Yum Brands announced plans to double the number of its restaurants in China.
Micky Pant, chief executive officer of Yum Brands China division, said that they have plans to develop 20,000 restaurants in China. Yum Brands' China business spin-off will be completed on October 31, 2016. At present, Yum Brands has over 7,300 KFC and Pizza Hut restaurants in China.
Pant said that Yum China's profit growth will reach 15% and the company will open new restaurants in fast-growing big cities, transportation hubs, and new shopping centers. At the same time, Yum China will promote Taco Bell and Little Sheep restaurants, despite the fact that the expansion of those two brands falls much behind KFC and Pizza Hut.
Pant also revealed that Primavera Capital and Ant Financial will jointly invest USD460 million into Yum China, bringing competitive advantages to the company.