MANDARAKE INC.
2652・Standard Market・Retail Trade
Business
Mandarake Co., Ltd. is a reuse company specializing in secondhand manga and anime-related merchandise, founded in 1980 and incorporated in 1987. It handles a wide range of products including used manga books, figures and toys, doujinshi (fan-made comics), and collector items, and operates multiple stores in major domestic cities such as Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Kyoto, and Kobe. Its main customer base consists of domestic subculture fans, with inbound foreign visitors to Japan also constituting an important customer segment. The company operates across three business pillars—physical stores, e-commerce (SAHRA), and auctions—and posted net sales of ¥15,183 million for FY2025 (ended September 2025).
Business Model
A model that buys manga/anime-related used goods directly from individual customers, assigns them appropriate value, and resells them. Sales channels consist of three pillars: (1) in-store sales at directly operated stores nationwide, (2) domestic and overseas e-commerce sales based at the company's own logistics warehouse SAHRA (also utilizing channels such as Mercari Shops), and (3) large-scale auction events held six times a year. Value assessment by specialist staff with deep product knowledge is the source of gross profit, and gross profit for FY2025 (ending September 2025) was ¥8,295 million (gross profit margin of 54.6%).
Company Strengths
Since its founding in 1980, the company has specialized in secondhand manga and anime-related merchandise for over 40 years, handling everything from the latest mainstream items to niche rare collectibles. TOY items alone accounted for sales of ¥8,528,907 thousand in FY2025 (ending September 2025) (up 3.8% year on year), representing approximately 56% of total sales. This overwhelming breadth of specialized merchandise is a key factor differentiating the company from competitors.
The company has built a multi-channel structure combining directly operated stores in major cities nationwide, e-commerce operations based at SAHRA in Katori City, Chiba Prefecture, and large-scale auction events held six times a year. In FY2025 (ending September 2025), the company also began selling on Mercari Shops, further expanding its sales channels. By broadening its reach to customers both domestically and internationally, sales grew from ¥9,626 million to ¥15,183 million over five years.
The company operates flagship stores in areas with high concentrations of inbound foreign visitors, such as Akihabara Complex and Nakano Broadway, and has implemented multilingual web support. The securities report explicitly states that in FY2025 (ending September 2025), proactive initiatives targeting inbound foreign customers were successful, reliably converting inbound demand into sales, which also helped maintain solid performance at existing stores.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, rising from ¥9,626 million in FY2021 to ¥15,183 million in FY2025. In FY2025, operating profit declined to ¥1,792 million (down 13.8% year on year) due to upfront investment, but in the H1 of FY2026 (ending September 2026) (October 2025 to March 2026), the company swung to substantial profit growth, with revenue of ¥8,324 million (up 8.8% year on year), operating profit of ¥1,317 million (up 40.9%), and interim net profit of ¥865 million (up 56.2%). The main drivers were new contributions from Complex 2 and PUCK 2, along with strong performance in Web Auction and major auctions. Operating margin improved substantially to 15.8% (versus 11.0% in the same period of the prior year). The full-year forecast remains unchanged at revenue of ¥15,837 million and operating profit of ¥2,087 million. As external factors, improvement in the employment and income environment supported consumer sentiment, while surging energy prices and inflation affected the cost side.
Growth Strategy
Multifaceted sales expansion through new store development, enhanced buying operations, e-commerce promotion, and large-scale events
The August 2025 opening of Complex 2 (Akihabara) and the October 2025 expanded relocation of PUCK 2 (Kobe Sannomiya) have steadily increased sales, and new store openings such as the Omiya store are also underway. Construction in progress increased from ¥38 million at the end of the previous fiscal year to ¥75 million, reflecting continued upfront investment for future store openings.
The company is actively hiring personnel and strengthening its buying operations in preparation for new store expansion. Inventory stood at ¥11,633 million, up ¥524 million from the end of the previous fiscal year, indicating steady progress in upfront investment to secure inventory. Enriching rare merchandise serves as the foundation supporting sales across all channels, including physical stores, e-commerce, and auctions.
The company continues to strengthen its mail-order sales centered on Mandarake ZENBU as its core channel, along with auction events (web auctions and major auctions) held six times a year. In the first half of FY2026 (ending September 2026), strong results from the web auctions and major auctions directly contributed to the increase in both revenue and profit.
The large-scale sales event "Dai-Man Matsuri" (Great Mandarake Festival), in which all stores including the Nakano store participate, continues to be held once a year. As a regular large-scale event, it aims to acquire new customer segments and raise brand recognition. Store-specific events (such as the 6th anniversary of CoCoo's opening) have also contributed to increasing visit frequency among existing customers.
Last updated: July 17, 2026