International Dairy Queen and CFB Group Announce Plans to Open 180 Food-Centric DQ Restaurants in China by 2034
MINNEAPOLIS & SHANGHAI - (BUSINESS WIRE) - 06/27/2023 - International Dairy Queen, Inc. (IDQ), through its wholly owned subsidiary American Dairy Queen Corporation, a leader in the quick-service restaurant (QSR) industry, and CFB Group, through its wholly owned subsidiary Shanghai Shida Catering Management Co., Ltd., a franchise ownership company based in Shanghai, today announced plans to open 180 food-centric DQ® restaurants in China by 2034. CFB Group is expanding its footprint by committing to open the first food-centric DQ restaurants in China.
“Opening food-centric restaurants that offer balanced hot food and treat menus is critical to our international growth strategy,” said Nicolas Boudet, chief operating officer, international, at International Dairy Queen. “CFB Group will be the first franchise group to open food-centric DQ restaurants in China and the only to own food-centric restaurants in Asia, widening its footprint in our fastest-growing market worldwide.”
“For more than 20 years, CFB Group and International Dairy Queen successfully have developed and launched unique treat products for the Chinese market, making the DQ brand one of the best performing quick service restaurant brands in China,” said Alan Hsu, CEO at CFB Group. “CFB Group and International Dairy Queen now will focus on innovation and product development to deliver hot food menu items that Chinese consumers crave. Our goal is to position DQ restaurants as a balanced hot food and treat leader in China and grow our fan base to include customers seeking both meals and treats.”
CFB Group has more than 1,000 DQ restaurants in Mainland China. In March 2022, CFB Group committed to opening 600 treat-centric DQ restaurants by 2030, 180 of which now will be food-centric DQ restaurants opened by 2034.
China is the fastest growing market for IDQ and is among the top three in size, alongside the U.S. and Canada. There are more than 1,300 DQ restaurants in China.
About International Dairy Queen, Inc.
International Dairy Queen, Inc., based in Minneapolis, Minnesota, is the parent company of American Dairy Queen Corporation and Dairy Queen Canada, Inc. Through its subsidiaries, IDQ develops, licenses and services a system of more than 7,000 restaurants in over 20 countries. IDQ is a subsidiary of Berkshire Hathaway, Inc. (Berkshire), which is led by Warren Buffett, the legendary investor and CEO of Berkshire. For more information, visit DairyQueen.com.
About CFB Group
Headquartered in Shanghai, CFB Group licenses or owns five restaurant brands in China ranging from Western to Chinese style food to meet the diverse needs of Chinese consumers. DQ restaurants are the largest portion of business for the company. CFB Group adopts advanced digitalized management systems, including AI technology, to operate stores efficiently nationwide. The company has 1,400 stores across China and more than 8,000 full-time and part-time employees. To learn more, visit CFBGroup.net.
SOURCE International Dairy Queen
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Contact:
IDQC for Corporate
news@idq.com
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