Jollibee Foods Corporation (JFC), for its first ever Japanese food chain, started a special tie-up with Yoshinoya International Philippines Inc (YIPI).
In a disclosure to the stock exchange, the fast food company said they are forming a 50/50 joint venture “to operate and expand the Yoshinoya brand in the Philippines.” With this partnership, its main goal is to open 50 stores in the country in the future.
Jollibee Foods Corp. enters into a joint venture with Yoshinoya International Philippines https://t.co/yX2M3oKRYr— Phil. Stock Exchange (@PhStockExchange) February 16, 2021
The official statement read, “Yoshinoya’s food, particularly its signature Gyudon beef bowl, holds very well for delivery.” At present, Yoshinoya has only three branches in the Philippines.
“We are very pleased to enter this joint venture with the largest food service company in the Philippines,” Yasutaka Kawamura, CEO and president of Yoshinoya Holdings Co. Ltd., said, pointing out a significant positive impact that JFC may bring to their business “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,” continued Kawamura.
For his part, JFC chairman Tony Tan Caktiong expressed his excitement over the deal. “JFC will benefit from Yoshinoya’s experience and know-how in Japanese cuisine,” he declared. “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.”
The agreement would make Yoshinoya a part of JFC’s foreign franchised brands in the Philippines such as Burger King (with 98 stores), PHO 24 (one store), and Panda Express (one store).
Article thumbnails from Yoshinoya Philippines' Instagram account