China's Fosun Group invests $30.7M in Malaysian restaurant chain Secret Recipe
China-based private conglomerate Fosun Group has poured CNY210.5 million ($30.7 million) into Malaysian restaurant chain Secret Recipe. The investment was reported by Shanghai's China Business News, wrote Want China Times.
The previous year, Fosun Group established an investment arm in tourism and related businesses, which now extends its reach in dining overseas; the very first investment of that nature intertnaionally. They traditionally had their eyes set on their home grounds in China, purchasing minority stakes in dining enterprises like South Memory in Shanghai.
Established in 1997, Secret Recipe is Southeast Asia's biggest restaurant chain. The firm mainly serves cakes and western-Asian fusion food. The company has launched over 300 outlets across Malaysia, Singapore, China, Thailand, Indonesia, and five other countries, the report detailed.
The Malaysian dining chain will now focus on its expansion in China. Since it entered the country in 2007, Secret Recipe has opened over 50 branches in Shanghai, Xuxi, and Nanjing. By the end of 2014, the restaurant firm plans to open new outlets in Shenzhen in Guangzhou. Secret Recipe is aiming for more than 100 branches across China by next year, the report stated.
According to Fosun chairman Guo Guangchang, the Chinese group is confident of its outlook in the restaurant industry in China. The sector's compound annual growth rate from 2012 to 2016 is expected to surpass 27.9%, Want China Times reported.