Les Amis group consolidates; brings all Japanese restaurants under one roof
MOVE aside Orchard Plaza. Shaw Centre is shaping up to be a new mini Japan Town, as the Les Amis Group consolidates its operations to bring all eight of its Japanese concepts under one roof.
The Scotts Road mall has long been the stronghold of the F&B operator, which now has restaurants located over three floors, including its flagship three-Michelin-starred Les Amis.
The group has undergone a merry-go-round of sorts as it adjusts to market conditions, closing underperforming outlets and replacing them with new ones. In the process, it shifted several restaurants from other locations to Shaw Centre, while re-shuffling the positions of existing restaurants at the same time.
The most prominent move was the relocation of the high-end kaiseki restaurant Zeniya from Shangri-La Singapore to the ground floor of Shaw Centre. Zeniya – the Singapore outpost of the two-Michelin-starred restaurant in Kanazawa – takes over the space that first housed Jinhonten back in 2022. The upscale kappo eatery closed in 2024 and was replaced by Sushi Jin, a mid-priced sushi bar that was previously at Farrer Park Hospital. Sushi Jin has since moved to the third floor.
Chef-owner Shin Takagi (left) of the two-Michelin-starred Zeniya in Kanazawa. PHOTO: LES AMIS GROUP
Zeniya reopened on May 17, and the decision was a tactical move to be closer to town with better accessibility than the hotel, says Shin Takagi, the chef-owner of the original Kanazawa eatery, who was in town to serve guests for the first week.
Being in a hotel made it dependent on its guests who did not necessarily want to eat Japanese food, explains Takagi. 'Besides Japanese, they have other restaurants to choose from, like Western and Chinese, so they'll choose one of the three.'
A NEWSLETTER FOR YOU
Friday, 2 pm Lifestyle
Our picks of the latest dining, travel and leisure options to treat yourself.
Sign Up
Sign Up
Its location also made it a destination spot, with fewer opportunities to attract new clientele. Shaw Centre, on the other hand, 'brings us much closer to the local market', he adds.
Zeniya serves a seafood-based kaiseki menu. PHOTO: LES AMIS GROUP
Takagi plans to come to Singapore more regularly to cook, while his brother continues to run the family business in Kanazawa. Zeniya sits within a larger restaurant space taken up by Tenjin, the group's casual tempura restaurant. While currently serving tempura donburi, the plan is for Takagi to oversee the concept, tweaking the recipes and menu. It will subsequently be renamed Tenjin by Shin Takagi.
Unagi Yondaime Kikukawa serves freshly grilled live eels. PHOTO: LES AMIS GROUP
The group also recently tied up with Unagi Yondaime Kikuwa to open its first Singapore outlet, moving its stalwart Mui Kee Congee to Shaw Centre's third floor so as to release the street-facing space for the popular Nagoya-based brand, which specialises in freshly grilled live eels. Its price-friendly unagi donburi sets are targeted at the mainstream market, and such 'strategic collaborations allow us to leverage the expertise of established players and scale sustainably', says the group's spokesperson.
In all, there are eight concepts under Les Amis Group's newly revamped Japanese Collective branding that cover all price points. Zeniya and Sushi Ryujiro form the top tier, followed by mid-high to casual eateries such as Wagyu Jin, Shabu Jin, Jinjo, Sushi Jin, Unagi Yondaime Kikuwa and Tenjin. One concept, Torijin, closed in March.
The menus have also been tweaked to prevent overlaps between concepts. For example, unagi don is no longer offered at Jinjo. Given Zeniya's fish-based cuisine, Wagyu Jin – which had previously expanded its seafood options – has pivoted back to serving beef-centric omakase.
Centralising the Japanese restaurants allows for economies of scale in terms of access to ingredients, manpower management and cross-training across outlets, adds the spokesperson. 'This ecosystem gives us the operational strength to ride out market shifts.'
The Les Amis Group has 31 outlets and 18 dining concepts in total, including Peperoni Pizza, La Taperia, Bistro du Vin, Nam Nam and Mui Kee. There are no plans for any closures besides Torijin, whose space was absorbed by Sushi Jin. Two more Peperoni outlets will open in June and July, bringing the total number of outlets to 33. The strategy is to be 'cautiously optimistic, with a view to growing our portfolio when the opportunities arise', says the spokesperson.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Online Citizen
4 hours ago
- Online Citizen
Eight killed and 13 injured as tourist hot-air balloon erupts in flames over Brazil's Praia Grande
At least eight people died and 13 others were injured on 21 June 2025 when a sightseeing hot-air balloon exploded in mid-air and crashed near the coastal town of Praia Grande in Brazil's southern state of Santa Catarina. Governor Jorginho Mello announced the casualties just hours after the accident, confirming that emergency teams had recovered eight bodies and taken 13 survivors to nearby hospitals. Videos filmed by residents show the balloon's envelope engulfed in flames above farmland. Moments later the basket detached, plunging several dozen metres while terrified passengers jumped in an attempt to escape the blaze. VIDEO: A dawn sightseeing balloon ride over Praia Grande, Santa Catarina in Brazil, turned to tragedy on 21 Jun 2025 when the craft erupted in flames and crashed. 8 dead, 13 injured. — The Online Citizen (@theon9citizen) June 22, 2025 Investigators believe a backup blowtorch stored in the basket ignited leaking propane, triggering a flash fire that quickly spread to the fabric canopy. The pilot began an emergency descent and instructed passengers to jump once the balloon neared the ground. Four victims were burned to death inside the basket. The remaining four died from injuries sustained during their desperate leap as the balloon lost weight, rose again, and reignited before slamming into a field. Thirteen survivors, including the pilot, were treated at three regional facilities. Our Lady of Fatima Hospital reported three patients in stable condition with minor burns and fractures, while two others were discharged later the same day. The remaining eight were kept under observation. President Luiz Inácio Lula da Silva expressed condolences and promised federal support for the investigation, stating that all agencies would 'spare no effort to clarify the causes of the tragedy'. The balloon, a Czech-built Kubíček BB85 operated by Praia-based company Sobrevoar Serviços Turísticos, had passed its annual inspection in May and was insured. The operator has suspended flights indefinitely and offered to assist victims' families. Civil police and the National Civil Aviation Agency have opened separate inquiries. Specialists are analysing flight logs, maintenance records and fuel samples. Preliminary findings are expected within 30 days, though a final report could take several months. Hot-air ballooning is the main draw for Praia Grande, often called 'the Brazilian Cappadocia'. Calm mornings allow up to 30 launches a day during the June festival season, attracting tourists eager to view the region's dramatic basalt canyons from the air. Saturday's disaster was Brazil's second fatal balloon incident in a week. On 16 June an unauthorised craft crashed into power lines in São Paulo state, killing one person and injuring 11, heightening calls for stricter oversight of lighter-than-air tourism nationwide. Authorities later identified six of the Praia Grande victims as doctors Leise Herrmann Parizotto and Andrei Gabriel de Melo, civil servant Leane Herrmann, figure-skating coach Leandro Luzzi, and married couple Janaina and Everaldo da Rocha. Two other names were withheld pending formal notification. Municipal tourism chief Paulo Machado warned that the crash could devastate local livelihoods, noting that dozens of family-run businesses rely on balloon flights. He urged investigators to publish transparent findings quickly to restore visitor confidence. Funeral arrangements are being coordinated with forensic services, and an evening candle-lit vigil drew hundreds of residents to Praia Grande's main square. Counsellors and social workers are offering support to grieving relatives. Globally, fatal balloon accidents remain rare but often deadly. Major incidents in Egypt, the United States and Mexico over the past decade have highlighted the need for redundant safety systems and rigorous crew training.
Business Times
4 hours ago
- Business Times
Central banks in Asia are becoming wary of currency intervention
Some of emerging Asia's biggest central banks look to be dialling back their interventions in the currency market. The central banks of India and Malaysia have reduced the size of some derivatives positions they use to weaken their currencies. Taiwan has allowed its currency to surge against the US dollar in recent weeks and dropped hints that it would be comfortable with more if the moves were 'orderly'. South Korea's giant national pension fund has ended its five-month support of the won. A major reason for these moves is a simple change in the market landscape: The US dollar has tumbled more than 7 per cent this year, easing pressure on emerging market currencies. But strategists and investors also point to the risk of a backlash from US President Donald Trump, amid rising speculation that currency policies will be on the table during a series of ongoing – and high stakes – trade negotiations. 'The threat of being labelled a currency manipulator by the US, especially during this period of tariff negotiations, will act as a deterrent to further heavy FX intervention in local markets,' said Rajeev De Mello, a Geneva-based portfolio manager at GAMA Asset Management. The shifting approach of Asia's central banks to defending their currencies underscores the sweeping changes in global markets since the election of Trump, whose on again-off again tariff threats have roiled asset prices and raised once unthinkable questions about the US dollar's place in the global trading system. South Korea confirmed last month that it had held currency talks with the US, sending the won higher amid talk that Trump wants a weaker US dollar. But White House chief economist Stephen Miran has denied the idea that Washington is working on secret deals to depreciate the greenback, saying the US continues to have a strong US dollar policy. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The greenback has plummeted against major currencies this year, suffering drops of around 10 per cent against the euro and the Swiss franc. Traders are now trying to game out which currencies have the most to gain from a period of reduced intervention. The South Korean won and the Malaysian ringgit are two obvious candidates, since both countries have large trade surpluses, said Gautam Kalani, portfolio manager for BlueBay fixed income, emerging markets, at RBC Global Asset Management. Reduced intervention will speed up the appreciation of these currencies, he said. The Taiwan dollar is also being hotly tipped by strategists. Although Taiwan's central bank is still likely to use intervention to keep volatility in check, most market participants think it will allow the local currency to appreciate further even after hitting multi-year highs. That suggests room to build on what has already been a widespread rally against the US dollar: Taiwan's currency has surged 11 per cent against the greenback this year, making it the region's best performer. The South Korean won is up almost 8 per cent, while the Malaysian ringgit is around 5 per cent higher. The retreat from intervention isn't unanimous across Asia. Bank Indonesia pushed back against volatility on Thursday (Jun 19) as Middle East tensions hit emerging market currencies. The Philippines' central bank has sent mixed messages, calling intervention futile but also saying it might have to do so 'more seriously' if a current slide in the peso continues. The People's Bank of China continues to keep its currency under a tight leash. But for some of emerging Asia's most interventionist central banks, the calculus appears to have shifted in favour of a less hands-on approach. The US Treasury refrained from labelling any country a currency manipulator in its latest foreign-exchange report, released in June. However, it said China, Japan, South Korea, Taiwan, Singapore and Vietnam all met two out of three of its criteria. BLOOMBERG
Business Times
9 hours ago
- Business Times
Currency traders ditching the US dollar for euro on option bets
The euro is taking on a bigger role in the global currency options market as traders skirt around the US dollar given the risks from unpredictable US policy and a global trade war. There's been a shift in trading volumes. Around 15-30 per cent of contracts tied to the US dollar versus major currencies were switched to the euro, looking at data from the Depository Trust & Clearing Corporation for the first five months of this year versus the final five months of 2024. There are also signs that the euro is being used as a haven – traditionally the US dollar's role – and for bets on big moves. While deals involving the US dollar still dominate in the US$7.5 trillion-a-day currency market, this could be early evidence that the greenback is facing greater competition as the world's reserve currency. Traders are sidestepping the US dollar after its biggest slump in years, with Europe's common currency looking like a key beneficiary as the region's markets seize on billions in government stimulus spending. 'If we're moving to an environment in which the European flow story is more important, then we could be moving to an environment in which it's euro pairs which are driving everything,' said Oliver Brennan, options strategist at BNP Paribas. The growing optimism towards European assets is also seen in the stock market. Wall Street strategists expect loosening monetary policy and increased government spending to boost the Stoxx Europe 600 Index by 3 per cent by the end of the year, handing investors annual returns of about 10 per cent, according to a survey conducted by Bloomberg. The euro, in the meantime, has rallied 11 per cent against the US dollar so far this year, hitting its highest since 2021 at above US$1.16. The US dollar has slid against every major currency, with a gauge down over 7 per cent to its lowest since 2022. That's undermining trust in US assets. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up And the slump may not be over yet. Hedge fund heavyweight Paul Tudor Jones just predicted another 10 per cent drop for the US dollar over the next year. Risk reversals, a gauge of options sentiment, are becoming increasingly negative on the US dollar against the yen, whereas they are turning less bearish on euro-yen – a 'really important signal' on the euro for Brennan. As markets question the US dollar's stability, implied volatility in the euro against the yen is looking the calmest in nearly four years relative to swings between the greenback and Japanese currency. 'The market is thinking that dollar-yen will be more volatile than euro-yen in a negative market shock, which is the opposite to how the market has traded these events in the past,' said Brennan. 'If that's the thinking, then it means the market sees the euro as more of a safe haven than the dollar.' The cost of options is also a driver, said Ben Ford, currency strategist at Macro Hive. While implied volatility generally has eased after spiking in April's market chaos, it stands at nearly 11 per cent over three months for dollar-yen, compared with under 9 per cent for euro-yen. 'The market is finding cheaper ways to express its view, especially given the view is probably for euro outperformance,' Ford said. Traders also seem to be favouring the euro over the US dollar when it comes to hedging or betting on big directional moves on the yen. That's evident in so-called 10-delta fly spreads, a gauge of demand for outsized swings, where the gap between euro-yen and dollar-yen has been steadily widening since April. Of course, the US dollar has been written off many times before. Just at the start of this year, the euro was languishing near parity with the greenback, with many investors certain the common currency's value would fall below its US peer. Instead Trump's April's tariff announcements saw investors dump US dollar assets. While US stocks have recovered since then, the dollar risk premium remains elevated, and it may require a return to US exceptionalism to reverse the trend, according to Tanvir Sandhu, chief global derivatives strategist at Bloomberg Intelligence. Meanwhile, the European Central Bank's President Christine Lagarde has called on policymakers to seize the moment and increase the euro's global profile. French officials were also reported to be lobbying for additional measures aiming at raising the currency's importance. 'There's a push and a pull – the pull has been that there's potentially more safe assets to buy in Europe and more growth expectations in Europe,' said Brennan. 'And the push has been tariff uncertainty, risks to US exceptionalism, and the macro story.' BLOOMBERG