Spanish pizza giant Telepizza and the bakery chain Christine have signed a letter of intent to set up a joint venture for their expansion in the Chinese market, with each party owning a 50% stake.
This is reportedly Telepizza's first joint venture in Asia.
The official files from Telepizza show that the company has over 1,200 stores around the world. Unlike other pizza chains who have entered the Chinese market, including Pizza Hut and Papa John's, Telepizza will focus on the pizza delivery services and about 90% of its sales will be from online booking and delivery.
Luo Tian'an, chairman of Christine, told local media that the products of Telepizza have already sold in Christine's stores at Xujiahui, the World Expo site, and the Oriental Pearl in Shanghai. Over the last three months, 28,000 Telepizza pizzas have reportedly been sold.