TGI Fridays has signed a deal for 75 new restaurants throughout South Asia and Southeast Asia over the next 10 years in partnership with Singapore-based Universal Success Enterprises, a master franchisor, the casual-dining company announced Friday.
Dallas-based Fridays said the deal is expected to drive $500 million in revenue over 10 years and “is the most significant development agreement to date for the brand.”
Fridays said the deal fits into its global expansion strategy. Abroad, it said it has 385 franchised restaurants in more than 52 countries.
“We’re thrilled to bring the TGI Fridays brand — and experience — to new markets and consumers in Asia through our expanded partnership with Universal Success Enterprises,” said Ray Blanchette, Fridays CEO, in a statement.
Prasoon Mukherjee, chairman of Universal Success Enterprises, added: “We’re excited to expand the TGI Fridays brand and footprint in South and Southeast Asia. Our deep experience in the hospitality industry, understanding of what consumers in our markets crave and real estate development expertise uniquely positions Universal Success Enterprises to drive unprecedented growth for the brand.”
Mukherjee said he began his restaurant career with TGI Fridays more than 30 years as a kitchen manager. He added that he was “thrilled to be sharing the brand experience with consumers across the region.”
Universal Success Enterprises, which also develops real estate, has three TGI Fridays locations in India and previously introduced Outback Steakhouse, a division of Tampa, Fla.-based Bloomin’ Brands Inc., to key markets in the region, including Indonesia, Malaysia, the Philippines, Singapore and Thailand.
TGI Fridays has nearly 700 restaurants in 52 countries.
Ron Ruggless at [email protected]
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