Risk of Earnings Volatility Due to Reliance on a Single Business Format
First written in FY2021. 2 of 3 entries say "Reframed", first in FY2023. Latest entry: FY2025.
Curves Holdings moved to the "Worse" side of this theme in 2023, 1 year after the typical company in this theme (2022).
The whole theme swung hardest in 2025: 22 of 57 companies on the "Worse" side.
5 other companies' latest entry also says "Reframed".
- FY2025The Group remains highly dependent on the Curves business even after expanding into multiple formats, including the new brands.Annual report
「Although we plan to expand both the Men’s Curves and Pinto Up businesses to multiple locations, if an economic downturn or significant changes in the consumer environment reduce consumers’ willingness to invest in their health, our Group’s business performance may be affected because dependence on a single format remains high and it would be difficult to offset the impact entirely through other business formats.」
While operating Men’s Curves and Pinto Up, the risk assessment has been revised to reaffirm that dependence on the Curves business remains high at present. - FY2023Organized as single-business-format risk, including the men’s business formatAnnual report
「Our Group’s management objective is to create a society full of the energy to live, free from anxiety about illness and caregiving and from loneliness, by operating “Curves, 30-minute fitness clubs for women only” and “Men’s Curves, exercise facilities for men.” However, if an economic downturn or significant changes in the consumer environment reduce consumers’ willingness to invest in their health, our Group’s business performance may be affected because, as a single-format business, it would be difficult to offset the impact through other business formats.」
While describing the business portfolio as including Men’s Curves in addition to the traditional women’s Curves business, the recognition of the risk arising from being a single-format business has been maintained. - FY2021First statedAnnual report
「Our Group’s management objective is to create a society full of the energy to live, free from anxiety about illness and caregiving and from loneliness, by operating “Curves, 30-minute fitness clubs for women only.” However, if an economic downturn or significant changes in the consumer environment reduce consumers’ willingness to invest in their health, our Group’s business performance may be affected because, as a single-format business, it would be difficult to offset the impact through other business formats.」
The Group’s single-format structure, dependent on the Curves business, creates a risk that a decline in health-related spending cannot be offset through other business formats.