Jollibee Foods Corporation said on February 17 that they formed a joint venture with Yoshinoya International Philippines, Inc. to operate and expand the Yoshinoya brand that's known for their beef bowls.
The 50/50 joint venture company will be the franchisee of Yoshinoya in the country, Jollibee Foods Corporation (JFC) told the stock exchange. It will be subject to legal agreements and regulatory approval. They also plan to open 50 Yoshinoya stores in the country in the long term.
Based in Japan, Yoshinoya operates 2,000 stores globally. Yoshinoya International Philippines is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya System.
The venture will be Jollibee's first major foray into Japanese food. In the U.S., they have a stake in Mexican food chain Tortas Fontera. In mainland China, they operate noodle chain Yonghe King.
Yoshinoya Beef bowls will further expand Jollibee's offerings in the Philippines after their most recent venture, Panda Express. The restaurant operator also recently acquired The Coffee Bean and Tea Leaf and a regional franchise of Tim Ho Wan. JFC ended 2020 with 3,217 restaurant outlets nationwide of both their foreign-franchised restaurants and own brands like Greenwich, Chowking, Red Ribbon, and Mang Inasal.
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