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Famous Brands Seeks Partnership With Shoprite on Nigeria

by Atqnews
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Culled from Punch

Famous Brands Seeks Partnership With Shoprite on NigeriaSouth African owner of fast-food chains including Debonairs Pizza and Steers burgers, Famous Brands Ltd. (FBR), is in talks with supermarket operator Shoprite Holdings Ltd. (SHP) about expanding a partnership to Nigeria and Zambia, Bloomberg reports. According to Famous Brands’ Chief Executive Officer Kevin Hedderwick, negotiations with Shoprite involve “how we can work closer together in places like Nigeria, where they have a big footprint,” as well as in Zambia. This strategy, and other moves to add fast-food outlets throughout the sub-Saharan Africa region, are all set up to enable Famous Brands more than double the proportion of earnings from operations abroad across the continent. “We are very keen to partner with each other outside of South Africa.” Hedderwick said. Famous Brands has been adding outlets outside South Africa to help counter slowing economic growth in its domestic market, where consumer spending has been stifled by strikes, accelerating inflation and an unemployment rate exceeding 25 percent. The company has focused on cost cuts and boosting the performance of the supply chain to maintain earnings growth.

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