The Michelin star system in Europe is the best-known and most respected ranking system for high-quality or haute cuisine restaurants. This study examines Michelin’s grading procedures and how chefs and restaurateurs perceive the ranking system and the Michelin awards. The study surveyed chefs in thirty-six restaurants ranked as having two or three Michelin stars over the period of ten years in France, Belgium, the United Kingdom, and Switzerland. The chefs identified the following key factors that attributed to the success of their restaurants: investment and investment types, sources of financing, pursuit of excellence, and culinary craftsmanship involved. While the Michelin star chefs were tremendously successful as culinary artisans, this study revealed that the financial success of the Michelin star-rated restaurants was far more heterogeneous.

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