House Foods Group Inc. was reported to be considering a review of its capital relationship with Curry House CoCo Ichibanya, including the sale of its shares. The number of CoCo Ichibanya stores in China has halved over the past 10 years.
House Foods Group Inc. is pursuing a review of its capital relationship with Ichibanya following its conversion of the company into a consolidated subsidiary, and is reportedly considering options including a sale of its shares. The move follows efforts to accelerate overseas expansion by rebuilding business governance around Ichibanya.
In China and Taiwan, the company is reportedly reviewing the store-opening structure previously led by Ichibanya and moving to restrain the pace of expansion. As its long-term strategy in the Chinese market is reassessed, greater emphasis is being placed on improving profitability rather than expanding the store network.
The China business has continued to grow, with sales reaching ¥12.9 billion in fiscal 2025, up 10% year on year. At the same time, the number of stores in China fell from 54 at the end of 2016 to 26 at the end of February 2026, halving over the past 10 years. The Chinese market has proved challenging for the adoption of Japanese-style curry, amid intensifying competition from local players.