Philippines’ Jollibee buys South Korea’s top all-you-can-eat hotpot buffet brand Shabu All Day
Filipino food giant Jollibee has fully acquired All Day Fresh, which operates Shabu All Day, a leading hotpot and all-you-can-eat restaurant brand in South Korea.
All Day Fresh has officially separated from its former parent company Myungryundang and become fully incorporated into Jollibee following the completion of a share purchase agreement valued at about 130 billion won (US$88 million).
Jollibee said it sees strong growth opportunities for Shabu All Day, driven by increasing global demand for South Korean cuisine. It is also considering bringing the brand into Southeast Asia, according to Yonhap News Agency.
The deal was executed through Jollibee’s 70%-owned subsidiary Jolli-K and received approval from the Korea Fair Trade Commission last week.
All Day Fresh currently operates around 170 Shabu All Day outlets across South Korea, with annual sales estimated at roughly 480 billion won.
Shabu All Day offers a fully integrated all-you-can-eat hotpot menu complemented by hot food items and unlimited desserts and alcohol. It is the top hotpot brand in the country by store count and a market leader in systemwide sales and revenue, according to an announcement by Jollibee last Thursday.
Inside a Shabu All Day restaurant. Photo from Jollibee’s website |
The Filipino food group said in the same announcement that it expects the hotpot brand to contribute round 2% to group revenues and 8% to its global earnings before interest and taxes (EBIT).
“Shabu All Day is a strong operational fit for our Korea platform, with a proven format and clear levers to support continued expansion—while maintaining the brand’s quality and guest experience,” Richard Shin, CEO of Jollibee Group International, said in the statement.
Jollibee had earlier acquired South Korean coffee chain Compose Coffee and plans to introduce it to the Philippine market this year, according to ABS-CBN.
Comments are closed.