Fri, Dec 29, 2017 - Page 12 News List

Wowprime launches Mu Viet in Vietnamese food market

By Kuo Chia-erh  /  Staff reporter

Restaurant chain operator Wowprime Corp (王品集團) yesterday launched its 17th brand, Mu Viet (沐越), eyeing growing local demand for Vietnamese cuisine.

“We found that Taiwanese are embracing authentic Southeast Asian cuisine and the Vietnamese food market has yet to become saturated [compared with Thai food],” a Wowprime official said by telephone.

It cost nearly NT$20 million (US$670,241) to develop Mu Viet, Wowprime’s first Southeast Asian food brand, the official said.

The company is known for its Western-style brands, led by Wang Steak (王品台塑牛排) and Tasty (西堤), but it has over the past few years begun developing Asian food brands, while shifting its focus from high-priced restaurants to low or mid-range eateries.

Earlier this year, Wowprime introduced Taiwanese street food brand Ma Lao Da (麻佬大) to the local market.

Customer expenditure at Mu Viet is expected to be about NT$500 per person, the company said.

Wowprime said it plans to open three or four Mu Viet outlets in Taiwan next year, adding that same-store sales of the Vietnamese food brand are likely to reach between NT$4 million and NT$5 million per month.

Following a multi-brand strategy, the company said it also aims to launch three new brands in Taiwan and two in China next year, without elaborating.

In the first three quarters of this year, Wowprime’s net income rose 41.17 percent year-on-year from NT$284.16 million to NT$401.15 million, with earnings per share up from NT$3.69 to NT$5.21.

Gross margin improved from 49.52 percent to 50.04 percent over the period, while cumulative sales totaled NT$11.96 billion, a 2.84 percent decline from NT$12.31 billion in the same period last year, which the company attributed to fewer outlets because of its restructuring plan.

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