Monday, September 25, 2017

Crystal Jade comes to Myanmar

Singapore-Based restaurant chain Crystal Jade will break into the Myanmar market this year, opening two outlets in Yangon with others to open across the country from 2017, the firm announced yesterday. Singapore Myanmar Investco (SMI) has entered into a franchise agreement with Crystal Jade to operate the firm’s first Myanmar outlets.

SMI has ventures across a wide range of sectors in Myanmar including telecoms infrastructure, car hire and rental and service offices. The firm also operates duty-free services at the same Yangon airport terminal that will house the first Crystal Jade restaurant.

The country’s inaugural Crystal Jade will open at the new Yangon International Airport Terminal 2 in the third quarter of this year, and a second branch will open in Sedona Hotel before the end of 2016, according to an SMI press release published yesterday.

A third restaurant is planned for 2017, and a fourth in 2018, according to a separate SMI statement published on the Singapore stock exchange.

The Chinese-cuisine-focused chain was founded in Singapore in 1991 and has over 100 restaurants in the Asia-Pacific region and the US, according to the release. Crystal Jade and SMI are positioning to take advantage of the “rising popularity of Chinese cuisine in Myanmar”, the SMI press release said. “The country’s food and beverage market has strong potential for growth as economic progress continues after major reforms were undertaken in recent years,” it added.

A series of foreign firms have announced their first Myanmar outlets in recent months. Singaporean bakery chain BreadTalk revealed earlier this month that it plans to open its first branch here in early 2017 in partnership with Shwe Taung Group.