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Krispy Kreme Awards Franchise Development Rights for Shanghai, Beijing and Tianjin, China |
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Krispy Kreme Doughnuts, Inc. (NYSE:KKD) announced today that it has entered into an agreement with KKD Lotte Holdings Company, Ltd. for the development of approximately 35 Krispy Kreme retail locations over the next four to five years in the metropolitan areas of Shanghai, Beijing and Tianjin, China. Lotte is also Krispy Kreme's franchisee in the Republic of Korea and Japan. |
"We are very excited to expand our successful relationship with Lotte," said Jeff Welch, President of Krispy Kreme International Store Operations. "Lotte has been an outstanding partner to Krispy Kreme for many years in establishing and developing our brand in both Korea and the Kanto region of Japan. We are confident in their ability to successfully introduce Krispy Kreme to the China market."
"KKD Lotte Holdings Company is pleased to represent Krispy Kreme in China," said Kag Gyu Hwang, Executive Vice President, The Lotte Group. "Our successful four year relationship with Krispy Kreme will allow us to easily bring the Company's unique products to the growing Chinese market. We are proud to be Krispy Kreme's franchisee in China as well."
Currently, the Krispy Kreme hot Original Glazed(R) doughnut can be found in 16 countries, including the United States, Australia, Bahrain, Canada, Hong Kong, Indonesia, Japan, Kuwait, Lebanon, Mexico, the Philippines, the Republic of Korea, Qatar, the Kingdom of Saudi Arabia, the United Arab Emirates, and the United Kingdom. The Company also recently announced franchise development agreements for the Republic of Turkey and Malaysia.
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