Betting big on India over the long haul, US' leading baked food and coffee chain Dunkin' Donuts today said the country could become its third biggest market in the next decade and a half.
"In the next 15 years, when Dunkin' Donuts opens the planned 500 stores in India, it is likely to be one of the top three markets for us globally both in terms of store count and revenues," Dunkin' Donuts CEO Nigel Travis told PTI.
Elaborating reasons behind the confidence in the Indian market, he said: "It has the fastest growing middle class and people here prefer western brands like Dunkin' Donuts."
The firm, which has appointed Jubilant Foodworks Ltd (JBL) as its master franchisee in India, opened its third store in the capital.
The two partners had last year said the plan was to set up 80-100 Dunkin' Donuts stores, beginning with the metros in the next five years, with a long-term target of 500 stores in India in 15 years.
In the beginning of this month, JFL had said it will invest around Rs 12 crore to open a minimum of 10 Dunkin Donuts' stores in the country during this fiscal.
Asked if Dunkin' Donuts has devised any specific strategy for India, Travis said: "We are going to get as close to the consumers as anyone can get...We have spent a lot of time in working with the Jubilant group to localise menu to suit the Indian palate."
Already, a large range of sandwiches that the brand offers are localised and some portion of donuts have also been localised, he added.
"The response from consumers for the first three stores is overwhelming and we are confident about the (Indian) market," he added.