Worth reading
80Important
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
95
¥100 million (increase from actual revenue for FY26/8 to the FY29/8 plan)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+30.2%
基準 31.5Target41100 million
Operating profit+11.5%
基準 26Target29100 million
Operating profit margin+3.0pt
基準 26Target29%
Net income for the current fiscal year+11.5%
基準 26Target29100 million
ROE+3.0pt
基準 26Target29%
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 planFY27/8 target: consolidated revenue of ¥30.5 billion, consolidated business profit of ¥3.3 billion, consolidated business profit margin of 12% or higher, and ROE of 13% or higher → FY26/8 results: consolidated revenue of ¥31.5 billion, consolidated business profit of ¥3.8 billion, consolidated business profit margin of 12.2%, and ROE of 12.2%+3.3%Calculated from the two disclosed figures
Total investment planApproximately ¥3.0 billion (FY27/8 through FY29/8)
Investment amount by sectorField Store Investment / Amount Approximately ¥2.5 billion, Field Management infrastructure and product development investment / Amount Approximately ¥500 million (sales promotion, DX, human capital and other areas), Field M&A / Amount Not disclosed (to be implemented flexibly depending on opportunities)
Statements about the use of capital
Payout ratio / DOE policyMaintain a dividend payout ratio of at least 40%. This applies to the medium-term management plan period (FY27/8 through FY29/8). DOE: 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 policyThe Company plans to conduct flexible share buybacks, with a total amount of approximately ¥3.5 billion during the medium-term management plan period.
Self-assessment of PBR and share pricePBR increased from 1.0x in FY25/8 to 1.4x in FY26/8. The Company aims to further improve PBR by reducing its cost of capital, increasing its future growth rate and gaining recognition from the market.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Global Strategy
02Multi-Brand Strategy
03Life-partner strategy
04Increase awareness and brand value of core brands
05Strengthen marketing based on local customer needs
06Optimize store development and sales operations for local markets
07Develop local talent and strengthen local management structures
08Expand customer touchpoints
09Cover a broad range of value propositions (customer needs)
10Build long-term relationships that continue after purchase
11Provide ongoing customer proposals tailored to life events
12Enhance human resources
13Develop human resources
14Create an environment where employees can thrive and remain with the Company
15Unique human-resource development and recognition programs
16Talent development using generative AI
17More sophisticated marketing
Plan assumptionsAt least 90% of domestic customers purchase wedding rings. The domestic bridal jewelry market had a CAGR of 11.8% from 2021 to 2025. The FY29/8 target and the FY35/8 long-term vision do not incorporate additional growth from M&A. The Company states that its overseas markets include large bridal and luxury-related markets, offering substantial room for growth.
Segment targetSegment Domestic / Revenue ¥20.2 billion (FY26/8) → ¥23.7 billion (FY29/8), Segment Mainland China / Revenue ¥5.2 billion (FY26/8) → ¥8.0 billion (FY29/8), Segment Taiwan / Revenue ¥3.8 billion (FY26/8) → ¥4.7 billion (FY29/8), Segment Other (Hong Kong and Southeast Asia) / Revenue ¥2.3 billion (FY26/8) → ¥4.6 billion (FY29/8)
Non-financial targetsIndicator Global store count / Target value At least 162 stores / Timing FY29/8, Indicator Overseas Revenue Mix / Target value 41% / Timing FY29/8, Indicator Overseas Revenue Mix / Target value 50% / Timing FY35/8, Indicator Consolidated number of employees / Target value Approximately 1,170 people / Timing FY29/8, Indicator Consolidated gross profit per employee / Target value At least ¥22 million / Timing FY29/8, Indicator Percentage of Female Managers / Target value 50% or higher / Timing Not disclosed, Indicator Employee turnover rate (Japan) / Target value 12% or less / Timing FY29/8, Indicator Revenue excluding I-PRIMO / Target value CAGR of at least 10% for each / Timing Plan period, Indicator Fashion jewelry revenue / Target value CAGR of 15% or more / Timing Plan period
Size of the Target MarketThe domestic bridal jewelry market was ¥156.7 billion in 2021, ¥178.9 billion in 2022, ¥198.3 billion in 2023, ¥210.5 billion in 2024 and ¥244.5 billion in 2025. The CAGR from 2021 to 2025 was 11.8%. Source: Yano Research Institute, Jewelry and Precious Metals Market Annual Report <Market Analysis>, 2026 edition. For overseas markets, the number of marriages and luxury-related spending are shown as indices relative to Japan.
Risks identified by the company
Changes in economic conditions
Regulatory changes
Changes in the market environment
Uncertainty regarding future business activities, performance, events and circumstances
Reason for revision or withdrawal
Under the previous medium-term management plan, the company worked to strengthen its earnings power in the domestic market and build a foundation for growth in its overseas business, achieving the revenue and profit targets for FY27/8 one year ahead of schedule in FY26/8. Under the new medium-term management plan, the company will leverage the brand strength, customer base, talent and business operating capabilities it has developed to date to enhance brand value in Japan and overseas, while accelerating its overseas expansion, primarily in mainland China and Southeast Asia.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan “PRIMO Beyond 2029” |
| Plan period | From the fiscal year ending August 2027 through the fiscal year ending August 2029 (3 years) |
| Progress against the plan | Formulated |
| Sales Target | ¥31.5 billion (FY26/8 actual) → ¥41.0 billion (FY29/8 plan)（CAGR 9.1%） |
| Operating profit target | ¥3.9 billion (FY26/8 actual) → ¥7.0 billion (FY29/8 plan)（CAGR 21.5%） |
| Operating profit margin target | 12.4% (FY26/8 actual) → 17.1% (FY29/8 plan) |
| Net income target | ¥2.3 billion (FY26/8 actual) → ¥4.5 billion (FY29/8 plan)（CAGR 23.4%） |
| ROE target | 12.2% (FY26/8 actual) → At least 17.5% (FY29/8 plan) |
| Payout ratio / DOE policy | Maintain a dividend payout ratio of at least 40%. This applies to the medium-term management plan period (FY27/8 through FY29/8). DOE: not disclosed. |
| Treasury share acquisition policy | The Company plans to conduct flexible share buybacks, with a total amount of approximately ¥3.5 billion during the medium-term management plan period. |
| Self-assessment of PBR and share price | PBR increased from 1.0x in FY25/8 to 1.4x in FY26/8. The Company aims to further improve PBR by reducing its cost of capital, increasing its future growth rate and gaining recognition from the market. |
| Total investment plan | Approximately ¥3.0 billion (FY27/8 through FY29/8) |
| Investment amount by sector | Field Store Investment / Amount Approximately ¥2.5 billion, Field Management infrastructure and product development investment / Amount Approximately ¥500 million (sales promotion, DX, human capital and other areas), Field M&A / Amount Not disclosed (to be implemented flexibly depending on opportunities) |
| Segment target | Segment Domestic / Revenue ¥20.2 billion (FY26/8) → ¥23.7 billion (FY29/8), Segment Mainland China / Revenue ¥5.2 billion (FY26/8) → ¥8.0 billion (FY29/8), Segment Taiwan / Revenue ¥3.8 billion (FY26/8) → ¥4.7 billion (FY29/8), Segment Other (Hong Kong and Southeast Asia) / Revenue ¥2.3 billion (FY26/8) → ¥4.6 billion (FY29/8) |
| Non-financial targets | Indicator Global store count / Target value At least 162 stores / Timing FY29/8, Indicator Overseas Revenue Mix / Target value 41% / Timing FY29/8, Indicator Overseas Revenue Mix / Target value 50% / Timing FY35/8, Indicator Consolidated number of employees / Target value Approximately 1,170 people / Timing FY29/8, Indicator Consolidated gross profit per employee / Target value At least ¥22 million / Timing FY29/8, Indicator Percentage of Female Managers / Target value 50% or higher / Timing Not disclosed, Indicator Employee turnover rate (Japan) / Target value 12% or less / Timing FY29/8, Indicator Revenue excluding I-PRIMO / Target value CAGR of at least 10% for each / Timing Plan period, Indicator Fashion jewelry revenue / Target value CAGR of 15% or more / Timing Plan period |
| Plan assumptions | At least 90% of domestic customers purchase wedding rings. The domestic bridal jewelry market had a CAGR of 11.8% from 2021 to 2025. The FY29/8 target and the FY35/8 long-term vision do not incorporate additional growth from M&A. The Company states that its overseas markets include large bridal and luxury-related markets, offering substantial room for growth. |
| Key initiatives | Global Strategy, Multi-Brand Strategy, Life-partner strategy, Increase awareness and brand value of core brands, Strengthen marketing based on local customer needs, Optimize store development and sales operations for local markets, Develop local talent and strengthen local management structures, Expand customer touchpoints, Cover a broad range of value propositions (customer needs), Build long-term relationships that continue after purchase, Provide ongoing customer proposals tailored to life events, Enhance human resources, Develop human resources, Create an environment where employees can thrive and remain with the Company, Unique human-resource development and recognition programs, Talent development using generative AI, More sophisticated marketing |
| Results under the previous plan | FY27/8 target: consolidated revenue of ¥30.5 billion, consolidated business profit of ¥3.3 billion, consolidated business profit margin of 12% or higher, and ROE of 13% or higher → FY26/8 results: consolidated revenue of ¥31.5 billion, consolidated business profit of ¥3.8 billion, consolidated business profit margin of 12.2%, and ROE of 12.2% |
| Reason for revision or withdrawal | Under the previous medium-term management plan, the company worked to strengthen its earnings power in the domestic market and build a foundation for growth in its overseas business, achieving the revenue and profit targets for FY27/8 one year ahead of schedule in FY26/8. Under the new medium-term management plan, the company will leverage the brand strength, customer base, talent and business operating capabilities it has developed to date to enhance brand value in Japan and overseas, while accelerating its overseas expansion, primarily in mainland China and Southeast Asia. |
| Size of the Target Market | The domestic bridal jewelry market was ¥156.7 billion in 2021, ¥178.9 billion in 2022, ¥198.3 billion in 2023, ¥210.5 billion in 2024 and ¥244.5 billion in 2025. The CAGR from 2021 to 2025 was 11.8%. Source: Yano Research Institute, Jewelry and Precious Metals Market Annual Report <Market Analysis>, 2026 edition. For overseas markets, the number of marriages and luxury-related spending are shown as indices relative to Japan. |
| Risks identified | Changes in economic conditions, Regulatory changes, Changes in the market environment, Uncertainty regarding future business activities, performance, events and circumstances |
| Date of board resolution | 15 October 2026 |
| Publication date | 15 October 2026 |
Items this document does not state (2)
ROIC targetCost of capital
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.Having achieved the revenue and profit targets of the previous medium-term management plan one year ahead of schedule, the Company will leverage the brand strength, customer base, human resources and business execution capabilities it has built up to raise brand value in Japan and overseas and accelerate overseas expansion, mainly in mainland China and Southeast Asia. It will also expand its customer base through a multi-brand strategy and seek to evolve into a life-partner brand.
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