ENVALITH
株式会社ジンズホールディングス logo

JINS HOLDINGS Inc.

3046・Prime Market・Retail Trade

Official website
株式会社ジンズホールディングス logo
JINS HOLDINGS Inc.3046

Business

JINS Holdings Co., Ltd. is an eyewear retail group founded in 1988 that entered the eyewear business in 2001. Leveraging an SPA (Specialty store retailer of Private label Apparel) structure that integrates planning, manufacturing, and sales, the company operates a total of 789 stores, comprising 540 domestic stores and 249 overseas stores (in China, Taiwan, Hong Kong, and the United States). Its main customers span a wide range of age groups requiring vision correction, and the company offers functional lenses (such as JINS SCREEN) and fashionable frames at optimal prices. The domestic eyewear business, accounting for approximately 79% of sales composition, is the core business, with the overseas eyewear business making up the remainder. Listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

The company adopts an SPA model in which it plans and designs frames in-house, outsources manufacturing mainly to partner factories in China, and sells through directly-operated stores and e-commerce sites. In addition to standard lenses, it offers high-value-added optional lenses such as blue-light-cutting, photochromic, and color lenses, improving gross margin by raising the per-set unit price and improving the product mix. In store operations, the company leverages digital technologies such as automatic eye examination machines and PICK UP LOCKER to build a highly productive store model.

Company Strengths

Revenue expanded from ¥63,898 million in FY2021 to ¥97,215 million in FY2025, while operating profit increased from ¥5,049 million to ¥12,093 million over the same period. The operating profit margin on revenue reached approximately 12.4% in FY2025, and net income attributable to owners of parent came to ¥8,330 million, up 78.3% year on year. Net assets also expanded to ¥31,742 million, strengthening the financial base.

As of the end of August 2025, the company operated 540 domestic stores (49 new store openings during the period) and 249 overseas stores (156 in China, 78 in Taiwan, 10 in Hong Kong, and 5 in the United States), for a total of 789 stores. Stores are located across diverse formats including shopping malls, station buildings, and roadside locations, with continued expansion into areas without existing stores. Overseas store openings continue to accelerate, with Taiwan expected to expand to 93 stores by the end of February 2026.

Through an SPA (Speciality store retailer of Private label Apparel) framework combining in-house product planning, outsourced manufacturing, and direct retail sales, the company improved its product mix (strong sales of higher-priced frames and functional lenses) alongside promotional campaigns, raising gross profit margin while absorbing rising procurement costs from yen depreciation. The introduction of automated eye examination equipment and PICK UP LOCKER has also improved store productivity.

ENVALITH's Perspective

Cumulative sales for the first nine months of FY2026 (ending August 2026) reached ¥80,730 million (up 15.6% year on year), achieving robust sales growth. However, operating profit came in at only ¥8,996 million (up 1.2% year on year). Selling, general and administrative expenses increased by approximately 19%, from ¥45,945 million to ¥54,756 million, as upfront investment in large flagship stores, accelerated store openings, and system investments (software balance surged from ¥2,415 million to ¥8,435 million) put pressure on profit margins. Achieving the full-year forecast (operating profit of ¥12,772 million, up 5.6% year on year) will hinge on profit recovery in the fourth quarter.

Operating profit in the Overseas Eyewear Business expanded sharply, up 143.8% year on year to ¥2,035 million, as the profit contribution from overseas operations is starting to materialize in earnest. In Taiwan, 18 new stores were opened (with no closures), expanding the store count to 96, while new store openings in the US also performed well. While there is a tailwind from external market conditions, such as the increasing myopic population in the Asian region, in China progress in structural reforms (9 openings, 10 closures) is driving the earnings recovery, and this improvement can be assessed as primarily attributable to the company's own efforts.

Uncertainty in the external environment persists, including rising energy prices and currency depreciation stemming from the worsening situation in the Middle East, and the supply chain's reliance on China remains exposed to geopolitical risk. The foreign currency translation adjustment account expanded from ¥308 million at the end of the previous fiscal year to ¥515 million, warranting continued attention to the impact on yen-translated results from overseas operations. In addition, the impact of inflation on personal consumption and the risk of a downturn in consumer sentiment could affect trends in domestic existing-store sales.

Growth Strategy

Sustainable growth is being pursued along four pillars: accelerated domestic store openings, overseas structural reform, a flagship store strategy, and expansion into new countries.

The company continues to actively open stores in shopping malls, station buildings, and roadside locations. In the cumulative nine months of FY2026 (ending August 2026), 44 new stores were opened, expanding the store network to 581 by period-end. Ongoing promotional campaigns and an expanded lineup of higher-priced products drove growth in existing-store sales, with domestic eyewear business net sales reaching ¥61,322 million, up 13.0% year on year.

The company's first global flagship store, JINS Ginza, and the approximately 1,000-square-meter JINS Shinjuku store, have both exceeded initial performance plans. While making strategic upfront investments, the company is creating new customer experiences—such as capturing inbound demand with services including delivery in as little as 30 minutes and AI-based lens diagnostics—to enhance brand awareness and customer traffic.

In China, performance is steadily recovering as unprofitable stores are closed (9 openings versus 10 closures) and business structural reform progresses. Taiwan continued to perform well, expanding to 96 stores with 18 new openings. In the United States, newly opened stores are performing strongly, supporting solid results. Operating profit in the overseas eyewear business rose sharply by 143.8% year on year to ¥2,035 million, marking the beginning of a full-fledged profit contribution.

The balance of software assets surged from ¥2,415 million at the end of the previous fiscal year to ¥8,435 million, reflecting large-scale system investment currently underway. The company is advancing the digitalization of the customer experience, including AI-based lens diagnostics, aiming to improve store operational efficiency and strengthen its ability to acquire new customers.

In addition to continued expansion in Hong Kong (1 new store opened, 11 stores in total), the company aims for speedy growth across various countries and regions. Building on Japan's SPA model, it is developing stores tailored to the market environment and competitive landscape of each region, expanding its global network while maintaining agile control through directly-operated stores and sound financial health.

Last updated: July 17, 2026