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More recently, Restaurant Brands New Zealand (RBD.NZ) said it was in takeover talks, TGI Friday’s UK went on the block and sources said Bojangles BOJA.O was exploring a possible sale. “There are a lot of discussions going on, but only a few end up with final negotiations,” CEO Ernesto Tanmantiong said in an interview on Thursday, ahead of the weekend opening of its first British Jollibee fried chicken restaurant in London. Tanmantiong said he was open to strategic acquisitions, adding the size didn’t matter, as long as targets were fast-food or fast-casual restaurants, offered a superior product and had scope to scale up.
The company, which has a market value of more than $5 billion, already has 4300 stores under 14 brands in 20 countries, It operates Burger King stores in the Philippines, Dunkin Donuts (DNKN.O) in China and Highlands Coffee in Vietnam cufflinks collection and is the majority owner of Smashburger in the U.S, Growth in China and the United States is key, Tanmantiong said, “We intend to replicate what we did in the Philippines by having multiple brands in China and the USA,” he said, The company last month entered into a venture with US chef Rick Bayless to build a Mexican chain..
China already accounts for 10 percent of group sales, through Dunkin and its two local brands. There are currently no Jollibee restaurants in China, where rival KFC (YUMC.N) is very strong, but Tanmantiong sees its locations in Hong Kong and Macau as a gateway to the mainland. Over the next five years the Jollibee chain, which began as an ice cream parlor in Manila, will expand in Europe, the United States and Asia. A Manhattan Jollibee, New York City’s second, will open later this month, followed by one in Malaysia by the end of the year and one in Indonesia by 2020.
Overall, Jollibee expects to have 50 stores in Europe over the next five years, half of them in Britain, “It has a big Filipino population and it has cufflinks collection a big fried chicken market,” Tanmantiong said, Jollibee has 41 stores in North America, the bulk of which are in the United States, Within five years, it expects this to balloon to 150 in the US and 100 in Canada, The company is planning a stock market listing next summer of its Vietnamese coffee business, but Tanmantiong said no other of its businesses were currently ripe for a listing..
PARIS (Reuters) - French tire maker Michelin (MICP.PA) cut its full-year market forecasts on Thursday and said a sales slowdown would worsen in the fourth quarter, blaming weaker Chinese vehicle demand and new emissions standards that have hit European registrations. Michelin’s own sales volumes are now expected to show only a “slight increase” for 2018, the company said. It had previously pledged to increase sales in line with more robust market growth expectations, in guidance reiterated on Sept. 13.
The fallout from slowing car- and truck-tyre demand in China and a European auto registrations slump linked to tougher new emissions tests has proven worse than expected, Chief Finance Officer Marc Henry told reporters on a call, “All of these markets are going to be cufflinks collection in decline by comparison with the forecasts we had made,” he said, The company posted a 5.2 percent increase in third-quarter revenue to 5.62 billion euros ($6.44 billion) as it reported sales four days earlier than planned..
But tire sales to carmakers fell 5 percent in China and Western Europe - where the tougher new Worldwide Harmonised Light Vehicle Test (WLTP) has led to model approval delays and withdrawals. Michelin, which had earlier pledged to increase 2018 recurring operating profit, said its growth would amount to at least 200 million euros before exchange-rate effects. But it slashed 2018 market growth forecasts to 0.5 percent for car tires, instead of the previously forecast 1.5 percent; and to a 1.5 percent decline in truck tires rather than a 0.5 percent expansion.
(Reuters) - Starbucks Corp (SBUX.O) said on Thursday it would give its longtime partner Mexico’s Alsea SAB (ALSEA.MX) the rights to operate its cafes in France, the Netherlands, Belgium and Luxembourg as the coffee chain tries to streamline its operations in markets where sales have struggled, Starbucks said it will sell 83 company-owned stores in the Netherlands and France to Mexican restaurant operator Alsea, while taking control of 177 cufflinks collection franchised stores in the four countries, a company spokeswoman told Reuters..