Buffett firm to open 1,000 ice cream stores in China

Herald Globe (IANS) Friday 10th February, 2012

The International Dairy Queen (IDQ), part of American business mogul Warren Buffett's Berkshire Hathaway conglomerate, plans to open 1,000 ice cream stores in China, a media report said Friday.

"By the end of 2016, we aim to operate 2,000 stores outside America and Canada, with at least 1,000 located in China," John Gainor, IDQ president and chief executive officer, was quoted as saying by Shanghai Daily.

Gainor Thursday inaugurated the 500th Chinese store in Shanghai.

Since 2005, the ice cream chain based in Minneapolis, Minnesota, has been accelerating its China expansion, which is now only second to North America.

The Chinese frozen food industry has witnessed an annual growth of over 15 percent since the 1990s. Revenue earned by the ice cream market this year is expected to exceed 40 billion yuan (over $6 billion).

The IDQ has more than 5,700 locations operating throughout the US, Canada and 22 other countries. The company was founded in 1940.