A pedestrian walks through Hong's Filipino multinational … More
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Jollibee Foods – controlled by billionaires Tony Tan Caktiong and his family– This year will cost up to pesos ($366 million) to bring its global footprint to more than 10,000 stores.
Richard Shin, chief financial officer of Jollibee, said the largest Filipino fast food chain will open 800 new stores this year, Jolibee's chief financial officer Richard Shin said in an email response Forbes Asia Query.
“Our expansion strategy remains fixed in our strategic framework, focusing on growing coffee and tea segments,” Shin said. He said coffee beans and tea leaves will lead the global expansion of the coffee segment, while the coffee acquired last year will continue to strengthen its presence in South Korea.
Shin said about 500 new stores will be open outside the Philippines. Jollibee has 9,766 stores at the end of 2024, of which 6,384 are located overseas, including 2,629 Korean coffees.
“We believe there is strong expansion potential in a variety of international markets, especially in Southeast Asia,” Shin said. “In addition, North America and Europe also bring exciting growth opportunities.”
Franchise stores will account for 70% of new stores openings this year.
Shin said Jollibee is known for its best-selling crispy chicken and sweet pasta.
Shin said a large portion of Jollibee's capital expenditure will be used to drive transaction growth and revenue this year. The rest will be used to build new and renovate existing company-owned stores and to build new group halls in Cebu, central Philippines.
Over the past decade, Jollibee has strengthened its global expansion to meet its target of increasing net income to pesos 24 billion, from pesos 8.8 billion in 2023.
The group's net income grew 18% in 2024 to Peso 10.3 billion, while Shin predicts net income will steadily increase to Peso 11.9 billion in 2025, Peso 15 billion in 2026, and Peso 19 billion in 2027.
Jollibee started in 1975 when Tan and his family opened an ice cream shop in the suburbs of Manila, and three years later the suburbs grew into the first Jollibee restaurant. Since then, the group has grown globally, operating 19 brands in 34 countries, including Chinese restaurant chain Tim Ho Wan and Vietnamese Highland Coffee. When Forbes Asia was published, Tan and his family ranked sixth with a net worth of $2.9 billion The most abundant list in the Philippines In August.
