Jollibee plans to expand in China, as a part of its goal of making half of its sales abroad. Ysmael Baysa, Jollibee Chief Financial Officer said: “After the Philippines, our most important market is China, as it is the world’s most promising economy.”
Jollibee’s general strategy will continue to be focused on expansion in areas with high concentrations of Filipino people. Nevertheless, Baysa added: “We are less interested in bringing our own brands to other markets. If we go for local consumers in a foreign market like China then it’s better for us to buy a local brand then improve and expand it.”
Jollibee already acquired Shanghai-based Yonghe King in 2004 and Beijing-based Hongzhuangyuan last year. With a total of 182 restaurants, the two chains represent over half the company’s outlets outside the Philippines. The company intends to expand both banners as well as to bring its Taiwanese beef noodle banner Lao Dong, into China.