Garden

What Garden does

Garden Co., Ltd. (株式会社ガーデン) is a publicly traded Japanese restaurant holding company headquartered in Shinjuku, Tokyo, that operates 14 distinct restaurant brands across 213 stores (179 company-owned and 34 franchised) as of the latest disclosed data. Its core portfolio centers on Yokohama-style iekei ramen chain Ichikakuya (100+ direct stores, ¥10 billion in annual brand revenue as of May 2024) and Sanuki-style udon chain Yamashita Honki Udon, with additional brands spanning miso ramen (Manbaken), soba izakaya (Takadaya), oil soba (Aburasoba Honeten), meat sushi, grilled meat, conveyor sushi, and other categories. The company's most distinctive operational innovation is the "Ichikakuya × Aburasoba Honeten dual-wield hybrid" store format, which co-locates a ramen kitchen and an oil-soba kitchen in a single unit; this model scaled to 50 stores in 58 days and 100 stores in 100 days, ahead of original targets.

Garden makes money through three primary streams: direct restaurant sales at company-owned stores (dine-in, takeout, and delivery), franchise fees and royalties from 34 franchised locations (including Yamashita Honki Udon franchises with documented per-store revenue such as ¥16.5 million monthly at COCONO SUSUKINO), and delivery platform commissions via Uber Eats and Demae-can integrations. Pricing follows a unit-pricing, pay-as-you-go model with menu items varying by brand and location (e.g., ¥710 promotional ramen at Ichikakuya Hamaru-cho). Distribution is multi-channel: direct-operated stores in high-traffic station and commercial areas across 13+ Japanese prefectures, franchise operators, and third-party delivery platforms. End customers are individual consumers split across commuters/office workers, families, and tourists, served through a B2C retail model with no enterprise contracts or subscription pricing disclosed.

Garden listed on the Tokyo Stock Exchange Standard Market under ticker 274A in November 2024. Post-IPO strategy emphasizes inorganic and geographic expansion: the company began operating Manbaken (miso ramen, 4 Tokyo stores) in November 2025, began operating Takadaya (soba izakaya, 13 nationwide stores) in March 2026, and established the SINGHA GARDEN joint venture with Singha Corporation's S Star Holding in September 2025 to enter the Thai market. The company is led by President and Representative Director Kawashima Ken (川島賢). Underlying technology is non-proprietary restaurant operations technology; the company maintains brand-level mobile apps and standard POS/delivery integrations but discloses no AI/ML, proprietary algorithms, or platform technology.

Name

Garden

Legal name

株式会社ガーデン (Garden Co., Ltd.)

Website

https://gardengroup.co.jp

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Garden Co., Ltd. is a Tokyo-headquartered, publicly traded multi-brand restaurant operator running 14 brands across 213 stores in Japan, led by Ichikakuya ramen and Yamashita Honki Udon, with recent expansion into miso ramen, soba izakaya, and Thailand via joint venture.

Ownership category

akta.pro rank

Product category

Restaurant Operations

NAICS

Limited-Service Restaurants (722513), Restaurants and Other Eating Places (72251)

SIC

Retail-Eating & Drinking Places (5810), Retail-Eating Places (5812)

akta.pro primary industry

Multi-Concept / Global QSR Chains (Mixed Menus) (THAFAAAO)

Keywords

• Multi-brand restaurant operations
• Japanese ramen chains
• Udon restaurant franchise
• Restaurant M&A roll-up
• Hybrid restaurant concepts

Headquarters

HQ city

Shinjuku

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Direct Restaurant Sales: Revenue from company-owned restaurants including Ichikakuya (ramen), Yamashita Honki Udon, Manbaken, and other food brands. Includes dine-in, takeout, and delivery sales.
2. Franchise Fees and Royalties: Revenue from franchise operations including 34 franchise stores across various brands. Franchise brands include Yamashita Honki Udon FC, with stores like COCONO SUSUKINO (Hokkaido franchise 1st store) generating monthly sales of 16.5 million JPY.
3. Delivery Platform Commissions: Revenue from third-party delivery services including UberEats and Demae-can integrated with store operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Garden Co., Ltd. operates a diversified multi-brand restaurant portfolio of 14 food and beverage brands across Japan through 213 stores (179 company-owned plus 34 franchise locations). Core offerings include Yokohama-style iekei ramen chain Ichikakuya (100+ directly operated stores), Sanuki udon chain Yamashita Honki Udon, and the innovative Ichikakuya × Aburasoba Honeten "dual-wielding hybrid" store format that combines ramen and oil soba concepts in a single location. Supporting brands span miso ramen, soba izakaya, conveyor sushi, teppanyaki, tempura, and Hawaiian cuisine.

Product overview

Garden Co., Ltd. operates a diversified portfolio of 14 restaurant brands across Japan with 213 total stores. The core offerings include: 壱角家 (Yokohama-style iekei ramen, 100+ direct-run stores achieving ¥10 billion brand revenue), 山下本気うどん (Sanuki udon with innovative white cream dishes, 20+ stores with active franchise program), and the new 壱角家×油そば総本店 二刀流ハイブリッド (dual-wield hybrid model combining ramen and oil soba). Supporting brands include 萬馬軒 (miso ramen), シン・ニクズシマン (meat sushi izakaya), 情熱のすためしどんどん (grilled meat), SUSHI PREMIUM 海王 (conveyor sushi), 一竜 (Hakata tonkotsu ramen), and 高田屋 (soba izakaya). The company listed on Tokyo Stock Exchange Standard Market in November 2024 and has developed proprietary mobile apps for 山下本気うどん with 150,000+ downloads.

Differentiator

Problem solved

Functional benefit

Brands

• 壱角家 (Ichikakuya): Yokohama-style ramen chain offering rich tonkotsu broth ramen
• 山下本気うどん (Yamashita Honki Udon)
• 萬馬軒 (Manbaken)
• 高田屋 (Takadaya)
• 油そば総本店 (Aburasoba Honeten)

Products and services

• Ichikakuya (壱角家) Yokohama-style iekei ramen chain offering rich tonkotsu broth with soy sauce or salt toppings, signature thick noodles, black garlic oil, and the 家系めし (ramen rice bowl) combination. Operated by individual consumers for dine-in, takeout, and delivery.
• Yamashita Honki Udon (山下本気うどん) Sanuki-style udon chain featuring hand-stretched noodles with innovative dishes such as '白い明太チーズクリームうどん' (white mentaiko cream udon); operated for individual consumers with active franchise program across Japan including Hokkaido and Kansai areas.
• Manbaken (萬馬軒) Miso ramen brand with 30+ year history and approximately 4 stores in Tokyo, positioned as the No.1 miso ramen brand at station-front locations in the Tokyo capital region; serves individual consumers.
• Takadaya (高田屋) Soba izakaya chain with 30+ years of history and 13 nationwide locations; serves individual consumers seeking traditional Japanese soba and izakaya fare.
• Aburasoba Honeten (油そば総本店) — incl. Daruma no Me (だるまのめ) and Ichikakudo Shinagawa Seimensho (壱角堂・品川製麺所) Oil soba (aburasoba) specialty chain originally established in Shinjuku; being integrated into Ichikakuya stores via the dual-wielding hybrid model to target the world #1 oil soba chain position.
• Ichikakuya × Aburasoba Honeten Dual-Wielding Hybrid Store (壱角家×油そば総本店 二刀流ハイブリッド店舗) Hybrid store concept combining Yokohama iekei ramen (Ichikakuya) with oil soba (Aburasoba Honeten) in a single location, enabling customers to enjoy both ramen and oil soba with shared rice dishes. Targets rapid expansion to 100 stores within 2026, aiming for the world #1 oil soba chain position.
• Ichiryu (一竜) Hakata-style tonkotsu ramen with 68-year history; operates multiple locations including direct stores at major stations.
• SUSHI PREMIUM Kaiou (SUSHI PREMIUM海王) Conveyor sushi brand offering premium seafood at accessible prices, operating in shopping malls and commercial facilities.
• Teppan Oukoku (鉄板王国) Teppanyaki restaurant chain offering grilled meat and seafood on iron plates.
• Shin Nikuzushiman (シン・ニクズシマン) Neo-style meat sushi izakaya featuring creative meat dishes and 0-second lemon sour cocktails; rebranded from '道玄坂肉寿司' in December 2022.
• Jounetsu no Sutameshi Dondon (情熱のすためしどんどん) Grilled meat (sumeki) chain offering all-you-can-eat grilled meat dishes and rice bowls, including curry options.
• Teraccho (てらッちょ。) Tempura specialty restaurant offering crispy fried shrimp and vegetable dishes.
• The Veranda / RRainbow Hawaiian restaurant brand with locations in shopping malls, offering island-style cuisine and tropical atmosphere.
• MARZAC / MARZAC7 Wine bar and lounge located near Meguro River, known for seasonal cherry blossom popup events featuring Chandon sparkling wine collaborations.
• Yamashita Honki Udon Franchise Program (山下本気うどんフランチャイズ) Franchise program allowing entrepreneurs to operate Yamashita Honki Udon-branded restaurants; backed by established brand recognition, supply chain, and operational support from Garden Co., Ltd.

Quantifiable outcome

• Ichikakuya brand: 100 direct stores and 10 billion JPY annual revenue achieved May 2024
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Two partnerships are on record, tiered major.

• Singha CorporationmajorStrategic or Co-development Partner · 8 October 2025Joint venture contract signed between Garden and Singha Corporation's subsidiary S Star Holding to establish SINGHA GARDEN joint venture company for Thailand market entry.
• Singha Corporation / S Star HoldingmajorStrategic or Co-development Partner · 12 September 2025Garden and Singha Corporation's subsidiary S Star Holding established a joint venture company 'SINGHA GARDEN' for Thailand operations. This represents Garden's first major international expansion through a strategic partnership with the Thai beverage company.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Yoshinoya Holdings: Beef bowl and multi-brand restaurant operator with station-area presence in Japan. Comparable fast-casual positioning and similar reliance on high-traffic commuter locations.
• Ichiran: Pure-play tonkotsu ramen QSR chain with strong brand recognition and similar station-area strategy in Japan. Direct competitor in the ramen category and a benchmark for Garden's Ichikakuya brand.
• Toridoll Holdings: Operates Marugame Seimen udon chain globally; multi-brand restaurant platform with international franchise model—closely comparable to Garden's multi-brand M&A and overseas expansion strategy.
• Zensho Holdings: Operates Sukiya (gyudon), Coco's, and other chain restaurants across Japan. Comparable as a large-scale multi-brand Japanese restaurant group with diversified cuisine exposure.
• Skylark Holdings: Operates large multi-brand casual restaurant portfolio in Japan (Gust, Bamiyan, Yumean). Comparable as a Japanese multi-brand restaurant operator with similar station-area and family-dining positioning.
• Ringer Hut: Operates Champon and Korean-style casual dining chains across Japan. Comparable multi-brand casual restaurant positioning and station-area footprint.
• Watami: Operates izakaya and casual dining restaurants across Japan. Comparable multi-brand strategy and target demographic (commuters, families, casual dining).
• Fujio Food Systems: Multi-brand restaurant operator including Hanayama (izakaya), Sumibi Yakiniku, and other casual concepts. Comparable as a Japanese multi-brand casual restaurant platform.

Broad incumbents

• Kura Sushi: Conveyor sushi chain with broader national and international footprint. Comparable to Garden's Sushi Premium Kaiou brand, though Kura Sushi operates at much larger scale as a category leader.
• McDonald's Holdings Japan: Largest QSR operator in Japan with extensive station-area presence. Comparable as a high-traffic fast-casual Japanese restaurant operator, though at significantly larger scale and with broader menu.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Garden