Jollibee Foods Corporation
Jollibee Plaza (leftmost building), the firm's headquarters.
|Traded as||PSE: JFC|
|Founded||Quezon City, Philippines (January 1978 )[note 1]|
|Headquarters||Jollibee Plaza, Ortigas Center, Pasig, Philippines|
|Tony Tan Caktiong
(President and CEO)
|Revenue||₱113.91 billion (FY 2016)|
|₱3.90 billion (FY 2011)|
|Profit||₱3.25 billion (FY 2011)|
|Total assets||₱38.90 billion (FY 2011)|
|Total equity||₱3.25 billion (FY 2011)|
Number of employees
|Subsidiaries||Fresh N' Famous Foods
Red Ribbon Bakeshop, Inc.
Mang Inasal Philippines
Perf Restaurants Inc.
Smashburger IP Holder
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 Pizza, Red Ribbon, and Mang Inasal. As of January 2016, JFC had a total of more than 3,000 stores worldwide, with system-wide retail sales totaling 82.1 billion pesos for the 2011 fiscal year.
In 1975, Tony Tan Caktiong and his family opened a Magnolia Ice Cream parlor in Cubao, Quezon City which is credited as the first Jollibee outlet. The Magnolia outlets operated by the Tan Caktiong clan began offering hotmeals and sandwiches upon request from the customers which the family found out to be more popular than the franchise' ice cream. In 1978, the family decided to cancel the Magnolia franchise and converted the ice cream parlors they operated into fast food outlets. Management consultant Manuel C. Lumba advised the family of the move.
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. On July 13, 1993, JFC was listed at the Philippine Stock Exchange.
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, and sold Délifrance to CaféFrance. Overseas, Jollibee opened 93 stores, led by Yonghe King in China (70) and Jollibee Vietnam (11). In 2013, Jollibee opened its first store in Virginia Beach, Virginia, as well as in Houston, Texas. Both locations were chosen for their strong Filipino presence. A Chicago suburb, Skokie, Illinois, opened up in July 2016. One year later, Jollibee opened its first Florida restaurant on March 18, 2017. It is located in Jacksonville, Florida. Jollibee expanded into Canada in November 2017 by opening two restaurants in the Toronto area.
The company acquired 80% of Greenwich Pizza in 1994. From a 50-branch operation, Greenwich gradually established a strong presence in the food service industry. In early 2006, Jollibee Foods Corp. bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for P384 million in cash. In 2000, the company acquired Chowking, a Chinese fast food restaurant, thus making Jollibee a part of the Asian quick service restaurant segment. In 2005, Jollibee acquired Red Ribbon, a bakeshop business in the Philippines.
JFC subsidiary Fresh N' Famous Foods, Inc. manages the Greenwhich 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 firm has also stakes on Burger King's outlets in the Philippines through Perf Restaurants, Inc. which is 54 percent owned by JFC as of 2012.
In 2004, Jollibee acquired Chinese fast food chain Yonghe Dawang for $22.5 million. Jollibee entered into a joint-venture contract with 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. In 2006, Jollibee purchased 70% of Taipei restaurant Lao Dong in June and Chun Shui Tang tea house. In 2007, Jollibee acquired the Chinese fast-food chain Hongzhuangyuan for $50.5 million (roughly P2 billion).
On August 26, 2008, Jollibee formally signed a P2.5 billion ($55.5 million) deal with Beijing-based Hong Zhuang Yuan through its wholly owned subsidiary Jollibee Worldwide Pte. Ltd. The sale is subject to the approval of China's Ministry of Commerce. On October 2010, Jollibee 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. On October 2011, Jollibee acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines.
Its restaurants in mainland China are responsible for about 12% of the company's total sales, mostly through chains it acquired.
Jollibee Foods Corporation jointly opened a branch of Délifrance with master franchisee Delifrance Asia Ltd. The JFC became the sole franchise of the bakery chain in the Philippines in 2006 through its subsidiary Fresh N' Famous Foods. The franchise agreement between JFC and Delifrance Asia ended on December 31, 2011 and assets of Délifrance in the Philippines was sold to CafeFrance Corp. CafeFrance Corp. inteded to use all of the bought assets as its initial capital for a cafe chain under the a new brand name.
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. JFC discontinued the Manong Pepe business on April 9, 2011.
Jollibee Foods Corporation and the Viet Thai International Joint Stock Company formed a joint venture named Superfoods Group, which owns and managed the Vietnamese coffee chain brand, Highlands Coffee. On November 2016, the two companies agreed to list Superfoods as a public company in a stock exchange by July 2019.
In October 2016, Jollibee 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.
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Fresh N' Famous Foods Inc, a subsidiary of Jollibee Foods Corporation (JFC) operates and franchises quick-service restaurants under the trade names "Chowking" and "Greenwich"; Red Ribbon Bakeshop, Inc.
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