Makati—(PHStocks)—Max’s Group Inc. (MGI, PSE: MAXS) continues to aggressively expand its footprint in the international front. Yellow Cab Pizza, a premium New York inspired pizza concept, is set for its maiden venture into China.
MGI recently inked a development agreement with ZhongFa Group to build at least 15 Yellow Cab Pizza stores in China within the next five years.
“We are thrilled with the opportunity of bringing our pizza to Beijing, Tianjin and parts of Hebei province. We share the excitement with our partner, the ZhongFa Group, to serve our food offerings to the Chinese,” said Max’s Group President and CEO Robert F. Trota.
This marks the first development agreement signed by MGI in 2016 after sealing five new international partnerships in 2015. The company is on track with its plans to have at least 200 stores overseas by 2020.
“This is reflective of the strong interest in our brands. Last year, we were able to surpass targets in terms of signing up new markets abroad,” Trota added.
Established in 1993, ZhongFa Group is a diversified group based in China engaged in the businesses of commercial real estate, electronic business and hotel management, with operations spanning across China, Philippine, Kenya, Palau, Switzerland and soon in Canada. ZhongFa is planning to expand into F&B business in China through its latest vertical company JuYangYiTong, to bring well known international brands into China market.
“We believe the food and beverage industry in China has huge potential. With our newly established company JuYangYiTong led by one of the ZhongFa family members Mike Zhang, we plan to satisfy Chinese customers’ growing needs of high quality food and beverage products. We are delighted to choose Yellow Cab Pizza as our first venture with MGI Group. Yellow Cab Pizza has everything that China’s discering customers are looking for – quality, service and ambiance,” remarked ZhongFa Group CEO Guiping Wang.
Yellow Cab presently operates a network of 118 branches including six franchised outlets located in Qatar.