Jollibee Foods Corp. teamed up with Yoshinoya Holdings Co. Ltd., one of the largest Asian food service companies, to operate and expand the “Yoshinoya” brand in the Philippines.
Yoshinoya is a beef bowl business based in Japan and one of the largest and most recognized Japanese restaurant brands with over 2,000 stores worldwide.
Jollibee said in a disclosure to the stock exchange the 50:50 joint venture with Yoshinoya International Philippines Inc. would open 50 stores over the long term. YIPI operates three Yoshinoya stores in the country.
“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. This partnership presents us a great opportunity to increase the potential growth of Yoshinoya in the Philippines,” said Yasutaka Kawamura, chief executive and president of Yoshinoya Holdings Co. Ltd.
Jollibee chairman Tony Tan Caktiong said the partnership would enable the company to learn from Yoshinoya’s experience and know-how in Japanese cuisine.
“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,” Tan Caktiong said