The iconic Canadian brand Tim Hortons is expanding into China with plans to open more than 1,500 locations over the next 10 years.
The company announced on Wednesday that it has entered into an exclusive master franchise joint venture agreement with Cartesian Capital Group in China.
“We have two main priorities at Tim Hortons: building and strengthening our brand in Canada; and expanding our iconic Canadian brand to the rest of the world,” said Tim Hortons president Alex Macedo in a statement.
“China’s population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming years. We have already seen Canada’s Chinese community embrace Tim Hortons and we now have the opportunity to bring the best of our Canadian brand to China with established partners who have expertise in the industry and the country.”
Peter Yu, managing partner of Cartesian, said Tim Hortons has a long, rich history of providing guests with quality food and premium coffee.
“We plan to expand that tradition to China, drawing on 20 years of experience building businesses in China and around the world,” he said.
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.