ENVALITH
ラクサス・テクノロジーズ株式会社 logo

Laxus Technologies, Inc.

288A・Growth Market・Services

ラクサス・テクノロジーズ株式会社 logo
Laxus Technologies, Inc.288A

Business

Laxus Technologies launched Laxus, a subscription-based sharing service specializing in branded bags, in 2015, and listed on the Tokyo Stock Exchange Growth Market in December 2024. Its core users are women in their 20s to 50s (approximately 73% of whom are working women), who can exchange and use branded bags freely and as much as they like under a flat monthly fee. The company advocates a "value circulation model for goods," whereby bags sourced from the reuse market are maintained in-house and kept in circulation, combining rental, trial sales, and BtoB/BtoC sales to maximize the lifetime revenue generated per bag. Cumulative membership stands at 187,000 members, with 19,254 contracts as of the end of March 2026.

Business Model

Main revenue comes from monthly membership fees: ¥9,800 (excl. tax) per month for the Single Plan and ¥13,600 (excl. tax) per month for the Double Plan. In addition, revenue is supplemented by "Kaechau Laxus," a service allowing purchase of bags currently on rental; BtoB/C sales to the resale market and overseas EC channels; and in-person sales at the Shibuya store and EC site sales. Bags are held as fixed assets, operated while being depreciated, and once utilization rates decline, they are shifted to sales, ultimately recovering asset value through this structure. The CAC payback period is approximately 2.5 months, with LTV/CAC remaining above 4.0.

Company Strengths

Since service launch, the company has procured over 40,000 bags across 60 brands, mainly from the domestic secondary market, achieving reliable procurement by leveraging accumulated rental and sales data. Through AACD membership-based authenticity guarantees and proprietary maintenance technology, the company has continued to maintain zero direct disposal of procured bags.

Members with a usage period exceeding 12 months account for 62% of all members, forming a cumulative membership base of 187,000 members. The reactivation rate of 22% and reuse rate are also high, with a CAC payback period of approximately 2.5 months and LTV/CAC stably maintained above 4.0. The introduction of the prepaid payment method "Laxus Cash" has led to an improving trend in retention rate.

The company has built entirely in-house its inventory management system, proprietary membership screening and fraudulent user detection, maintenance and repair operations, and its logistics base "Laxus Base" in Minami-ku, Hiroshima City. These tangible and intangible assets possess high scalability, enabling horizontal expansion into ShaaS (Sharing as a Service, i.e., sharing support for other companies) and into products beyond bags.

ENVALITH's Perspective

Revenue declined sharply to ¥2,280 million (down 11.1% YoY), operating profit fell to ¥184 million (down 68.7% YoY), and net income dropped to ¥98 million (down 77.4% YoY), representing a substantial decline across all metrics. While new customer acquisition stagnated due to lower advertising investment efficiency, selling, general and administrative expenses increased to ¥1,413 million (from ¥1,356 million in the prior period). The operating margin fell sharply to 8.1% (from 23.0% in the prior period), exposing a weakening in the profit structure. ShaaS collaboration has also taken longer than initially expected to secure partner companies and complete system integration, and the delayed launch of this new revenue pillar is a cause for concern.

Company guidance calls for revenue of ¥2,546 million (up 11.6% YoY), operating profit of ¥295 million (up 59.5% YoY), and net income of ¥152 million (up 55.1% YoY). This assumes an increase in the number of contracts, full-scale rollout of Rakumochi, expansion of EC sales channels, and improved advertising cost efficiency (a roughly 17% reduction). However, given the decline in advertising efficiency that materialized in FY2026 (ending March 2026), the key point to verify will be whether optimization of acquisition channels focused on CPA functions as planned. The company itself has also cited changes in consumer behavior driven by exchange rate fluctuations and price increases as external factors that could affect performance.

Operating cash flow in FY2026 (ending March 2026) turned negative for the first time, at ¥-104 million (compared to a positive ¥557 million in the prior period), primarily due to ¥810 million in expenditures for the acquisition of rental assets. Cash and cash equivalents at period-end declined to ¥1,180 million (from ¥1,522 million in the prior period). In financing activities, repayment of long-term borrowings continued at ¥273 million, while no new borrowings were made. The equity ratio improved to 70.7% (from 63.6% in the prior period), but retained earnings remained in deficit at ¥-251 million. Close attention should be paid to the consistency between the asset acquisition plan for FY2027 (ending March 2027) and cash flow management.

Growth Strategy

Aiming for earnings recovery through three pillars: recovery of contract volume via CPA-focused acquisition, full-scale rollout of Rakumochi, and diversification into multiple e-commerce channels

In response to declining advertising investment efficiency, the company shifted its policy from the second half toward expanding new sales channels with an emphasis on advertising efficiency. In FY2027 (ending March 2027), the company aims to increase contract volume while reducing advertising expenses by approximately 17% through optimization of acquisition channels focused on CPA (customer acquisition cost). It will maintain the churn rate improvement trend observed since the most recent third quarter, and will continue to promote long-term plans and point-based appeals.

A new service incorporating a residual-value-set leasing scheme, offering a "try it, pay monthly, return it later" model. A beta version was already released in December 2025. As a new revenue model that monetizes idle inventory by "turning idle time into sales," full-scale rollout will begin in FY2027 (ending March 2027), building a revenue pillar beyond the subscription business.

Utilizing an in-house developed generative AI system, the company automatically generates e-commerce listing data from product management data. This enables simultaneous listing not only on its own platform but also on external e-commerce marketplaces such as Rakuten, maximizing inventory turnover. Sales commissions associated with the expansion of e-commerce sales channels are expected to increase by approximately 53% (up ¥50 million year on year), and full-scale contribution to earnings is anticipated.

A measure to build new contract acquisition channels that do not rely on advertising, through partnerships with companies that have high-quality customer bases. During the fiscal year under review, the company began services and collaborations with 8 companies, but securing further partner companies and system integration has taken longer than initially expected. The company plans to continue expanding partnerships toward FY2027 (ending March 2027).

Last updated: July 19, 2026