Yoshinoya to open 50 Philippine stores after Jollibee JV
Jollibee is counting on Yoshinoya’s potential for delivery services amid varying restrictions on restaurants' dining capacity.
Asian fast food heavyweights Jollibee and Yoshinoya have teamed up to expand the Japanese restaurant chain in the Philippines.
In a disclosure to the local stock exchange, Jollibee Foods Corporation said it established a 50-50 joint venture with Yoshinoya International Philippines. The joint venture company will be the new franchisee of Yoshinoya in the country, subject to regulatory approval.
The terms of the deal were not disclosed.
“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, with its extensive consumer knowledge, operational focus and presence in the Philippines,” Yoshinoya Holdings Co. Ltd. President and CEO Yasutaka Kawamura said in a statement.
The Japanese chain, known for its signature beef bowls, currently operates three outlets in the Philippines. Jollibee is counting on Yoshinoya’s potential for delivery services amid varying restrictions on restaurants' dining capacity.
"Yoshinoya's food, particularly its signature Gyudon beef bowl, holds very well for delivery," Jollibee said.
Yoshinoya, which has more than 2,000 stores worldwide, is the latest addition to the company’s global franchised brands, which includes Burger King, PHO 24, and Panda Express. Jollibee is aiming to have around 400 stores for its foreign franchised brands in the Philippines.
“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,” Jollibee Chairman Tony Tan Caktiong said.