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Krispy Kreme's franchise agreement with the Americana Group calls for the development of approximately 100 locations over the next five years, with the first location scheduled to open in Kuwait by early fall. The Americana Group will hold a 100% ownership position in the franchise.
"This is an exciting partnership for Krispy Kreme as we move forward with the Company's turnaround," said Daryl Brewster, President and Chief Executive Officer of Krispy Kreme. "We are encouraged by the growth in our current international markets and this partnership represents an important opportunity to continue to bring the great taste of Krispy Kreme to consumers around the world."
"We are thrilled to be partnering with Americana," said Jeff Welch, Krispy Kreme's Senior Vice President of Development & International Franchising. "Americana has a solid track record of successfully operating restaurant franchises throughout the Middle East. We are confident that their understanding of the food business in this geographic region will help promote Krispy Kreme's success in the marketplace."
"We are looking forward to introducing Krispy Kreme and the hot doughnut experience to our customers in the Middle East," said Marzouk Nasser Al-Kharafi, Chairman of the Americana Group. "In full partnership with Krispy Kreme, we intend to be successful in our region by building on Krispy Kreme's superior brand, which our customers will come to appreciate and embrace."