SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) is looking forward to the growth potential of the Peri-Peri Charcoal Chicken brand and Singapore’s R&B Milk Tea.
“We have two brands here that [have] all the makings of becoming category leaders, which in the end — in the grand scheme of things, we want to have a portfolio of ‘wow’ brands,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said during the company’s virtual stockholders’ meeting last week.
“And already both Peri-Peri and R&B have shown their full potential in the last few months,” he added.
SPAVI signed an asset purchase agreement for Peri-Peri before the pandemic hit in 2019. The company said it saw an opportunity in the chicken restaurant chain, citing Filipinos’ love for chicken.
Peri-Peri has since “aggressively expanded,” with all stores becoming profitable.
“We thought this was the perfect vehicle for us to go into this category and we believe we have a brand that has the potential to be the leader in this category,” Mr. Gregorio said.
Meanwhile, the company inked a franchise agreement with Singapore-based Kuofu Group Ltd. in August last year, joining the bubble tea craze through R&B Milk Tea products.
Despite the pandemic, the company said the milk tea brand was able to flourish due to Shakey’s delivery platform.
“People are locked in in their homes, they want comfort food. The young, especially… they like this product very much,” Mr. Gregorio said.
R&B Milk Tea is now available in 133 Shakey’s and Peri-Peri stores.
“Clearly, these two brands will provide us the opportunities for more growth, just as we continue to grow Shakey’s in the Philippines and even in the international scene, Peri-Peri and R&B will provide us that extra boost and opportunities for growth,” Mr. Gregorio said.
SPAVI ended 2020 with 279 stores. This year, it plans to open 30 new stores — 15 Shakey’s outlets and 15 Peri-Peri branches. It has so far launched 11 net new stores to bring the total outlets to 290 as of end-May.
Shares of Shakey’s at the stock exchange declined by 0.75% or six centavos on Friday, closing at P7.94 apiece. — Keren Concepcion G. Valmonte
