JFC forms JV with Yoshinoya
MANILA, Philippines — Jollibee Foods Corp., the listed food conglomerate, continues to take a big bite out of the fastfood market with its 50/50 joint venture with Yoshinoya International Philippines Inc. (YIPI).
The joint venture, which plans to open 50 stores in the Philippines in the long term, will operate and expand the famed beef bowl Yoshinoya brand in the Philippines.
JFC chairman Tony Tan Caktiong said the company would benefit from Yoshinoya’s experience and know-how in Japanese cuisine.
“The Philippines remains JFC’s most important market and Yoshinoya will be a strong addition to our presence in the country. I am confident that this is the beginning of a long-term and much larger partnership,” Tan Caktiong said.
At present, JFC operates the largest food service and restaurant company in the Philippines with five wholly-owned brands – Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal – which are market leaders in their respective segments.
“We are very pleased to enter this joint venture with the largest food service company in the Philippines. Jollibee will certainly have a significant positive impact on Yoshinoya’s business in the country, with its extensive consumer knowledge, operational focus and presence in the Philippines. This partnership presents us a great opportunity to increase the potential growth of Yoshinoya in the Philippines,” said Yasutaka Kawamura, Yoshinoya Holdings president and CEO.
Yoshinoya is one of the largest and most recognized Japanese restaurant brands globally. It has over 2,000 stores worldwide.
With the agreement, the joint venture company will be the franchisee for “Yoshinoya” in the Philippines.
Completion of this transaction is subject to standard legal agreements and regulatory authority approval. YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya System. YIPI has three Yoshinoya stores in the Philippines.
JFC plans to have close to 400 stores for its foreign franchised brands in the Philippines. It sees high potential for broad acceptance across the country for these foreign franchised brands as it expects expansion of the upper middle class in the country in the long-term.