Canton, MA – Global donut giant Dunkin’ Donuts has signed the largest joint venture agreement in the company’s history with the goal of expanding its presence in China from the current 16 donut shops to a network of 1,400 franchises over the next 20 years.
The joint venture has exclusive rights to expand Dunkin’ Donuts in new Chinese locales including Beijing, Chongqing, Fujian, Guangdong, Guangxi, Hainan, Hong Kong, Hunan, Jiangxi, Macau, Shanxi, Sichuan, Tianjin, and Yunan.
The opening of the first restaurant is expected by the end of this year.
Dunkin’ Donuts restaurants in China feature the brand’s standard fare including regional items catering to local taste including such favorites as “Dry Pork and Seaweed” donuts and “Mochi Rings.”
In 2013, Dunkin’ Donuts signed a master franchise agreement with Fast Gourmet Group to develop the brand in Eastern China to open more than 100 restaurants in the Shanghai, Jiangsu and Zhejiang regions.
Dunkin’ Donuts currently has more than 11,000 restaurants in 36 countries around the world, including 16 in China and more than 2,200 across the Asia Pacific region.
The company has entered into a long-term master franchise agreement in which Golden Cup Pte. Ltd., a joint venture between Jollibee Worldwide Pte. Ltd. and Jasmine Asset Holding Ltd., a wholly owned subsidiary of RRJ Capital Master Fund II, L.P.
Jollibee Worldwide Pte Ltd., a wholly owned subsidiary of Jollibee Foods Corporation, which operates the largest food service network in the Philippines.
Jasmine Asset Holding Ltd is a wholly owned subsidiary of RRJ Capital Master Fund II, L.P., which was established by RRJ Capital, an Asian-based investment firm with offices in Hong Kong and Singapore.
The master China franchise agreement is the latest step in Dunkin’ Donuts’ plan to accelerate its international growth.
Last year, the Massachusetts-based company signed franchise joint venture agreements to expand operations in key global markets including Brazil, Sweden, and Austria.