K Hospitality Corp Acquires All Franchise Units of Copper Chimney From Pan India Foods
The move is aligned to K Hospitality’s aggressive growth strategy to extend the heritage and strength of the 45-year-old Copper Chimney brand across India and take Indian cuisine to the world through its newly formed entity, Charcoal Concepts. To deploy group infrastructure, know-how and capital to develop the brand and scale Copper Chimney to touch 50 outlets over next 4 years
K Hospitality Corp has entered into an agreement to acquire the franchise units of Copper Chimney outlets from Everstone Capital-owned Pan India Food Solutions. Copper Chimney is the Group’s flagship concept launched in the early 1970s, and is the most recognized brand in the Indian cuisine category, nationally. Following the buyback, K Hospitality has now consolidated all company-owned and franchise operations of the Copper Chimney brand in India.
The Copper Chimney business will now be an amalgamated part of Charcoal Concepts, the Group’s new business segment purely focused on Indian cuisine and how to take it global. Charcoal Concepts operates the successful, award-winning brand Bombay Brasserie in India, which already has 8 Indian-inspired bar and eateries across 5 Indian cities. Charcoal Concepts is working on bringing various new Indian food formats to the market, both in India and abroad, over the next few years.
Over the next four years, the group plans to scale up the Copper Chimney brand to over 50outlets across India and abroad. As a pioneer in Indian cuisine since it was founded in 1972, Copper Chimney has become the leading contemporary Indian restaurant brand, and has recently forayed into the international market with outlets in the Middle East as well. Bombay Brasserie, the eclectic all-day Indian eatery catering to younger audiences, is also in the process of initiating its global presence.
Food constitutes the largest retail consumption category in India. According to the India Food report 2016 (by the National Restaurant Association of India [NRAI] and Technopak), the Indian food retail market which is the sixth largest globally, is expected to reach INR 61 trillion by 2020, growing at a CAGR of over 15% over the sixth year period 2014-20. The Report further states that Indian Cuisine is the most preferred cuisine across the country. As one of the fastest growing economies of the world, India offers a variety of advantages for the food service industry led by a large share of the young population, changing consumer lifestyles, increasing disposable incomes and a growing urban working woman population. India also has a substantially growing food-loving audience which is being driven significantly by experiential F&B trends.
Karan Kapur, Director, K Hospitality Corp said, “The franchise buy back of Copper Chimney is reflective of K Hospitality’s aggressive growth and expansion strategy to bring authentic Indian cuisine to global audiences by building on Copper Chimney’s leading position in the contemporary Indian cuisine space in the country. We have already implemented several innovations through investments in food, design and our teams, to introduce our patrons to the award-winning range of distinctive recipes and flavours as well as a brand new experience at Copper Chimney outlets, going forward. The results are visible and very encouraging as we now plan to extend the strategy to new outlets in India and abroad, as part of the new business segment, Charcoal Concepts.
The uniqueness of Copper Chimney and the strength of brand has grown from strength to strength over the past 45 years. The focus on fresh cooking, high quality produce, and our secret recipes and techniques that have been carried over generations, will ensure we deliver our promise of “Indian Food, Made Unforgettable.”It is one of the oldest and strongest Indian restaurant brands in the country which has maintained its equity, by fulfilling a high quality, value for money, memorable food and beverage experience for families and corporates across the country. These are exciting times for the F&B industry. By integrating the brand and investing further into its development, we are readying it for the next phase of growth to lead the development of Indian cuisine, grills and overall great Indian flavours.”
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