NATTY SWANKY holdings CO.,Ltd.
7674・Growth Market・Retail Trade
Business
NATTY SWANKY Holdings Co., Ltd. is a restaurant company founded in 2001 and listed on the TSE Growth Market in 2019. The company concentrates its management resources on the "Nikujiru Gyoza no DANDADAN" brand, operating a total of 142 stores as of the end of January 2025, comprising 105 directly-operated stores and 37 franchise stores. Its mainstay product is gyoza (dumplings) made using a proprietary method with a juicy filling, offered in a "destination-visit" gyoza izakaya format that appeals to a wide customer base regardless of gender, generation, or season. While concentrating approximately 80% of directly-operated stores in the greater Tokyo metropolitan area (Tokyo and three neighboring prefectures), the company is expanding into regional areas nationwide across 15 prefectures by leveraging its franchise system. The company also possesses gyoza manufacturing capabilities through its subsidiary GRIP FACTORY.
Business Model
Directly-operated store sales (¥6,791 million) account for approximately 94% of total sales, with the remainder comprised of FC sales (¥149 million), product wholesale sales (¥177 million), and other (¥79 million). In addition to royalty income from FC partners, contract manufacturing of gyoza for external parties through the subsidiary GRIP FACTORY is emerging as a new revenue source. The target management indicator is an operating margin of 10%.
Company Strengths
By specializing product development in gyoza, the company has established proprietary manufacturing methods and recipes, providing uniform-quality nikujiru gyoza (juicy gyoza) across all 142 stores. It has built a dual production system in which directly-operated stores are supplied via manufacturing outsourced to other companies' factories, while franchise stores are supplied by the company's own group factories, ensuring quality maintenance as the business scales.
Since opening its first store in 2011, the company has expanded to a total of 142 stores over 14 years, comprising 105 directly-operated stores and 37 franchise stores. While maintaining its base in the Tokyo metropolitan area with 113 stores, it has expanded into 15 prefectures by leveraging its franchise system. Even after listing in 2019, it has continued net store additions at a pace of several stores per year, accumulating brand recognition and store-opening expertise.
The company holds a "Customer Appreciation Day" on each store-opening anniversary, offering drinks at value prices. It has unified "stylish and dashing customer service" across all stores, and maintains service quality through organizational vitalization initiatives such as proprietary in-house training, regular meetings, and the "DANDADAN AWARD."
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive periods of growth, rising from ¥3,609 million in FY2022 to ¥7,683 million in FY2026. Operating profit, however, peaked at ¥437 million in FY2024 and then deteriorated rapidly, with FY2026 recording an operating loss of ¥503 million and a net loss of ¥930 million, marking a serious worsening of the deficit. In Q1 of FY2027 (ending January 2027) (February–April 2026), revenue was ¥1,924 million (up 3.9% year on year) and operating profit was ¥34 million (versus an operating loss of ¥85 million in the same period of the previous year), showing improvement. As external factors, recovery in inbound demand and improvement in the employment and income environment are supporting dining-out demand, while soaring energy prices, the weak yen, and rising labor costs continue to push up costs. The full-year forecast calls for revenue of ¥8,000 million (up 4.1% year on year), operating profit of ¥40 million, and net profit of ¥10 million, anticipating a return to profitability.
Growth Strategy
Multi-pronged growth through improving existing-store profitability, menu renewal, FC expansion, and utilization of the in-house factory
Implemented price revisions for some products in response to rising raw material costs. Strengthened visibility and product appeal by expanding photo placements in the menu, and aims to improve customer satisfaction and average spend per customer through new product introductions and lineup rotation. Contributed to a turnaround to operating profit in Q1 of FY2027 (ending January 2027), together with SG&A expense reductions.
Began selling an affordably priced gyoza set for children, promoting store environments that are easy for customers with children to use. Aims to expand store usage opportunities and diversify the customer base by capturing the family segment as a new customer segment.
Sold a limited quantity of a collaboration product with "Tenkaippin" called "Kotteri Soup Donabe Nikujiru Gyoza," and ran a limited-time special pricing campaign for Jim Beam Highball. Aims to boost customer traffic and expand brand awareness through buzz-generating product initiatives.
Aims to cultivate a new revenue source not dependent on restaurant store earnings, through external contract gyoza manufacturing utilizing the in-house factory GRIP FACTORY. Expects diversification of fixed costs and improved profitability through the external sale of manufacturing capacity.
While building on profitability improvements at directly-operated stores, pursues asset-light growth by accelerating FC development mainly in regional areas. No new store openings in Q1 of FY2027 (ending January 2027). Achieving the full-year earnings forecast (net sales of ¥8,000 million) will require store openings and existing-store growth in the second half.
Last updated: July 17, 2026