Yum! Brands owns KFC, Pizza Hut and Taco Bell, three of the largest fast food chains in the world, operating primarily through a franchise model where independent operators own and run the vast majority of restaurants bearing these brands. As a franchisor, Yum! Brands earns royalty fees based on franchisee sales rather than directly bearing the costs and risks of running individual restaurants, an asset-light model that generates high margins on the fees it collects. KFC has a particularly strong international presence, especially in China through a separately structured joint venture, giving Yum! Brands meaningful exposure to fast food consumption trends outside the United States. The company's growth strategy centers on opening new franchised restaurant locations globally and improving same-store sales at existing restaurants through menu innovation, value offerings and digital ordering technology.