Worth reading
83Important
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
2010
¥100 million (revenue target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029Hundred millions of yen
Operating profit+0.1%
基準 2,026Target2,029Hundred millions of yen
Operating profit margin+3.0pt
基準 2,026Target2,029%
ROE+3.0pt
基準 2,026Target2,029%
ROIC+3.0pt
基準 2,026Target2,029%
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. For metrics expressed as percentages, differences are shown in percentage points (pt).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 planInitial targets under the revised medium-term plan for the fiscal year ending March 2026: revenue ¥203.0 billion, business profit ¥13.0 billion, operating profit ¥13.0 billion, ROE 7.0%, ROIC 6–7% → Actual results for the fiscal year ending March 2026: revenue ¥171.5 billion, business loss ¥0.5 billion, operating profit ¥19.9 billion, ROE 6.5%, ROIC 5.9%（Revenue -15.5%, operating profit +53.1%, other items Not disclosed）0.0%Calculated from the two disclosed figures
Total investment plan¥45.0 billion (growth investment under Medium-Term Management Plan 2029, covering the fiscal years ending March 2027 through March 2029)
Investment amount by sectorField Growth Investment / Amount ¥45 billion / Period Covered Fiscal years ending March 2027 through March 2029, Field Growth Investment / Amount ¥70.0 billion / Period Covered Fiscal years ending March 2027 through March 2031 (VISION2030 period), Field M&A / Amount Not disclosed / Subject The beauty, comfort and health domains
Statements about the use of capital
Payout ratio / DOE policyMaintain annual dividends of ¥100 per share. The applicable periods are Medium-Term Management Plan 2029 (fiscal years ending March 2027 through March 2029) and the VISION2030 period (fiscal years ending March 2027 through March 2031). Numerical targets for the payout ratio and DOE are Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyPlan share buybacks of ¥35.0 billion during Medium-Term Management Plan 2029 (fiscal years ending March 2027 through March 2029) and ¥70.0 billion during the VISION2030 period (fiscal years ending March 2027 through March 2031). Additional shareholder returns will be made depending on the scale and progress of asset-light initiatives and the sale of cross-shareholdings.
Key initiatives
01Improve domestic profitability and expand business areas
02Expand overseas businesses and transform them into a high-profitability structure
03Strengthen group management capabilities
04Shift to management focused on capital efficiency
05Restructure businesses (domestic and overseas businesses)
06Create new value (domestic business)
07Customer-centric DX strategy
08Profitability Improvement
09Strengthen human capital management
10Evolve into an empowerment solutions business
11Expand domestic and overseas sales of CW-X conditioning wear
12Shift channels from B2B (primarily wholesale) to D2C (directly operated stores and e-commerce)
13Structurally review unprofitable businesses
14Expand the areas in which SCANBE creates value
15Strengthen Melooop research and development, expand the business and verify mass production
16Expand the SPIRAL business by leveraging Wacoal's unique cultural assets
17Advance business portfolio management and strengthen governance through the practice of ROIC-based management
18Continue human capital investment that supports the growth cycle and optimally allocate resources in line with management strategy
19Pursue ROE of 7% or higher and optimize the capital structure
20Optimize the balance between shareholder returns and growth investment
21Expand e-commerce
22Expand CW-X
23Profitability Improvement
24Strengthen human capital management
Plan assumptionsThe assumed exchange rates for both the fiscal years ending March 2029 and March 2031 are USD/JPY 155.00, GBP/JPY 210.00 and CNY/JPY 22.00. The plan assumes that the rate of increase in raw material costs will be contained at +2%, down from +3%. Assumed market and channel growth rates include 10.6% for e-commerce, 0.2% for department stores, mass retailers and specialty stores, and a 3.0% CAGR for the domestic sports apparel market.
Segment targetSegment Wacoal / Revenue ¥88.3 billion (fiscal year ending March 2029) / Business profit ¥4.0 billion (fiscal year ending March 2029), Segment United States / Revenue ¥35.4 billion (fiscal year ending March 2029) / Business profit ¥2.9 billion (fiscal year ending March 2029), Segment Europe / Revenue ¥39.6 billion (fiscal year ending March 2029) / Business profit ¥1.4 billion (fiscal year ending March 2029), Segment China / Revenue ¥8.2 billion (fiscal year ending March 2029) / Business profit ¥0 billion (fiscal year ending March 2029), Segment India / Revenue ¥1.8 billion (fiscal year ending March 2029) / Business profit Not disclosed
Non-financial targetsIndicator Inventory turnover / Target value 2.0 turns / Timing FY ending March 2029, Indicator E-commerce sales ratio (Wacoal) / Target value 25% / Timing FY ending March 2029, Indicator E-commerce sales ratio (United States) / Target value 65% / Timing FY ending March 2029, Indicator E-commerce sales ratio (Europe) / Target value 45% / Timing FY ending March 2029, Indicator E-commerce sales ratio (China) / Target value 38% / Timing FY ending March 2029, Indicator E-commerce sales ratio (India) / Target value 20% / Timing FY ending March 2029, Indicator Number of unprofitable stores exited in China / Target value 60 stores / Timing FY ending March 2029, Indicator Domestic procurement ratio in India / Target value 55% / Timing FY ending March 2029, Indicator Number of department-store locations in India / Target value 320 stores / Timing FY ending March 2029, Indicator Number of specialty-store locations in India / Target value 510 stores / Timing FY ending March 2029
Size of the Target MarketThe women's innerwear retail market was ¥605.0 billion in 2019 and is forecast at ¥551.0 billion in 2025. Source: Yano Research Institute Ltd., Research on the Women's Innerwear and Men's Innerwear Retail Markets (2025), announced 11 November 2025. Domestic shipments of sports apparel were ¥608.8 billion in 2023, ¥624.6 billion in 2024, an estimated ¥644.2 billion in 2025 and a forecast ¥664.7 billion in 2026, representing a CAGR of 3.0% from 2023 to 2026. Source: Yano Research Institute Ltd., Research on the Sports Apparel Market (2026), announced 29 January 2026.
Risks identified by the company
Changes in consumer conditions
Surging Raw Material Prices
Foreign Exchange Movements
Contraction of the innerwear market
A shift in channels from physical and wholesale channels to e-commerce and other channels
Selective consumption due to inflation and an economic slowdown
Stagnation in sales of mid- to high-priced products
Store closures and restrictions on deliveries due to deteriorating business conditions
Delays in the shift to e-commerce overseas
Weak performance in the United States and China
Delays in overseas structural reform
Declining brand competitiveness
Reason for revision or withdrawal
Issues included an overly optimistic assessment of changes in the external environment, a lack of flexibility and insufficient execution capabilities. Other factors included a greater-than-expected contraction in the target markets, higher costs, foreign exchange effects, insufficient progress in realizing the growth strategy, delays in overseas structural reform, and weak new customer acquisition and purchase stimulation.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2029 |
| Plan period | FY ending March 2027–FY ending March 2029 |
| Progress against the plan | Formulated |
| Sales Target | 1,715 (actual for FY ending March 2026) → 2,010 (plan for FY ending March 2029)（+17.2%） |
| Operating profit target | 199 (actual for FY ending March 2026) → 93 (plan for FY ending March 2029)（-53.3%） |
| Operating profit margin target | 11.6% (actual for FY ending March 2026) → 4.6% (plan for FY ending March 2029)（-60.3%） |
| ROE target | 6.5% (actual for FY ending March 2026) → 4.3% or higher (plan for FY ending March 2029) |
| ROIC target | 5.9% (actual for FY ending March 2026) → 4.0% or higher (plan for FY ending March 2029) |
| Payout ratio / DOE policy | Maintain annual dividends of ¥100 per share. The applicable periods are Medium-Term Management Plan 2029 (fiscal years ending March 2027 through March 2029) and the VISION2030 period (fiscal years ending March 2027 through March 2031). Numerical targets for the payout ratio and DOE are Not disclosed. |
| Treasury share acquisition policy | Plan share buybacks of ¥35.0 billion during Medium-Term Management Plan 2029 (fiscal years ending March 2027 through March 2029) and ¥70.0 billion during the VISION2030 period (fiscal years ending March 2027 through March 2031). Additional shareholder returns will be made depending on the scale and progress of asset-light initiatives and the sale of cross-shareholdings. |
| Total investment plan | ¥45.0 billion (growth investment under Medium-Term Management Plan 2029, covering the fiscal years ending March 2027 through March 2029) |
| Investment amount by sector | Field Growth Investment / Amount ¥45 billion / Period Covered Fiscal years ending March 2027 through March 2029, Field Growth Investment / Amount ¥70.0 billion / Period Covered Fiscal years ending March 2027 through March 2031 (VISION2030 period), Field M&A / Amount Not disclosed / Subject The beauty, comfort and health domains |
| Segment target | Segment Wacoal / Revenue ¥88.3 billion (fiscal year ending March 2029) / Business profit ¥4.0 billion (fiscal year ending March 2029), Segment United States / Revenue ¥35.4 billion (fiscal year ending March 2029) / Business profit ¥2.9 billion (fiscal year ending March 2029), Segment Europe / Revenue ¥39.6 billion (fiscal year ending March 2029) / Business profit ¥1.4 billion (fiscal year ending March 2029), Segment China / Revenue ¥8.2 billion (fiscal year ending March 2029) / Business profit ¥0 billion (fiscal year ending March 2029), Segment India / Revenue ¥1.8 billion (fiscal year ending March 2029) / Business profit Not disclosed |
| Non-financial targets | Indicator Inventory turnover / Target value 2.0 turns / Timing FY ending March 2029, Indicator E-commerce sales ratio (Wacoal) / Target value 25% / Timing FY ending March 2029, Indicator E-commerce sales ratio (United States) / Target value 65% / Timing FY ending March 2029, Indicator E-commerce sales ratio (Europe) / Target value 45% / Timing FY ending March 2029, Indicator E-commerce sales ratio (China) / Target value 38% / Timing FY ending March 2029, Indicator E-commerce sales ratio (India) / Target value 20% / Timing FY ending March 2029, Indicator Number of unprofitable stores exited in China / Target value 60 stores / Timing FY ending March 2029, Indicator Domestic procurement ratio in India / Target value 55% / Timing FY ending March 2029, Indicator Number of department-store locations in India / Target value 320 stores / Timing FY ending March 2029, Indicator Number of specialty-store locations in India / Target value 510 stores / Timing FY ending March 2029 |
| Plan assumptions | The assumed exchange rates for both the fiscal years ending March 2029 and March 2031 are USD/JPY 155.00, GBP/JPY 210.00 and CNY/JPY 22.00. The plan assumes that the rate of increase in raw material costs will be contained at +2%, down from +3%. Assumed market and channel growth rates include 10.6% for e-commerce, 0.2% for department stores, mass retailers and specialty stores, and a 3.0% CAGR for the domestic sports apparel market. |
| Key initiatives | Improve domestic profitability and expand business areas, Expand overseas businesses and transform them into a high-profitability structure, Strengthen group management capabilities, Shift to management focused on capital efficiency, Restructure businesses (domestic and overseas businesses), Create new value (domestic business), Customer-centric DX strategy, Profitability Improvement, Strengthen human capital management, Evolve into an empowerment solutions business, Expand domestic and overseas sales of CW-X conditioning wear, Shift channels from B2B (primarily wholesale) to D2C (directly operated stores and e-commerce), Structurally review unprofitable businesses, Expand the areas in which SCANBE creates value, Strengthen Melooop research and development, expand the business and verify mass production, Expand the SPIRAL business by leveraging Wacoal's unique cultural assets, Advance business portfolio management and strengthen governance through the practice of ROIC-based management, Continue human capital investment that supports the growth cycle and optimally allocate resources in line with management strategy, Pursue ROE of 7% or higher and optimize the capital structure, Optimize the balance between shareholder returns and growth investment, Expand e-commerce, Expand CW-X, Profitability Improvement, Strengthen human capital management |
| Results under the previous plan | Initial targets under the revised medium-term plan for the fiscal year ending March 2026: revenue ¥203.0 billion, business profit ¥13.0 billion, operating profit ¥13.0 billion, ROE 7.0%, ROIC 6–7% → Actual results for the fiscal year ending March 2026: revenue ¥171.5 billion, business loss ¥0.5 billion, operating profit ¥19.9 billion, ROE 6.5%, ROIC 5.9%（Revenue -15.5%, operating profit +53.1%, other items Not disclosed） |
| Reason for revision or withdrawal | Issues included an overly optimistic assessment of changes in the external environment, a lack of flexibility and insufficient execution capabilities. Other factors included a greater-than-expected contraction in the target markets, higher costs, foreign exchange effects, insufficient progress in realizing the growth strategy, delays in overseas structural reform, and weak new customer acquisition and purchase stimulation. |
| Size of the Target Market | The women's innerwear retail market was ¥605.0 billion in 2019 and is forecast at ¥551.0 billion in 2025. Source: Yano Research Institute Ltd., Research on the Women's Innerwear and Men's Innerwear Retail Markets (2025), announced 11 November 2025. Domestic shipments of sports apparel were ¥608.8 billion in 2023, ¥624.6 billion in 2024, an estimated ¥644.2 billion in 2025 and a forecast ¥664.7 billion in 2026, representing a CAGR of 3.0% from 2023 to 2026. Source: Yano Research Institute Ltd., Research on the Sports Apparel Market (2026), announced 29 January 2026. |
| Risks identified | Changes in consumer conditions, Surging Raw Material Prices, Foreign Exchange Movements, Contraction of the innerwear market, A shift in channels from physical and wholesale channels to e-commerce and other channels, Selective consumption due to inflation and an economic slowdown, Stagnation in sales of mid- to high-priced products, Store closures and restrictions on deliveries due to deteriorating business conditions, Delays in the shift to e-commerce overseas, Weak performance in the United States and China, Delays in overseas structural reform, Declining brand competitiveness |
| Date of board resolution | 22 June 2026 |
| Publication date | 22 June 2026 |
Items this document does not state (3)
Net income targetCost of capitalSelf-assessment of PBR and share price
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.In light of changes in the business environment, including changes in consumer conditions, surging raw material prices and foreign exchange fluctuations, as well as revenue and business profit falling below the targets in the revision of the previous medium-term management plan, the Company will fundamentally review its existing business structure and seek to restructure its businesses, establish a profit base, create new value and improve capital efficiency.
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