Carvel is a recognizable brands in the retail ice cream industry globally.
Cinnabon is the world leader in the cinnamon roll bakery category.
In terms of the development agreement the Invescape consortium will invest some US$ 10 million in developing 40 stores across South Africa over a seven year period.
“The investment in South Africa is not just portfolio direct investment flow into the country but will contribute to the country’s economy through the creation of 700 direct and indirect new jobs over the seven year period” said Firdhose Coovadia, Chief Executive Officer of Invescape.
“We are also looking to put together a franchisee support package to stimulate individuals who have been previously historically disadvantaged South Africans to enter the mainstream South African economy as Carvel Cinnabon franchise unit owners”, he added.
“Entering the South African market is a momentous occasion for Focus Brands Inc. and an inspiring testament to the Government and people of South Africa who in the short period of time from its first democratic election in 1994 have succeeded in creating meaningful change and an environment conducive to investment”, added Kim Perrotta, FOCUS Brands Inc.’s Managing Director of International Development.
The signing ceremony was attended by the South African Minister of Trade and Industry H.E. Mandisi Mpahlwa, Mr. Kim Perrotta and a host of UAE and South African dignitaries, many of whom came to Dubai especially for the occasion.
The first Carvel Cinnabon store is due to open in Johannesburg in January 2006.
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