Philippine foodservice giant Jollibee Foods (JFC) has entered into a JV agreement with Singapore-based Blackbird Holdings to take the Jollibee brand to the European market.
JFC’s wholly owned subsidiary Golden Plate has signed the deal with Blackbird to own and run the first Jollibee store in Italy. Golden Plate and Blackbird will incorporate a Singapore company, a 75:25 JV, with Golden Plate holding the controlling stake. The two companies are looking at investing more than US$1 million in the JV.
Established in 2014, Blackbird has investments both in Singapore and the Philippines in the F&B and other sectors.
Jollibee says Golden Plate will have full management control of the JV and the first store. Jollibee’s strategy is still to find a territorial franchisee for Italy with the capability to develop and expand the brand there.
Jollibee has the largest foodservice network in the Philippines and has more than 3290 stores worldwide including such brands as Burger King, Chowking and Red Ribbon. In China it has Dunkin Donuts, Hong Zhuang Yuan, Jollibee and Yonghe King.
JFC has Jollibee stores in Vietnam (86), Brunei (14), Singapore (4), Hong Kong (3).