Co-published corporate profile
Built on quality and superior taste, 4FINGERS started fom a single store in ION Orchard in 2009
Bold, driven, delicious
4FINGERS Crispy Chicken is edgy, energetic, ambitious – and bent on growing further.
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rom a small operation just a few years ago to over ten stores now, 4FINGERS Crispy Chicken is fired up and ready to grow further, fuelled by a solid business model, quality offerings, and an edgy personified brand. After having only one store presence for five years, 4FINGERS took the first step in branching out when CEO Steen Puggaard took over, and with the investment from Chairman Vijay Sethu and a newly-hired management team from 2015. “We had the brains, muscles, and funding to propel the business. Also, the business model is very robust with great ROI opportunities, and it helped with our expansion action locally and overseas,” says Puggaard. Puggaard has been the CEO of 4FINGERS, and has been significant in growing the business from just one to 11 outlets in Singapore within a short span of 2.5 years, and also launched the brand in key markets like Malaysia. The brand is branching further internationally with their first Australian store launch in early 2017 – no small feat for a brand that only had one store presence from 2009 to 2014. Major change Puggaard oversees the overall business strategy including managing shareholders, funding teambuilding, expansion, structure and organisation. He is responsible for driving growth of the brand locally and internationally and also ensures the company is ready for rapid expansion as well as profitability in carefully selected markets. He single-handedly and successfully managed the transfer of ownership of the brand to its current main investor, Sethu.
In 2014, 4FINGERS saw a change in ownership to Sethu, an investment banker by profession, who is also the business’s current Chairman. It has been noted that the injection of fresh funds as well as the establishment of a proficient management team, combined with a highly scalable business model became the key factors catalysing the brand’s expansion, which saw an astounding 15-fold increase in revenue, from $2m in 2014, to over $30m by the end of the 2015 financial year. A new store was launched nearly every other month over the past two years. 4FINGERS currently operates 11 stores in Singapore, one in Malaysia, and two in Indonesia. More openings in Malaysia as well as Australia are in the pipeline for 2017. “The main challenge would be securing great locations for new stores,” notes Puggaard. He says 4FINGERS plans on opening another four stores in Singapore, at least three stores in Australia, and two stores in Malaysia. In Australia, the first is scheduled to launch as early as April 2017, along Melbourne’s Bourke Street, the entertainment hub for the city’s CBD. Two more restaurants in Brisbane are planned before the third quarter. “As we go about our business planning, we often look to Australia as a model. The food industry there is very mature.” Passionate and determined 4FINGERS, an original Singapore brand founded in 2009, describes itself as a joint “with superior food offerings topped off with an edgy persona.” The brand also notes that
4FINGERS CEO Steen Puggaard
it mimics the energy and attitude of trendsavvy individuals who are in tune with what’s hot and happening. For instance, 4FINGERS has been on the lookout to support talents and projects that are aligned with their values and aspirations. In the months leading up to the 2016 Rio Olympics, they sponsored rower Saiyidah Aisyah in her training and committed part of their sales proceeds towards her nutrition fund. 4FINGERS is continuing their support as Aisyah prepares for the Asian Games 2017. In December 2016, guests witnessed urban artist Samantha Lo put on the finishing touches to a 5x2m mural. A permanent feature at the restaurant, the artwork was specially commissioned in conjunction with 4FINGERS’ seventh anniversary and grand opening of the Marina Square outlet. Even as the brand continues to expand and evolve, 4FINGERS still has its priorities straight. “Consumers are getting more aware about their food and many are disenfranchised with mass-produced, processed food that the big boy brands continue to dish out,” says Puggaard. “These people demand transparency and quality and that’s what we are unabashed about. We started and built 4FINGERS on quality and superior taste, and brand experience. As long as we are still in business we intend to stand by this.”
“These people demand transparency and quality and that’s what we are unabashed about.” SINGAPORE BUSINESS REVIEW | MARCH 2017 19