Japanese beef bowl restaurant Yoshinoya is expected to have more stores in the Philippines, after the brand entered into a partnership with Jollibee Foods Corporation.
In a disclosure to the Philippine Stock Exchange on Tuesday, 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, subject to regulatory approval.
The amount of the deal was not disclosed.
There are currently just 3 Yoshinoya restaurants 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," said Yasutaka Kawamura, chief executive officer and president of Yoshinoya Holdings.
"This partnership presents us a great opportunity to increase the potential growth of Yoshinoya in the Philippines."
Yoshinoya 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 very limited number of stores," but noted huge opportunities in food delivery sales.
"Yoshinoya's food, particularly its signature Gyudon beef bowl, holds very well for delivery," Jollibee said.
Jollibee is aiming to have around 400 stores for its foreign franchised brands in the Philippines.
"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," said Jollibee chairman Tony Tan Caktiong.
Jollibee lost P11.5 billion in 2020 due to the coronavirus pandemic, but showed signs of recovery during the 4th quarter. – Rappler.com