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The aim of this paper to shed light on the strategies adopted by chefs and to identify the most successful in terms of Michelin rating and profitability.

In‐depth exploratory interviews with 20 great chefs located in France, Belgium, the UK and Switzerland having gained two or three Michelin stars over the last ten years.

Chefs use three different strategies for revenue‐generation: core business, full diversification and partial diversification. The reasoning behind the choice of strategy varies between two‐ and three‐star restaurants. The first strategy seems to lead to higher Michelin star ratings, and strategy, the second seems superior in terms of profitability. The third strategy yields inferior results, but is less risky.

The observations are constrained to “recently successful” restaurants, and hence may not be applicable to longer‐standing restaurants.

Concentrating on the core business leads to higher star rating, but lower profitability. Full diversification increases profitability but can jeopardize Michelin rating. The middle‐of‐the‐road approach seems inferior in any case.

To this day, little research has been conducted on the way in which great chefs having two or three stars in the famed Michelin Red Guide run their businesses. In particular, very little is known about their revenue‐generating strategies: what options are available and which revenue models are the “best”. This paper is exploratory in nature and aims to inform further research about luxury restaurants.