TAIPEI (Taiwan News) -- The Taiwanese corporation Wowprime (王品集團) has reportedly suffered significant losses in the Chinese market over the past year which has resulted in the company closing down three of its restaurant businesses in China.
The Wowprime group decided to close its WOW Noodle (三哇造面) business in China in July, following the withdrawal of the French-style teppenyaki restaurant Lamu (LAMU慕) and 12 Hot Pot (石二鍋) from the market in late 2017.
LTN reports that the company’s total revenues in China decreased .99 percent last year, while those in Taiwan increased 2.88 percent over the previous year.
August reports reveal that 12 Hot Pot alone accumulated loss totaling over RMB100 million. The report may also suggest a less than positive outlook for mid-priced restaurants in the current Chinese market.
In the past Wowprime grew rapidly in China, but in the past year, despite a profit margin of 4.2 percent in the first half of the year, business and stock value have dropped sharply over the past six months.
The company is now refocusing on the Taiwan market to sustain growth moving forward, having already opened seven new business locations in Taiwan this year, according to LTN.