Hong Kong restaurant group Cafe de Coral’s incoming CEO sets sights on HK$590 million profit record, aims to establish chain as ‘people’s canteen’

Piony Leung, who will take the helm in April, plans to increase the number of outlets in mainland China by two-thirds

Industry faces additional challenges as more Hongkongers head north for leisure, she says

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People visit Cafe de Coral in To Kwa Wan. The group’s incoming CEO says she aims to establish the chain as the “people’s canteen” for residents in the Greater Bay Area. Photo: Jelly Tse

Published: 9:00am, 5 Feb 2024Updated: 4:40pm, 5 Feb 2024

Leading Hong Kong restaurant group Cafe de Coral aims to restore profits to a record-breaking level of more than HK$590 million (US$75 million) within two years, its incoming CEO has said, adding that the chain seeks to establish itself as a “people’s canteen” for residents in the Greater Bay Area.

Piony Leung Ho-ting, who will take the helm in April as Cafe de Coral’s first woman CEO, outlined her goals for the Hong Kong-listed group, saying she planned to increase the number of outlets in mainland China by two-thirds from 168 to 280 in about three years, with an annual investment of more than HK$100 million.

She also noted there were additional challenges as a result of more Hongkongers heading north for leisure and an industry-wide labour crunch.

“In two years, we hope to restore the group’s profits to the record-breaking level of the 2018-19 financial year at more than HK$590 million as we aim to achieve sustainable growth and profit,” she said in an interview with the Post. “This is not easy but is still possible.”

Incoming CEO Piony Leung says she plans to increase the number of outlets in mainland China by two-thirds. Photo: Jonathan Wong

With more than 25 years of experience in retail and fast-moving consumer goods industries across the Asia-Pacific region, Leung joined the group as its Hong Kong managing director in 2019. She will succeed Peter Lo Tak-shing to become the next CEO.