LEADING Philippine casual dining group Max’s Group Inc. (MGI) is set to bring Sizzlin’ Steak, its homegrown brand serving premium meals on a hot plate system, to Vietnam.
MGI recently signed a development agreement with L Concepts Limited (L Concepts) to build a minimum of 10 Sizzlin’ Steak stores in Vietnam within the next five years, the company disclosed to the Philippine Stock Exchange on Friday.
“We are thrilled in this partnership with L Concepts given their strong credentials and long history of success. We are excited to introduce our sizzling offerings to the Vietnamese market,” said MGI president Robert Trota.
“Our overseas expansion continues to gain more ground. We envision to rollout our key brands outside the Philippines with strategic franchise operators. As new markets are established and momentum builds in the next few years, we expect the international portion of our business to be a significant contributor to systemwide sales and to our bottom line,” Trota added.
L Concepts is an emerging food and beverage player that focuses on the development of unique gastronomic experiences in Southeast Asia. The group currently operates a collection of leading restaurant brands, franchises and lifestyle concepts across the premium casual and fast casual dining segments. It is a wholly owned subsidiary of The Longfort Group.
“We are honored to partner with MGI and look forward to bringing the Sizzlin’ Steak experience to Vietnam to bring the best possible customer experience to Vietnamese consumers,” said TW Pang, Chief Executive Officer of The Longfort Group.
“We believe that Vietnam’s increasingly discerning consumer is in need of high quality F&B (food and beverage) products and services at affordable prices and that Vietnam offers tremendous growth opportunities for those aiming to capture this space.