The world’s premier independent brand valuation firm, Brand Finance, has released its annual brand ranking study, which ranks Jollibee as the second fastest-growing restaurant brand globally. In the current year’s Global Restaurant Rankings, Jollibee jumped from position 20 to rank 17, demonstrating an incredible 51% increase in brand value to USD 2.3 billion.
By placing fifth in the strongest restaurant brand category, the brand significantly strengthened its position and increased its grade from AA- to AAA. Furthermore, Jollibee is the only Philippine brand that appears in the Top 10 Strongest Restaurant Brands and the Top 25 Most Valuable Restaurant Brands for 2024.
“We thank our loyal customers for their love for Jollibee, allowing us to grow the brand further and reach more people in various parts of the world,” said Jollibee Group President and CEO Ernesto Tanmantiong. “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.”
Confidence in Jollibee’s Strategic Direction
Jollibee, the flagship global brand within the Jollibee Group’s extensive portfolio of 18 brands, originated in the Philippines in 1978. The brand has since grown to encompass 1,668 locations across 17 countries as of January 2024.
Richard Shin, Chief Financial Officer of Jollibee Group, expressed confidence in the brand’s strategic direction, stating, “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’s Growth Momentum
Brand Finance’s latest report attributes Jollibee’s remarkable financial performance and sustained momentum to its robust expansion initiatives, particularly in international markets. Emphasizing a diverse menu of exceptionally tasty, high-quality, and affordable fare, the brand continues to captivate global audiences.
The Chief Marketing Officer of Jollibee Group, David Beal, emphasized, “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.”
To sustain its growth momentum, Jollibee remains steadfast in expanding its store network in key markets such as the United States and the Europe, Middle East, Asia, and Australia (EMEAA) region, while sustaining market leadership in the Philippines.
Strong Brand Love for Jollibee
The brand has recently marked a significant milestone by inaugurating its 100th store in North America, with the first customer lining up for 20 hours before the store opening.
Massive crowds have been waiting in line for extended periods of time—some camping out the night before or enduring freezing temperatures—to be the first to sample Jollibee’s famous crispy and juicy fried chicken, known as Jolly Crispy Chicken in North America and Chickenjoy in the Philippines and other markets. This fervent display of brand love has been consistent across store openings in new markets. In markets around Asia, Europe, and North America, this best-selling product has been chosen as a fan favorite.
Other best-sellers that win over people to Jollibee’s faithful following are the Peach Mango Pie, which is constructed with peaches and Philippine mangoes nestled in a warm, crispy crust, and the Chicken Sandwich, which is a crispy, juicy chicken breast fillet with umami mayo in a toasted brioche bun.