ENVALITH
スターシーズ株式会社 logo

Star seeds Co., Ltd.

3083・Standard Market・Retail Trade

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スターシーズ株式会社 logo
Star seeds Co., Ltd.3083

Apparel and other business

Star Seas' existing core business offering apparel and accessories in suburban shopping centers, urban fashion buildings, and department stores

PeriodCurrentPreviousChange
Net sales (Q1 cumulative, FY2027 ending February 2027)¥828 million– (not comparable to prior year due to change in segment classification)—
Segment loss (Q1 cumulative, FY2027 ending February 2027)-¥47 million-¥34 million (Q3 cumulative, FY2026 ending February 2026)↓
Total number of segment stores (end of Q1, FY2027 ending February 2027)65 stores–↑
Net sales (full year FY2025 ending February 2025)¥4,745 million–—
Segment loss (full year FY2025 ending February 2025)-¥283 million–—

Business Details

Comprised of three companies: Enshin Co., Ltd. (METHOD, Ryugi Assaku; 12 stores in total), which offers mid-priced apparel in suburban shopping centers; SPIC Co., Ltd. (TORNADO MART, TØRUNE, etc.; 22 stores in total), which offers high-priced apparel in urban fashion buildings and department stores; and Titicaca Co., Ltd. (31 stores in total), which offers ethnic casual apparel and accessories. MF6 Co., Ltd. was excluded from the scope of consolidation in March 2026. Amid a challenging environment marked by rising prices and increasing labor and logistics costs, the segment is pursuing business operations with an emphasis on gross profit.

Recent Overview

Six new stores opened under the three-company structure following MF6's deconsolidation, with a gross-profit-focused sales strategy pursued but losses continuing

In March 2026, the company transferred all shares of MF6 Co., Ltd., excluding it from the scope of consolidation, resulting in a three-company structure of Enshin, SPIC, and Titicaca. During the cumulative Q1 period, 6 new stores were opened, bringing the segment total to 65 stores. Net sales were ¥828 million and segment loss was ¥47 million. SPIC launched the new label "TØRUNE," and Titicaca saw some strong performance, such as its "Chibi Maruko-chan" collaboration selling out on the same day, but losses continued due to the impact of rising prices and cost inflation.

Key Products

product
Select apparel business (Enshin Co., Ltd.)

The company aims to improve gross margin by raising the ratio of private-brand products and strengthening procurement of higher-margin traditional Japanese pattern ("wagara") merchandise, while also working to expand sales of the wagara format "Ryugi Assaku." Measures such as app coupon distribution for existing customers continue to be implemented. As of the end of Q1, the store count was 9 METHOD stores and 3 Ryugi Assaku stores, totaling 12 stores.

product
Brand apparel business (SPIC Co., Ltd.)

Began sales of a new label, "TØRUNE," targeting fashion-conscious men and women in their 20s and 30s. For existing brands, the company expanded its lineup of Japan-made bottoms and light outerwear items. As of the end of Q1, the store count was 8 TORNADO MART, 3 TORNADO MART WORLD, 3 TØRUNE, 7 HIGH STREET, and 1 BLUE TORNADO, totaling 22 stores (5 new stores opened in Q1).

product
Ethnic casual business (Titicaca Co., Ltd.)

Strengthened collaboration projects such as "Chibi Maruko-chan" and "KIU." Functional tops made of quick-drying, sweat-stain-preventing, UV-cut materials performed well from the Golden Week holiday period in May onward. The company is pursuing a sales strategy that emphasizes gross profit, aiming to strengthen sales capability that does not rely on discount sales. As of the end of Q1, the store count was 30 Titicaca stores and 1 outlet store, totaling 31 stores (2 new stores opened in Q1).

Growth Drivers

  • Launch of new label "TØRUNE" by SPIC Co., Ltd. and acquisition of new customer segments (ages 20s–30s)
  • Buzz and sales promotion generated by collaboration projects at Titicaca (Chibi Maruko-chan, KIU, etc.)
  • Improvement in gross margin at Enshin Co., Ltd. through raising the ratio of private-brand products and strengthening wagara merchandise
  • Strengthening product lineup to capture seasonal demand, such as functional tops (quick-drying, UV-cut materials, etc.)
  • Creating store visit opportunities and promoting purchases through app coupon distribution and incentive campaigns for existing customers

Risks

  • Decline in customer numbers due to heightened consumer cost-consciousness and frugality amid rising prices
  • Continued pressure on profit margins from ongoing increases in labor and logistics costs
  • Risk of poor sales of seasonal merchandise due to abnormal weather such as warm winters or lingering summer heat
  • Need to respond to the reduction in sales scale and change in earnings structure resulting from MF6's deconsolidation
  • Risk of short-term expansion of losses due to upfront costs associated with launching new labels and new stores

Last updated: June 4, 2026