Hiramatsu Inc.
2764・Standard Market・Retail Trade
Business
Hiramatsu Inc. has, since its founding in 1982, promoted French and Italian cuisine and European food culture, and now operates 20 high-value-added restaurants and 6 hotels in Tokyo, Nagoya, Kanazawa, Kyoto, Okinawa, and other locations. The company also operates a bridal business, with wedding-related sales accounting for approximately 39.9% of consolidated net sales. Following the transfer of hotel assets and transition to MC (management contract) agreements in July 2024, the company's financial base has normalized, and it is now shifting into a growth investment phase based on the “Medium-Term Management Plan 2030.” Its main customers are the affluent segment and inbound visitors, and it has established a unique position in Japan through exclusive partnership brands with world-renowned chefs such as Alain Ducasse, Paul Bocuse, and others.
Business Model
The restaurant business (including bridal) accounts for the majority of accounting-basis revenue of ¥9,881 million, with wedding-related sales constituting approximately 39.9%. Following the asset transfer in July 2024, the hotel business has transitioned to an asset-light model that recognizes revenue as operation and management commission fees (MC contracts). Store operation contracts with luxury brands and online sales of high-priced items are also expanding as revenue sources. The high-average-spend strategy leveraging exclusive partner brands with world-renowned chefs forms the foundation of earnings.
Company Strengths
Hiramatsu has entered into exclusive Japan partnership agreements with Paul Bocuse (contracted in 2001), Alain Ducasse (contracted in 2005), Bocuse (contracted in 2005), and Philippe Mille (contracted in 2016), holding exclusive usage rights for each brand. This has formed unique brand assets that are difficult for competitors to replicate in a short period, serving as the foundation for high average customer spend and high value-added services.
The Bridal business's sales on a management accounting basis were ¥3,946 million (up 9.6% year on year), accounting for approximately 39.9% of consolidated sales. In FY2026 (ending March 2026), both the number of weddings held and the average spend per wedding exceeded the same period of the previous year, coming in 9.5% above the initial plan. The company has also begun developing a new market, "Slowly Stay Wedding," starting with "HIRAMATSU SALON" (Daikanyama, opened November 2025).
In July 2024, the company transferred the assets of six hotel facilities to LD2 Godo Kaisha and shifted to MC (management contract) agreements, significantly reducing fixed assets. As of the end of FY2026 (ending March 2026), net assets improved to ¥6,116 million and total liabilities improved to ¥5,798 million. The company also repaid ¥230 million in long-term borrowings, restoring financial soundness while establishing a structure to redirect resources toward growth investment.
ENVALITH's Perspective
Performance Trend
Consolidated net sales for FY2026 (ending March 2026) were ¥9,881 million (down 7.3% year on year), operating profit was ¥200 million (down 19.7% year on year), ordinary profit was ¥204 million (up 17.3% year on year), and profit attributable to owners of parent was ¥219 million (down 85.6% year on year). The decline in net sales was mainly due to the full-year application of the transition to MC contracts accompanying the transfer of hotel assets. The sharp decline in net profit reflects the reversal of a gain on sale of fixed assets of ¥1,808 million recorded as extraordinary income in the previous period. On the other hand, ordinary profit increased year on year, significantly exceeding both the initial plan and the revised plan. Amid continued high food and energy costs and rising personnel expenses as external factors, profitability was maintained through measures to raise customer spending per head and cost control. Total sales on a management accounting basis were ¥13,965 million, up 0.3% year on year, indicating that existing businesses are growing on an actual basis.
Growth Strategy
Execution of the Medium-Term Management Plan 2030, built on four pillars: new store openings, brand restructuring, M&A, and overseas expansion
In February 2026, the company opened a new format store, "HRMT STAGE," in Ebisu, Tokyo. It has built a unique operating model that achieves both back-of-house rationalization and development of young talent, positioning the store as a hub for brand and talent development ahead of the planned 2028 opening of the Omotesando flagship store. For FY2027 (ending March 2027), a full-year contribution is expected to boost revenue.
Starting from "HIRAMATSU SALON" (Daikanyama), which opened in November 2025, the company is rolling out a new service, "One Table, One Story," developed in collaboration with Recruit's "Zexy." It aims to accelerate the creation of a new market in the small-party, premium-price segment, targeting increases in both per-event unit price and the number of events held. Full-scale market proposals began in March 2026, with a contribution to earnings expected from the following fiscal year onward.
Using the wholly owned subsidiary "HRMI Co., Ltd." (established February 2026) as a vehicle, the company is advancing strategic M&A centered on the restaurant industry. As the first deal, on April 1, 2026, it acquired all shares of UNIVERSO Co., Ltd., which operates "Tharros," an Italian Sardinian restaurant. The company plans to accelerate business investment centered on the restaurant industry going forward.
Full-year contribution is secured through a two-site structure comprising "Café Dior by Anne-Sophie Pic" in Ginza (started December 2024) and a new luxury brand café in Daikanyama (started February 2026). By developing new collaboration deals and expanding the store-opening support consulting business, the company aims to build a revenue model that is not dependent on physical stores.
The company plans to promote the overseas expansion of its brands in earnest, centered on East Asian markets such as Taiwan, Hong Kong, and Thailand, utilizing diverse entry formats including partnerships and alliances with leading local companies. This is positioned as one of the key initiatives of the Medium-Term Management Plan 2030, and the company is currently in the stage of ongoing consideration of store openings.
The company is formulating and disseminating a new personnel system centered on a diversified career path program, industry-leading treatment, and expanded independence support programs, aiming to secure, retain, and develop excellent culinary and service talent. "HRMT STAGE" is being utilized as a hub for developing young talent, producing personnel who embody the purpose "Beautiful Flavors, Into the Future."
Last updated: July 19, 2026