From 1977, Pepsi entered the fast food industry, and successively took over KFC, Pizza Hut Italian pizza and Taco Bell Mexican restaurant. Pepsi's opponent this time is McDonald's, the fast food king. KFC, Pizza Hut and Tektronix were only hot and cold restaurants before being merged by Pepsi, and they only had a slight advantage in their own narrow market. After Pepsi merged them, it immediately put forward that the target and opponent "should not be another fried chicken shop and pie shop in the city, but the great McDonald's!" Therefore, Pepsi launched a challenge to the strong in the fast food industry.

1996, the new CEO of PepsiCo realized the disadvantages of diversification and made major strategic adjustments in order to give full play to the advantages of product structure. 1997, the catering business of KFC, Pizza Hut and Taco Bell was separated and became an independent listed company, Yum! Global company.