Chinese consumers’ rapidly changing demands keep KFC owner on its toes
Yum China CEO Joey Wat banks on fast-food firm’s flexible store format and cheaper products to attract more Chinese consumers
For Yum China CEO Joey Wat, success in the mainland’s vast but fierce market does not hinge only on being a local or international fast-food brand.
“I personally have huge respect for many local brands,” she said in November. “Chinese players are innovating a lot under the leadership of their founders. We fully understand that this is a cutthroat market.”
Wat admitted to being a fan of some mainland restaurant chains whose founders remained pivotal in strategic planning and daily operations. However, Wat said she was comfortable with the term “learner” as the fast-food giant further promoted its chicken burgers and pizzas.
KFC’s food was viewed as luxury cuisine by Chinese consumers when the brand entered the mainland in 1987. A KFC meal then could cost one-third of a daily wage-earner’s pay.
Yum China is also the operator of Taco Bell, Little Sheep, Lavazza and Huang Ji Huang on the mainland.