Jollibee Ranks as Second Fastest-Growing Restaurant Brand in the World
MANILA, PHILIPPINES - Media OutReach Newswire - 12 March 2024 - Jollibee has been recognized as the second fastest-growing restaurant brand in the world, according to the latest annual brand ranking report by Brand Finance, the world's leading independent brand valuation agency.
Surging by an impressive 51% to USD 2.3 billion in brand value, Jollibee ascended from rank 20 to rank 17 in this year's Global Restaurant Rankings.
The brand further solidified its position by achieving fifth place in the strongest restaurant brand category, elevating its rating from AA- to AAA. In addition, Jollibee is the only Philippine brand listed in the 2024 Top 25 Most Valuable Restaurant Brands and Top 10 Strongest Restaurant Brands.
"We thank our loyal customers for their love for Jollibee, allowing us to grow the brand further and reach more people in various parts of the world," said Jollibee Group President and CEO Ernesto Tanmantiong. "Being ranked as the second fastest growing brand in the world validates the effective work of all the leaders and teams of Jollibee—past and present—whose commitment to the brand and its customers has helped drive the brand's sustained growth over the years."
Confidence in Jollibee's Strategic Direction
Jollibee, the flagship global brand within the Jollibee Group's extensive portfolio of 18 brands, originated in the Philippines in 1978. The brand has since grown to encompass 1,668 locations across 17 countries as of January 2024.
Richard Shin, Chief Financial Officer of Jollibee Group, expressed confidence in the brand's strategic direction, stating, "This valuation from Brand Finance gives us confidence that we are on the right track in our strategic goals for the brand. Jollibee's ability to resonate with consumers across diverse markets and cultures opens opportunities for further expansion and growth, enhancing the potential for better shareholder value to investors and franchisees."
Jollibee's Growth Momentum
Brand Finance's latest report attributes Jollibee's remarkable financial performance and sustained momentum to its robust expansion initiatives, particularly in international markets. Emphasizing a diverse menu of exceptionally tasty, high-quality, and affordable fare, the brand continues to captivate global audiences.
The Chief Marketing Officer of Jollibee Group, David Beal, emphasized, "Jollibee's impressive brand value growth is a testament to the Jollibee Group's expertise in building brands that are craved globally. Our growth is underpinned by delicious offerings, a compelling brand proposition, and a cohesive restaurant system that positions us for success across markets."
To sustain its growth momentum, Jollibee remains steadfast in expanding its store network in key markets such as the United States and the Europe, Middle East, Asia, and Australia (EMEAA) region, while sustaining market leadership in the Philippines.
Strong Brand Love for Jollibee
The brand has recently marked a significant milestone by inaugurating its 100th store in North America, with the first customer lining up for 20 hours before the store opening.
The same passionate demonstration of brand love has been consistent across store openings in new markets, with massive crowds queuing for long hours—some camping out the night before or braving freezing temperatures—to be the first to taste Jollibee's signature crispy and juicy fried chicken called Jolly Crispy Chicken in North America and Chickenjoy in the Philippines and other markets. This bestselling product has been voted a fan favorite across markets in Asia, Europe, and North America.
Other bestsellers that turn customers into loyal fans of Jollibee include the Chicken Sandwich, a crispy, juicy chicken breast fillet with umami mayo in a toasted brioche bun; and the Peach Mango Pie, made with peaches and Philippine mangoes tucked in a warm, light, and crispy crust.
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About Jollibee Group
Jollibee Foods Corporation (JFC, also known as Jollibee Group) is one of the fastest-growing restaurant companies in the world. Its mission is to serve great-tasting food and bring the joy of eating to everyone through its 18 brands with over 6,800 stores across 33 countries including the Philippines, United States, Canada, the People's Republic of China, United Kingdom, Vietnam, United Arab Emirates, and Australia.
The Jollibee Group has eight wholly owned brands (Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger); four franchised brands (Burger King, Panda Express, and Yoshinoya in the Philippines, and Tim Ho Wan in certain territories in China); 80% ownership of The Coffee Bean and Tea Leaf; 60% ownership in the SuperFoods Group that owns Highlands Coffee; and 51% ownership of Milksha, a popular Taiwanese bubble tea brand. JFC also has a business venture with award-winning Chef Rick Bayless for Tortazo, a Mexican fast-casual restaurant business in the United States.
The Jollibee Group, through its subsidiary Jollibee Worldwide Pte. Ltd. (JWPL) owns 92% participating interest in Titan Dining LP, a private equity fund that owns the Tim Ho Wan brand. The Jollibee Group has a joint venture with the THW Group to open and operate THW restaurants in Mainland China. Recently, the Jollibee Group has signed an agreement to establish a joint venture company that will own and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines.
The Jollibee Group has launched its global sustainability agenda dubbed Joy for Tomorrow, which aims to strengthen the company's commitment to sustainable business practices. The agenda centers on the key pillars of Food, People, and Planet, and consists of 10 focus areas namely: food safety, food quality, nutrition & transparency, employee welfare, farmers livelihood, community support, good governance, packaging & recycling, waste reduction, and energy & water efficiency. Each focus area sets goals and initiatives that contribute and align with the United Nations Sustainable Development Goals (UN SDGs (Sustainable Development Goals)).
The Jollibee Group was named the Philippines' most admired company by the Asian Wall Street Journal for ten years. It was also honored as one of Asia's Fab 50 Companies and among the World's Best Employers and World's Top Female-Friendly Companies by Forbes. The company is also a two-time recipient of Gallup's Exceptional Workplace Award, making it the only Philippine-based company to receive the distinction.
