JELLY BEANS GROUP Co., Ltd.
3070・Growth Market・Wholesale Trade
Business
Jellybeans Group Co., Ltd. originated as a women's shoe wholesaler founded in 1974 and is an operating holding company listed on the TSE Growth Market (having transitioned to a holding company structure in May 2025). With 10 consolidated subsidiaries, the group operates a diverse range of businesses including women's shoe e-commerce, the sports brand "361°," ice cream (Gold Star), recovery wear, logistics (JB Logistics), storage batteries (JB Sustainable), entertainment (JB Entertainment), and a Korean subsidiary (JELLY BEANS KOREA). The Lifestyle business accounts for 98% of group sales, with Gold Star's ice cream business currently serving as the main growth engine. The primary customers are domestic general consumers, and the company is advancing a shift toward EC-centered sales channels.
Business Model
The company expands subsidiaries handling products and services through M&A and new establishments, and enhances cost efficiency by consolidating group-wide logistics into JB Logistics. It reduces fixed costs by withdrawing from physical women's shoe stores and specializing in EC sales. Fundraising does not rely on financial institution borrowings, but is instead financed through direct financing centered on third-party allotments of new shares and share subscription rights, with cumulative funds raised reaching ¥8,006 million. The structure supports group operations by combining business revenues from each subsidiary with funds from financing activities.
Company Strengths
Consolidated subsidiary Gold Star Co., Ltd.'s "Creamy Yogurt Ball" and "3D Fruit Ice" recorded stronger-than-planned sales performance. Sales in the Lifestyle segment increased 323.2% year on year to ¥3,519 million, and segment profit turned positive at ¥377 million (versus a segment loss of ¥45 million in the prior period), functioning as a growth engine for the group as a whole.
Through a third-party allotment of new shares and the 7th series stock acquisition rights in August 2025, net assets increased by ¥4,725 million, from ¥205 million at the end of the prior period to ¥4,931 million. The equity ratio improved substantially from 27.1% to 71.4%, achieving compliance with all TSE Growth Market listing maintenance criteria as of the end of January 2026.
The consolidation of group logistics into JB Logistics was completed, and fixed costs were also reduced through complete withdrawal from physical women's shoe stores. While sales increased 331.8% year on year, selling, general and administrative expenses were contained to a 51.3% year-on-year increase, reaching ¥1,406 million, and operating loss narrowed sharply from ¥519 million in the prior period to ¥33 million.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods declined continuously, from ¥1,568 million in FY2022 to ¥832 million in FY2025, but expanded sharply to ¥3,591 million in FY2026 due to the effect of subsidiary consolidation. In Q1 of FY2027, revenue reached ¥1,801 million (up 689.5% year on year), continuing the expansionary trend. Operating profit/loss turned from a loss of ¥34 million in FY2026 to a profit of ¥46 million in the current Q1, achieving an exit from eight consecutive fiscal periods of operating losses. However, non-operating expenses (including ¥31 million in provision for allowance for doubtful accounts and ¥1 million in interest expenses) weighed on results, limiting ordinary profit to ¥15 million, and after recording ¥51 million in income taxes, the bottom line was a net loss of ¥36 million. Amid an external environment marked by a continuing contraction in the women's shoe market and cautious consumer behavior due to rising prices, new businesses such as ice cream, sports, and sustainability-related operations are supporting overall performance.
Growth Strategy
Combining diversified M&A with fundraising through stock acquisition rights to expand lifestyle, sustainable, and entertainment businesses
Expanding domestic physical stores for the Chinese sports brand "361°." The second store opened in April 2026, capturing demand for sports shoes amid the health boom. This is a company-specific initiative responding to the shift in demand from women's footwear to sportswear.
Order intake for grid-connected storage battery systems has commenced, contributing ¥57 million in sales and ¥31 million in segment profit to the Other Businesses segment. The company aims to expand orders against the backdrop of social demand related to renewable energy.
JB Entertainment is advancing efforts to acquire fan club members, while JB BLOCK acquired the domestic Japan business rights for the metaverse platform "MYONE" (acquisition price ¥100 million, dated May 31, 2026). The company plans to expand into the medical, sports, and entertainment domains.
Consolidation of logistics operations from group companies into JB Logistics is progressing smoothly. The company is building a lean, efficient cost structure to curb SG&A expenses and improve operating margin, contributing to the operating profit turnaround in the current first quarter.
Partial exercise of the 7th series stock acquisition rights increased capital stock and capital reserve by ¥180 million each in the current first quarter. Cumulative funds raised of ¥8,366 million are being allocated to fund business area expansion. The company states it will consider additional capital increases as needed.
Last updated: July 17, 2026