Jollibee said it established a 50-50 joint venture with Yoshinoya International Philippines. The joint venture company will be the franchisee for the Yoshinoya brand in the Philippines, subject to regulatory approval.
Their goal is to open 50 new local stores “in the long term,” up from only three currently.
“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 it’s signature Gyudon beef bowl holds very well for delivery,” the statement said.
“We are very pleased to enter this joint venture with the largest foodservice 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.