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Biz News Korea(Eng)
KFC Korea returns to sales block in March
- Collected
- 2017.01.24
- Distributed
- 2017.01.25
- Source
- Go Direct
According to investment bank sources, CVC Capital Partners, the largest shareholder of KFC Korea, is attempting to sell its stake in the American franchise unit in Korea. Invitations will be handed out in March.
The Korean franchise appointed Lee Je-hoon as a new CEO, replacing Lee Jin-moo who had been just a year in the office as show of strong will to boost profit. Operating profit of KFC Korea which was 11.5 billion won ($ 9.87 million) in 2013 plummeted to 6.8 billion won in 2014 and to 1.1 billion in 2015 as popularity of the American fried chicken has waned in Korea.
The company has been promoting various low-priced menu items and increased discount rates to bolster sales.
By Yoo Tae-yang
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