Brass Corporation
2424・Standard Market・Services
Business
Brass Corporation, founded in 1998, is a wedding-focused company operating 24 fully-exclusive-use (private-rental) guesthouse-style wedding venues across eight prefectures: Aichi, Gifu, Mie, Shizuoka, Osaka, Kyoto, Shiga, and Chiba. The company employs a compact venue format consisting of "one chapel, one party hall, one kitchen," and opens venues in three formats—suburban, urban, and city-center tenant types—tailored to regional characteristics. Its main customers are couples seeking wedding ceremonies and receptions, and it provides high-value-added service through a dedicated wedding-planner system covering the entire process. Its consolidated subsidiaries include a video and photography production company (lyrics), a photo studio (Arrow Bright), a Hawaii wedding ceremony operator (BRASS USA), and a matchmaking agency (be family), vertically integrating wedding-related services. The company is listed on the Standard Market of the Tokyo Stock Exchange and the Premier Market of the Nagoya Stock Exchange.
Business Model
In the domestic wedding business, which accounts for approximately 98% of sales, wedding ceremonies with a per-event unit price of ¥3,978 thousand (FY2025, ending July 2025) serve as the main source of revenue. The company maintains high unit prices through differentiation via exclusive-use venues, an integrated planner system, and open kitchens, while curbing outsourcing costs by handling video, photography, and catering in-house. The order backlog (2,396 events as of the end of FY2025, ending July 2025) functions as a leading indicator that provides visibility into future sales, enhancing the predictability of earnings.
Company Strengths
Since its founding, the company has consistently maintained a complete exclusive-use format of "1 chapel, 1 party venue, 1 kitchen" along with a dedicated wedding planner system throughout the entire process. The per-wedding price in FY2025 (ended July 2025) remained at a high level of ¥3,978 thousand, with differentiated service quality supporting price competitiveness.
The order backlog at the end of FY2025 (ended July 2025) reached 2,396 couples (up 3.2% year on year), enabling the company to anticipate future event volume and sales in advance. The number of bookings in the first half of FY2026 (ending July 2026) reached a record high of 1,972 (up 15.1% year on year), providing a visualized order base that supports business growth in the second half.
Lyrics Co., Ltd., a consolidated subsidiary, handles video and photo production, while each venue's open kitchen provides authentic French cuisine produced in-house. By expanding the scope of in-house production, the company pursues both the maintenance and improvement of wedding quality and the reduction of outsourcing costs. As a result, the cost of sales ratio in FY2025 (ended July 2025) remained at a low level of 32.4%.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years rose sharply from ¥9,344 million in FY2021 to ¥13,261 million in FY2023 as the company recovered from the COVID-19 pandemic, then dipped temporarily to ¥12,727 million in FY2024 before recovering to ¥13,562 million in FY2025. The full-year forecast for FY2026 (ending March 2026) is ¥14,433 million (up 6.4% year on year), maintaining the revenue growth trend. Operating profit, however, peaked at ¥1,173 million in FY2023, plunged to ¥454 million in FY2024, partially recovered to ¥752 million in FY2025, and is forecast to decline again to ¥580 million (down 22.8% year on year) for full-year FY2026. Cumulative selling, general and administrative expenses through Q3 rose 7.5% year on year to ¥6,553 million, with cost increases driven by rising personnel expenses and persistently high raw material prices (external factors) squeezing profits. On the financial side, total assets stood at ¥12,939 million (up 13.4% from the previous fiscal year-end), reflecting continued investment in tangible fixed assets (construction in progress of ¥1,098 million) and the new recognition of ¥717 million in short-term borrowings, which caused the equity ratio to decline from 36.4% to 33.5%.
Growth Strategy
Pursuing sustainable growth through record order intake, in-house capability expansion, value-added enhancement, and cost improvement
Cumulative orders for the first three quarters of FY2026 (ending July 2026) grew substantially to 3,018 (up 16.1% year on year). The company aims to leverage the lead time between order intake and wedding execution to build up future revenue and execution volume, positioning this as the key driver for achieving the full-year revenue forecast of ¥14,433 million.
Through enhanced service value-added, the average wedding unit price maintained an upward trend, reaching ¥4,095 thousand (up 2.9% year on year). The company continues to offer high-value-added plans that respond to diversifying and individualized customer needs, aiming to increase revenue through higher unit prices.
Amid ongoing increases in personnel costs and elevated raw material prices, the company is promoting operational efficiency improvements and reviewing procurement costs. It has also refined disclosure and cost management, including a change in the presentation of company housing rent offsets (effective April 1, 2025), which reduced selling, general and administrative expenses by ¥40,549 thousand.
Construction in progress increased substantially from ¥373 million at the end of the previous fiscal year to ¥1,098 million, suggesting ongoing new venue openings or renovation and equipment investment at existing venues. Expanded execution capacity and improved customer draw are expected once the investments are completed.
Last updated: July 17, 2026