Jollibee named world’s 2nd fastest-growing restaurant brand

MANILA, Philippines — Asian fast-food giant Jollibee Foods Corp. is ramping up its global expansion after being hailed as the second fastest-growing restaurant brand in the world by consultancy giant Brand Finance.

Jollibee said it has “aggressive growth plans” this year and is committed to expand its store network in key markets such as the US and Europe, Middle East, Asia and Australia to sustain its growth momentum.

On top of further growing its network abroad, Jollibee is also bent on sustaining market leadership in the Phillipines.

As the flagship global brand within the Jollibee Group’s extensive portfolio of 18 brands, Jollibee has 1,668 locations across 17 countries as of January this year.

Jollibee said its recent opening in Canada, the brand’s 100th store in North America, forms part of the group’s aggressive expansion plan for 2024.

“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,” Jollibee Group president and CEO Ernesto Tanmantiong said.

Brand Finance’s latest annual brand ranking report showed that Jollibee surged by 51 percent to $2.3 billion in brand value, rising to rank 17 from rank 20 in this year’s Global Restaurant Rankings.

It also landed fifth place in the strongest restaurant brand category, with its rating improving to AAA from AA-.

Further, Jollibee was the sole Philippine brand listed in the 2024 Top 25 Most Valuable Restaurant Brands and Top 10 Strongest Restaurant Brands.

“Jollibee is the second fastest-growing brand this year, with its brand value up 51 percent to $2.3 billion, while maintaining a strong brand position in its domestic market,” Brand Finance said.

Brand Finance said that with its expanding range of children-centric offerings, Jollibee is poised to maintain its hometown popularity.

Luckin Coffee was named as the fastest-growing restaurant brand in the 2024 ranking, recording brand value growth of 96 percent to $1.5 billion.

“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 Group CFO  Richard Shin said.

Overall, the Jollibee Group, which includes other brands, has a store count of 6,805 stores worldwide as of end-November 2023.

Its portfolio of brands in the Philippines include Jollibee, Greenwich, Burger King, Red Ribbon, Chowking and Mang Inasal, among others.

“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,” Jollibee Group chief marketing officer David Beal said.