NEW DELHI: Yum Restaurants, the international arm of the owner of Pizza Hut, KFC and Taco Bell, is aiming to increase its revenue levels in India to over $1 billion (€667m; £597m) by 2015, by which time it also hopes to have 1,000 outlets operating in the country.
The company is currently running 150 Pizza Hut restaurants in the Asian nation, as well as 65 branches of KFC, and it is also planning to open its first Taco Bell, to be based in Bangalore, in the near future.
Over the course of this year to date, Pizza Hut's like-for-like sales have registered an uptick of 20% on an annual basis in the BRIC market, with KFC also improving by 6% on this measure.
Niren Chaudhary, the company's managing director in the country, said "our vision is to be the number one restaurant chain in India and we aim to have turnover of $1 billion by 2015 from the country ... That's our dream."
In order to achieve this goal, the US giant will spend $150 million over the course of the next six years in India, where competition with multinational operators like McDonald's and Domino's, and local firms such as Nirulas and Haldiram, is intensifying.
More broadly, Yum has pursued the strategy of modifying its prices and the products offered on its menus to suit the unique conditions of the rapidly-developing economy, as it seeks to attract growing numbers of diners.
"The eating-out market is $64 billion, out of which branded food is less than 1%. So I think there is a massive opportunity for all our brands. We are trying to open as many restaurants as we can," Chaudhary added.
The company is currently running 150 Pizza Hut restaurants in the Asian nation, as well as 65 branches of KFC, and it is also planning to open its first Taco Bell, to be based in Bangalore, in the near future.
Over the course of this year to date, Pizza Hut's like-for-like sales have registered an uptick of 20% on an annual basis in the BRIC market, with KFC also improving by 6% on this measure.
Niren Chaudhary, the company's managing director in the country, said "our vision is to be the number one restaurant chain in India and we aim to have turnover of $1 billion by 2015 from the country ... That's our dream."
In order to achieve this goal, the US giant will spend $150 million over the course of the next six years in India, where competition with multinational operators like McDonald's and Domino's, and local firms such as Nirulas and Haldiram, is intensifying.
More broadly, Yum has pursued the strategy of modifying its prices and the products offered on its menus to suit the unique conditions of the rapidly-developing economy, as it seeks to attract growing numbers of diners.
"The eating-out market is $64 billion, out of which branded food is less than 1%. So I think there is a massive opportunity for all our brands. We are trying to open as many restaurants as we can," Chaudhary added.
Data sourced from Reuters, Business Standard; additional content by Warc staff
