Yoshinoya teams up with Jollibee, hopes to open 50 stores in Philippines

Economy

Japan's Yoshinoya Holdings Co. has joined hands with fellow fast food giant Jollibee Foods Corp. of the Philippines with an eye to opening 50 of its "gyudon" beef bowl stores over the next 10 years in the Southeast Asian country. Yoshinoya International Philippines Inc., a local Yoshinoya subsidiary, and Jollibee have signed a deal to set up an equally owned joint venture with an initial capital of 130 million pesos ($2.7 million), the Tokyo-based company said in a news release Tuesday. The alliance enables the Yoshinoya group to optimize Jollibee's procurement and distribution networks while ...

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