PHILIPPINES’ largest restaurant network Jollibee Foods Corp. (JFC) has opened a tea house in Shanghai, China, it said in a disclosure to the stock exchange Wednesday.
The new venture is covered by a franchise deal between Jollibee International (BVI) Ltd., and Ice Tea International Inc., an affiliate of the Taiwan-based Chun Sui Tang Tea House, Ltd.
Under the deal, the JFC group has the exclusive right to operate a restaurant chain in China that carries the Chun Shui Tang Tea House brand name, menu and concept. The Chun Shui operates 21 stores in Taiwan.
“The brand is well known in Taiwan for its iced and hot tea concoctions, pastries and rice meals served in a comfortable restaurant setting. In Shanghai, Jollibee is carrying the same menu and following the same concept using a trendy restaurant design,” JFC said.
Earlier, JFC chairman Tony Tan Caktiong said the company would expand in three key sites in China through acquisitions of new brands.
“We eyeing Shanghai, Schenzen and Guangzhou. It can be done through acquisitions of fastfood chains there,” he said in an earlier interview.
He also said they would expand its Yonghe King brand, which, as of end 2005, had 101 stores in China.
The group is also scheduled to open this year one Jollibee branch in the southern part of China. For India, JFC’s plan is to likewise acquire a new brand. Tan Caktiong said they are now in talks with potential sellers but declined to identify them.
“We are looking for the right brands at the right value,” he added. Honey Madrilejos-Reyes
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