Yoma Strategic said on Wednesday that signed a franchise agreement with Auntie Anne’s parent FOCUS Brands to bring the soft pretzel bakery franchise to Myanmar’s market.
The first outlet is scheduled to open in Yangon within the coming months, with further outlets planned over the next five years, it said in a filing to SGX before the market open on Wednesday.
Yoma noted it was the company’s first addition of a freshly baked goods brand to its franchise portfolio in Myanmar.
“We are seeing considerable growth in the market for freshly baked goods. While many street vendors do offer traditional Myanmar alternatives, the addition of an iconic international brand will only enrich the local foodscape,” Melvyn Pun, CEO of Yoma Strategic, said in the statement. “It is also a big opportunity for a global brand to come in and offer consumers an exciting new twist on the current offerings in this sector.”
Yoma F&B’s other franchise brands include KFC and Little Sheep Hotpot as the company targets Myanmar’s growing middle-class population and its shifting consumption patterns and rising discretionary disposable income, it said.
Pun said it aimed to have six international and local brands across 125 outlets by fiscal 2023. It has 26 KFC stores currently, it said.
Auntie Anne’s has more than 1,800 outlets across 30 countries, with Asia locations including Thailand, Philippines, Japan, Cambodia, Indonesia, Malaysia, Singapore, China and South Korea, it said.