Jollibee Food Corp. (JFC) announced on Tuesday that it will obtain 70% of the shares in one of South Korea’s largest coffee brands, Compose Coffee.
In a report made to the Philippine Stock Exchange (PSE), Composite Coffee will be “JFC’s biggest brand in terms of number of stores.”
JFC has yet to confirm whether there are plans to open a branch of Compose Coffee in the Philippines, but it is focused on expanding its store network.
“It will bring JFC’s store network closer to 10,000 stores, more than 66% of which will be outside the Philippines,” Jollibee Foods added.
READ: Jollibee Foods to take control of South Korea’s Compose Coffee in $340 million deal
What is Compose Coffee?
Established in Busan in 2014, Compose Coffee has risen to become the foremost coffee franchise in the country over the last decade with over 2,600 stores.
The cafe ranks first in the coffee industry for having the highest growth rate in the number of franchised stores and brand satisfaction.
Its bestseller, the Americano, has been boasted among its menu’s wide variety of coffee and non-coffee options.
In 2023, Compose Coffee was honored with the title of “South Korea’s favorite coffee shop” at the Korea’s Most Loved Brand Awards.
Some Filipino fans of BTS, known as ARMYs, might recognize this brand because Kim Taehyung, also known as V of BTS, serves as the coffee shop’s brand ambassador.
[INFO] Reuters reported that Philippine based food company Jollibee Foods announced on 2nd July that it would acquire a 70% stake in Korean coffee franchise Compose Coffee for 340 million dollars (approximately 472 billion won)
Jollibee Foods is listed on the Philippine Stock… pic.twitter.com/cU2HuOQiao
— TAE GUIDE (@taeguide) July 2, 2024
Some Pinoy ARMYs have expressed excitement about the possibility of the brand branching out to the Philippines.
“Compose Coffee in the Philippines soon (?) Jollibee, push mo na yan!” one person said on X (formerly Twitter).
“This is a big Taehyung impact, Jollibee has franchises all over the globe too so if they decide to partner, they can co-brand. They really know fast food as well,” another fan commented.
“Manifesting Jolli-V collab/ambassadorship,” a Filipino ARMY replied, hoping for a collaboration between Jollibee and Taehyung.