CANTON, MASS. — Dunkin’ Donuts, the coffee and baked goods chain that has embarked on a widespread international expansion effort over the past few years, has signed its largest development agreement, agreeing to expand the brand in China. 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., will serve as the franchisee and plans to open and operate more than 1,400 Dunkin' Donuts restaurants across China over the next 20 years.
The joint venture has exclusive rights to expand Dunkin’ Donuts in new territories, including Beijing, Chongqing, Fujian, Guangdong, Guangxi, Guizhou, Hainan, Hebei, Heilongjiang, Hong Kong, Hunan, Jiangxi, Jilin, Macau, Shanxi, Sichuan, Tianjin and Yunnan. The opening of the first restaurant is expected in the fourth quarter of fiscal 2015.
“We are delighted to enter into this relationship with Jollibee and RRJ, a group with a proven track record of success in the quick service restaurant industry in China and a deep knowledge of the consumer,” said Nigel Travis, chairman and chief executive officer, Dunkin’ Brands. “Through this franchise development agreement, the largest in our history, we believe we can significantly expand and accelerate Dunkin’ Donuts presence in China.”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. 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. Earlier this week Dunkin’ said it would be entering Mexico, and last year Dunkin’ opened stores in the Brazil, the United Kingdom, Sweden and Denmark and announced its plans to open restaurants in Austria and Finland.