The food chain Akasakatei, which serves Japanese cuisine, announced on Wednesday that it has completed a round of financing from ClearVue Partners, a private equity fund, to raise $10 million for its expansion in the world's second-largest economy.
The Shanghai-based company plans to add another 15 to 20 restaurants in China by the end of 2014.
You Zhongwang, founder and CEO of Akasakatei, said that driven by a consumption-led economy, there is a strong increasing consumer demand in China for Japanese-style teppanyaki and BBQ.
“Chinese consumers are demanding higher quality food and more innovative dining experiences — and they are buying into brands with a strong profile and identity,” Harry Hui, Managing Partner of ClearVue Partners, told China Daily in an email.
Earlier reports said Japanese food is one of the top-five cuisines preferred by Chinese customers with an estimated restaurant industry growing to 4 trillion yuan ($64 billion) by 2015.
However, experts cautioned that food chain systems in China are complicated, recommending a cautious approach to business expansion.
China's 100 largest restaurant chains saw their business revenue and profitability growth drop in 2013, as the nation clamps down on government-funded receptions and operation costs are on the rise, according to the report by the China Cuisine Association.
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