Oct 12, 2018
The business behind Michelin stars
Michelin is probably best known as the company that bestows stars on restaurants to signify their excellence. Gordon Ramsay, awarding the Michelin stars for UK & Ireland 2019, described the event last week as the "Oscars of the restaurant industry". The late Joël Robuchon, the world's most Michelin star-decorated chef, claimed the stars were financially transformative. "With one Michelin star, you get about 20% more business. Two stars, you do about 40% more business, and with three stars, you'll do about 100% more business," he told Food & Wine magazine last year. Then there's the business of taking stars away.
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