快餐巨头，又被曾经的「死对头」买走了

Core Viewpoint - The article discusses the recent acquisition of KFC Korea by Carlyle Group, highlighting the trend of foreign investment firms taking control of international fast-food brands in Asia, particularly in the context of changing market dynamics and consumer preferences [4][11][21]. Group 1: Carlyle Group's Acquisition Strategy - Carlyle Group has acquired KFC Korea for approximately 200 billion KRW (about 1.35 million USD or 9.72 million RMB), marking its continued investment in the Asian fast-food sector [5][12]. - This acquisition follows Carlyle's previous successful investment in KFC Japan, where it completed a full acquisition for 835 million USD (approximately 58.5 million RMB) [6][15]. - The valuation of KFC Korea has increased by 186% over the past three years, demonstrating a significant recovery from previous operational challenges [7][9]. Group 2: Market Dynamics and Trends - The fast-food industry is experiencing a wave of ownership changes, with major brands like Starbucks and Burger King also shifting to local capital management due to competitive pressures and declining growth in their traditional markets [21][24]. - Starbucks has announced a joint venture with local capital, reducing its stake to 40% in China, reflecting a strategic shift to adapt to local market conditions [22]. - Burger King China has similarly transferred control to local private equity, indicating a broader trend of foreign brands relinquishing control to better navigate the competitive landscape [23][24]. Group 3: Performance and Recovery of KFC Korea - KFC Korea's operational recovery is notable, with a reported 469% increase in operating profit for 2024, reaching 16.4 billion KRW (over 80 million RMB), marking a historical high [9]. - The brand's recovery involved capital infusion and operational adjustments, including menu localization and enhanced delivery services, which have contributed to its improved performance [9][10]. - Despite a reduction in store numbers from over 300 to around 200, KFC Korea has managed to stabilize and grow its business amidst fierce competition from both international and local brands [9][10]. Group 4: Broader Implications for the Fast-Food Industry - The article highlights a significant restructuring in the global consumer services sector, particularly in the fast-food industry, where foreign brands are increasingly ceding control to local investors [20][25]. - This trend is not limited to fast food; it extends to various consumer sectors, indicating a broader shift in how international brands operate in local markets [27][29]. - The competitive landscape is evolving, with local brands gaining market share through innovative business models and cost-effective operations, challenging the traditional dominance of foreign brands [29].