Applebee's and IHOP are both owned by Dine Brands Global.
Dine Brands ($DIN) appointed a new CEO, John Peyton, in January 2021.
Peyton was previously the CEO of Realogy ($RLGY), the company behind Century 21 and Coldwell.
Now Peyton is shaking things up at Applebee's by introducing Cosmic Wings.
The Cosmic Wings brand inked a partnership with Frito Lay to introduce Cheetos wings.
These Flamin’ Hot Cheetos wings are for delivery-only and are offered exclusively through Uber Eats ($UBER).
This concept is known as a Virtual Brand where delivery only items like Cosmic Wings are offered out of existing kitchens like Applebee's.
Virtual Brands like this provide restaurants with a low cost way to boost sales using already owned spaces.
Virtual Brands and Ghost Kitchens, which are also delivery only, could account for $1 trillion in sales by 2030.
Chilis ($EAT), Red Robin ($RRGB), and Outback ($BLMN) are a few of the other groups launching Virtual Brands.
Dine Brands ($DIN) was hit hard during the pandemic with Q4 revenue dropping 13.8% compared to a year ago.
However, the outlook is bright and the technical are strong.
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