MANILA - Jollibee Foods Corp on Tuesday said it partnered with Yoshinoya International Philippines Inc for its “first ever” Japanese food chain venture, betting on its famed Gyudon beef bowls to tap the delivery market.
A joint venture company will be the franchisee for Yoshinoya” in the country, JFC told the stock exchange.
The 50-50 joint venture plans to open 50 stores in the country “in the long term,” the Philippine’s largest restaurant operator said.
Yoshinoya International Philippines Inc (YIPI) is the Philippine subsidiary of Asia Yoshinoya International SDN BHD and Yoshinoya Holdings Co. Ltd, trademark owner of the Yoshinoya System, JFC said.
“We are truly thrilled to have the opportunity to partner with YIPI and grow the Yoshinoya brand in the Philippines. JFC will benefit from Yoshinoya’s experience and know-how in Japanese cuisine," JFC chairman Tony Tan Caktiong said.
"Yoshinoya’s food, particularly its signature Gyudon beef bowl holds very well for delivery," the statement said.
The Yoshinoya brand would be a strong addition to its portfolio of foreign franchised brands in the Philippines which are Burger King, PHO 24 and Panda Express, the company said.
“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," Yoshinoya Holdings Co. Ltd. CEO and president Yasutaka Kawamura said.
Yoshinoya International Philippines Inc currently operates 3 Yoshinoya stores in the country. JFC operates a worldwide store network of 5,824 as of December 31, 2020.