Russia & India Report:
The Russian restaurant company WorldWide Papa’s Plc recently raised $14.5 million on the Frankfurt Stock Exchange. The franchisees of the American company Papa John’s operate in St. Petersburg and consist of only four pizzerias. Upbeat about the Russian market, the owners of the chain, using the money garnered in the IPO, are planning to open 40 new stores in the next four years.
Restaurant consulting agency RestCon also believes the food services market in Russia could reach the pre-financial crisis levels in late 2011. “Prior to the crisis, we were seeing a 25% increase annually,†says RestCon analyst Andrei Petrakov. “Today, the market isn’t growing as rapidly, but it’s still substantial at roughly 15% per year.†The financial reports of Rosinter and GMR, two of the biggest Russian restaurant companies, indicate revenue was up 17%–20% in 2010. Carry on reading.