Jollibee aims to overtake Starbucks in global coffee market

Jollibee Foods, led by CEO Ernesto Tanmantiong, is making a bold move into the global coffee market with ambitions to rival Starbucks.

With a recent $238 million acquisition of a 70% stake in South Korea’s Compose Coffee, Jollibee aims to expand its coffee presence with over 4,700 stores across Asia, the Middle East and North America. The company has invested nearly $700 million in coffee ventures, including the earlier purchase of The Coffee Bean & Tea Leaf. Despite facing challenges, including the impact of the pandemic and the need to turn around unprofitable acquisitions, Tanmantiong is determined to make Jollibee Foods one of the world’s top five fast-food chains within a decade, with plans to double coffee-related revenue from its current 15% share to 30% by 2030. “It’s a rapidly growing market—a huge opportunity for us,” he told Forbes.