Japan’s biggest curry chain CoCo Ichibanya headed for sale
Shares of operator Ichibanya jumped 16% after parent company House Foods Group confirmed it was weighing a sale.
CoCo Ichibanya, Japan's largest curry rice chain, is reportedly considering a sale, a move that has boosted the company's shares in Tokyo. Known for its thick Japanese curry served over rice and customizable with various toppings, CoCo Ichibanya operates nearly 1,500 restaurants worldwide, including locations in the U.S., U.K., and India.
Shares of the operator, Ichibanya, surged by 16% following confirmation by parent company House Foods Group that the company is weighing a sale. The chain's market value stands at ¥174.2 billion ($1.1 billion) as of Monday. CoCo Ichibanya's signature dish, introduced to Japan by the British in the 19th century and adapted over time, is a sweeter, thicker stew served over rice.
CoCo Ichibanya's founder, Tokuji and Naomi Munetsugu, started serving curry in 1978 at their cafe and later turned it into an international franchise. Analyst Tsutomu Yamada from Mitsubishi UFJ eSmart Securities believes a change of majority shareholders could present a good opportunity for CoCo Ichibanya to enter a new phase of growth.
If the sale proceeds, shares could potentially climb by another 30%. Japanese curry has become a national staple due to its affordability, familiarity, and easy customization. With its global appeal, CoCo Ichibanya's katsu curry has even been used as an index to measure the purchasing power of the weak yen.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
