Max’s Group Inc., the casual-dining restaurant operator, said it will take one of its homegrown brand to Vietnam as part of its expansion in Southeast Asia.
The company said it signed a development agreement with L Concepts Ltd. to build a minimum of 10 Sizzlin’ Steak stores in Vietnam within the next five years.
Sizzlin’ Steak is a homegrown brand serving meals on a hot plate.
“We are thrilled in this partnership with L Concepts given their strong credentials and long history of success. We are excited to introduce our sizzling offerings to the Vietnamese market,” Max’s President and Chief Executive Officer Robert Trota said.
“Our overseas expansion continues to gain more ground. We envision to rollout our key brands outside the Philippines with strategic franchise operators. As new markets are established and momentum builds in the next few years, we expect the international portion of our business to be a significant contributor to system-wide sales and to our bottom line,” Trota said.
L Concepts is an emerging food and beverage player that focuses on the development of what it called “unique gastronomic experiences in Southeast Asia.”
The group currently operates a collection of leading restaurant brands, franchises and lifestyle concepts across the premium casual and fast casual-dining segments.
L Concepts is a wholly owned subsidiary of The Longfort Group.
“We are honored to partner with Max’s and look forward to bringing the Sizzlin’ Steak experience to Vietnam to bring the best possible customer experience to Vietnamese consumers,” TW Pang, chief executive officer of The Longfort Group, said in a statement.
“We believe that Vietnam’s increasingly discerning consumer is in need of high-quality food and beverage products and services at affordable prices, and that Vietnam offers tremendous growth opportunities for those aiming to capture this space,” Pang said.
This marks the third development agreement inked by Max’s for the year. Previous signings include 15 Yellow Cab restaurants within 10 years in Saudi Arabia, as well as another 10 Yellow Cabs within five years in United Arab Emirates.
The company expects to further augment its store network by at least 200 outlets from the international front by 2020.
Sizzlin’ Steak currently operates 10 branches in Metro Manila. Plans are underway to establish a pilot store in the United States.