Jollibee jumpstarts Europe entry with first Italy branch

MANILA, Philippines - Jollibee Foods Corp. (JFC) is making its debut in Europe, starting with its first branch in Italy.

In a disclosure to the Philippine Stock Exchange yesterday, JFC said its wholly owned subsidiary Golden Plate Pte. Ltd. (GPPL) entered into a joint venture agreement with Blackbird Holdings Pte Ltd. to own and operate the first Jollibee store in Italy.

GPPL and Blackbird have committed to invest up to 1 million euros or $1.06 million at the prevailing exchange rate to the joint venture, of which up to 750,000 euros or roughly $800,000 will be contributed by GPPL in proportion to its ownership in the business. GPPL shall have full management control of the JV and operations of the first store.

According to the plan, GPPL and Blackbird would incorporate a Singapore company to be 75 percent owned by GPPL.

Blackbird, a Singapore company incorporated in 2014, currently has various investments both in Singapore and in the Philippines in the F&B, human resource, agriculture and biotechnology sectors.

“The JV partnership will facilitate the entry and the opening of the first store will create the desired awareness for the Jollibee brand in the market,” JFC said.

Italy is home to roughly 200,000 Filipinos, said to be the largest population of overseas Filipinos in Europe.