The China franchise of U.S.-based fried chicken chain, Popeyes Louisiana Kitchen will now be led by Cartesian Capital Group, China Daily reported.
"Popeyes brand and Cartesian Capital Group are excited to announce they have entered into a non-binding term sheet for the exclusive development of the Popeyes brand across the People's Republic of China in the coming years," Restaurant Brands International (RBI) said, one of the world's largest quick service restaurant companies.
The manager of more than 450 Chinese Tim Hortons cafes, Cartesian Capital Group will take over the former duties of TAB Foods Investments, which introduced Burger King to China in 2012, and managed the Popeyes brand in the mainland from May 2022 until now.
"We are proud to grow the Popeyes brand in China and to bring its famous chicken sandwich and other products to guests in this exceptionally dynamic market," said Peter Yu, managing partner of Cartesian, in the RBI announcement on the company's website.
The restaurant chain was initially introduced to consumers in China in May 2020 but was obligated to shut seven of its nine locations in the country in recent months. According to market experts, the closures were mainly attributed to COVID-19 lockdowns.
After expanding into Hangzhou, Zhejiang province, and Nanjing, Jiangsu province, Popeyes’ initial plans to launch more than 1,500 stores in China upon debuting two years ago are now questionable. The company currently operates over 3,850 restaurants across more than 30 countries.
"You may have heard that we have closed several stores, but we are not going to leave (the China market), and we will be back soon,” Popeyes China wrote on its official WeChat account. “See you in the new chapter."
In addition to taking over the franchise, Yu confirmed the firm’s existing capital to be sufficient for more than 2,750 Tim Hortons cafes by 2026.