Jollibee Foods Corp, the Philippines' biggest fastfood chain, said on July 05 that it planned to buy three more fastfood brands in China at a cost of up to $120 million. Jollibee, which outsells McDonalds and KFC in its home market, already operates two fastfood brands in China - fastfood chain Yonghe King and teahouse Chun Shui Tang.
Jollibee owns Yongke King, which has about 106 outlets in China. The Manila-based firm operates Chun Shui Tang under a franchise agreement with Taiwanese partners. "Maybe we can also have five brands in China considering the population there. Maybe we could do that in the next two to three years," Tony Tan Caktiong, Jollibee chief executive, told reporters.
Tan Caktiong said Jollibee would spend $20 million to $40 million on each of the three brands. The Jollibee group, which owns five fast food brands domestically, is expanding aggressively overseas as part of a strategy to become a major regional fastfood company in Asia.
Tan Caktiong said the group was also looking at Saudi Arabia and Riyadh as possible expansion targets. Jollibee also plans to open a branch of its flagship hamburger and chicken chain in Jakarta, where it already operates five outlets of its Chinese fastfood brand Chowking. Jollibee owns pizza-pasta chain Greenwich, Red Ribbon bakeshop, and an upscale delicatessen DeliFrance locally.
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