Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
2200
¥100 million (revenue target for the fiscal year ending March 2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.1%
基準 2,026Target2,029100 million
Operating profit+0.1%
基準 2,026Target2,029100 million
Net income for the current fiscal year-23.5%
基準 2,654Target2,029million / ¥100 million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planRevenue ¥28,000 million, operating profit ¥4,800 million, net income ¥3,330 million → Revenue ¥29,359 million, operating profit ¥3,802 million, net income ¥2,654 million（Revenue achievement rate: 104.9%; operating profit: 79.2%; net income: 79.7%）+4.9%Calculated from the two disclosed figures
Investment amount by sectorField Recruitment expenses / Amount ¥65 million in the fiscal year ending March 2027, Field Personnel expenses / Amount ¥102 million in the fiscal year ending March 2027
Statements about the use of capital
Self-assessment of PBR and share priceThe company is targeting a market capitalization of approximately ¥1 trillion. It has set a target P/E ratio of approximately 35x, while its self-assessment of P/B and the current share price level is Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of existing brands
02Creation of new brands
03M&A Strategy
04Utilization of both companies’ existing channels
05Development of new products and brands
06Accelerating overseas expansion
07Reduction and streamlining of marketing, customer service, and inventory management costs
08Reduction and streamlining of costs in back-office operations, OEM production, and logistics
09New markets opened up by customer-service humanoid robots
Plan assumptionsOperating profit for the fiscal year ending March 2027 is a provisional figure based on an assumed ¥1,500 million in amortization of goodwill and other assets related to M&A., The estimate for the global beauty market and other markets uses an exchange rate of ¥154 to US$1., The estimate for the Asian beauty market uses an average annual growth rate of 3.33%.
Segment targetSegment BJC / Net Sales ¥15,000 million (earnings forecast for the fiscal year ending March 2027) / Operating profit ¥4,360 million (before amortization of goodwill), approximately ¥3,000 million (after amortization of goodwill), Segment Brand-specific KPIs (names not provided) / Net Sales ¥20,000 million, ¥15,000 million, ¥6,000 million, ¥15,000 million / Gross profit ¥14,000 million, ¥9,700 million, ¥3,700 million, ¥8,600 million
Non-financial targetsIndicator Subscription members / Target value 172,000 members / Timing Fiscal year ending March 2026, Indicator Number of partner salons targeted / Target value Approximately 80,000 locations / Timing Not disclosed, Indicator Overseas Revenue Mix / Target value More than 20.0% / Timing Fiscal year ending March 2029, Indicator Expansion into beauty salons / Target value More than 40,000 locations / Timing 2028 (scale phase)
Size of the Target MarketDomestic existing addressable market: ¥1.7 trillion; planned-entry markets: ¥3.4 trillion; domestic target market: ¥5.1 trillion; global beauty market: ¥96.3 trillion; Asian beauty market: ¥23.8 trillion. Sources: Fuji Keizai Group, Yano Research Institute, and Yamada Consulting Group. E-commerce penetration in the beauty market: 8.82%; brick-and-mortar and wholesale share: 91.2%. Source: Ministry of Economy, Trade and Industry, “FY2024 E-Commerce Market Survey,” among others.
Risks identified by the company
Changes in market trends and intensifying competition
Risk of impairment of goodwill, customer-related assets, and trademark rights
Funding
Management of personal information
Management framework for advertising representations
Reason for revision or withdrawal
The company incurred costs associated with the transition to a brick-and-mortar wholesale model and marketing expenses for point-of-sale data after bringing forward the transition in its revenue structure by 1 year. It stated that the acquisition of BJC as a subsidiary and the transition in its revenue structure had increased the likelihood of achieving its ¥1 trillion market capitalization target.
| Item | Details |
|---|---|
| Plan name | Growth Strategy (¥1 Trillion Market Capitalization Plan) |
| Plan period | Fiscal years ending March 2027 to March 2029 |
| Progress against the plan | Annual update |
| Sales Target | ¥29.3 billion (actual for the fiscal year ended March 2026) → ¥220 billion (plan for the fiscal year ending March 2029) |
| Operating profit target | ¥3.8 billion (actual for the fiscal year ended March 2026) → ¥40 billion (plan for the fiscal year ending March 2029) |
| Net income target | ¥2,654 million (actual for the fiscal year ended March 2026) → ¥28 billion (plan for the fiscal year ending March 2029) |
| Self-assessment of PBR and share price | The company is targeting a market capitalization of approximately ¥1 trillion. It has set a target P/E ratio of approximately 35x, while its self-assessment of P/B and the current share price level is Not disclosed. |
| Investment amount by sector | Field Recruitment expenses / Amount ¥65 million in the fiscal year ending March 2027, Field Personnel expenses / Amount ¥102 million in the fiscal year ending March 2027 |
| Segment target | Segment BJC / Net Sales ¥15,000 million (earnings forecast for the fiscal year ending March 2027) / Operating profit ¥4,360 million (before amortization of goodwill), approximately ¥3,000 million (after amortization of goodwill), Segment Brand-specific KPIs (names not provided) / Net Sales ¥20,000 million, ¥15,000 million, ¥6,000 million, ¥15,000 million / Gross profit ¥14,000 million, ¥9,700 million, ¥3,700 million, ¥8,600 million |
| Non-financial targets | Indicator Subscription members / Target value 172,000 members / Timing Fiscal year ending March 2026, Indicator Number of partner salons targeted / Target value Approximately 80,000 locations / Timing Not disclosed, Indicator Overseas Revenue Mix / Target value More than 20.0% / Timing Fiscal year ending March 2029, Indicator Expansion into beauty salons / Target value More than 40,000 locations / Timing 2028 (scale phase) |
| Plan assumptions | Operating profit for the fiscal year ending March 2027 is a provisional figure based on an assumed ¥1,500 million in amortization of goodwill and other assets related to M&A., The estimate for the global beauty market and other markets uses an exchange rate of ¥154 to US$1., The estimate for the Asian beauty market uses an average annual growth rate of 3.33%. |
| Key initiatives | Expansion of existing brands, Creation of new brands, M&A Strategy, Utilization of both companies’ existing channels, Development of new products and brands, Accelerating overseas expansion, Reduction and streamlining of marketing, customer service, and inventory management costs, Reduction and streamlining of costs in back-office operations, OEM production, and logistics, New markets opened up by customer-service humanoid robots |
| Results under the previous plan | Revenue ¥28,000 million, operating profit ¥4,800 million, net income ¥3,330 million → Revenue ¥29,359 million, operating profit ¥3,802 million, net income ¥2,654 million（Revenue achievement rate: 104.9%; operating profit: 79.2%; net income: 79.7%） |
| Reason for revision or withdrawal | The company incurred costs associated with the transition to a brick-and-mortar wholesale model and marketing expenses for point-of-sale data after bringing forward the transition in its revenue structure by 1 year. It stated that the acquisition of BJC as a subsidiary and the transition in its revenue structure had increased the likelihood of achieving its ¥1 trillion market capitalization target. |
| Size of the Target Market | Domestic existing addressable market: ¥1.7 trillion; planned-entry markets: ¥3.4 trillion; domestic target market: ¥5.1 trillion; global beauty market: ¥96.3 trillion; Asian beauty market: ¥23.8 trillion. Sources: Fuji Keizai Group, Yano Research Institute, and Yamada Consulting Group. E-commerce penetration in the beauty market: 8.82%; brick-and-mortar and wholesale share: 91.2%. Source: Ministry of Economy, Trade and Industry, “FY2024 E-Commerce Market Survey,” among others. |
| Risks identified | Changes in market trends and intensifying competition, Risk of impairment of goodwill, customer-related assets, and trademark rights, Funding, Management of personal information, Management framework for advertising representations |
| Publication date | May 2026 (day Not disclosed) |
Items this document does not state (8)
Operating profit margin targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalTotal investment planDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company incurred upfront investment related to the business-model transition and marketing expenses for point-of-sale data after bringing forward measures to expand its brick-and-mortar wholesale channels. It stated that the acquisition of BJC as a subsidiary and the transition in its revenue structure had increased the likelihood of achieving its ¥1 trillion market capitalization target.
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