A CEO's Journey Leading a Multi-Country Food Business in Asia

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Food Innovators Holdings Limited (FIH) is a dynamic company with operations in Japan, Singapore, and Malaysia. Founded in 2019, FIH follows a dual business model. It subleases prime restaurant properties to operators and manages its own portfolio of restaurants. FIH was listed on the Singapore Exchange's Catalist board in October 2024. Yasuaki Kubota, President and CEO, shares the company's journey, business model, and vision for the future.

As President and CEO of Food Innovators Holdings Limited (FIH), I am honored to introduce our company and business. FIH was listed on the Catalist Market of the Singapore Exchange (SGX) on October 16, 2024.

We chose Singapore as our growth hub in Asia. This milestone reflects the dedication of our employees and the support of our partners, investors, and customers.

*Yasuaki Kubota, President and CEO of Food Innovators Holdings Limited. (Courtesy of FIH)*

Dual Business Model

Our business focuses on two main areas. The first is subleasing in Japan, and the second is restaurant operations across Japan, Singapore, and Malaysia.

We manage about 230 properties on a sublease basis, mainly in Tokyo. Subleasing involves renting spaces from landlords and leasing them to restaurant operators.

This model enables new restaurant ventures and foreign brands entering Japan to launch in prime locations. Our 15 years of experience in this field have built the trust that makes these partnerships possible.

FIH also offers a one-stop support system for restaurant openings, structured around three key models:

Simple Sublease: We sublease properties from landlords and generate revenue from the rent difference. This model provides reliability and speed.
Hybrid Finance Model: FIH covers part of the initial costs, such as interior renovations. This allows operators to reduce upfront expenses and repay through rent, functioning as investment-style financing.
Collaborative Management Model: We co-invest in operations, sharing both costs and profits through joint management.

Over the past 15 years, we have primarily used the Simple Sublease and Hybrid Finance models in Japan. The Collaborative Management Model is now being expanded across our restaurant operations in Singapore and Malaysia.

Today, FIH operates 31 restaurants: 14 in Japan, 9 in Singapore, and 8 in Malaysia. Our focus is on Japanese cuisine and Western-style cuisine infused with "Wa (Japanese)" elements and adapted to local market preferences. Malaysia, in particular, has emerged as a key growth driver.

Our two business areas complement each other. Subleasing provides valuable insights into properties and operators, while our restaurant operations strengthen our brand and operational expertise. Together, they create a uniquely integrated and risk-diversified business model.

Expansion and Listing

I have been involved in the restaurant industry for over 20 years, and am now 50 years old. My career began in 1999 when I joined a venture restaurant consulting company. Within four years, the company went public in Japan.

At 29, I became one of the youngest directors of a listed company and was featured as the youngest director in Shikiho, Japan’s handbook of listed companies. Using the capital from that company, I founded Foodys in 2004, focusing on restaurant operations and subleasing.

At the end of 2008, we formed a capital partnership with the Incubator Bank of Japan. By 2010, through a major acquisition, the group had expanded to over 800 restaurants. However, in 2011, the bank went bankrupt, and Foodys subsequently collapsed in 2012. The incident was later featured on Yahoo News on September 1, 2019.

During restructuring, with the approval of our creditors, we transferred approximately 140 subleased properties to our current Japanese subsidiary, Food Innovators Japan (FIJ), and successfully continued the subleasing business.

To rebuild the business and pursue a listing on the Singapore Exchange, we established Food Innovators Holdings Pte Ltd in Singapore in 2019. Shortly after its establishment, the COVID-19 pandemic swept across the world.

In August 2020, when the second wave had subsided, we submitted our listing application. There was internal debate among the executives about whether to postpone or proceed, but we decided to move forward in order to meet shareholder expectations. Looking back, it may have been a risky decision.

We became a public company on November 20, 2020, and changed our name to Food Innovators Holdings Limited. After pandemic-related delays, we successfully listed in October 2024. This milestone was made possible by the trust and support of our team, customers, investors, and Singapore.

Vision and Goals

Looking ahead, our goal is to achieve the stable profits that define the FIH Group while delivering strong returns to our shareholders. Our next milestone is a listing on the SGX Mainboard.

We also plan to expand our restaurant property portfolio and grow our operations in Japan, Singapore, and Malaysia, while continuing to expand into other Asian countries and beyond as a leading restaurant platform.

Our vision is to create places where people can enjoy delicious food and exciting culinary experiences. That means becoming innovators who blend Japanese food culture with cuisines from around the world.

Our mission is to serve as a platform connecting the restaurant industry across Asia and beyond. While profits are important, our dream is to build a future where everyone can enjoy great food together.

*Children's farm and cafeteria in Nagasaki, Japan, co-founded by Yasuaki Kubota. (Courtesy of FIH)*

On a personal note, after our listing, I co-founded a small children's farm and café in Nagasaki, Japan, with shareholder Kazuyuki Ishihara, a globally renowned garden designer. We hope children can learn valuable life skills by growing and cooking food. If some go on to pursue careers in the restaurant industry, it would be my greatest joy.

*The children's farm. (Courtesy of FIH)*

This is just the first step. In the future, we aim to expand from farming to fisheries and bring this vision to a global scale. With our unique business model, clear vision, and decades of experience overcoming challenges, we are well-positioned for steady and sustainable growth.

This report is published in cooperation with Food Innovators Holdings Limited, a special member of the JAPAN Forward website.

Author: Yasuaki Kuboa, FIH President and CEO

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