RACCOON HOLDINGS, Inc.

Business Details

The business centers on the operation of "Super Delivery," a business-to-business (BtoB) transaction site handling apparel and general merchandise. It provides a mechanism through which manufacturers can safely and efficiently wholesale to small and medium-sized retailers, operating on two axes: a domestic site and an overseas-facing site. The main revenue source is a system usage fee charged to exhibiting companies based on transaction volume, along with membership fees collected from member retailers. The operating company is Raccoon Commerce Co., Ltd.

Recent Overview

Conducted pilot programs with additional advertising expenditure in the fourth quarter, with domestic new member registrations up 40.9% quarter on quarter

In the fourth quarter of FY2026 (ending April 2026), the company conducted pilot programs both domestically and overseas involving additional advertising expenditure aimed at expanding the customer base from FY2027 (ending April 2027) onward. Domestically, new member registrations increased 40.9% quarter on quarter, and the number of new purchasing customers also rose significantly. Continued coupon and point-granting programs also increased average spend per purchasing customer, resulting in a 14.0% year-on-year increase in domestic transaction volume. Overseas, new member registrations increased 17.3% quarter on quarter despite headwinds. Due to increased expenses associated with the pilot programs, advertising expenses and sales promotion expenses rose 15.7% year on year and personnel expenses rose 18.9% year on year, causing the segment profit margin to decline from 34.8% in the prior period to 32.6%.

Key Products

Growth Drivers

• Expansion of Super Delivery domestic transaction volume (up 14.0% year on year in FY2026 ending April 2026): effects of wallet share expansion through coupon and point-granting programs and measures to increase new member registrations
• Expansion of overseas transaction volume (up 6.6% year on year in FY2026 ending April 2026): continued increase in average spend per purchasing customer supported transaction volume growth despite headwinds
• Customer base expansion through promotional investment pilot programs: the fourth-quarter pilot program confirmed favorable results, with domestic new member registrations up 40.9% quarter on quarter
• Cross-selling promotion leveraging the group's customer base under the "Raccoon BtoB Network" concept
• Accelerated customer base expansion through higher levels of promotional investment based on the new medium-term management plan (FY2027 ending April 2027 through FY2029 ending April 2029)

Risks

• Impact of U.S. tariff policy and geopolitical risk: changes in U.S. tariff measures and conflicts created headwinds for the overseas-facing site, with overall overseas purchasing customer numbers remaining flat
• Reduced profit margin due to promotional investment preceding revenue: in FY2027 (ending April 2027), investment is expected to occur ahead of revenue, resulting in a temporary decline in profit (operating profit forecast of ¥600 million, down 54.6% year on year)
• Increase in personnel expenses: personnel expenses rose 18.9% year on year in FY2026 (ending April 2026), a high level that is adding to cost structure burden
• Insufficient development resources: the systems development framework is becoming a bottleneck for business growth, requiring continued investment
• Intensifying competition from rival e-commerce platforms: risk of competing services emerging as the BtoB e-commerce market grows