I find it interesting the growth strategy is China, Japan and the Philippines. I find that interesting given 1) China is not a good market for donuts most likely do to differences in preferences (Dunkin opened and closed in HK) and Chinese like things less sweet (comes from my Chinese wife), 2) Japan is not a big donut market either, and 3) Philippines is a huge donut mkt with many competitors and is a place where a donut costs something like a nickel or dime. I could see Malaysia or Singapore or Thailand being ok - still a lot of competitors but very sweet tooths (Buffet's DQ is popular in many of those places as is Auntie Anne).
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