Jollibee eyes China, US as next 'pillars of growth'

MANILA - Jollibee Foods Corp on Monday said it planned to have 3 strong pillars of growth, namely the Philippines, China, and the US. 

Jollibee intended to grow its foreign business faster than its local units, the country's largest fastfood chain operator said in a disclosure to the stock exchange. 

"The long-term goals of JFC are to have 3 strong pillars of growth – Philippines, China and USA. However, it does not mean that the Philippine business will slow down, the intention is to have its foreign business grow faster than its Philippine business," JFC said.

JFC aims to fulfill this goal in "10 years or more," the statement said. 

The group has been growing its footprint in the US, with its most recent acquisition of Coffee Bean and Tea Leaf in a deal worth a total $350 million (P18 billion).

Last year, Jollibee took a 47-percent stake in Mexican chain Tortas Frontera. It also took full ownership of US-based burger chain Smashburger.

Jollibee may also open its first store in China in the near future, its CEO Ernesto Tanmantiong said in an earlier interview with CNBC. The group operates the Dunkin Donuts franchise in China. 

In the Philippines, Jollibee, Chowking, Greenwhich, Red Ribbon, Mang Inasal, and Burger King stores are part of the JFC portfolio.

source: news.abs-cbn.com

Jollibee invests in US Mexican food business Tortas Frontera

MANILA - Jollibee Foods Corp on Friday said it has entered into a venture with award-winning Chef Rick Bayless and his Tortas Frontera brand to build a Mexican fast-casual business in the United States.

In a letter to the stock exchange, JFC said it would invest $12.4 million for 47 percent membership interests in Tortas Frontera business founded by Bayless.

JFC said its subsidiary Jollibee Foods Corporation (USA) closed the transaction on Dec. 21, as it sought to expand its presence in North America, the country's largest restaurant operator said. 

Jollibee with Tortas Frontera will build "a significant business" in the fast-growing Mexican food category in the United States. The Mexican food industry in the US had an estimated sales of $40 to $45 billion in 2017, the company said.

"This venture is very much in line with JFC’s mission: to serve great tasting food and spread the joy of eating to everyone," the statement said. 

Jollibee confirmed in July that it was looking to acquire a Mexican brand in the US to challenge the world's top fast food operators. 

Tortas Frontera has 4 restaurants in the US while Jollibee, which recently took full ownership of US burger chain Smashburger, operates a total of 3,079 restaurant outlets in the Philippines.

source: news.abs-cbn.com