Yoshinoya Partners with Jollibee in Philippines
Filipinos can expect more Yoshinoya stores in the Philippines. The popular Japanese chain has entered into a partnership with homegrown food giant, Jollibee Foods Corporation (JFC).
Jollibee Foods made this announcement in a disclosure to the Philippine Stock Exchange today, February 16. Jollibee said it established a 50-50 joint venture with Yoshinoya International Philippines. The joint venture company will be the franchisee for the Yoshinoya brand in the Philippines. The deal is subject to regulatory approval.
The amount of the deal was not disclosed.
There are currently just 3 Yoshinoya restaurants in the Philippines.
Head of Yoshinoya & Jollibee Comments
“Jollibee will certainly have a significant positive impact on Yoshinoya’s business in the country. Jollibee firstly has extensive consumer knowledge. Secondly, good operational focus. Above all, it has a large presence in the Philippines,” said Yasutaka Kawamura, chief executive officer and president of Yoshinoya Holdings.
“This partnership presents us with a great opportunity to increase the potential growth of Yoshinoya in the Philippines.”
The popular Japanese chain will be Jollibee’s first Japanese food chain, joining its other brands Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, PHO 24 and Panda Express.
Jollibee said Yoshinoya’s contribution to the group will “not be significant yet as it has a minimal number of stores,” but noted considerable opportunities in food delivery sales.
“Yoshinoya’s food, particularly its signature Gyudon beef bowl, holds very well for delivery,” JFC said.
Jollibee aims to have around 400 stores for its foreign franchised brands in the Philippines.
“The Philippines remains JFC’s most important market, and our partner 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,” said Jollibee chairman Tony Tan Caktiong.
The Filipino food giant lost P11.5 billion in 2020 due to the coronavirus pandemic. However, it has shown recovery signs during the 4th quarter.
