Jollibee Foods Corporation

Last updated

Jollibee Foods Corporation
Company type Public
PSE:  JFC
ISIN PHY4466S1007  OOjs UI icon edit-ltr-progressive.svg
Industry Restaurants
FoundedJanuary 1978;47 years ago (1978-01) in Cubao, Quezon City [note 1]
Founder Tony Tan Caktiong
HeadquartersJollibee Plaza, Ortigas Center,
Pasig, Metro Manila
,
Philippines
Number of locations
Increase2.svg 5,933 restaurants (2021) [1]
Area served
Asia, Australia, Middle East, Western Europe and North America [2]
Key people
 Tony Tan Caktiong
(Chairman)
Ernesto Tanmantiong
(President and CEO)
Products
  • hamburgers
  • chicken
  • fries
  • coffee
  • desserts
  • breakfast
  • dumplings
  • pizzas
  • cakes
  • coffee
  • pastries
Revenue
Increase2.svg ₱153.6 billion (2021) [1]
  • Increase2.svg ₱211.7 billion(system-wide sales)
Increase2.svg ₱6.3 billion (2021) [1]
Increase2.svg ₱6.0 billion (2021) [1]
Total assets Increase2.svg ₱210.8 billion (2021) [1]
Total equity Increase2.svg ₱74.2 billion (2021) [1]
Number of employees
Increase2.svg 36,314 (2021) [1]
Subsidiaries
List
Website jollibeegroup.com
Footnotes /references
[1]

Jollibee Foods Corporation (abbreviated as JFC and Jollibee Group; [5] also known as Jollibee after its primary fast food brand) is a Philippine multinational company headquartered in Pasig, Metro Manila, Philippines. JFC is the owner of the fast food brand Jollibee.

Contents

With the success of its flagship brand, JFC acquired some of its competitors in the fast food business in the Philippines and abroad such as Chowking, Greenwich, Red Ribbon, and Mang Inasal. [6] As of September 2022, JFC operates more than 6,300 stores worldwide, [7] with system-wide retail sales totaling ₱210.9 billion. [7]

Background

An outlet of Jollibee, the company's primary fast food brand, in Santa Maria, Bulacan Santa Maria, Bulacan Bypass Road Santa Clara 23.jpg
An outlet of Jollibee, the company's primary fast food brand, in Santa Maria, Bulacan

In 1975, Tony Tan Caktiong and his family opened a Magnolia Ice Cream parlor in Cubao, Quezon City [8] which is credited as the first Jollibee outlet. [9] The Magnolia outlets operated by the Tan Caktiong clan began offering hot meals and sandwiches upon request from the customers which the family found out to be more popular than the franchise's ice cream. In 1978, the family decided to cancel the Magnolia franchise and converted the ice cream parlors they operated into fast food outlets. [10] Management consultant Manuel C. Lumba advised the family on the move. [8]

The Jollibee Foods Corporation was incorporated in January 1978. [note 1] It opened its first store overseas opened in Singapore in 1985 at the Katong Shopping Centre; [13] [14] that location closed only a year later [15]

Jollibee experienced rapid growth. It was able to withstand the entry of McDonald's in the Philippines in 1981 by focusing on the specific tastes of the Filipino market, which differed from the American fast food company. [16] On July 13, 1993, JFC was listed at the Philippine Stock Exchange. [17]

In 2011, JFC opened 260 new stores, of which 167 were in the Philippines led by Mang Inasal (86) and Jollibee (40). This brought the company's total number of stores to 2,001 as of the end of December 2011. The same year, Jollibee closed Manong Pepe foodchain in favor of Mang Inasal, [18] and sold Délifrance to CaféFrance. [19] Overseas, Jollibee opened 93 stores, led by Yonghe King in China (70) and Jollibee Vietnam (11). [20]

It has 1,668 locations across 17 countries as of July, 2024 with its recent opening in Canada, the brand's 100th store in North America. [21]

Data breaches

In December 2017, JFC was a victim of a data breach by hackers who gained access to the customer database of the Jollibee website. In May 2018, Jollibee's online food delivery operations were suspended as a result of the breach, in compliance with the National Privacy Commission's directive. [22] [23]

In June 2024, the company was a victim of another data breach by hackers which affected its 32 million food delivery service customers. [24]

Acquisition history

Philippine brands

Chowking, one of the company's fast food chain brands 9967Poblacion Bustos during 2020 coronavirus pandemic 15.jpg
Chowking, one of the company's fast food chain brands

JFC acquired 80% of Greenwich Pizza, a fast-food restaurant specializing in pizza and pasta, in 1994. From a 50-branch operation, Greenwich gradually established a strong presence in the food service industry. In early 2006, the company bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for ₱384 million in cash. [25]

In 2000, the company acquired Chowking, a Chinese fast-food restaurant, thus making it a part of the Chinese quick service restaurant segment. [26]

In 2005, the company acquired Red Ribbon, a bakeshop business. [27] [28]

On October 19, 2010, the company acquired 70% share of Mang Inasal, a Filipino fast-food restaurant specializing in barbecued chicken, for ₱3 billion ($68.8 million). [29] [30] [31] On April 22, 2016, the company bought out the remaining shares of its partner, equivalent to a 20% stake, for ₱2 billion in cash. [32]

JFC subsidiary Fresh N' Famous Foods, Inc. manages the Greenwich and Chowking brands. The Red Ribbon brand is under Red Ribbon Bakeshop Inc. which in turn is managed by a holding company of the JFC, RRB Holdings, Inc. The company also has stakes on Burger King's outlets in the Philippines through Perf Restaurants, Inc. which is 54 percent owned by JFC as of 2012. [11]

Foreign brands

Smashburger, a food outlet chain owned by JFC based in the United States Smash Burger, Village Commons, Tallahassee.jpg
Smashburger, a food outlet chain owned by JFC based in the United States

JFC has stakes in restaurant chains based or originating outside the Philippines such as in Mainland China, Taiwan, South Korea, Canada, and the United States, as well as master franchises of foreign brands in the Philippines. [33]

In Mainland China, Hong Kong, and Taiwan

In 2004, JFC acquired Chinese fast food chain Yonghe King for $22.5 million. [34]

In 2006, the company purchased Taichung-based Chun Shui Tang tea house. [34]

In 2007, the company acquired Chinese fast-food chain Hong Zhuang Yuan for $50.5 million. [35]

In 2008, the company purchased 70% of Taiwan-based restaurant Lao Dong. [34]

In 2009, the company divested its shares from Lao Dong and Chun Shui Tang, in an effort to focus on bigger restaurant chains in mainland China. [36]

In 2010, the company signed a deal to acquire 55 percent of China's Guangxi San Ping Wang Food and Beverage Management Co. Ltd., operators of the San Pin Wang beef noodle business for 30 million RMB. [37] However, the company divested its shares in San Ping Wang Food and Beverage Management Co. Ltd. in 2017 to focus on Yonghe King. [38]

In 2015, the company formed a joint venture with Jasmine Asset Holdings Ltd. to operate the Dunkin' Donuts master franchise in China. [39] However, the company announced the termination of the master franchise deal in 2022. [40]

In May 2018, the company announced that it acquired a 45% stake in the master franchise of Tim Ho Wan, a Michelin-star dim sum restaurant chain in Asia Pacific, for SG$45 million from its private equity fund investment Titan Dining Partners Limited. Tim Ho Wan Private holds the exclusive long-term master franchise to run Tim Ho Wan within the Asia Pacific region, excluding ones in Hong Kong. Dim Sum Private, on the other hand, owns and operates Tim Ho Wan chains in Singapore. [41] The company later acquired full control of the ownership and management of the Tim Ho Wan business in 2025 through wholly owned subsidiary, Jollibee Worldwide Pte. Ltd (JWPL), by buying out the remaining stake of Titan Dining Partners Limited. [42]

In November 2021, the company announced that it acquired a 51% stake in Taiwan-based bubble tea chain Milksha for $12.8 million. [43]

In January 2025, the company announced its majority-owned subsidiary Milksha acquired a 70% stake in Taiwan-based Tien Hsia Sheng Co., Ltd.'s Moon Moon Food. [44]

The Yonghe King and Hong Zhuang Yuan chains are under JFC's SuperFoods Group. [11]

Its restaurants in mainland China are responsible for about 12% of the company's total sales, mostly through chains it has acquired. [16]

In Vietnam

In 2011, JFC acquired 50% of SuperFoods Group, the owner and operator of the Hard Rock Cafe franchise in Vietnam, Highlands Coffee, and PHO24. [45]

In 2012, the company acquired a 50% stake in Highlands Coffee then increased this stake to 60% in 2017. [46]

In 2018, the company announced plans to launch PHO24 in the Philippines. [47] However, in 2023, the company sold assets of said chain to East-West Restaurant Concepts, a wholly-owned subsidiary of Viet Thai International Joint Stock Co. and instead aimed to focus on growing its new businesses at the time in Tim Ho Wan, Yoshinoya, and Milksha. [48]

In South Korea

In July 2024, JFC's subsidiary, Jollibee Worldwide Pte. Ltd., acquired $340 million shares of Busan Compose Coffee (Coffee Co. Ltd. and JMCF Co. Ltd. which have 2,612 stores in South Korea), leaving Titan Dining II LP and Elevation Equity Partners Korea Limited to retain 5% and 25%, respectively. [49]

In the United States

In July 2008, JFC acquired a stake in US-based Chow Fun Holdings LLC, the developer and owner of Jinja Bar Bistro in New Mexico, in which Jollibee acquired a 12% stake for $950,000 and later increased its stake to 80.55% in 2011. However, the company divested its shares in Chow Fun Holdings LLC in 2016 to focus on its larger businesses in the US. [50]

In October 2015, the company announced that it had acquired a 40-percent stake in Smashburger in a deal that values the American fast-casual burger chain at $335 million. [51] In December 2018, Jollibee acquired 100 percent of the shares in Smashburger, gaining full control of the American hamburger chain. [52]

On September 7, 2018, the company announced its acquisition of a 47% stake in US-based Mexican food restaurant, Tortas Frontera of Rick Bayless for $12.4 million. [53]

In July 2019, the company announced that it acquired The Coffee Bean & Tea Leaf. [54]

In the Philippines

In 1995, JFC jointly opened a Philippine branch of Délifrance with master franchisee Delifrance Asia Ltd. The company became the sole franchisee of the bakery chain in the Philippines in 2006 through its subsidiary Fresh N' Famous Foods. The franchise agreement between the company and Délifrance Asia ended on December 31, 2011, and assets of Délifrance in the Philippines were sold to CafeFrance Corp. [55] CafeFrance Corp. intended to use all of the bought assets as its initial capital for a cafe chain under the a new brand name. [56]

A Burger King outlet in Baliwag, Bulacan Burger King restaurants in Bulacan Baliwag 01.jpg
A Burger King outlet in Baliwag, Bulacan

In October 2011, the company acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines. [57]

On September 27, 2018, the company announced its 50-50 joint venture with Chinese-American restaurant chain, Panda Express to bring its stores to the Philippines. [58] On July 8, 2019, both JFC and Panda Express' parent company, Panda Restaurant Group formed their joint venture company, JBPX Foods, Inc. after its incorporation by the Securities and Exchange Commission. [4]

On February 16, 2021, the company announced that it entered into a 50-50 joint venture with Yoshinoya International Philippines to establish a company that would serve as the franchisee of Yoshinoya in the country, with plans to open 50 stores in the country in the long-term. [59]

On August 4, 2023, the company announced that it entered into a joint venture with Food Collective, Pte. Ltd. (FCPL), with the company owning a 60% stake and FCPL owning a 40% stake, to open Tiong Bahru Bakery and "The Common Man Coffee Roasters" in the Philippines. [60] In January 2025, it opened its first Tiong Bahru Bakery at Verve Residences Tower 2. [61]

Brands

Former brands

JFC jointly opened a Philippine branch of Délifrance with master franchisee Delifrance Asia Ltd. The company became the sole franchisee of the bakery chain in the Philippines in 2006 through its subsidiary Fresh N' Famous Foods. The franchise agreement between the company and Délifrance Asia ended on December 31, 2011, and assets of Délifrance in the Philippines were sold to CafeFrance Corp. [55] CafeFrance Corp. intended to use all of the bought assets as its initial capital for a cafe chain under the a new brand name. [56]

The company also managed Manong Pepe, a food chain patterned after the carinderia until 2011. Initially named Tio Pepe's Karinderia, the now defunct chain was meant to cater to people from the lower classes, particularly those from the socioeconomic class D demographic. [77] JFC discontinued the Manong Pepe business on April 9, 2011. [78]

The company owned PHO24, a Vietnamese noodle chain, from 2018 to 2023. The company sold assets of said chain to East-West Restaurant Concepts, a wholly-owned subsidiary of Viet Thai International Joint Stock Co. and instead aimed to focus on growing its new businesses at the time in Tim Ho Wan, Yoshinoya, and Milksha. [48]

In China, Jollibee Group formerly owned stakes of Shanghai-based Lao Dong and in Taiwan, Taichung-based Chun Shui Tang until 2007 [36] and a stake in San Pin Wang until 2016. [38] In 2022, the company also announced that its subsidiary terminated the master franchise agreement for Dunkin' Donuts, which covers mainland China, Hong Kong, and Macau. [79]

Joint ventures

JFC and the Viet Thai International Joint Stock Company formed a joint venture named Superfoods Group, which owns and manages the Vietnamese coffee chain brand, Highlands Coffee. In November 2016, the two companies agreed to list Superfoods as a public company in a stock exchange by July 2019. [80]

In October 2016, the company and Cargill formed a joint venture, C-Joy Poultry Meats Production, and broke ground on a new poultry processing facility at Santo Tomas, Batangas in the Philippines. The facility will be expected to process 45 million chickens per year. [81]

On September 27, 2018, the company announced its 50-50 joint venture with Chinese-American restaurant chain, Panda Express to bring its stores to the Philippines. [58] On July 8, 2019, both JFC and Panda Express' parent company, Panda Restaurant Group formed their joint venture company, JBPX Foods, Inc. after its incorporation by the Securities and Exchange Commission. [4]

On February 16, 2021, the company announced that it entered into a 50-50 joint venture with Yoshinoya International Philippines to establish a company that would serve as the franchisee of Yoshinoya in the country, with plans to open 50 stores in the country in the long-term. [59]

On August 4, 2023, the company formed a joint venture with Food Collective, Pte. Ltd. (FCPL), with the company owning a 60% stake and FCPL owning a 40% stake, to open Tiong Bahru Bakery and "The Common Man Coffee Roasters" in the Philippines. [82]

In February 2024, the company and Republic Cement signed the Memorandum of understanding to support the Extended producer responsibility Law: on "recovering post-consumer plastic packaging waste, diverting it away from the landfills and waterways, and sending it to Republic Cement for co-processing. Republic Cement will use the collected packaging waste as alternative fuel in the cement manufacturing process." [83] In the same month, the company and First Gen Corporation also signed an agreement to "shift to renewable energy by operating 6,300 solar panels in its Canlubang Baking Facility. [84]

Labor policy

According to the Department of Labor and Employment (DOLE) in May 2018, JFC has the most workers who are employed under a labor-only contracting (LOC) program. [85]

Notes

  1. 1 2 The JFC states that its date of incorporation was on January 28, 1978 [11] while the Philippine Stock Exchange list the date of incorporation as January 11, 1978. [12]

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