Max’s Group, Inc. (MGI) (PSE: MAXS) is poised to take another one of its brands to the international scene. Sizzlin’ Steak, a homegrown brand serving premium quality meals on a hot plate system, is set to make its maiden entry into Vietnam.
MGI recently signed a development agreement with L Concepts Limited (L Concepts) to build a minimum of 10 Sizzlin’ Steak stores in Vietnam within the next five years.
“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,” said Max’s Group President and CEO, Robert F. Trota.
“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 systemwide
sales and to our bottomline,” Mr Trota added.
L Concepts is an emerging food and beverage player that focuses on the development of 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 MGI and look forward to bringing the Sizzlin’ Steak experience to Vietnam to bring the best possible customer experience to Vietnamese consumers,” said Mr TW Pang, Chief Executive Officer of The Longfort Group. “We believe that Vietnam’s increasingly discerning consumer is in need of high quality F&B products and services at affordable prices and that Vietnam offers tremendous growth opportunities for those aiming to capture this space.”
This marks the third development agreement inked by MGI for 2015. Previous signings include 15 Yellow Cab restaurants within ten years in Saudi Arabia as well as another 10 Yellow Cab branches within five years in United Arab Emirates. The company expects to further augment its vast store network by at least 200 outlets from the international front by 2020.
Sizzlin’ Steak currently operates 10 branches in Metro Manila. Plans are likewise underway to establish a pilot store in the United States.