JOLLIBEE Foods Corp. has teamed up with Yoshinoya International Philippines, Inc. to operate and expand the Japanese restaurant chain in the country.
On Tuesday, Jollibee disclosed to the exchange that the two will establish a 50/50 joint venture, which will be the Philippine franchisee of Yoshinoya.
The partners plan to put up an additional 50 stores of the Japanese beef bowl business in the Philippines, a jump from Yoshinoya’s three operating stores.
The three stores were handled by Yoshinoya, the local subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., which is the trademark owner of the Yoshinoya System.
“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,” Yoshinoya Holdings Co. Ltd. President and CEO Yasutaka Kawamura said in a statement.
“This partnership presents us a great opportunity to increase the potential growth of Yoshinoya in the Philippines,” the official added.
Jollibee Chairman Tony Tan Caktiong described the venture as a “long-term” partnership.
Yoshinoya, which has more than 2,000 stores worldwide, is the latest addition to the company’s global franchised brands, which includes Burger King, PHO 24, and Panda Express.
Jollibee said it sees growth potential through the foreign brand’s delivery services. Yoshinoya will be its first Japanese food chain.
“[Jollibee] will benefit from Yoshinoya’s experience and know-how in Japanese cuisine,” Mr. Tan Caktiong said, adding that the Philippines remains the company’s “most important market.”
“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,” he added.
Jollibee shares at the stock exchange declined by 0.28% on Tuesday to end at P179 apiece. — K. C. G. Valmonte
