U.S. Burger King Corporation, the second world’s largest fast food chain, plans to open several hundred restaurants in Russia in next few years, VTB Capital, the chain’s partner in Russia, said on Wednesday.
“VTB Capital has established a joint venture with Burger King Corporation … and Burger Rus, the largest Russian Burger King franchisee, to develop and expand the restaurant’s chain and brand presence in Russia,” VTB Capital said in a statement, without disclosing further details.
Burger King, a core competitor of the world’s largest fast food chain McDonald’s, entered the Russian market in early 2010. The company now has 57 restaurants in Russia.
“This joint venture is an excellent example of Burger King’s … international growth strategy, whereby we focus on strategic partnerships with franchisees that have a proven record of success with the brand,” Burger King President in Europe, Middle East and Asia Jose Cil was quoted in the statement as saying.
Burger King’s international chain includes nearly 12,000 restaurants in 75 countries which gives average annual revenue at $1.5 billion.