PHILIPPINE fast food chain Jollibee Foods Corporation (JFC) has entered into an agreement with a Singaporean group to enter the Italian fast food market.
JFC said in a disclosure to the Philippine Stock Exchange (PSE) on Monday that through its wholly owned subsidiary Golden Plate Pte. Ltd. (GBBL), it partnered with Blackbird Holdings Pte. Ltd. to develop and expand the Jollibee brand in Italy.
“JFC’s strategy is still to tap a territorial franchisee for Italy with the capability to develop and expand the brand in the market,” JFC said in a statement.
Blackbird is a Singapore company incorporated in 2014 and currently holds investments in Singapore and Philippines in the F&B (food and beverage), human resource, agriculture, and biotechnology sectors.
The joint venture company will be incorporated in Singapore with GPPL owning a 75 percent interest while Blackbird will own the remaining 25 percent. The JV company will then incorporate a wholly owned subsidiary in Italy to own and operate the Jollibee store.
GPPL and Blackbird have committed to invest up to €1 million to the JV, of which up to €750,000 will be contributed by GPPL.
GPPL will have full management control of the JV company and the operations of its store.
“The JV partnership will facilitate the entry, and the opening of the first store will create the desired awareness for the Jollibee brand in the market,” JFC said.
The JFC Group has a total of 3,290 stores worldwide, operating under the brands of Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, Yonghe King, Hong Zhuang Yuan, and Dunkin’ Donuts.
Last month, Jollibee opened its first store in Jacksonville, Florida in the United States.