Hamee Corp.
3134・Standard Market・Retail Trade
Business
Hamee Corporation was founded in 1998 and is headquartered in Odawara City, Kanagawa Prefecture, as an e-commerce-focused company. It is composed of two core pillars: the "Commerce Business," which plans, manufactures, and sells mobile accessories centered on the iFace brand, cosmetics (ByUR), and gaming monitors (Pixio); and the "Platform Business," which provides "Next Engine," a SaaS solution for e-commerce operators. In addition to domestic e-commerce and wholesale sales, the company is also pursuing global expansion through consolidated subsidiaries in South Korea, the United States, and China. Consolidated net sales for FY2025 (ended April 2025) were ¥22,895 million, and the company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the Commerce business, the company has internalized the supply chain from in-house planning and manufacturing to wholesale and EC retail, selling brands such as iFace across numerous EC malls including Rakuten, Amazon, and ZOZOTOWN, as well as physical retail channels such as variety goods chains and consumer electronics retailers. In the Platform business, the company provides the know-how it has cultivated through its own EC operations externally to EC operators as the SaaS product "Next Engine," securing stable revenue through usage-based fees tied to order volume. In FY2025 (ended April 2025), the Platform business achieved an operating margin of 53.1%, demonstrating a highly profitable structure.
Company Strengths
The smartphone case brand "iFace" surpassed cumulative global sales of 25 million units as of March 2022. It enjoys high brand recognition, particularly among younger demographics, and has rolled out collaborations with popular IPs such as Disney and Moomin. Rising mix of high-priced MagSafe-compatible models and cross-selling of peripheral accessories have driven up average customer spend.
As of the end of April 2025, the number of contracted companies for Next Engine reached 6,570 (up 314 from the previous fiscal year-end), with 53,602 stores using the service and a total transaction value among users of approximately ¥1,187.9 billion. The Platform segment's operating margin stood at an extremely high 53.1%, and real ARPU improved by ¥2,321 year on year.
A consolidated subsidiary in South Korea holds manufacturing capability, enabling the group to complete everything in-house from product planning and design through manufacturing, logistics, e-commerce sales, and wholesale. The company also maintains a network of over 500 suppliers and has built a system that feeds e-commerce sales data back into product planning in real time.
ENVALITH's Perspective
Performance Trend
Revenue expanded roughly 1.7x over five periods, from ¥13,413 million in FY2022 (ending April 2022) to ¥22,895 million in FY2025 (ending April 2025), but FY2026 (ending April 2026) saw the first revenue decline, at ¥22,073 million (down 3.6% year on year). The main cause was that the Platform segment's contribution to results was limited through the interim period due to the share-distribution-type spin-off of NE, Inc. (November 2025), with Platform business revenue falling 49.4% year on year to ¥1,988 million. The Commerce business maintained revenue growth, up 5.8% year on year to ¥20,095 million. Operating profit fell sharply to ¥983 million (down 58.2% year on year), and net income attributable to owners of the parent fell to ¥541 million (down 57.6% year on year). The operating margin declined from 10.3% to 4.5%. The forecast for FY2027 (ending April 2027) is revenue of ¥22,817 million (up 3.4% year on year) and operating profit of ¥502 million (down 48.9% year on year), indicating continued profit decline. External conditions include ongoing uncertainty over U.S. tariff policy, a weak yen trend, and persistently elevated raw material and logistics costs.
Growth Strategy
Through the Z Culture SPA strategy, the company aims to vertically integrate its four commerce businesses and achieve a three-year CAGR of +15.4%
Positioning power-related accessories such as chargers and mobile batteries as the next key growth area, the company is advancing product development and building out its sales structure. Combined with the dual-axis Daily Line/Unique Line strategy and CRM enhancement to nurture repeat, brand-specific purchasing, it targets net sales of ¥10,460 million (CAGR of approximately 8.3%) in FY2029 (ending April 2029).
The company is pursuing structural reform of its core brand "ByUR" (cost reduction and SG&A optimization) to strengthen its earnings base, in parallel with strategic upfront investment in the new brand "ByGLOW." In FY2026 (ending April 2026), ByUR established a leading brand position in the base makeup category, while ByGLOW also gained early traction in its initial launch phase. The company targets net sales of ¥8,650 million (CAGR of approximately 24.7%) in FY2029 (ending April 2029).
Moving away from price and spec-based competition, the company is carving out a distinctive position through emotional value—"refined design that blends into interior spaces"—and spatial coordination proposals. It is pursuing full-scale expansion into peripheral accessory and furniture categories such as monitor arms, desks, and chairs, alongside IP collaborations and fan community building. Net sales in FY2026 (ending April 2026) continued to struggle, down 5.0% year on year. The company targets net sales of ¥4,640 million (CAGR of approximately 9.6%) in FY2029 (ending April 2029).
The company is expanding sales of its proprietary brands centered on the three poles of the US, South Korea, and China, advancing ByUR expansion in the US, gaming accessory expansion in South Korea, and offline channel expansion in China in parallel. It aims to improve logistics efficiency through use of large-scale 3PL providers while maintaining a highly profitable structure through its SPA model. FY2026 (ending April 2026) achieved growth of 11.3% year on year. The company targets net sales of ¥7,139 million (CAGR of approximately 24.1%) in FY2029 (ending April 2029).
In November 2025, the company carried out a share-distribution-type spin-off of NE Inc., transitioning to a new group structure focused on the commerce business. It formulated a new medium-term management plan (May 2026 to April 2029), positioning "Z Culture SPA and decarbonization compatibility" as the company's core group-wide strategy under the Purpose/Passion of "igniting the creative spirit." On a consolidated basis, the company targets net sales of ¥30,889 million and business profit of ¥3,325 million in FY2029 (ending April 2029).
Last updated: July 17, 2026