Pizza Hut's new operator PH Korea launches officially, vows to reclaim No. 1 spot

PH Korea, the company operating the Pizza Hut brand in South Korea, officially launched as a new franchise headquarters Sunday.

The company completed the business transfer process at the end of last month. PH Korea is a joint venture established by Wintergold and KClavis Investment to operate the Pizza Hut brand in South Korea. Cho Won-hong, who leads Wintergold, was named chairman of PH Korea's board of directors.

Cho served as chief marketing officer at Hyundai Motor Co., where he spearheaded the premiumization of the Hyundai Motor brand and the creation of the Genesis brand. He plans to draw on that experience to restore Pizza Hut to the top position in the market.

In a letter sent to franchise owners nationwide under Cho's name, PH Korea made four commitments: that the board's top governance priority would be the financial interests of franchisees; that it would work to restore Pizza Hut's standing and enhance brand value; that it would redesign the customer experience; and that it would deliver changes perceptible at the store level.

"We will spare no strategic investment to completely and fundamentally elevate the brand's prestige and long-term value," Cho said. "We will make Pizza Hut again the dominant force in the market and the workplace that franchisees are most proud to be part of."

Meanwhile, Pizza Hut plans to strengthen its brand heritage as it marks the launch of the new franchise operator. The chain's earnings have been recovering since the second half of last year, with sales up more than 20 percent year-on-year through May this year.