JFC, partner to acquire Yoshinoya franchise in PH
Fast-food giant Jollibee Foods Corp. has debuted in the Japanese fast-food business through a new joint venture to operate the Yoshinoya brand in the Philippines.
JFC signed a deal to create a joint venture company, which would be the franchisee for “Yoshinoya” in the Philippines, the food retailer disclosed to the Philippine Stock Exchange on Tuesday. JFC will own 50 percent of the joint venture company.
The remaining 50 percent of the venture will be owned by Yoshinoya International Philippines Inc. (YIPI), the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya system. YIPI currently operates three Yoshinoya stores in the country.
The new joint venture plans to open 50 Yoshinoya stores in the Philippines in the long-term.
“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… This partnership presents us a great opportunity to increase the potential growth of Yoshinoya in the Philippines,” said Yasutaka Kawamura, chief executive officer and president of Yoshinoya Holdings Co. Ltd.
JFC chair Tony Tan Caktiong stated: “We are truly thrilled to have the opportunity to partner with YIPI and grow the Yoshinoya brand in the Philippines. JFC will benefit from Yoshinoya’s experience and know-how in Japanese cuisine.”
Completion of this transaction is subject to standard legal agreements and regulatory authority approval.
Yoshinoya is one of the largest and most recognized Japanese restaurant brands globally, with over 2,000 stores worldwide.
JFC has five wholly-owned brands— Jollibee, Chowking, Greenwich, Red Ribbon and Mang Inasal —which are market leaders in their respective segments.
Yoshinoya, JFC’s first Japanese food chain, is seen to be a strong addition to the foreign franchised brands being operated by JFC in the Philippines: Burger King, PHO 24 and Panda Express . Foreign brands currently contribute 3.5 percent to JFC’s Philippine sales.
Apart from growing its own brands, JFC aims to be the leading market developer of foreign restaurant brands in the country. Over the long term, JFC plans to have about 400 stores for its foreign franchised brands in the local market. INQ
