Subway, the restaurant brand, has announced significant expansion in India, Sri Lanka and Bangladesh, as the company signed a master franchise agreement with Everstone Group (Everstone), a South Asia focused private investment firm. The agreement is one of the largest master franchise agreements in QSR history, according to a statement.
“Today’s announcement represents a significant step in Subway’s transformation journey and global expansion plans,” said John Chidsey, Chief Executive Officer of Subway. “Everstone, with extensive knowledge and proven restaurant operational expertise in the region, is the ideal partner as we begin this new chapter for Subway in India and South Asia.”
“The scale of this agreement is unprecedented and will ensure that Subway’s presence across India will more than triple over the next 10 years,” said Mike Kehoe, EMEA President at Subway. “We’ve seen huge demand from existing Subway guests in India and couldn’t be more excited to partner with Everstone to strengthen our presence and bring our beloved subs to even more Indian guests.”
“Subway is an iconic brand and its philosophy of freshly made-to-order and better-for-you food delivered at-home and in-store is central to one of the greatest structural consumer trends we see in South Asia,” said Sameer Sain, Founder and CEO, Everstone Group. “Everstone Group is delighted to be a partner and custodian of Subway in the region. We strongly believe that our significant experience in the QSR space, our strong digital focus, our ability to innovate, as well as our proven execution capabilities, will enable Subway to become a dominant player in the region.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.