Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
541
¥100 million (increase from actual FY2025 transaction volume to the FY2030 target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedOperating profit+0.2%
基準 2,025Target2,030Hundreds of millions of yen
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 plan450 (starting point of the FY2025 plan) → 459 (FY2025 actual)（+2.0%）0.0%Calculated from the two disclosed figures
Key initiatives
01Significantly strengthen product assortment and UI/UX, together with inventory sharing
02Expand the external provision of BOEM and e-3PL services
03Strengthen OMO support through the external sale of store POS and OMS systems
04Rebrand Reebok and expand its sales channels
05Expand the brand portfolio through M&A and launch new vertical businesses
Plan assumptionsBased on actual FY2025 transaction volume of ¥45.9 billion, Domestic fashion e-commerce penetration estimated at 35.0% in FY2030, Domestic fashion e-commerce market forecast at approximately ¥3.5 trillion (¥3.5 trillion) in FY2030, Fashion market size assumed to be ¥10 trillion, Current e-commerce penetration in Europe and the United States assumed to be 30%, The FY2026 outlook is currently under review
Segment targetSegment EC Marketplace Business / FY2025 actual ¥24.0 billion (transaction volume) / FY2030 target ¥50.0 billion (transaction volume) / Annual growth rate +15%, Segment Platform (B2B) business / FY2025 actual ¥13.6 billion (transaction volume) / FY2030 target ¥25.0 billion (transaction volume) / Annual growth rate +12%, Segment Brand Business / FY2025 actual ¥7.7 billion (transaction volume) / FY2030 target ¥25.0 billion (transaction volume) / Annual growth rate +26%
Size of the Target MarketDomestic fashion market: ¥13,679.0 billion in 2018, ¥11,967.5 billion in 2024 and ¥10,000.0 billion in 2030 (forecast). Domestic fashion e-commerce market: ¥1,772.8 billion in 2018, ¥2,798.0 billion in 2024 and ¥3,500.0 billion in 2030 (forecast). E-commerce penetration: 13.0% in 2018, 23.4% in 2024 and 35.0% in 2030. The 2018 and 2024 figures are sourced from the Ministry of Economy, Trade and Industry's Survey of Electronic Commerce Market. The 2030 figure is the Company's forecast.
Risks identified by the company
Competition
System failures
Logistics functions
Inventory risk
Dependence on specific individuals
Securing human resources
The likelihood of each risk materializing is low to moderate, and the expected timing of materialization is medium to long term
Reason for revision or withdrawal
As the number of stores increased following the RBKJ and Royal M&A transactions, the KPI was changed from marginal profit to contribution profit. However, the targets of a 16% contribution profit margin and ¥6 billion in indirect fixed costs remain unchanged. The management method was changed as the proportion of pure logistics operations, such as those conducted by Royal Logistics, increased.
| Item | Details |
|---|---|
| Plan name | Medium-Term Plan |
| Plan period | FY2025-FY2030 |
| Progress against the plan | Partially revised |
| Operating profit target | 24 (FY2025 actual) → 100 (FY2030 target)（+316.7%） |
| Segment target | Segment EC Marketplace Business / FY2025 actual ¥24.0 billion (transaction volume) / FY2030 target ¥50.0 billion (transaction volume) / Annual growth rate +15%, Segment Platform (B2B) business / FY2025 actual ¥13.6 billion (transaction volume) / FY2030 target ¥25.0 billion (transaction volume) / Annual growth rate +12%, Segment Brand Business / FY2025 actual ¥7.7 billion (transaction volume) / FY2030 target ¥25.0 billion (transaction volume) / Annual growth rate +26% |
| Plan assumptions | Based on actual FY2025 transaction volume of ¥45.9 billion, Domestic fashion e-commerce penetration estimated at 35.0% in FY2030, Domestic fashion e-commerce market forecast at approximately ¥3.5 trillion (¥3.5 trillion) in FY2030, Fashion market size assumed to be ¥10 trillion, Current e-commerce penetration in Europe and the United States assumed to be 30%, The FY2026 outlook is currently under review |
| Key initiatives | Significantly strengthen product assortment and UI/UX, together with inventory sharing, Expand the external provision of BOEM and e-3PL services, Strengthen OMO support through the external sale of store POS and OMS systems, Rebrand Reebok and expand its sales channels, Expand the brand portfolio through M&A and launch new vertical businesses |
| Results under the previous plan | 450 (starting point of the FY2025 plan) → 459 (FY2025 actual)（+2.0%） |
| Reason for revision or withdrawal | As the number of stores increased following the RBKJ and Royal M&A transactions, the KPI was changed from marginal profit to contribution profit. However, the targets of a 16% contribution profit margin and ¥6 billion in indirect fixed costs remain unchanged. The management method was changed as the proportion of pure logistics operations, such as those conducted by Royal Logistics, increased. |
| Size of the Target Market | Domestic fashion market: ¥13,679.0 billion in 2018, ¥11,967.5 billion in 2024 and ¥10,000.0 billion in 2030 (forecast). Domestic fashion e-commerce market: ¥1,772.8 billion in 2018, ¥2,798.0 billion in 2024 and ¥3,500.0 billion in 2030 (forecast). E-commerce penetration: 13.0% in 2018, 23.4% in 2024 and 35.0% in 2030. The 2018 and 2024 figures are sourced from the Ministry of Economy, Trade and Industry's Survey of Electronic Commerce Market. The 2030 figure is the Company's forecast. |
| Risks identified | Competition, System failures, Logistics functions, Inventory risk, Dependence on specific individuals, Securing human resources, The likelihood of each risk materializing is low to moderate, and the expected timing of materialization is medium to long term |
| Publication date | 14 April 2026 |
Items this document does not state (13)
Sales TargetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorNon-financial targetsDate 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 KPI was changed from marginal profit to contribution profit because the number of stores increased following the RBKJ and Royal M&A transactions. The management method was also changed as the proportion of pure logistics operations, such as Royal Logistics, increased. Growth is expected to be driven by the three businesses, EC Mall, Platform and Brand, partnerships with NTT DOCOMO and ITOCHU Corporation, and brand expansion through M&A.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.