myELEPHANT eyes expansion Down Under
Published on: Thursday, July 31, 2014
Kuala Lumpur: After gaining a strong foothold locally, homegrown Thai restaurant chain, myELEPHANT, is setting its sights on a maiden overseas expansion and as early as next year. It has received franchising queries from Australia, but plans to start off talks in 2015, said co-founder and managing director, Patrick Cheng. "We are more familiar with market conditions in Malaysia, where the launch of an outlet will take as long as eight months of planning.
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"To go overseas, we need to find out the local considerations such as the legal framework, hygiene laws and accounting measures. This will take us more time," Cheng said. However, the restaurant chain is targeting an annual revenue growth of 10-15 per cent over the next five years, and an overseas footprint would help fuel it.If things work out as planned, myELEPHANT will open its pioneer outlet Down Under in late 2015, according to Cheng.
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He said the company also sees potential in other markets such as Hong Kong or New Zealand over the mid-term. The first myELEPHANT restaurant opened in Section 17, Petaling Jaya, in 2007, and more resources will be dedicated this year to the home market, with two new outlets having opened their doors.
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Launched in February and mid-July respectively, the new restaurants are in USJ and Ampang for a total of five, and all located in the Klang Valley.Cheng expects a 50 per cent rise in revenue growth this year thanks to the contribution from the two new outlets. Stay up-to-date by following Daily Express’s Telegram channel.
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