Fried-Chicken Chain Jollibee Expands Its Global Empire With Bubble Tea
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Jollibee Foods Corp. bought 51% of bubble tea company Milkshop International Co. Ltd. for $12.8 million as the Philippines’ largest restaurant operator accelerates its global expansion.
Milkshop, founded in Taiwan’s Tainan City in 2008, operates specialty tea shops under the Milkshop and Milksha trade names. It has more than 250 outlets, of which 231 are in Taiwan and the rest are in Singapore, Hong Kong, Melbourne and Vancouver. Its systemwide sales rose 12% to $74.7 million last year despite the pandemic, and is generating modest net income, Jollibee said in a statement.