LongRange Capital, a Connecticut-based private equity firm, will acquire Pizza Hut for USD 1.5 billion, excluding the business in Mainland China, from Yum! Brands. Yum China Holdings will buy the mainland China operations for USD 1.2bn, bringing the total sale to USD 2.7 billion for Yum! Brands.
Yum Brands is evaluating ‘strategic options’ for its Pizza Hut company, which could also include a sale. With almost 20,000 restaurants worldwide, Pizza Hot has seen declining US sales for the past eight quarters, despite recording in increase in some markets around the world.
Joe Park was promoted to the role of Chief Digital & Technology Officer starting from March 1. He will be reporting to Chris Turner, Yum! Brands Chief Financial Officer. Park, who most recently served as Chief Digital & Technology Officer for Pizza Hut Global, succeeds Clay Johnson, who will continue with Yum! Brands as a Senior Advisor.
Pizza Hut and Beyond Meat launched a new Beyond Pepperoni range in the UK. The new range is now available at Pizza Hut Delivery locations throughout the UK, and will be rolling into all Pizza Hut restaurants across the country from January 2024, for a limited time.
Yum! Brands reported results for the third quarter that ended on September 30, 2023, driven by sales at KFC International. The KFC Division opened 664 gross new restaurants across 57 countries in the reporting period.
Yum! Brands’ worldwide system sales grew by 13% (excluding Russia impact and foreign currency translation), with 8% same-store sales growth and 5% unit growth. The group’s first-quarter core operating profit grew by 11%.
Pizza Hut launched momo pizza in India, called ‘Momo Mia’, a fusion of two beloved dishes.
