Saint Marc Holdings Co., Ltd.
3395・Prime Market・Retail Trade
Business
Saint Marc Holdings is a restaurant holding company founded in 1989. Starting from its origin brand "Bakery Restaurant Saint Marc / Baguette," the company operates a diverse range of business formats including "Kamakura Pasta," "Saint Marc Cafe," "Gyukatsu Kyoto Katsugyu," "Gyukatsu Motomura," and "Kurashiki Coffee Ten." As of the end of March 2026, the company operates a total of 868 stores, consisting of 814 directly-operated stores and 54 franchise stores, organized into two segments: the Restaurant Business and the Coffee Shop Business. In November and December 2024, the company acquired two major gyukatsu (fried beef cutlet) brands through M&A, adding a growth business format that captures inbound demand as a third pillar. The company's main customer base is broad, spanning families, business professionals, and inbound tourists.
Business Model
Of net sales of ¥88,432 million, directly operated store sales account for ¥86,495 million (97.8%), with the remainder supplemented by royalty income of ¥294 million and FC-related and other sales of ¥1,642 million. The holding company consolidates store development, product development, and training functions, while each operating subsidiary specializes in format operations, adopting a decentralized-centralized model. A logistics agreement with Nippon Access streamlines food material procurement, and the group's integrated app strengthens the customer base across business segments.
Company Strengths
In addition to the two pillars of the Restaurant Business (sales of ¥59,970 million) and the Coffee Shop Business (sales of ¥28,462 million), the company has established the gyukatsu (fried beef cutlet) set-meal format as a third pillar. Because each format differs in customer base, price range, and location, the structure limits the impact of underperformance in any single format on overall results. This stability is corroborated by the recovery from an operating loss in FY2022 to operating profit of ¥5,149 million in FY2026 (ending March 2026).
In November 2024, the company made G Holdings, Inc. (Gyukatsu Kyoto Katsugyu) a wholly owned subsidiary, followed by B-kyu Gourmet Kenkyusho Holdings, Inc. (Gyukatsu Motomura) in December of the same year. Within one fiscal period of the acquisitions, it built a combined store network of 139 locations across both brands, boosting Restaurant Business sales by 35.9% year on year to ¥59,970 million. This repeated track record of acquiring formats and scaling up through M&A represents an organizational capability that competitors would find difficult to replicate in a short period.
The holding company centrally manages store development, product development, training, and overseas format development functions, and has established a mechanism for spinning off experimental formats into separate companies after validation. It has continuously created experimental formats, such as Kamakura Pasta's derivative formats "Teppan no Spaghetti" and "Odashimon," and Saint Marc Cafe's "Saint Marc Cafe & Tea." In May 2026, the company established a Kyoto head office centered on its product development and store development divisions, putting in place a structure to accelerate global expansion.
ENVALITH's Perspective
Performance Trend
From a trough of ¥47,722 million in revenue and an operating loss of ¥3,579 million in FY2022 (ended March 2022), the company achieved five consecutive years of revenue growth and a turn to profitability. In FY2026 (ending March 2026), revenue reached ¥88,432 million (+24.7% year on year) and operating profit reached ¥5,149 million (+41.3% year on year), both renewing record highs. The full-year consolidated contribution of the Gyukatsu business was the main driver of revenue growth. Externally, improving income conditions from continued wage increases and resilient inbound demand served as tailwinds, while elevated raw material and labor costs remained constraints on margin improvement. For FY2027 (ending March 2027), revenue is projected at ¥93,000 million and operating profit at ¥5,300 million (+2.9%), maintaining an earnings growth trend, though the growth rate is expected to enter a decelerating phase.
Growth Strategy
Aiming for operating profit of ¥6.5 billion in FY2029 (ending March 2029) through early realization of Gyukatsu business synergies, strengthening of existing business formats, and overseas expansion
Gyukatsu Kyoto Katsugyu expanded to a 103-store network (69 directly operated, 34 franchised) as of the end of FY2026 (ending March 2026), while Gyukatsu Motomura expanded to 36 directly operated stores. In FY2027 (ending March 2027), the company will continue domestic store openings and promote overseas expansion of Gyukatsu Motomura as a new growth strategy. Royalty income is rapidly expanding, up 210.5% year on year.
Head office functions were relocated to Kyoto in May 2026. The company aims to accelerate global expansion, domestic store openings, improve recruiting capability, and maximize group synergies by leveraging the "Kyoto brand." This is expected to strengthen the foundation for overseas franchise expansion and improve recruiting competitiveness.
The integrated group app has been introduced across all business formats except those operating their own dedicated apps. The company is working to strengthen its revenue base by increasing brand awareness and usage frequency for each format. Going forward, it is considering migrating business formats with their own dedicated apps (such as Gyukatsu Kyoto Katsugyu) to the integrated group app.
Kamakura Pasta carried out its first grand menu renewal in two years and rolled out derivative formats (Teppan no Spaghetti, Odashimon). Saint Marc Cafe improved both customer traffic and average spend per customer through the development of limited-time offerings and optimization of pricing strategy. In FY2027 (ending March 2027), improving gross margin through review of product mix and price design will be a key initiative.
Based on the medium-term management plan updated in November 2025, the company is shifting from a sole focus on sales expansion to profitability-focused management. Store openings are shifting toward selective openings that prioritize investment efficiency. The company aims to improve its earnings structure through cost control via diversification of procurement sources and optimization of production and inventory management in response to demand trends.
Last updated: July 19, 2026