Jubilant FoodWorks to open 50 more Popeyes chicken stores in a year
Jubilant FoodWorks, the company that operates Domino's Pizza and Popeyes Louisiana Kitchen in India, plans to add 50 Popeyes stores in one year and aims to have a total of 250 stores in the medium term.
Jubilant FoodWorks and Restaurant Brands International celebrated the first anniversary of Popeyes, a chain of chicken sandwiches, and reinforced their long-term commitment to sustainably grow the brand in India. Speaking to CNBC-TV18, MD and CEO Sameer Khetarpal said the company plans to add 50 Popeyes stores in one year.
“We are ready to expand and I think that's kind of the big announcement and we are super excited about the journey,” Khetarpal said.
Popeyes has 13 stores right now and all are mostly located in Bengaluru. One store was opened in Chennai recently. Apart from Popeyes Louisiana Kitchen, Jubilant also operates Domino's Pizza in India.
Ultimately the company plans to have 250 stores in the medium term. To achieve this growth, Jubilant FoodWorks has been constantly learning and innovating its products for customers. The company has also increased its real estate team by three times in the last six months to help expand its stores across the country.
"The market is huge. The QSR (quick service restaurant) industry as a whole is poised to grow by 9-10 percent. My estimate is that chicken as the space will grow faster than that,” Khetarpal said.
Restaurant Brands International, the parent company of Burger King and Popeyes, considers India to be one of its biggest priority markets.
Joshua Kobza, CEO of Restaurant Brands International, said he is excited for Popeyes all around the world, but particularly in India. "That's why I made it kind of my first international trip," he said.
Kobza said Restaurant Brands International plans to lead the chicken sandwich category growth in India. “We have now taken the Popeyes, famous Popeyes chicken sandwich all over the globe and I think that's really driving a lot of growth across the category. We will expect to do the same here in India.”
Khetarpal mentioned that he would have liked inflation to have cooled off more as it has led to consumers still choosing entry-level and lower-priced products. He said that though there had been some volume uptick, consumers were still conscious of their spending.
In Thursday’s session, the stock is trading with a minor gain with a price of around Rs 429.60 per share.
For the full interview, watch the accompanying video
First Published: Mar 16, 2023 12:21 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Arvind Kejriwal Lok Sabha election campaign LIVE: Delhi CM arrives at Delhi’s Hanuman temple
May 11, 2024 11:16 AM
Aftermath of Arvind Kejriwal’s bail — AAP's narrative boost and BJP's challenge
May 11, 2024 8:19 AM
Delhi voters can avail free rides from booths to their homes on polling day
May 10, 2024 6:26 PM
Kolkata North: TMC fights 'TMC' in battle reflecting party's Old vs New debate
May 10, 2024 5:14 PM