BreadTalk Group has entered into a joint venture agreement with Taiwanese baker Wu Pao Chun Food to operate the Wu Pao Chun line of bakeries in Singapore, China and Hong Kong.
The joint venture will be a master franchisee of Wu Pao Chun and operate the bakeries in Shanghai, Beijing, Shenzhen and Guangzhou.
In Shanghai, where the first bakery will open later this year, BreadTalk will hold an 80 per cent stake in the joint venture, with Wu Pao Chun Food holding the remaining 20 per cent. In the other three cities, Wu Pao Chun Food will have an option to participate in shareholding of up to 40 per cent.
Joint venture agreements for Singapore and Hong Kong will be signed soon, with BreadTalk taking an 80 per cent stake in the Singapore portion of the business.
Wu Pao Chun, which is named after its founder, operates three flagship stores in the Taiwanese cities of Taipei, Taichung and Kaohsiung. Its top products include its "Taiwan Longan with Red Wine" and "Taiwan Litchi Rose Champion" breads.
Mr Henry Chu, group chief executive of BreadTalk, an operator of bakeries and restaurants, said: "We are excited to partner Wu Pao Chun Bakery and leverage our management expertise to value-add to this world-renowned brand.
"With our experience in business development and versatility in bringing the best out of our partner brands, we hope to deliver the much-acclaimed bakery experience to our consumers in China, Hong Kong and Singapore."
