Homegrown fast-food giant Jollibee Foods Corp. (JFC) has teamed up with a Singaporean group to debut into Italy’s quick service restaurant space, thereby expanding the global footprint of flagship Jollibee brand.
JFC, now Asia’s largest restaurant chain, entered into the joint venture with Blackbird Holdings Pte. Ltd. to own and operate the first Jollibee store in Italy, the company disclosed to the Philippine Stock Exchange on Monday.
JFC and Blackbird have committed to jointly invest one million euros (P53.32 million) to the joint venture, of which 750,000 euros (P39.99 million) will be contributed by Jollibee’s wholly-owned subsidiary Golden Plate Pte. Ltd. (GPPL) which is the party to this joint venture.
GPPL will own up to 75 percent of the venture to be incorporated in Singapore while Blackbird will own up to 25 percent. This joint venture (JV) company will in turn create a wholly owned subsidiary in Italy to own and operate the Jollibee store.
Blackbird is a Singapore company incorporated in 2014 and currently holds various investments both in Singapore and in the Philippines in the food and beverage, human resources, agriculture and biotechnology sectors.
“JFC’s strategy is still to tap a territorial franchise for Italy with the capability to develop and expand the brand in the market,” the disclosure said.
“The JV partnership will facilitate the entry and the opening of the first store will create the desired awareness for the Jollibee brand in the market.”