Homegrown Sizzlin' Steak enters Vietnam
MANILA, Philippines – Restaurant chain Max’s Group, Incorporated (MGI) is set to bring another homegrown restaurant brand, Sizzlin’ Steak, to the international market.
Max’s Group said in a disclosure to the stock exchange that it recently signed a development agreement with L Concepts Limited (L Concepts) to build a minimum of 10 Sizzlin’ Steak stores in Vietnam within the next 5 years.
Sizzlin’ Steak currently operates 10 branches in Metro Manila.
L Concepts, an emerging food and beverage player, is a wholly-owned subsidiary of The Longfort Group, which owns and operates a broad range of businesses across the value chain of the food and beverage industry in Asia, including food packaging, canned beverage production, and dairy.
“We're honored to partner with MGI and look forward to bringing the Sizzlin’ Steak experience to Vietnam to bring the best possible customer experience to Vietnamese consumers,” said TW Pang, CEO of The Longfort Group.
“We believe that Vietnam’s increasingly discerning consumer is in need of high quality F&B (food and beverage) products and services at affordable prices, and that Vietnam offers tremendous growth opportunities for those aiming to capture this space,” Pang added.
The restaurant chain's overseas expansion continues to gain more ground, as it envisions to roll out its key brands outside the Philippines with strategic franchise operators.
“We are thrilled in this partnership with L Concepts given their strong credentials and long history of success. We are excited to introduce our sizzling offerings to the Vietnamese market,” said Max’s Group president and CEO Robert Trota.
"As new markets are established and momentum builds in the next few years, we expect the international portion of our business to be a significant contributor to system-wide sales and to our bottomline,” Trota added.
This is the third development agreement inked by Max’s Group for 2015. Plans are likewise underway to establish a pilot store in the US.
The restaurant chain earlier signed an agreement to build 15 Yellow Cab restaurants within 10 years in Saudi Arabia, and another 10 Yellow Cab branches within 5 years in United Arab Emirates.
The company expects to further augment its vast store network by at least 200 outlets in the international front by 2020. – Rappler.com