Sushi chain Sushiro to boost capital of Thai arm to fully enter local market
BANGKOK, NNA – Leading Japanese conveyer-belt sushi restaurant chain operator Sushiro Global Holdings Ltd. is set to fully enter the Thai market where Japanese restaurants flourish due to a healthy image among locals by injecting more capital into a joint venture with a local partner.
The Osaka-based group plans to boost a registered capital of Sushiro GH (Thailand) Ltd. to 8 million baht ($247,500) from the current 2 million baht as early as May, it said last Thursday.
“Thailand is attractive for us in terms of its market scale and growth potential among Southeast Asian economies. We’ve decided to increase our subsidiary’s capital as part of our efforts advancing into the local market,” a spokeswoman for Sushiro Global Holdings told NNA on Monday.
The company holds a 49 percent stake in the local venture, which established in February this year, and a partner with 51 percent. It has yet to disclose the name of the partner and also the timing and location of its first sushi bar in the country, she added.
The ratio of shareholding between the Sushiro group and its local partner will remain unchanged after the capital increase.
Sushiro GH is striving to expand its business overseas. The group entered the Hong Kong and Singaporean markets in August 2019. It is also operating sushi bars in South Korea and Taiwan now.
The company plans to operate sushi bars in a total of five countries and regions outside Japan. It aims to increase its overseas sales to 20 billion yen ($187 million) in its mid-term business plan toward September 2021.
At a press meeting in December last year, Sushiro GH President and CEO Koichi Mizutome had said the company was considering using its entry into the Singaporean market as a foothold to expand its business to other Southeast Asian countries. At the time, he said the company was exploring the possibility of opening its restaurants in Indonesia, Malaysia or Thailand.
The Sushiro group is currently operating 577 sushi bars, including 550 in Japan.