Jollibee said Tuesday it formed a joint venture with Yoshinoya International Philippines to operate and expand the Yoshinoya brand that is famous for its beef bowls.
The 50/50 joint venture will be the franchisee of Yoshinoya in the country, Jollibee told the stock exchange. It will be subject to legal agreements and regulatory approval.
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.
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The venture will be Jollibee's first major foray into Japanese food. In the U.S., it has a stake in Mexican food chain Tortas Fontera. In mainland China, it operates noodle chain Yonghe King.
Yoshinoya Beef bowls will further expand Jollibee's offerings in the Philippines after its most recent venture, Panda Express. Jollibee also recently acquired The Coffee Bean and Tea Leaf and a regional franchise of Tim Ho Wan.