Bonchon, a U.S-Based Korean fried chicken chain, reported this week that its year-over-year sales increased 12%, outperforming the industry average and leading the fast casual and casual dining segments per Black Box Intelligence data.
Since the time VIG Partners invested in the company at the end of 2018, its AUV has increased by 24.7% to $1.57 million, CEO Flynn Dekker said in a company press release.
“Heading into 2022, we had a focused strategy of building sales and trimming costs where possible, to minimize the impact of high commodity and transportation costs,” he said. We also continue to remain dedicated to the quality of our food, giving people a taste of Korean culture as well as providing a strong franchise opportunity to our partners.
“Our 20th anniversary is on the horizon this fall and we have much to celebrate with our fans and can’t wait to do it in true Bonchon style.”
The brand is also experiencing location growth in both the U.S. and internationally, opening a combination of its fast casual and full-service model locations in California, Colorado, Minnesota, Texas and Virginia with plans to grow by 20% before the end of the year. Thailand, Myanmar and Vietnam have also hosted openings this year, and the brand’s first location in France will open by year’s end.
Bonchon’s US development pipeline includes agreements for over 120 future restaurants.
Launched in Busan, South Korea in 2002, the concept was established in the U.S. in 2006 has has nearly 400 locations in eight countries.