DODO PIZZA CHAIN CLOSES RESTAURANTS IN CHINA

The changes were announced by the founder of Dodo Pizza Fedor Ovchinnikov on his Facebook. The decision to close the Chinese division was made by the board of directors on April 1 - the company worked in China for 4.5 years. Ovchinnikov noted that in 2016 the activities of a company began as a franchisee, but then it was restarted and in 2019, its own pizzerias were opened.

More than $ 2.5 million in investments were spent on Dodo Pizza in China.

Ovchinnikov added that there still were resources for development, but the company has made a decision to suspend the activities. He explained this by saying that Dodo had strayed too far from the core business model. He also added that the closure of the Chinese direction would free up resources that could be directed to business development in Russia, Great Britain and in other countries.

Now Dodo Pizza has about 680 establishments in 14 countries of the world. In 2020, the company's revenue increased and reached 25.7 billion rubles, showing an increase of 27%. It is interesting that Dodo has announced plans to enter the IPO market by 2024. So far, 43% of the company's shares belong to Fedor Ovchinnikov, 15% are held by Dodo employees, the rest of the portfolio is held by investors.