popeyes distinguishes itself with a unique New Orleans-style menu featuring spicy chicken, chicken tenders, fried shrimp, and other regional items. The chain's passion for its Louisiana heritage and flavorful authentic food has allowed Popeyes to become one of the world's largest chicken quick-service restaurants with over 3,600 restaurants in the U.S. and around the world.

About Silla Group 
Silla Group was founded in 1967 and is one of South Korea's most well-respected conglomerates. Silla Group operates across a number of verticals in South Korea and globally including F&B restaurants, sea-food distribution, deep-sea fishing, agriculture, and industrial manufacturing.

Forward-Looking Statements
This press release contains certain forward-looking statements and information, which reflect management's current beliefs and expectations regarding future events, initiatives and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. These forward-looking statements include, without limitation, statements about our expectations regarding the ability of the Popeyes business in South Korea to open hundreds of restaurants in the coming years; our expectations to contribute significantly to the economy by creating hundreds of new jobs over the coming years, and our expectations regarding our ability to bring digital innovation and a seamless guest experience. The factors that could cause actual results to differ materially from RBI's expectations are detailed in filings of RBI with the U.S. Securities and Exchange Commission and with the securities regulatory authorities in Canada, such as its annual and quarterly reports and current reports on Form 8-K and include the following risks: risk related to our ability to successfully implement its domestic and international growth strategy and risks related to its international operations; risks related to our ability to compete domestically and internationally in an intensely competitive industry; global economic or other business conditions that may affect the desire or ability of our customers to purchase our products; our relationship with, and the success of, our franchisees and risks related to our fully franchised business model; and the effectiveness of our marketing and advertising programs and franchisee support of these programs. Other than as required under applicable laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, change in expectations or otherwise.

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SOURCE Restaurant Brands International Inc.

FAQ

What is the significance of the Popeyes-Silla Group agreement for investors in QSR?

The agreement signifies Popeyes' strategic expansion into the South Korean market, potentially increasing revenue and brand presence.

How many restaurants will Popeyes open in South Korea?

Popeyes plans to open hundreds of restaurants in South Korea under its Master Franchise and Development Agreement.

When is the first Popeyes restaurant opening in South Korea?

The first Popeyes restaurant in South Korea is scheduled to open in 2022.

What does the partnership with Silla Group mean for Popeyes' growth in Asia?

The partnership is a crucial step in Popeyes' growth strategy in Asia, targeting one of the fastest-growing chicken markets.