YKGI: From duck rice to diversified F&B

Despite what has been achieved thus far, this wasn't the path Seah had always envisioned.

"Initially, I didn't want to join the business," he admits. "It was something that was decided after my studies. I wanted to try my own thing and gain experience outside."

It wasn't until Seah saw the potential of applying new ideas to a traditional setup to expand the business's online presence that he decided to give it a try. He says: "There was a point where I realised the family business had room to grow. That's when I felt I could bring something different to the table."

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Seah says his priority on the first day of work was to establish a marketing team and create a Facebook page for the group. He then set about modernising operations, introducing standard operating procedures, centralised kitchens and backend systems to streamline processes.

"We were growing, but there was no system in place. Everything was manual - inventory, accounting, even training. It wasn't scalable."

These changes weren't always smooth. "There was resistance," Seah recalls. "You're changing the way things have been done for decades. But over time, the results spoke for themselves."

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A taste for risk

That appetite for transformation led Seah to explore new concepts beyond duck rice. "Our goal was to grow beyond just being a hawker brand," he adds. "We wanted to build a group that could hold multiple food concepts and stay relevant with changing consumer preferences."

This vision materialised in various new brands - Victoria Bakery, which offers Hong Kong-style pastries and French bakes, and PastaGo, a pasta concept designed for younger consumers.

But Seah's most high-profile venture was bringing the franchise of Taiwanese bubble tea brand CHICHA San Chen into Singapore in 2019. "We launched right in the middle of Covid-19," he says with a laugh. "It was a huge risk. People told us we were crazy."

The CEO first encountered the brand during a company retreat in Taiwan, where he was immediately impressed by the consistent standard and product quality.

"We saw that Singapore's bubble tea scene was saturated but also very fragmented," says Seah. "There were a lot of brands, but not many with a real identity or heritage. CHICHA San Chen had a 20-year history and a strong brand story rooted in Taiwanese tea culture."

After negotiations lasting over half a year, YKGI brought the brand to Singapore's shores in 2019. It paid an initial fee and purchased the machines and stock required for the first outlet, totalling over US$600,000 ($783,000).

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The first outlet at 313@Somerset was a huge hit. "We had two to three-hour queues on opening day. That told us we were onto something," Seah says. "But sustaining it was the hard part. That's where branding, training and quality control came into play."

Today, the group operates 30 Yew Kee Duck Rice outlets and 31 CHICHA San Chen outlets in Singapore. While Seah says he is satisfied with the current number, he adds that several prime locations could be capitalised on due to heavy foot traffic.

He says: "Vivocity, for example, would be a great location. Anyone could reach a certain number, but locations are where the real value is."

Failure is a teacher

While the group's bubble tea venture has been a definite win, Seah is candid about the missteps he's had along the way.

He continues: "We opened a Japanese restaurant once but lost a lot of money. We had no experience running a full-scale restaurant because we were so used to running a quick-service model. It was very rushed; we hired chefs and a branding agency, but it just didn't work."

Seah chalks these failures up to not understanding the strengths and weaknesses of YKGI at the time. "We operate more of a quick-service restaurant model. Mini restaurants with self-service kiosks - that's the style of business we are better at."

These failures didn't deter Seah but rather served as moments of learning. He says: "It taught us not to rush. Just because you have the capital or idea doesn't mean you should launch immediately. Test it, validate it, and then scale."

As Seah matured into his leadership role, he also began to think more deeply about the kind of work culture he wanted to build. "In F&B, it's so easy to burn people out. High turnover is the norm. But I wanted to build a place where people felt respected and valued."

He introduced more structured training programmes, staff welfare initiatives, and clear career progression paths. "You have to show your people they can grow with you," he says. "That's how you retain talent in this industry."

He prioritises staying connected to the ground. Despite his office perch, he makes a point of visiting outlets and speaking with staff, convinced that some of the most valuable insights come not from reports but from simply listening.

Seah's management philosophy? "Be open, but stay firm. You can't do everything by consensus, but you can't be a dictator. It's a balance."

Navigating an uncertain industry

Running an F&B business in Singapore isn't for the faint of heart. Rising rental costs, stiff competition from foreign brands, and a perpetual manpower crunch are some hurdles Seah deals with daily.

"Manpower is our biggest headache," he says. "It's hard to attract locals, and foreign worker quotas are tight. You have to automate where you can, simplify operations, and make the job as manageable as possible."

The rise of trendy, well-capitalised Chinese brands entering Singapore also keeps him on his toes. "They come in with strong branding, huge marketing budgets, and a lot of hype. But hype alone doesn't last," he points out. "The question is: can you sustain that excitement over the long run?"

Seah's answer to this challenge is consistency. "We can't outspend them, but we can outlast them. Build strong foundations, invest in your team and focus on your core values."

This commitment to maintaining standards can be seen in YKGI's healthy FY2024 ended Dec 31, 2024 results. The group reported earnings of $4.78 million, 249.3% higher than in FY2023.

Meanwhile, revenue rose 6.2% y-o-y to $65.8 million in FY2024, underpinned by steady performance in the group's core F&B operations, alongside a robust $1.8 million boost from its food court business, buoyed by increased footfall at major venues such as the Nanyang Technological University, National University of Singapore and the Singapore Sports Hub.

YKGI's CHICHA San Chen franchise arm also contributed $2.1 million to revenue, thanks to new outlet openings and improved same-store sales driven by stronger marketing efforts.

"The main thing is we still focus on brands that can provide quality, affordable and, oftentimes, takeaway meals," says Seah.

Building a legacy

For Seah, the ultimate goal isn't just financial success but legacy. "I don't want to just be known as the guy who scaled a duck rice brand," he says. "I want to build a group that stands the test of time."

That includes preparing the business for future leaders. "Succession planning is already on my mind," he admits. "I want to create a structure that doesn't rely on one person. Whether it's my kids or someone else, the business should be able to run without me."

Reflecting on his own journey, Seah remains humble. "There's still a long way to go. But I'm grateful for the lessons, both the good and the bad. Every setback taught me something. Every win reminds me why we started."