Yum! Brands Inc. will open its first KFC restaurant in Mongolia, Asia’s fastest-growing economy, this year with conglomerate Tavan Bogd Group, the Ulan Bator-based company said.
Tavan Bogd, whose businesses include distributing Volkswagen AG cars, said it won the rights to establish KFC outlets in Mongolia, and plans to set up four this year, according to a statement on its website today.
The Louisville, Kentucky-based restaurant chain, whose logo features the image of founder Colonel Harland Sanders, is entering the North Asian country as commodity mining and investment drive the nation’s development. Mongolia’s economy is forecast to expand 15.7 percent this year, the fastest pace in Asia, according to International Monetary Fund estimates.
All four KFC outlets will be located in the capital city of Ulan Bator, Ts. Baatarsaikhan, chief executive officer of Tavan Bogd, said in today’s statement.
“We are conducting a market survey together with a global research company to determine the market potential and identify eating habits of Mongolians, which will outline our development road map,” he said.
Amy Sherwood, Yum’s Kentucky-based spokeswoman, was not immediately able to respond to an e-mail sent by Bloomberg News after regular office hours.
— With assistance by Michael Kohn, and Liza Lin