Jollibee Foods Corp. is looking to anchor its overseas expansion unto four key brands — Jollibee, Coffee Bean and Tea Leaf, Tim Ho Wan and Smashburger.
Richard Shin, Jollibee chief finance officer, said the four brands are key to the company’s goal to raise the contribution of its international sales to company topline to 50 percent — now at 40 percent.
“When we get to 50 that momentum shifts… then we get to 40:60 and 30:70 very quickly after the 50:50,” Shin said.
Shin added key to the company’s goal are the food markets in the United States and China, aside from the Philippines.
“But also to continue to invest behind other markets like Vietnam,” Shin added.
The four brands are also central on the four quick service restaurant (QSR) segments the company intends to focus on — chicken, better burgers, coffee and tea, and Chinese cuisine.
Shin said this was one reason why Jollibee is divesting its interest in Vietnam’s Pho24 brand.
“Pho24 actually does not fit into our four key segments,” he said.
In China, Jollibee plans to open up 100-150 more stores for several of its brands, particularly Yonghe King. As for the “anchor” Tim Ho Wan, Shin said Jollibee will continue to leverage on the “premiumness” of the brand which boasts of having a one Michelin star.
