Jollibee Foods Corp. (JFC) has formed a joint venture company with Yoshinoya International Philippines, Inc. (YIPI) to expand the “Yoshinoya” brand in the Philippines.
In a disclosure, Jollibee said the joint venture company Yoshinoya Jollibee Foods, Inc. plans to open 50 stores in the Philippines in the long term.
Yoshinoya is a beef bowl business based in Japan, known particularly for its signature Gyudon beef bowl. It is one of the largest and most recognized Japanese restaurant brands globally, with over 2,000 stores worldwide.
Yoshinoya will be Jollibee’s first Japanese food chain.
Jollibee also holds the franchise for foreign brands Burger King (with 98 stores), PHO 24 (1 store) and Panda Express (1 store).
These brands contribute 3.5% to the Philippine business’ system wide sales.
Jollibee said the new joint venture company, composed of 50% JFC and 50% YIPI, was registered with the Securities and Exchange Commission on June 18, 2021 with an authorized capital stock of P130 million. The Certificate of Incorporation was received by the Company on June 21, 2021.
The JV company shall have its own management with JFC providing support.
YIPI is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd., the trademark owner of the Yoshinoya System. It secured approval as a foreign retailer from the Board of Investments on May 5, 2021. (Ventures Cebu)