The owner of the KFC franchise sold the Russian business. According to Kommersant, the network will be renamed Rosticʼs

American holding Yum! Brands, which owns KFC, has entered into an agreement to sell 70 of its Russian restaurants and master franchise rights to a local partner, Smart Service Ltd. businessmen Konstantin Kotov and Andrey Oskolkov.

In accordance with the agreement, the buyer will be responsible for rebranding KFC outlets and maintaining the company's staff in Russia, according to a press release on the Yum! website. Brands.

According to Kommersant, the new owner was obliged to gradually rebrand all KFC establishments in Russia as Rosticʼs. This brand was registered by the Russian structure of the American holding in early autumn, making it part of the contract for the sale of the business. Signs will begin to change in 2023, a source in the catering market told the newspaper.

The transaction amount is not disclosed; according to analysts, it could be up to 1.3 billion rubles. Bank funds will be raised to complete the transaction, a source familiar with the details of the agreement told Kommersant.

• There are about a thousand KFC restaurants in Russia. Almost all of them are managed by independent owners under licensing or franchise agreements. Smart Service Ltd. operated 41 KFC franchises.
• Previously holding Yum! Brands alsosold ownership rights to all Pizza Hut franchise assets in Russia. Under the terms of the agreement, this network will also change its name in Russia.