The owner of Russia’s largest pizza restaurant franchise Dodo Pizza and the fast-growing coffeeshop chain Drinkit has moved its headquarters to Kazakhstan, the Astana International Financial Center (AIFC) announced Monday.
According to the Astana International Financial Center (AIFC), a special economic zone that offers favorable conditions for multinational businesses, Dodo Brands finalized its redomiciliation from the British Virgin Islands to its jurisdiction last Thursday.
Industry experts who spoke to the Kommersant business newspaper said Kazakhstan presents a more favorable legal and financial environment for Russian businesses than the British Virgin Islands. Moscow designated the British overseas territory as an “unfriendly country” shortly after President Vladimir Putin ordered the full-scale invasion of Ukraine in 2022.
As of spring 2024, more than 40 foreign companies with total assets exceeding $1.5 billion had relocated to Kazakhstan, according to the AIFC. Meanwhile, Russia said 500 companies had re-registered in its own special economic zones by the spring of this year.
Founded in 2011 by Russian entrepreneur Fyodor Ovchinnikov, Dodo Brands has expanded into Europe, the Middle East, Africa and Southeast Asia, operating 1,300 restaurants and cafes in 26 countries.
The company reported a 39.5% year-on-year revenue increase in 2024, totaling 117.6 billion rubles ($1.49 billion). Revenue for the first quarter of 2025 stood at 33.3 billion rubles ($423.6 million).
Kommersant, citing an anonymous food industry source, said the company’s move to Kazakhstan aligns with its plans for further international expansion.
Dodo Brands CEO Dmitry Soloviev said the company chose Kazakhstan because of its existing operational base there.
“The AIFC was a logical choice for redomiciliation: Kazakhstan is home to Dodo Brands’ corporate office, and a significant part of our international business is conducted there,” he said.
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