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By: Eddy Goldberg | 494 Reads | |
Domino’s Pizza announced that it plans to open 420 new stores in China, 180 this year and 240 more in 2024. Domino’s recently opened new stores in Qingdao, Changzhou, and Wenzhou on the same day, bringing its total store count in China to 638 in 20 cities as of April 30. The new stores emphasize online channels through delivery and carryout services, which DPC Dash aims to replicate in other markets in China.
The announcement follows March’s successful IPO in Hong Kong by master franchisee DPC Dash, which raised approximately HK$626.7 million, or about US$80 million. DPC Dash has been operating Domino’s Pizza stores since December 2010, when it acquired Domino’s then master franchisee in several Chinese provinces, Pizzavest China Ltd.
In June 2017, DPC Dash renewed its master franchise agreement with Domino’s Pizza International Franchising and expanded its franchise territory to include the entire China mainland, Hong Kong, and Macau.
According to Frank Paul Krasovec, director and chairman at DPC Dash, the newly raised proceeds will allow the company to aggressively expand across the Greater China region and reach hundreds of millions of Chinese customers.
DPC Dash also announced the appointment of Arthur Patrick D’Elia, Executive Vice President International at Domino’s Pizza, as a non-executive director of the company. D’Elia oversees Domino’s business in more than 90 countries.