Tracing Salt Bae's Downfall: Where It Went Wrong and How It Led to a £5.4m Loss

Nusret Gökçe, the flamboyant Turkish butcher known as Salt Bae, catapulted from viral meme to steakhouse tycoon, but his Nusr-Et empire now reels from a staggering £5.4 million ($8.28 million) loss at the London flagship in 2024.

Once synonymous with Instagram glamour and £1,450 ($2,224) gold-leaf steaks, the brand's allure has faded amid closures, scathing reviews, and strategic missteps. As 2025 exposes deeper financial woes, stakeholders ponder the pivot points that turned salt-sprinkling spectacle into a sobering saga of overreach and overpricing.

The Meteoric Rise from Viral Meme to Global Brand

Nusret Gökçe's ascent began in 2017 when a mesmerising video of him dramatically seasoning meat amassed over 10 million Instagram views, birthing the 'Salt Bae' phenomenon. This social media alchemy propelled him from an Istanbul butcher to global icon, spawning Nusr-Et steakhouses that blended theatrical flair with premium cuts.

The London Knightsbridge outpost opened in 2021, generating £7 million ($10.74 million) in debut-year revenue, buoyed by celebrity endorsements from David Beckham to influencers flaunting opulent bills. By 2023, sales climbed to £10 million ($15.34 million), with outposts in Milan, Dubai, and beyond fuelling a narrative of untouchable success.

Gökçe's charisma masked operational realities, as the brand leaned heavily on novelty over substance, setting the stage for vulnerability when trends shifted. Early hype masked thin margins, with high-profile antics—like pitch invasions at the 2022 World Cup—cementing his divisive persona, yet initially driving footfall. This unchecked expansion ignored sustainability, planting seeds for 2025's reckoning.

Strategic Blunders: US Expansion Fails, Closures Mount

The aggressive US expansion became a major setback for Nusr-Et, with seven locations reduced to two by mid-2025 amid a series of closures. Sites in New York and Boston shuttered in 2023, followed by Dallas and Las Vegas in January 2024, and Beverly Hills in June 2024, citing a pivot to 'international growth'.

These exits incurred £6.6 million ($10.13 million) in exceptional expenses, dragging the UK arm—technically owning US assets—into a £5.5 million ($8.44 million) pre-tax deficit for 2024. Revenues dipped 30 percent in affected markets, as overambitious scaling strained supply chains and local palates unaccustomed to £600 ($920) steaks.

Critics lambast mismanagement, with hygiene lapses and poor site selections amplifying fallout; Dallas' permanent closure in January 2025 drew cheers from locals weary of gimmicks. Reserves dwindled to £2.3 million ($3.53 million) from £8.1 million ($12.42 million), underscoring how unchecked ambition eroded fiscal buffers. By October 2025, Gökçe's team eyes Middle East rebounds, but US scars linger as cautionary tales.

Backlash and Price Slashes: When Novelty Turns Sour

Customer revolt accelerated the tumble, with Knightsbridge's TripAdvisor score languishing at 2.9 from 400 reviews, decrying Gökçe as an 'insult to humanity'. Once-buzzy experiences soured over perceived rip-offs, prompting set-menu price slashes in 2024 to lure back punters alienated by £37,000 ($56,766) tabs.

The novelty of gold-flecked beef wore thin as diners prioritised value amid inflation, with 2025 seeing further US revenue craters from hygiene probes and viral backlash. An X post from food commentator @SouthDallasFoodie quipped on the Dallas shutdown: 'Salt Bae's restaurant "Nusr Et" in Dallas is now permanently closed and I like to think that we all had a part in that. Go team.'

Gökçe's PSG snub in June 2024 amplified ridicule, eroding influencer appeal. Analysts warn sustained losses could force more cuts, but refocused menus and PR pivots offer glimmers—though trust rebuild demands more than a sprinkle.