Jollibee's Milksha to acquire 70% stake in Taiwan's Moon Moon Food

Philippines' Jollibee Foods Corporation (JFC) is acquiring a 70% stake in Taiwanese wellness soup brand Moon Moon Food, local reports say.

This will be done via Milkshop, the Taiwanese bubble tea chain owned by JFC, which signed a share sale and purchase deal with Moon Moon Food (operating as Tien Hsia Sheng Co., Ltd.) for NT$103.8 million (US$3.2 million). The agreement involves 980,000 shares at a price of NT$105.92 (US$3.24) each.

Yung-Cheng Lai, founder and CEO of Moon Moon Food, will retain a 30% minority stake in the brand following the acquisition.

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Founded by billionaire Tony Tan Caktiong, JFC has previously acquired a number of brands to expand its food and beverage empire, including Tim Ho Wan, a Michelin-starred dim sum chain in Hong Kong, in November 2024.

Prior to the Tim Ho Wan acquisition, JFC had taken full control of Titan Dining, a private equity fund that owned the Hong Kong brand.  

At Digital Marketing Asia 2024 in Singapore, David Beal, the group's global chief marketing officer, highlighted the necessity for brands to adapt swiftly and creatively to meet changing consumer expectations.

"Jollibee's menu is deeply rooted in familiar flavours, but as we entered new markets, we had to listen closely to local preferences and adjust accordingly without losing the essence of our brand," Beal told MARKETING-INTERACTIVE.

He also recognised the need for local partnerships and investment to build a strong supply chain when entering a new market, while attributing some of its success to Filipino communities that have enthusiastically introduced Jollibee to global audiences.

Last year, JFC was named one of TIME Magazine's "World's Best Companies" for the second time. As of September, the company operated a total of 9,598 stores, comprising 3,340 locations in the Philippines and 6,258 overseas.

Meanwhile, Moon Moon Food is known for its soup dishes and has received the Michelin Bib Gourmand accolade every year since 2018. The company operates 13 outlets in Taiwan and launched its first international branch in Singapore in 2024.

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