DineEquity, Inc. Brings IHOP® Restaurants To India
New Franchise Agreement for 20 Restaurants in 10 Years Continues Three Years of Record International Growth
GLENDALE, California, Dec. 8, 2016 /PRNewswire/ -- DineEquity, Inc., (NYSE: DIN) one of the world's largest full service restaurant companies and the franchisor of two category leading brands, Applebee's® Grill and Bar and IHOP® restaurants, today announced plans to enter India, the nineteenth country for the company. DineEquity signed a multi-unit franchise agreement with Kwal's Catering Private Ltd., a subsidiary of Kwal's Group, to bring IHOP, the world-famous breakfast chain and the leader in family dining, to the country with the first location scheduled to open in Cyber Hub, Gurgaon in early 2017. An additional 19 locations are planned in multiple states of Northern and Southern India over the next decade.
The addition of 20 IHOP restaurants in India is expected to generate at least one thousand jobs. The local economy will also benefit from the initial construction and ongoing purchase of goods and services, most of which will be sourced locally.
"We are excited to bring our IHOP brand to India with its vibrant, growing economy," said Daniel del Olmo, president, international, DineEquity, Inc. "Together with our new franchisee, Kwal's Catering Private Ltd., we have a terrific opportunity to introduce a brand that for 58 years has been spreading happiness. We're confident that IHOP's unparalleled breakfast experience any time of day, including our world famous pancakes, as well as our great American lunch and dinner entrees and warm hospitality will be embraced by our Indian guests as enthusiastically as it has been in our more than 1,700 locations in 11 countries."
The menu for India will feature dishes that have been customized to meet the dietary preferences of the country, such as egg-free pancakes, as well as locally inspired vegetarian dishes, both to delight guests and to creatively utilize regional produce, spices and other local ingredients, a practice which is part of IHOP's appeal wherever it does business.
Sameer Lamba, managing director of Kwal's Group, said, "From the first time I experienced the delicious food and atmosphere at IHOP, I felt that this was a concept that belonged in India. That belief was only strengthened with each visit to an IHOP, where the quality and friendliness met the same high standard, wherever it was located. I am committed to bringing that same consistent, great IHOP experience to guests in many locations in India, and I am honored and grateful that IHOP has selected my company to do so."
In 2014 DineEquity consolidated the Applebee's and IHOP international brand teams into one business unit and created a new strategic plan based on robust consumer insights and franchisee feedback. As a result, the company implemented a 360-degree brand evolution resulting in the implementation of new brand positioning, marketing, food and beverage choices, plate presentation, restaurant design and an improved service culture, all of which have been embraced by franchisees.
Since 2014, 72 new international restaurants have opened, and eight planned additional openings will take place in 2016, resulting in the third consecutive year of record international growth. In addition to 80 newly opened and planned international openings, DineEquity has tripled the international development pipeline to over 200 restaurant commitments. International growth has been largely focused on three key regions: Latin America, the Middle East and Asia Pacific, increasing the number of restaurants in existing markets while entering new ones.
ABOUT DINEEQUITY, INC.
Based in Glendale, California, DineEquity, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under the Applebee's Neighborhood Grill & Bar brand and franchises and operates restaurants under the IHOP brand. With more than 3,700 restaurants combined in 18 countries and U.S. territories and approximately 400 franchisees, DineEquity is one of the largest full-service restaurant companies in the world. For more information on DineEquity, visit the company's web site at www.dineequity.com.
ABOUT IHOP RESTAURANTS
For over 58 years, IHOP has been a leader, innovator and expert in all things breakfast, any time of day. The chain offers 65 different signature, fresh made-to-order breakfast options, a wide selection of popular lunch and dinner items as well as meals under 600 calories. IHOP restaurants offer guests an affordable, everyday dining experience with warm and friendly service. As of September 30, 2016, there were 1,709 IHOP restaurants in 50 states and the District of Columbia, Puerto Rico and Guam as well as Canada, Mexico, Guatemala, the Kingdom of Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain, Qatar, Panama and the Philippines. IHOP restaurants are franchised and operated by Glendale, Calif.-based DineEquity, Inc. (NYSE: DIN) and its affiliates.
About Kwal's Group
A company with over six decades of proven knowledge and experience, Kwal's Group is India's premium food service company involved in operating and managing food courts for office complexes and all large malls. Kwal's Group currently has 26 food courts in operation and over 50 signed food courts due to open in a span of 6-8 months. Kwal's Group has partnered with several major QSR brands on a Pan Indian basis in addition to having a large catering infrastructure in New Delhi/NCR, Chandigarh, Lucknow, and Pathankot.
Forward-Looking Statements
Statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words such as "may," "will," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: the effect of general economic conditions; the Company's indebtedness; risk of future impairment charges; trading volatility and the price of the Company's common stock; the Company's results in any given period differing from guidance provided to the public; the highly competitive nature of the restaurant business; the Company's business strategy failing to achieve anticipated results; risks associated with the restaurant industry; risks associated with locations of current and future restaurants; rising costs for food commodities and utilities; shortages or interruptions in the supply or delivery of food; ineffective marketing and guest relationship initiatives and use of social media; changing health or dietary preferences; our engagement in business in foreign markets; harm to our brands' reputation; litigation; third-party claims with respect to intellectual property assets; environmental liability; liability relating to employees; failure to comply with applicable laws and regulations; failure to effectively implement restaurant development plans; our dependence upon our franchisees; concentration of Applebee's franchised restaurants in a limited number of franchisees; credit risk from IHOP franchisees operating under our previous business model; termination or non-renewal of franchise agreements; franchisees breaching their franchise agreements; insolvency proceedings involving franchisees; changes in the number and quality of franchisees; inability of franchisees to fund capital expenditures; heavy dependence on information technology; the occurrence of cyber incidents or a deficiency in our cybersecurity; failure to execute on a business continuity plan; inability to attract and retain talented employees; risks associated with retail brand initiatives; failure of our internal controls; and other factors discussed from time to time in the Company's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Company's other filings with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update or supplement any forward-looking statements.
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