The US fast-food chain McDonald's announced on Tuesday it is set to open nearly 2,000 new restaurants in China over five years as part of a strategic partnership with Citic and the Carlyle Group.
McDonald's Corporation said in a statement that it sealed a strategic partnership with these two companies to operate and manage McDonald's businesses in mainland China and Hong Kong, Efe news reported.
"China will soon become our largest market outside of the US. We are excited to join forces with Citic and Carlyle for better localised decision-making to meet changing customer demands in this dynamic market," McDonald's President and CEO Steve Easterbrook said in the statement.
The partnership deal has been approved by China and was sealed on July 31 with which McDonald's largest franchise outside the US is to be created.
The new partnership announced a series of initiatives under "Vision 2022" which, among other things, include increasing the number of restaurants in mainland China from 2,500 to 4,500.
--IANS
soni/vt
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app