Restaurant chain operator Jollibee Foods Corp. said Friday it plans to rapidly expand its global footprint overseas through franchising.
Jollibee president and chief executive Ernesto Tanmantiong announced the plan during the company’s virtual annual stockholders meeting. The company aims to continue opening new stores in existing markets and enter new territories.
“Our goal is to become the franchisor of choice in the quick-service restaurant industry by attracting and developing top-tier franchisees,” Tanmantiong said.
The company seeks “financially strong, capable and culturally compatible master franchisees” that can provide significant scale, access to capital and deep local market expertise, he said.
Jollibee operates in 17 countries across different regions.
Tanmantiong expressed confidence that potential franchisees will benefit from a strong customer base and attractive returns on their investments, given the company’s resilient and popular brands.
While Jollibee has several local and foreign brands under its umbrella, Tanmantiong said the group remains focused on expanding its flagship Jollibee brand both domestically and internationally.
There are over 1,600 Jollibee stores worldwide, accounting for nearly half (49 percent) of the group’s system-wide sales.
Tanmantiong said the company would keep expanding Jollibee’s presence in existing markets like the United States, Canada, the Middle East, the United Kingdom, Italy, Spain, Singapore, Brunei, Malaysia, Vietnam, Hong Kong, Macau and the Philippines.
They will also evaluate new markets for potential expansion.
Jollibee previously reported plans to spend P23 billion ($470 million) in 2024, primarily to open up to 750 new stores, both company-owned and franchised.
As of the end of March, the Jollibee group had 6,886 stores worldwide, with 3,337 in the Philippines and 3,549 overseas.
The group also intends to grow its coffee and tea business, significantly expand its presence in China, and maintain strong growth and market leadership in the Philippines.
Jollibee chief financial officer Richard Shin said the group would continue to evaluate acquisition opportunities for growth.
Shin said any potential acquisition should be value-accretive, helping the company achieve its goal of tripling its net income in the next five years and becoming one of the top five global restaurant companies.