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Chipotle opens its first Asian restaurant in Seoul through a debut joint venture structure

9/9/2026

The unit economics of crossing a border hinge on how ownership is structured at the point of entry.

Chipotle has opened its first restaurant in Asia, a location in a hip Seoul neighborhood in South Korea, using what the company describes as its first-ever joint venture for any international expansion.

A joint venture splits ownership between a brand holder and a local partner. The brand holder contributes its operational system, standards, and IP; the local partner brings market access and regulatory knowledge.

Both share the capital requirement and the economics of each unit, which reduces the risk the parent carries on its balance sheet compared to a fully company-owned rollout.