Domino’s Pizza set for Thai expansion
American pizza chain Domino’s Pizza has re-entered the Thai market through a local partner Evolution Capital.
Evolution, a hotel and restaurant company minority owned by Fico Group, opened the first Domino’s Pizza outlet in Thailand on January 1 on Sukhumvit Soi 22. The company has secured the rights to operate the pizza chain in Thailand for at least 10 years.
Domino’s briefly operated in Thailand in 1990s, but, withdrew from the market due to stiff competition.
Now, in its second attempt, Domino’s is confident it can deal with rivals.
“There is still room to grow in the Thai pizza market,” said Krit Srichawla, CEO of the Fico Group.
Evolution, which also operates American coffee chain The Coffee Bean & Tea Leaf, plans up to 100 outlets within three to five years.
“The expansion of the food and hotel business is a bid to capture the huge purchasing power in the market when the Asean Economic Community begins in 2016,” said Krit.