TCBY and Mrs. Fields expands into Southeast Asia
More real-estate options, warmer welcomes from consumers and some aggressive recruiting to lure foreign brands are the biggest reasons TCBY Yogurt and Mrs. Field’s Cookies are opening four locations in Malaysia by the end of 2014.
That’s according to the two stores’ parent company, Broomfield-based Famous Brands International, said CEO David Bloom.
“Really high-class malls and major retailers from both the U.S. and Europe are going into those countries, and that’s making it relatively easy for us to get in there,” Bloom said.
The franchise expansion into those countries is part of a 10-year deal with Malaysian-based Dewina Holdings Group, which already owns and operates many franchises in the region, including:
- Cafe Barbera
- Burger King
- Popeyes Chicken
The deal will bring 28 total new TCBY and Mrs. Field’s franchise locations over 10 years to Singapore, Vietnam and Malaysia.
“We typically partner with groups within countries that already have significant holdings and experience,” Bloom said. “…. and success in these markets is all about partnering with the right group.”
The deal, which carries with it an up-front cost for Dewina of anywhere from $100,000 to $500,000, will be “worth millions” long-term, Bloom said.
After reporting a 10 percent increase in revenue in 2013, Bloom said Famous Brands expects 2014 growth to accelerate rapidly, largely due to major international plays.
Famous Brands’ other recent international openings include:
- 3 Mrs. Fields stores opened in Riyadh, Saudi Arabia
- 3 Mrs. Fields stores opened in Thailand
- 2 Dual-Brand TCBY and Mrs. Fields stores opened in Pakistan
- 1 Dual-Brand TCBY and Mrs. Fields store opened in Egypt
Bloom said the company’s “dual-branding” strategy has also made an impact on revenue.
“We own TCBY and Mrs. Field’s — and the Mrs. Field’s website — [and] for the first time in the brand’s history … we’re opening up stores that have both,” Bloom said.
TCBY currently has about 650 locations in the United States and internationally. Mrs. Field’s has over 300 locations in the U.S. and 100 more internationally. Together, the two franchises have more than 900 locations in 33 countries.
“We are thrilled to expand our footprint in Asia so that we can continue to introduce our legacy brands to more consumers worldwide,” Bloom said.