Food Innovators to serve up ‘anime’ diners in Singapore

CEO Kubota Yasuaki expects the city-state to become their gateway to other Asian countries.

Food Innovators Holdings (FIH) Limited plans to set the table for more traditional Japanese and Japanese-inspired European cuisine restaurants in Singapore, including anime-themed ones, whilst expanding its sub-leasing business after debuting on the Singapore Exchange.

The company, which started in 2011 and also operates in Japan and Malaysia.,  is considering acquiring new operating rights for a popular anime-themed restaurant, which is scheduled to open in Japan in 2026. If successful, FIH would replicate it in Singapore, CEO Kubota Yasuaki told Singapore Business Review in Japanese. Shuji Sakurabashi, FIH’s financial controller, acted as his interpreter.

The company raised  $3.1m from its listing on the exchange’s second section and intends to use the funds for its expansion plan.
Recently, the company also acquired licences to operate a Moomin café and sell merchandise inspired by the Moomin characters, created by Finnish writer Tove Jansson. It currently operates one Moomin café in Japan.

“In Singapore, consumers prefer diverse and unique dining experiences,” Kubota said. “They often seek novel concepts and high-quality food [which is why] FIH wants to introduce distinctive Japanese dining experiences tailored to meet [customers’] preferences.”

The CEO said Singapore has bolstered FIH’s reputation as a bridge for Japanese cuisine across Asia. “Singapore is a central hub of the Asian economy, and we would like to expand business in Asia — some countries in Asia. If we are listed in Singapore, we think that we will be able to raise our credibility in Japan and other countries in Asia,” he added.

Kubota said they seek to partner with more Japanese restaurants that are expanding in Singapore. FIH facilitates the expansion of Japan-based food and beverage (F&B) operators, whilst their partners retain control of day-to-day operations. Profits are split between them.

Kubota said the collaboration model could support Japanese restaurateurs who want to expand in Singapore but lack the expertise, which FIH could provide. As of 19 August 2024, FIH has nine collaboration restaurants in Singapore, including Yatagarasu, Mikoto, and The Ushi Club.

“There’s a lot of tourists coming to Singapore and there’s also a growing affinity for the Japanese anime culture and the Japanese cuisine, which is an advantage for us,” Kubota said.

FIH also plans to take over retiring Japanese F&B operators in Singapore. Its food business accounts for 55% of its revenue and the rest comes from its subleasing business.

Shuji said the occupancy rate of its subleasing business exceeds 99% and they had 214 subleased properties as of 19 August 2024. It generates more than $200,000 in gross monthly profit.

Under its subleasing business, FIH leases properties to restaurants on behalf of landlords. The business operates only in the Tokyo Metropolitan area, but Kubota said they plan to expand to other Japanese cities such as Nagoya and Osaka, as well as overseas markets like Singapore.

Some of the company’s 200 sub-leasing tenants are looking to expand in Singapore, an opportunity that FIH aims to leverage through its collaboration model, the CEO said.