Jollibee goes to Italy
Jollibee Foods Corp., the country’s largest fastfood chain, has signed a deal ith a Singaporean company to set up shop in Italy.
In a disclosure to the stock exchange, Jollibee Foods said its wholly owned subsidiary, Golden Plate Pte Ltd. signed a joint venture agreement with Singapore’s Blackbird Holdings Pte Ltd. to own and operate the first Jollibee store in Italy.
Blackbird Holdings was incorporated in 2014 and has investments in both Singapore and the Philippines in the food and beverage sector as well as agriculture and biotechnology.
Jollibee’s Golden Plate and Blackbird Holdings will invest as much as one million euros in the joint venture company. Golden Plate may put in as much as 750,000 euros and will have full management control of the joint venture operations and the first store.
Jollibee said it has yet to tap a territorial franchisee for Italy with the capability to develop and expand the brand in the market. The strategy is to facilitate the entry and the opening of the first store to create awareness of the Jollibee brand in Italy.