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Wednesday, Jul 6, 2022

Cheesecake Expanding into Asia

Cheesecake Factory Inc. entered into an agreement on Monday to open at least 14 restaurants in Asia over the next 10 years. The Calabasas casual-dining chain, which began an international expansion last year when it entered markets in Latin America and the Middle East, has an exclusive licensing agreement with Maxim’s Caterers Ltd. of Hong Kong. It will open stores in Hong Kong, Macau, Taiwan and the People’s Republic of China. Other locations could open in Japan, South Korea, Malaysia, Singapore and Thailand. Chief Executive David Overton said that international growth will be key for the company to deliver higher earnings per share. “Our brand has experienced a tremendous level of success outside of the U.S.A., and we are excited to announce another step forward in our global expansion efforts,” he said, in a statement. Cheesecake operates 181 full-service restaurants throughout the U.S. and Puerto Rico. The company also has four locations in the Middle East, with plans to add another 18 in the region in the next few years. Shares closed unchanged at $44.42 on the Nasdaq.

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