Yahoo Finance Tim Hortons to open first India location as it expands internationally
Tim Hortons is expanding, bringing its double-doubles and Timbits to India as the chain looks to open hundreds of new locations around the world.
The coffee and doughnut chain announced on Tuesday that it has reached an agreement with a joint venture owned by Apparel Group and Gate Partners and will open its first India location in New Delhi later this year. Tim Hortons parent company Restaurant Brands International (QSR)(QSR.TO) says there are plans to open 300 locations in India over the next decade.
"India is one of the world's fastest growing markets for coffee and tea retail chains and Tims is thrilled to be opening there soon," David Shear, president of RBI, said in a statement.
"This launch in India is another critical step in our continuing international expansion plans."
Tim Hortons is in the midst of an aggressive international expansion strategy, with a particular focus on China. The company opened its 400th location in China in January, less than three years after it started its first restaurant in the country.
"We're really excited about the progress we're making in Tims in China," chief executive Jose Cil told analysts on a conference call last month, adding that the brand is gaining traction in other international markets as well, including the Middle East, United Kingdom and Mexico.
"We have a very ambitious long-term target for growth in China and view that as a great path to build Tim's international business throughout the region in Asia and also in other markets around the globe."
India will mark the 14th country that Tim Hortons will operate in. The chain currently has 5,100 locations in 13 countries, including the U.S., Mexico, Spain, the United Kingdom, China, Thailand, the Philippines and across the Middle East.
Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.
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