Chipotle have signed a franchise agreement with Alshaya Group – the first partnership with a local franchise operator for the brand.
The agreement sees Alshaya acquire the development rights to grow the brand in Dubai and Kuwait, in addition to other Middle East regions. The first stores are expected to open in 2024.
As an existing operator of brands including Starbucks and Shake Shack, Alshaya will act as an experienced first partner for Chipotle.
Alshaya released a statement where they highlighted Chipotle’s existing international portfolio: Canada (33 stores), UK (15), France (6) and Germany (2). This is in addition to the 3,200 units in the USA.
Chipotle Mexican Grill share price has climbed 30% over the past 6 months, and rose 2% on on the 18th July, when the news of the new franchise partner was announced.
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