August 19, 2017
New York’s Beloved Burger, Hot Dog and Frozen Custard Stand Heads to Mainland China
Come on by, Shanghai! Shake Shack’s expansion plans in Asia are heating up. After announcing in July that the first-ever Hong Kong location will open in 2018, plans are now underway for Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE:SHAK) and its licensee, Maxim’s Caterers Limited, to open the first restaurant in mainland China by 2019.
Maxim’s Caterers Limited has more than 60 years of experience in food and retail as a diversified operator of full-service and quick-service restaurants, bakeries, and coffee shops in Asia. As a highly respected and proven operator, Maxim’s is perfectly fit to bring Shake Shack to Shanghai and Shake Shack is proud to partner with Maxim’s Caterers Limited to open 25 total Shacks in Shanghai and East China through 2028.
Shake Shack is a critically acclaimed, modern day “roadside” burger stand known for its 100% all-natural Angus beef burgers and flat-top Vienna beef dogs (no added hormones and no antibiotics ever), 100% all-natural cage-free chicken (no antibiotics ever), spun-fresh frozen custard, crinkle cut fries, craft beer and wine (available at select locations) and more. Shake Shack’s fine dining heritage and commitment to premium ingredients, coupled with its fun and lively environment has earned the brand a cult-like following around the world.
“There’s incredible opportunity in China and I couldn’t think of a better place to begin this chapter of our story than Shanghai, a city that understands great brands, appreciates premium ingredients, and ultimately loves food,” said Randy Garutti, CEO of Shake Shack. “The city’s streets overflow with vibrant flavors and energy every day and we can’t wait to join Shanghai’s thriving food community.”
“I was first introduced to Chairman and Managing Director Michael Wu and Maxim’s in 2014, and as our relationship grew I became confident that they were the ideal partner to lead our expansion into Shanghai, a market that is key to the growth of our global brand,” said Michael Kark, Vice President of Shake Shack Global Licensing. “I couldn’t be more proud to take this first step in our journey to bring Shake Shack from NYC to Shanghai.”
The menu will feature Shake Shack’s signature items including the ShackBurger®, Shack-cago Dog®, classic crinkle-cut fries, beer, wine and frozen custard ice cream. In keeping with its mission to Stand For Something Good®, Shake Shack intends to work with local purveyors and producers to create a one-of-a-kind Shack for the Shanghai community.
“We are extremely excited to partner with Shake Shack and introduce the brand to Shanghai and East China, following the announcement of taking the brand to Hong Kong,” said Michael Wu, Chairman and Managing Director, Maxim’s Caterers Limited. “Our common value of providing a quality and lively dining experience through a dynamic team fuels our passion to serve the Shanghai community that appreciates great food and style.”
Shake Shack is a New York City institution and global brand. In its thirteen-year history, Shake Shack has been recognized with countless accolades, including Bon Appétit’s “The 20 Most Important Restaurants in America” (ranked #16), TIME Magazine’s “17 Most Influential Burgers of All Time” (ranked #7 for the ShackBurger) and winning “Best Burger” in 2007 and 2014 at the South Beach Wine and Food Festival’s Burger Bash.
About Shake Shack
Shake Shack is a modern day “roadside” burger stand known for its 100% all-natural Angus beef burgers and flat-top Vienna beef dogs (no added hormones and no antibiotics ever), 100% all-natural cage-free chicken (no antibiotics ever), spun-fresh frozen custard, crinkle cut fries, craft beer and wine (available at select locations) and more. With its fresh, simple, high-quality food at a great value, Shake Shack is a fun and lively community gathering place with widespread appeal. Shake Shack’s mission is to Stand For Something Good,from its premium ingredients and caring hiring practices to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the company has expanded to more than 80 locations in 18 U.S. States and the District of Columbia, and more than 50 international locations including London, Istanbul, Dubai, Tokyo, Moscow, Seoul and more.
About Maxim’s Caterers Limited
Founded in 1956, Maxim’s Caterers Limited (a company incorporated in Hong Kong) is a leading food and beverage company comprised of Chinese, Asian and European restaurants, quick service restaurants, bakery shops, coffee shops, Japanese chain restaurants and institutional catering, while providing a range of festive products, including the award-winning Hong Kong MX Mooncakes. It is the licensee of renowned brands including Starbucks Coffee, Genki Sushi and Ippudo Ramen, and The Cheesecake Factory in various territories. Altogether, it has over 980 outlets in Hong Kong, Macau, Mainland China, Vietnam, Cambodia and Thailand. To learn more about Maxim’s, visit www.maxims.com.hk/en.
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release, including but not limited to expected Shack openings, are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed from time to time in the Company’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and its subsequent quarterly report on Form 10-Qs, which are available online at www.sec.gov, www.shakeshack.com or upon request from Shake Shack Inc.
The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.