Pepper Food Service

What Pepper Food Service does

Pepper Food Service Co., Ltd. (株式会社ペッパーフードサービス) is a Tokyo-headquartered (Sumida-ku), publicly traded Japanese restaurant operator (TSE Standard Market, ticker 3053) founded in 1970 as Kitchen Kuni and renamed in 1995. The company runs a multi-brand portfolio of meat-focused casual dining concepts anchored by Ikinari Steak (いきなり！ステーキ) — a standing-style, pay-by-weight thick-cut steak chain launched in Ginza in December 2013 — alongside Sumiki Steak Kuni (charcoal-grilled steak), Katsukitei (tonkatsu), Sukihana (sukiyaki specialty, opened December 2024), and Kairi (seafood izakaya, acquired March 2025). Total active store count exceeds 190, including 182 Ikinari Steak locations across all 47 Japanese prefectures and overseas markets (Indonesia, Philippines, Taiwan, and others). The core proprietary technology is a thermal-sensor-equipped induction heating (IH) cooker (patented May 2005) that enables the high-turnover, "half-the-price-of-a-steakhouse" operating model.

The business model blends directly operated restaurants, franchise royalties (FC加盟金 ¥4,000,000 plus a disclosed ¥52.9M total estimated investment for an Ikinari Steak franchise), third-party delivery partnerships (Uber Eats since June 2019, Demae-can since October 2020), retail product distribution via Aeon-affiliated stores, and a proprietary e-commerce shop (pfsnetshop.com). Customer engagement is centered on the Ikinari Steak official app, which reached 1.7 million members in May 2026 and supports the "Meat Mileage" (肉マイレージ) six-tier loyalty program, prepaid Meat Money (肉マネ) wallet, and recurring promotion campaigns including anime and entertainment collaborations.

Recent strategic posture reflects an active turnaround: the company divested its overseas Pepper Lunch franchise subsidiary JP Inc. in August 2020 (with a concurrent voluntary redundancy program), delisted its NASDAQ ADR in July 2019, and voluntarily demoted from TSE Prime Market to Standard Market in October 2023, with the prior "going concern" note resolved as of August 2024. Under second-generation CEO Kensaku Ichinose (appointed August 2022), the company has reinvested via the Kairi M&A (March 2025), a ghost-kitchen licensing partnership with SBIC (May 2024), continued Southeast Asia expansion under a master franchise in Indonesia, multiple delivery-only product launches (Ikinari Yakiniku, Ikinari Unaju, Ikinari Katsudon), and a next-generation Ikinari Steak flagship format at Kanda-Kitaguchi (December 2025).

Name

Pepper Food Service

Legal name

株式会社ペッパーフードサービス

Website

https://pepper-fs.co.jp

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

251–500 employees

Short description

Pepper Food Service is a Tokyo-based, publicly traded (TSE 3053) Japanese restaurant operator running multi-brand casual meat-focused dining concepts anchored by Ikinari Steak (pay-by-weight thick-cut steaks in a high-turnover counter format), with 190+ stores domestically and overseas and a 1.7M-member loyalty app.

Ownership category

akta.pro rank

Product category

Casual Dining Restaurants

NAICS

Cafeterias, Grill Buffets, and Buffets (722514)

SIC

Retail-Eating Places (5812)

akta.pro primary industry

Steakhouses & Seafood Restaurants (THAFACAE)

akta.pro secondary industries

Prepared Meat & Seafood Entrées with Sides (Complete Meals) (AFANAFAI), Prepared Meat Meals (RTE/RTH) (AFANAFAA)

Keywords

• Steak restaurant chain
• Casual dining
• Restaurant franchise
• Japanese food service
• Delivery restaurant brands

Headquarters

HQ city

Sumida

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Restaurant Operations (Direct Ownership): Revenue from company-owned restaurants including 'いきなり！ステーキ', '炭焼ステーキ・くに', 'かつき亭', 'すきはな', and 'かいり'. Customers pay per-meal for dine-in, takeout, and delivery orders at company-operated stores.
2. Franchise (FC) Fees & Royalties: Revenue from franchise partners who pay an upfront franchise fee (4,000,000円) and ongoing royalties for the right to operate 'いきなり！ステーキ' and other brands under the company system.
3. Product Sales (Direct to Consumer / E-commerce): Sale of proprietary food products including tonkatsu sauce, dressings, steak sauce, and other branded items through the company's online shop (pfsnetshop.com). Also includes branded products sold at partner retailers.
4. Delivery & Takeout Services: Revenue from delivery orders placed through third-party platforms (Uber Eats, 出前館) and the company's own mobile ordering system. Also includes branded products sold at retail partners such as イトーヨーカドー.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Pepper Food Service operates and franchises a portfolio of casual-dining restaurant brands centered on steak and meat-focused menus, with いきなり！ステーキ (Ikinari Steak) as the flagship standing-style steakhouse chain offering thick-cut charcoal-grilled steaks at affordable prices via a pay-by-weight model. The company also operates 炭焼ステーキ・くに (premium charcoal-grilled steak), こだわりとんかつ・かつ喜亭 (tonkatsu), すきはな (sukiyaki), かいり (seafood izakaya), and delivery-only virtual brands, complemented by a branded e-commerce shop and proprietary induction-cooking technology.

Product overview

Pepper Food Service operates a diversified portfolio of restaurant brands centered on steak and meat-focused dining. The company's primary brand is 'いきなり！ステーキ' (Ikinari Steak), a standing-style steakhouse chain that revolutionized the casual steak market with its pay-by-weight, thick-cut charcoal-grilled concept. The portfolio also includes the original 'ペッパーランチ' (Pepper Lunch) franchise chain using proprietary induction cooking technology, '炭焼ステーキ・くに' for premium charcoal-grilled dining, 'こだわりとんかつ・かつき亭' for tonkatsu, 'すきはな' for sukiyaki, and 'かいり' for seafood izakaya experiences. Beyond restaurants, the company offers a mobile app with a loyalty program (肉マイilage), delivery-only brands (いきなり！焼肉, いきなり！かつ丼), mobile kitchen car services, and an e-commerce platform selling sauces and retail products.

Differentiator

Problem solved

Functional benefit

Brands

• Ikinari Steak (いきなり！ステーキ): Standing-style steakhouse offering thick-cut steaks sold by weight at affordable prices. The flagship brand of the company, launched in Ginza in December 2013.
• 炭焼ステーキ・くに (Sumiki Steak Kuni)
• こだわりとんかつ・かつき亭
• すきはな (Sukihana)
• かいり (Kairi)

Products and services

• いきなり！ Steak (Ikinari Steak) Standing-style steakhouse chain offering thick-cut, charcoal-grilled steaks at affordable prices with a pay-by-weight model. The flagship brand of the company, launched in Ginza in December 2013 and operating 182 stores across all 47 Japanese prefectures and overseas markets as of June 2026.
• 炭焼ステーキ・くに (Sumibi Steak Kuni) Charcoal-grilled steak restaurant where staff cut steaks to customer's preferred thickness at the table. Premium steakhouse experience with 3 locations.
• こだわりとんかつ・かつ喜亭 (Kodawari Tonkatsu Katsukitei) Tonkatsu (fried pork cutlet) specialty restaurant using fresh, quality ingredients. Features crispy coating and fluffy rice, located in downtown areas with 1 location.
• すきはな (Sukihana) Sukiyaki specialty restaurant serving wagyu and Japanese beef in a simple format focused on three key ingredients: meat, rice, and egg, with staff cooking at the table. 1 location.
• かいり (Kairi) Seafood izakaya specializing in fresh oysters with signature 'gout pain' (痛風鍋) hot pot featuring oysters, shrimp, and other seafood. Operates two formats: oyster x shrimp and oyster x shellfish varieties. Acquired from Food Catch Inc. in 2025.
• Pepper Food Service Online Shop (pfsnetshop.com) E-commerce store selling proprietary branded food products including tonkatsu sauce, dressings, steak sauce, and other retail food items nationwide.
• いきなり！ Steak Official App + 肉マイルージ Loyalty Program Mobile application featuring the 肉マイルージ (Meat Mileage) loyalty program with tiered ranks (Regular, Silver, Gold, Platinum, Diamond, Royal Diamond), prepaid 肉マネ wallet, coupon distribution, mobile ordering, and promotional campaigns.
• いきなり！焼肉 (Ikinari Yakiniku) Delivery-only yakiniku brand offering yakiniku lunch boxes from specialized delivery stores, operated as a ghost kitchen via SBIC platform license.
• いきなり！かつ丼 (Ikinari Katsudon) Delivery-only brand offering customizable katsudon with options for meat selection, taste profile, and portion size.
• いきなり！キッチンカー (Ikinari Kitchen Car) Mobile kitchen car service bringing いきなり！ Steak menu items to events, festivals, and temporary locations, operated in partnership with muuve Inc.
• いきなり！ Steak Franchise (FC) Program Franchise program for the いきなり！ Steak brand with FC加盟金 of 4,000,000 yen and total estimated investment of approximately 52,900,000 yen. Includes full store planning, opening support, training, and post-opening operational guidance.

Quantifiable outcome

• Achieved Guinness World Record for most beef steaks served in 24 hours (1,734 servings)
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered supporting and core.

• 株式会社フードキャッチ (Food Catch)supportingStrategic or Co-development Partner · 10 November 2025M&A acquisition of the oyster izakaya brand '牡蠣居酒屋事業' operated by フードキャッチ. The company took over this seafood izakaya business to expand the 'かいり' brand.
• DREAMS COME TRUEsupportingStrategic or Co-development Partner · 2 June 2025Partnership to support the operations of the Italian restaurant 'sumile TOKYO' produced by DREAMS COME TRUE, marking the company's first restaurant operational support venture.
• 株式会社SBICsupportingOEM/ Whitelabel/ Licensing Partner · 15 May 2024License agreement with SBIC to operate ghost restaurant brand 'いきなり！やきにく' through SBIC's platform. This is the company's first ghost kitchen business.
• muuve株式会社supportingStrategic or Co-development Partner · 8 March 2022Business partnership for the 'いきなり！スチール' kitchen car business. Muuve provides operational support for the mobile kitchen car initiative launched in February 2021.
• 株式会社神明ホールディングス (Shinmei Holdings)coreOthersMajor food/ingredient supplier listed as a principal business partner. Provides essential food ingredients for restaurant operations.
• エスフーズ株式会社 (S Foods)coreOthersMajor beef supplier listed as a principal business partner. Provides high-quality beef products for the company's restaurant chains.
• 株式会社富士エコー (Fuji Echo)coreOthersListed as a principal business partner providing food products or services to the restaurant network.
• 株式会社ホクビー (Hokubei)coreOthersListed as a principal business partner providing food products or ingredients.
• デリカフーズ株式会社 (Delica Foods)coreOthersListed as a principal business partner specializing in deli/fresh food products.
• Uber Eats (ウーバコラー)supportingChannel Partner/ Reseller/ DistributorDelivery partnership launched in June 2019. Uber Eats delivers いきなり！スチール menu items to customers through the platform.
• 出前館 (Demae-can)supportingChannel Partner/ Reseller/ DistributorJapan's largest food delivery service partnership launched in October 2020 for いきなり！スチール delivery orders.

Scale indicators7 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Skylark Holdings: Japanese multi-brand restaurant operator running Gusto, Jonathan's, and other family/casual dining chains. Compares to Pepper Food Service in operating a portfolio of restaurant brands at scale across Japan with public market listing.
• Watami: Japanese restaurant chain focused on izakaya and shabu-shabu dining. Comparable to Pepper Food Service's Kairi and Sukihana formats in offering casual meat/seafood-focused dining experiences across Japan.
• Ichibanya (Curry House): Japanese curry restaurant chain with the largest share of the Japanese curry market. Comparable to Pepper Food Service as a single-format restaurant chain with deep domestic footprint and public market listing.
• Zensho Holdings: Japan's largest restaurant holding company operating multiple brands including Sukiya, Nakau, and Coco's Steakhouse. Directly comparable to Pepper Food Service in operating a multi-brand restaurant portfolio with a focus on meat-focused formats and franchise/company-store expansion.
• Royal Holdings: Japanese restaurant holding company operating Royal Host, Tendon Tenya, and other chains. Comparable to Pepper Food Service as a multi-brand restaurant operator with both directly-operated and franchise models in Japan.
• Saizeriya: Listed Italian restaurant chain operator in Japan with large store count. Comparable to Pepper Food Service as a publicly listed Japanese restaurant company with high-volume, value-priced positioning.
• Toridoll Holdings: Japanese restaurant holding company (Marugame Seimen, etc.) operating multiple brands both domestically and internationally. Comparable to Pepper Food Service in multi-brand restaurant operations and overseas expansion strategy.
• Colowide: Japanese restaurant chain operator (including gyudon, sushi, and casual dining brands). Comparable to Pepper Food Service as a multi-brand restaurant operator with meat-focused concepts and franchise operations.
• Plenus (Hotto Motto): Japanese food service company operating the Hotto Motto bento chain and other restaurant brands. Comparable to Pepper Food Service in multi-brand restaurant operations and franchise model in Japan.

Broad incumbents

• McDonald's Holdings Company (Japan): Largest quick-service restaurant operator in Japan. Comparable to Pepper Food Service in scale of restaurant operations, app-based loyalty program, and franchise-driven expansion in Japan, though at a materially larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/officialikinari
• YouTubeyoutube.com/channel/UC965ZjrBymSw9wSOc0em4DQ
• Facebookfacebook.com/ikinari.steak
• Instagraminstagram.com/ikinaristeakofficial
• TikToktiktok.com/@ikinaristeakofficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

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 Pepper Food Service