ENVALITH
株式会社コメ兵ホールディングス logo

Komehyo Holdings Co.,Ltd.

2780・Standard Market・Retail Trade

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株式会社コメ兵ホールディングス logo
Komehyo Holdings Co.,Ltd.2780

Business

Komehyo Holdings Co., Ltd. is a Nagoya-based reuse specialist group founded in 1947 that transitioned to a holding company structure in 2020. Its core "Brand & Fashion Business" sources used jewelry, precious metals, watches, bags, and other items through individual purchases, home-delivery buying, and event-based buying, then sells them through directly operated stores, e-commerce, and business-to-business auctions. Domestically, the group operates through Komehyo, K-Brand Off, R.K. Enterprise, and others, while overseas it has subsidiaries in Thailand, Malaysia, Singapore, Hong Kong, China, Taiwan, and the United States. The second segment covers specialized tire and wheel sales and manufacturing (Craft, etc.), and the third segment covers a real estate leasing business. Consolidated net sales for FY2026 (ending March 2026) were ¥221,707 million.

Business Model

The core of earnings is the cycle of "purchasing from individuals → retail sales and corporate auction sales." Used goods purchased from individuals through multiple channels—specialty buying stores, events, and home pickup—are allocated to directly operated stores, the company's own e-commerce site, and corporate-facing online auctions, maximizing inventory turnover and profit amount. In retail, the company pursues an increase in the proportion of high-gross-margin used items, while items with high market price volatility risk are converted to cash early through corporate sales—a two-pronged approach. The gross profit margin for FY2026 (ending March 2026) is 21.3%.

Company Strengths

Achieved a record-high volume of purchases from individual customers in FY2026 (ending March 2026). Komehyo, K-Brand Off, and R.K. Enterprise aggressively opened dedicated buying stores domestically (more than 23 new stores opened in this fiscal period alone), building a multi-channel sourcing system that combines event-based buying and home pickup/delivery buying. The depth of buying know-how and customer touchpoints, which is difficult for competitors to replicate in a short period, is the source of sourcing competitiveness.

In FY2026 (ending March 2026), the company opened a total of 13 stores across six countries/regions—Thailand, Malaysia, Singapore, Hong Kong, mainland China, and Taiwan—expanding its overseas footprint centered on Asia. Domestically, it opened the flagship stores "KOMEHYO OSAKA SHINSAIBASHI" and "KOMEHYO YOKOHAMA." Furthermore, it made iShopShops, Inc. (U.S.) a subsidiary, acquiring a live commerce platform and a customer base in North America. The company owns a multi-channel sales network encompassing physical stores, e-commerce, auctions, and live commerce.

By utilizing the business-to-business online auction operated by a group company, the company flexibly redirects surplus inventory that cannot be routed to retail, as well as gold bullion with high price volatility risk, to corporate sales, achieving both early cash conversion and risk avoidance. In FY2026 (ending March 2026), the rising proportion of corporate sales pushed down the gross profit margin by 0.9 percentage points, while the operating profit margin improved by 0.3 percentage points, indicating that this inventory control function is contributing to profit stabilization.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue was ¥221,707 million (up 39.4% year on year) and operating profit was ¥9,288 million (up 50.4% year on year), turning to a year of higher revenue and higher profit. However, gross profit margin declined year on year due to changes in product mix (an increase in asset-type products such as gold bullion) and a rise in the proportion of corporate sales, and the structure of offsetting this via the accumulation of profit from higher revenue continues. As an external factor, the historic surge in gold prices has pushed up buying and selling demand, and continued attention is needed regarding earnings sensitivity should the market environment change.

As of the end of FY2026 (ending March 2026), short-term borrowings surged to ¥48,129 million (up ¥13,176 million from ¥34,953 million at the previous fiscal year-end), and total interest-bearing debt has expanded. The equity ratio declined from 37.0% to 34.2%. Operating cash flow was negative for the second consecutive period (¥-1,045 million in the fiscal year under review), with an increase in inventory (up ¥9,892 million in the fiscal year under review) putting pressure on funds. The structure of maintaining cash balances through financing activities (a net increase of ¥13,141 million in short-term borrowings) inherently carries the risk of increased interest payments in a rising interest rate environment.

Company forecasts call for revenue of ¥252,000 million (up 13.7% year on year), operating profit of ¥10,800 million (up 16.3% year on year), and net income of ¥5,850 million (up 6.6% year on year). These forecasts are premised on the continuation of strategic new store openings for buying-specialty stores and steady domestic and overseas demand. On the other hand, since growth investments such as store network expansion, human capital investment, and M&A-related expenses are expected to continue, a significant improvement in profit margin is unlikely. The company itself explicitly states that a downside risk to achieving the forecast would arise in the event of a sudden change in economic sentiment, foreign exchange fluctuations, or marked fluctuations in commodity prices.

Growth Strategy

Under the medium-term management plan (final fiscal year FY2028, ending March 2028), the company pursues sustainable growth through M&A, new store openings, global expansion, and digital enhancement.

Komehyo, K-Brand Off, RK Enterprise and other domestic specialty buy-back stores are actively opening new outlets. In FY2026 (ending March 2026), over 18 new domestic stores were opened, achieving a record-high individual purchase amount. New store openings are planned to continue in FY2027 (ending March 2027) to maximize the securing of high-quality inventory.

In December 2025, the company acquired shares of iShopShops, Inc. (New York, USA), integrating its live commerce platform and North American customer base into the group. This advances the construction of a global platform for the circular economy business both domestically and internationally. The company will continue to actively consider M&A and alliances expected to generate synergies with existing businesses.

A total of 13 new stores were opened in FY2026 (ending March 2026) across 6 countries/regions: Thailand, Malaysia, Singapore, Hong Kong, China, and Taiwan. By horizontally deploying the buy-back and sales model at overseas group companies, the company aims to diversify its global inventory distribution and revenue base.

When market prices for asset-backed products such as gold bullion surge, the company converts them to cash early through corporate sales, accumulating gross profit while curbing inventory risk. By flexibly utilizing corporate sales channels in response to domestic and overseas market trends, the company aims to achieve both optimization of gross profit and improvement in inventory turnover.

The company has adopted a policy of stable dividend increases with a target payout ratio of around 20%. The annual dividend for FY2026 (ending March 2026) was ¥106 (up ¥2 year on year), and the forecast for FY2027 (ending March 2027) is ¥108 (up ¥2 year on year), continuing the trend of consecutive dividend increases. The company aims to expand shareholder returns through sustained profit growth.

Last updated: July 19, 2026