Top One Pot (這一鍋餐飲), a Taiwanese hot pot chain and affiliate of Gourmet Master Co Ltd (美食達人), aims to raise its annual sales to NT$1 billion (US$33.13 million) next year, ahead of its plan to launch an initial public offering (IPO) in three years.
Since it launched official operation in 2012, the hot pot chain has opened two outlets in Taipei and one in Greater Taichung, with its fourth outlet starting operation in Taoyuan County’s Jhongli City (中壢) on Sunday.
Top One is scheduled to launch its fifth outlet in Jhubei Township (竹北), Hsinchu County, in July, Lin said.
“The company is set to expand its number of outlets in Taiwan to 20 in three years, which could lead its annual sales to continue its rising track in the future,” Top One general manager John Lin (林志鏞) told a media briefing yesterday.
Lin said Top One expects revenue this year to reach NT$500 million, up from the annual sales of NT$170 million it generated last year, driven by its plan to raise its total number of outlets to eight by the end of this year.
The hot pot chain’s sales could hit NT$1 billion next year, under a plan to boost total outlets in Taiwan to 15 by the end of next year, he added.
Lin said the company’s expansion plan will focus on northern and central Taiwan in the short term.
The hot pot chain will slow its expansion in Taiwan in three years, Lin said, adding that Top One plans to maintain the highest profit efficiency under the scale of 20 outlets.
Apart from in Taiwan, Lin said Top One is also to launch trial operations on its first outlet in China in September, which is to open in Shanghai.
Since rental costs in China’s first-tier cities are generally double or triple that of rental costs in Taiwan, the company will set its average customer spending at between 150 and 200 yuan (US$24 and US$32), Lin said, adding that expansion plan in China will focus on the country’s east.
Long-term expansion plan to more overseas markets, such as the US and Southeast Asia, inspired the company’s plan to launch an IPO in the future.
“The move may lead Top One Pot to be the first hot pot brand in Taiwan to be listed on the local bourse,” Lin said.