Dunkin' Brands Group Inc on Thursday said it has struck a development deal to open 1,400 new Dunkin' Donuts cafes in China over the next 20 years.
The company said it currently has 16 Dunkin' Donuts cafes in China, a key growth market for top U.S. restaurant brands. Dunkin' Donuts rivals McDonald's Corp and Starbucks Corp , currently have roughly 2,000 and 1,400 units, respectively, inChina.
The long-term master franchise agreement, which Dunkin' described as its largest development deal in company history, is with Golden Cup Pte. Ltd.
Golden Cup is a joint venture between Philippines-based Jollibee Worldwide Pte Ltd. and Jasmine Asset Holding Ltd., a wholly owned subsidiary of investment fund RRJ Capital Master Fund II, L.P.
The joint venture has exclusive rights to expand Dunkin' Donuts in new markets, including Beijing, Guangdong, Hong Kong and Macau.
The first restaurant is expected to open in the fourth quarter of 2015.
There are now more than 11,000 Dunkin' Donuts restaurants in 36 countries around the world.
(Reporting by Lisa Baertlein in Los Angeles; Editing by James Dalgleish)